Foreign investors interest to Nigeria dropped by 27.5% in the Q1 of 2021 lower than the $7.54bn foreign investment announcements in the preceding quarter according to statistics by the Nigerian Investments Promotion Commission (NIPC).
As at 4th March 2021, of the $8.4bn investment announcements made to Nigeria, only about $5.46bn were pledged by foreign investors. The remaining $2.08bn was promised by domestic investors.
The major sources of foreign investments announcements in Q1 2021 originated from Morocco, the United Kingdom and the United States, the NIPC in its ‘report of investment announcements in Nigeria (January – March 2021)’, noted.
The report revealed that Bayelsa, Delta, Akwa Ibom and Lagos States were the top investment destinations during the period.
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, and Lagos State announcements totalled $0.26bn from electricity and manufacturing.
In terms of volume, 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.