FG attracted $16.74bn investment in 2020 — NIPC

The Nigerian Investment Promotion Commission (NIPC) has disclosed that the collated investment for 2020 stood at $16.74 billion.

The figure represents a dip from the 2019 collated figure of $29 .91 billion.

The NIPC disclosed this in its Intelligence newsletter report released over the weekend in Abuja, while citing the global pandemic as a major factor for the reduced collated investment figure for 2020.

NIPC revealed it collated a total of 63 projects in 21 states and the Federal Capital Territory for the year 2020. With Lagos State leading the number of projects at 24.

Subsequently, Rivers State was the top state with collated investment valued at $6 billion, followed by Kaduna at $2.8 billion, Kogi at $1 billion and Lagos at $890 million

“The data further showed that the manufacturing sector had the highest number of projects (10) as well as the highest value, $8.4 billion (50 per cent).

“Transportation and storage (28 per cent), information and communication (11 per cent), mining and quarrying (six per cent) and Finance and insurance (three per cent) made up the top five sectors for the year,” NIPC said.

NIPC revealed that Singapore accounted for 36 per cent of the announcements collated during the period, followed by China at 22per cent and the USA at 15 per cent.

The COVID-19 pandemic has taken a big toll in investment since it’s outbreak in February 2020.