Lagos leads investment drive, Bayelsa follows with $3.6b
By Jeph Ajobaju, Chief Copy Editor
Lagos towered above all other states in announced investments in 2021, attracting $8.7 billion, more than double the next intake, Bayelsa’s $3.6 billion, and nearly nine times the $1 billion Adamawa received.
Also in the top five are Delta, which got $2,9 billion, and Akwa Ibom $2 billion, from the total $23.30 billion investment announcements in 2021, an increase of 39 per cent against $26.74 billion in 2020.
Nigerian Investment Promotion Commission (NIPC) acting Executive Secretary Emeka Offor, who disclosed the figures in Abuja, said manufacturing got 20 projects, the highest, worth $10.5 billion or 45 per cent of announcements.
He explained thatthe work of the NIPC in the next five years has been defined by the National Development Plan 2021–2022 (NDP) which projects N348.7 trillion capital requirement, with 86 per cent (N298.3 trillion) from the private sector.
“Mobilisation of this capital has become the focus of the commission. It is in this respect that the commission has begun the process of validating the records of the investment announcements.
“We expect the report from this exercise to give us a further understanding of investors’ readiness to invest in Nigeria,’’ Offor enthused.
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Global new normal post-pandemic
Offor said the 39 per cent rise in investment announcements in 2021 indicates a growing adaptation to a global ‘new normal’ after the economic disruption of Covid restrictions since 2020.
“It also indicates the growing confidence of investors in the efforts to improve the national investment landscape,’’ he added, per reporting by the News Agency of Nigeria (NAN) published by Nairametrics.
“The top five states by value of investments are Lagos ($8.7 billion), Bayelsa ($3.6 billion), Delta ($2.9 billion), Akwa Ibom ($2 billion), and Adamawa ($1 billion).
“The manufacturing sector has the highest number of projects (20) as well as the highest value, $10.5 billion dollars representing 45 per cent.
“The construction sector has 16 per cent, electricity, gas, steam and air conditioning supply 13 per cent, information and communication 12 per cent and mining and quarrying nine percent made up the top five sectors for the year.”
NIPC announced last year that manufacturing topped investment proposals in the third quarter of 2021 with $8.99 billion or 42 per cent of total announcements.
