The Nigeria Investment Promotion Commission (NIPC) says Nigeria recorded $8.4 billion in new investments during the first quarter of 2021.

NIPC, in a report shared on its website, pointed out that the figure was 75 per cent more than the $4.81 billion recorded in the same period in 2020 and 8.38 per cent higher than the $7.76 billion recorded in the fourth quarter of 2020.

The report indicated that the manufacturing sector attracted 60 per cent of investments, reflecting the gradual return of investors’ confidence after the COVID-19-induced decline.

According to the commission, Balyesa and Delta emerged as top investment destinations with $3.6 billion and $2.94 billion, respectively.

“Bayelsa state received the largest share of the announcements with $3.6 billion in mining and quarrying. Delta state recorded $2.94 billion worth of announcements in seaport construction and power transmission, Akwa Ibom state had $1.4 billion announced in mining and quarrying, and Lagos state with announcements totalling US$0.26 billion in finance, insurance, and manufacturing,” the report said.

It noted further, “The leading four destinations this quarter accounted for 97 per cent of the total investments announced as against 56 per cent in the corresponding period last year.

“The top sectors were manufacturing (60%) and construction (34%). Domestic investors were the most active during the period accounting for 35 per cent of the announcements. This was followed by announcements from Morocco (17%), the United Kingdom (3%) and the USA (1%).”

The commission, however, added that its report “may not” contain exhaustive information on all investment announcements in Nigeria during the period. 

“Nevertheless,” NIPC stated, “the report gives a sense of investors’ interest in the Nigerian economy.”