Nigerian Investment Promotion Commission (NIPC) has reported that $2.58billon was tracked as investment for the first quarter of 2022.
This amount was a 69 per cent less than the value tracked in the same period of 2020 ($8.41bn). The decrease in value is indicative of the concerns occasioned by lingering travel restrictions associated with the global pandemic (COVID-19) and the war in Ukraine, which has destabilised the European countries, a major source of investments for the country.
Newsletter from NIPC revealed that the Commission tracked a total of 33 projects across 5 States and the Federal Capital Territory (FCT) during the quarter and 79per cent of which were traced to Lagos State.
The top 5 States by value of investments, are: Sokoto State with $1.5billion, Lagos State with $881 million, FCT with $58 million, Rivers State with $50 million and Delta State with $40 million.
Further analysis of the data showed that the top five sectors are: Manufacturing (45%), agriculture (25%), information, communication and technology (20%), Transportation (5%), and finance and insurance (4%).
The domestic investors were the most active during the quarter, accounting for 44% of the announcements tracked during the period.
The other major sources were: The United States of America (39%), the United Kingdom (8%), the United Arab Emirates and Austria (4%).