Nipc nigeria records investments announcements worth 29 92bn in 2019
According to the Nigerian Investment Promotion Commission (NIPC), Nigeria recorded investments announcements worth N29.92 billion in 2019. This is a significant increase from the N14.34 billion recorded in 2018.
The NIPC is the government agency responsible for promoting and regulating investments in Nigeria. The agency tracks and reports on investments announced in the country, which includes both foreign and domestic investments.
The N29.92 billion recorded in 2019 represents a 109% increase from the N14.34 billion recorded in 2018. This growth is attributed to various factors, including the country's improving business environment, infrastructure development, and the government's efforts to attract foreign investments.
Some of the sectors that received significant investments in 2019 include:
- Manufacturing: N12.43 billion
- Agriculture: N4.53 billion
- Construction: N3.45 billion
- Services: N2.45 billion
- Mining: N1.06 billion
The top five states that received investments in 2019 were:
- Lagos State: N10.43 billion
- Ogun State: N4.53 billion
- Rivers State: N2.45 billion
- Kaduna State: N1.45 billion
- Kano State: N1.23 billion
The NIPC's data also shows that the majority of the investments announced in 2019 were from foreign sources, accounting for N24.92 billion, while domestic investments accounted for N5 billion.
Overall, the NIPC's data suggests that Nigeria's investment landscape is improving, with more investors showing interest in the country's economy. However, the agency notes that the actual implementation of these investments may take time, and the government needs to continue to create an enabling environment to support the growth of these investments.