CEM REPORT | Investment n Nigerias’ economy as fallen by 69 percent, year-on-year (YoY), in the first quarter (Q1) of 2022.
This is according to the Nigerian Investment Promotion Commission (NIPC) recent report on investment for Q1 of 20’22.
Investors interest in Nigerias’ economy declined from $8.41 billion in Q1 of 2021 to $2.58 billion in the corresponding period of 2022.
The Commission blamed the huge decline on lingering travel restrictions associated with the global pandemic (COVID-19) and the Russia-Ukraine war, which has destabilised European countries, a major source of investments for the country.
The Commission via its report said it tracked 33 project across the Federal Capital Territory, Abuja and five states, noting that more than 58 percent of total investment were planned for Sokoto.
The report showed that the top five states, by value of investments, were Sokoto with $1.5 billion, Lagos with $881 million, FCT with $58 million, Rivers and Delta with $50 million and $40 million respectively.
The report further shows that the top five investment sectors for the quarter were manufacturing with 45 percent representing $1.1 billion of the total planned investment; agriculture, 25 percent ($0.64 billion); information communication and technology with 20 percent ($0.52 billion); transportation accounted for 5 percent ($0.12 billion), while the finance and insurance accounted for 4 percent of total planned investment.
Most active during the quarter were domestic investors accounting for $1.13 billion, representing 44 percent of the announcements tracked during the period.
Other investors were the United States with 39 percent, the United Kingdom with 8 percent, the United Arab Emirates and Austria with 4 percent respectively.