The Nigerian Investment Promotion Council, (NIPC) said investment in the country has increased by 75% in the first quarter of 2021.
According to a nairamatics report, the NIPC attributed the surge in investments to the gradual return of investors’ confidence globally after the COVID-induced decline.
The investments made in Nigeria have increased from $4.81 billion in Q1 2020 to $8.41 billion in Q1 2021. There is also an increase of 8.38% compared to the investments made in the previous quarter (Q4 2020) which stood at $7.76 billion.
The NIPC attributed the surge in investments to the gradual return of investors’ confidence globally after the COVID-induced decline.
Highlights of the report
Bayelsa and Delta states emerged as top investment destinations during the period.
Bayelsa state received the largest share of investment with $3.6 billion in mining and quarrying.
Delta state came second with $2.94 billion in seaport construction and power transmission, followed by Akwa Ibom state with $1.4 billion announced in mining and quarrying.
Lagos State came forth with announcements totaling $0.26 billion in finance, insurance, and manufacturing.
The leading four destinations accounted for 97% of the total investments announced as against 56% in the corresponding period last year.