Figures obtained from the Nigerian Investment Promotion Commission (NIPC) showed that total investment commitments in Nigeria’s economy between January and December 2018, stood at $90.9 billion, up from $66.36 billion in 2017, an increment by 36.98 percent.
The $90.9 billion represented the total investments in the various sectors of the country’s economy. According to the NIPC, the proposed investments were made for 92 projects in 23 states and the Federal Capital Territory.
An analysis of the sectorial investment, according to figures provided by the NIPC, showed that mining and quarrying accounted for a large portion of the investment with 35 percent of the total value. This is followed by the manufacturing sector with 24 percent, while construction with 20 percent, transportation and storage with 15 percent followed. Other sectors accounted for the balance of six percent.
The NIPC noted that the investment commitments were made by investors from 20 countries. Domestic investors accounted for a large portion of the proposed investments with about 33 percent of the value. This is followed by investors from the United Arab Emirates with 20 percent, while France stood at 18 percent, and the United Kingdom with 10 percent.
The report said the balance of 19 percent were investment commitments made by other investors from other countries. It was also stated that the Federal Capital Territory was the biggest beneficiary of the proposed investments as it got about 21 percent of the total investment pledged during the period.
It was added that Rivers State accounted for 18 percent, while Lagos and Bayelsa got 14 percent and 13 percent, respectively. The other states in the country accounted for the balance of 34 percent.