Manufacturing tops with 42% gain of total investment in Q3
By Jeph Ajobaju, Chief Copy Editor
Manufacturing received $8.99 billion investment in the third quarter of 2021 (Q3 2021), attracting 42 per cent of total investment announcements to deepen hope in the trajectory of non-oil revenue which now surpasses oil receipts.
Abuja currently makes N143.7 billion monthly revenue from non-oil tax against N94.2 billion from oil that is buffeted by a double whammy of fluctuating prices and global clamour to shift from fossil fuel to green energy.
Nigerian Investment Promotion Commission (NIPC) acting Executive Secretary, Emeka Offor, announced the portfolio gain in Abuja enthusing it signifies a major improvement in investor confidence in Nigeria, post pandemic.
He said $8.99 billion was tracked as investment announcements in 33 projects across eight states and cited a new tool implementation that would help authenticate announcements and propel them to actual investments.
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NIPC Strategic Services Director Abubakar Yerima added that August was the most active month in Q3 2021 accounting for 64 per cent of total announcements.
He said Lagos received 81 per cent of total announcements with 20 projects worth $7.29 billion in manufacturing, information and communications, finance and insurance, human health and social services, and electricity, per Nairametrics.
“Rivers State recorded $300 million worth of announcements in manufacturing and transportation, and Oyo State had $231 million announced in electricity and trade (e-commerce). The three states accounted for 87 per cent of the total investments.
“The top sectors were manufacturing, 42 per cent, electricity, gas, steam and air conditioning supply, 25 per cent, information and communications, 23 per cent, and transportation 7 per cent,” Yerima explained.
“Domestic investors were the most active during the period, accounting for 47 per cent of the announcements, followed by announcements from South Korea, 22 per cent, South Africa 16 per cent, and … Spain 6 per cent.”
The NIPC said investment announcements were mainly in news articles cited in NIPC newsletters published between July and September which gives a sense of investors’ interest in the Nigerian economy.
In October, the NIPC clinched top position in the ranking of 213 Ministries Department and Agencies (MDAs) on access to Freedom of Information (FOI).
According to the News Agency of Nigeria (NAN), the report published by the Public and Private Development Centre (PPDC) shows the top five ranking as follows:
- NIPC – 68.5 points
- Bureau of Public Service Reforms – 60.5 points
- National Orientation Agency – 51 points
- Nigerian Export Promotion Council – 48.5 points
- Accident Investigation Bureau – 47.75 points
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