A total of US$15.15bn of investments were announced in Nigeria from the investors in 20 countries in the H1 2019, according to a report from Nigerian Investment Promotion Commission (NIPC)
The report showed that a total of 43 projects across 12 states and Federal Capital Territory were announced from January-June 2019.
However, the announcements made in the first half of 2019 were 67 per cent less in value than the announcements in the same period of 2018. This was probably due to many investors waiting for the conclusion of national elections and handover in the first half of 2019.
The major announcements were from Royal Dutch Shell Plc with US$10bn in crude exploration; Moroccan OCP Group’s US$1.5bn investment in the manufacturing sector in Ogun, Kaduna and Enugu states and Malaysian Yinson Holdings Bhd’S US$900mn and Seplat/NNPC’s US$700mn in the Nigerian offshore sector.
The Netherlands accounted for 66 per cent of investments, followed by Morocco(14 per cent) and Nigeria (nine per cent). The report further showed that the mining and quarrying sector accounted for 81 per cent, manufacturing sector 14 per cent and finance and insurance two per cent of the total investment.
The major destination was Nigeria’s offshore sector with 77 per cent, followed by Ondo State at seven per cent and Lagos State at four per cent of the value announced.
The report is based on investment announcements as cited in the NIPC Intelligence Newsletters published from January-June 2019, which publishes Nigerian investment-related news from various sources and aims to give a sense of investors’ interest in the Nigerian economy.
