Nigerian Investment Promotion Commission (NIPC) reports that US$16.74 billion was tracked as investment announcements for the year 2020. This is 44% less than the value tracked in 2019 (US$29.91 billion). The drop in value can be attributed to the economic impact of the COVID-19 pandemic, which disrupted global value chains and capital flows. A similar downward trend is expected for actual investments recorded in Nigeria and globally.
Through its Intelligence Newsletter published 6 days a week, NIPC tracked a total of 63 projects across 21 States plus the Federal Capital Territory during the year. 24 of the projects were planned for Lagos State, followed by Kaduna and Ekiti States with 5 projects each.
In terms of value, the top 5 States are Rivers State (US$6 billion), Kaduna State (US$2.8 billion), Kogi State (US$1 billion), Lagos State (US$0.89 billion), and Ogun State (US$0.08 billion).
The data further showed that the manufacturing sector had the highest number of projects (10) as well as the highest value, US$8.4 billion (50%). Transportation and storage (28%), information and communication (11%), mining and quarrying (6%), and finance and insurance (3%) made up the top 5 sectors for the year.
Singapore accounted for 36% of the announcements tracked during the period. The other major sources were China (22%), United States of America (15%), South Africa (10%), United Kingdom (9%), and domestic investors (8%).
NIPC's Intelligence Newsletter publishes Nigerian investment-related news culled, from various sources. This Report is based only on investment announcements cited in NIPC's Newsletters from January to December 2020; it may not contain exhaustive information on all investment announcements in Nigeria during the period. Nevertheless, the Report gives a sense of investors' interest in the Nigerian economy. NIPC did not independently verify the authenticity of the investment announcements but is working on tracking the announcements as they progress to actual investments.