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Investment In Nigeria Rises By 75% In Q1 2021

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…”
Yusuf
May 11, 2021 8:27 am

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.

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