The Nigerian manufacturing sector received the largest investment intention in the first quarter of the year, at $5.08bn, a data from the Nigerian Investments Promotion Commission showed.
This was followed by construction at $2.9bn, electricity at $0.26bn, agriculture $0.11bn, and others at $0.07bn,according to the data.
It also discloses that Bayelsa and Delta States were the top investment destinations during the period, followed by Akwa Ibom and Lagos States.
According to the data, Bayelsa State received the largest share of total announcements of $3.6bn in manufacturing, Delta State recorded $2.94 bn worth of announcements in construction and power transmission, Akwa Ibom State had $1.4bn announced in mining and quarrying, while Lagos State announcements totalled $0.26bn from electricity and manufacturing
NIPC said Nigeria received 15 projects across eight states in Q1 2020, compared to corresponding quarter of 2020 with 19 projects across 14 states including the Federal Capital Territory.
In its ‘report of investment announcements in Nigeria (January – March 2021)’, the NIPC noted that the major sources of foreign investments announcements in Q1 2021 originated from Morocco, the United Kingdom and the United States.
Investors from the three countries pledged $1.40bn, $0.24bn and $0.08bn respectively, while other investors from undisclosed countries pledged to invest $3.74bn in Nigeria’s economy.
