The Nigerian Investment Promotion Commission (NIPC) tracked a total of US$8.99 billion investment announcements into Nigeria for Q3 2021.

According to NIPC’s Director of Strategic Services, Abubakar Yerima, the announcement is 130% more than the value in the same period of 2020, which was value at $3.95billion.

Making the announcement at a quarterly Media briefing, Yerima said, “a total of 33 projects were tracked across 8 States during the period. The month of August was the most active during the quarter, accounting for 64% of the total announcements.

“In the period covered by the Report, Lagos State received the largest share of the announcements with 20 projects accounting for 81% (US$7.29 billion) of the total in manufacturing, information and communications, finance and insurance, human health and social services, and electricity.

“Rivers State recorded US$300 million worth of announcements in manufacturing and transportation, and Oyo State had US231 million announced in electricity and trade (e-commerce). The 4 States accounted for 87% of the total investments.

“The top sectors were manufacturing (42%), electricity, gas, steam and air conditioning supply (25%), information and communications (23%) and transportation (7%). Domestic investors were the most active during the period accounting for 47% of the announcements, followed by announcements from South Korea (22%), South Africa (16%), and the Kingdom of Spain (6%)”.

Meanwhile, according to NIPC data, Nigeria has only Actualised $7.8 billion out of the total of $203.9bn pledge made by investors between 2017 and 2020

Mr. Emeka Offor noted that NIPC did not independently verify the authenticity of the investment announcements but was working on tracking the announcements as they progress to actual investments.