A report by the Nigerian Investments Promotion Commission (NIPC) has revealed that the foreign investors’ interest in Nigeria declined by 27.5% in the first quarter of 2021.
According to the report, Nigeria received about $8.4bn investment announcement as of 4th March 2021. $5.46bn out of the total $8.4bn was pledged by foreign investors, while the remaining $2.08bn was pledged by domestic investors.
The report further indicated that the pledge made by foreign investors in Q1 2021 is 27.5 per cent lower than the $7.54bn foreign investment announcements recorded in the last quarter of 2020.
In the report which was titled ‘report of investment announcements in Nigeria (January – March 2021)’, the NIPC revealed that the major sources of foreign investments announcements in Q1 2021 came from Morocco ($1.40bn), the United Kingdom ($0.24bn) and the United States (US$0.08bn), while the total sum of other countries stood at 3.74bn, in the period under review.
The report also revealed that Bayelsa State ($3.60bn) received the largest amount of the investments announcements, with Delta State ($2.94bn) coming second while Akwa Ibom ($1.40bn) and Lagos($0.26b) came third and fourth respectively, in the period under review.
Further breakdown of the report showed that the Manufacturing sector got the highest announcement with, $5.08bn, while the construction sector came second with $2.90bn and electricity sector ($0.26bn), Agriculture ($0.11bn) came third and fourth respectively, in the first quarter of 2021.
