Nigerian Economy Recorded $23.3bn Investment Proposal In 2021 – NIPC

The Nigerian Investment Promotion Commission (NIPC) has said the Nigerian economy recorded $23.3 billion in 2021 compared to the $16.7 billion recorded in 2020.

Naija News reports that NIPC’s Acting Executive Secretary, Emma Offor, made this known in its 2021 investment announcement report, on Wednesday in Abuja.

Offor added that investment pledges from domestic and international investors for Nigeria accelerated by 39 per cent last year, according to the pool of investment decisions tracked by the NIPC.

The NIPC boss noted that the year 2021 was a critical one for investors in Nigeria and globally as Africa’s largest economy recovers from the headwinds of COVID-19.

According to Offor, Lagos, Bayelsa, Delta, Akwa Ibom and Adamawa reported the biggest investments in value terms, attracting $8.7 billion, $3.6 billion, $2.9 billion, $2 billion and $1 billion in that order.

He said: “The increase in value is indicative of the growing adaptation to the global ‘new normal’ after the economic disruption occasioned by the restrictions imposed to check the spread of COVID-19 pandemic.

“It also indicates the growing confidence of investors in the efforts to improve the national investment landscape.”

He disclosed that the manufacturing sector had the highest number of projects (20) as well as the highest value, US$10.5 billion (45 percent).

The NIPC boss added that the Construction (16 percent), electricity, gas, steam and air conditioning supply (13 percent), information and communication (12 percent), and mining and quarrying (9 percent) made up the top 5 sectors for the year.

Offor explained that the investment sector will be adopting a new strategic plan for the year 2022 with a focus on profiling opportunities in each state and sustaining engagements with the sub-national governments.

He said the commission would leverage its relationships with the states to ensure sustained appreciation of the issues of the business environment, having an understanding of the aggregation of the sub-national perception that forms the national image.