Nigeria Attracts $15bn Foreign Investments in Six Months

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Between January and June this year, the Nigerian economy recorded a total investment commitment of $15.15bn in various sectors of the economy, the Nigerian Investment Promotion Commission has said.

Figures obtained from the NIPC showed that the $15.15bn proposed investments were made for 43 projects in 12 states and the Federal Capital Territory, Punch reported.

Comparatively, the proposed investments for the first half of this year showed a 67 per cent decline when compared to the corresponding period of 2018.

Investments commitments are made by would-be investors in specific sectors of the economy, which the NIPC follows up to ensure its full maturity and benefits to the economy.

According to NIPC records, mining and quarrying recorded investment announcements of $12.3bn, reflecting 81 per cent of the total investment proposals made.

Manufacturing recorded $2.2bn worth of investment proposals announced.

Within the period under review, finance and insurance recorded $200m investment proposals while information and communication recorded $200m.

It reads in part, “In the period,  $15.15bn of announcements were tracked through the  NIPC. The report showed that a total of 43 projects across 12 states and Federal  Capital Territory were announced from investors in  20  countries.

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