Nigerian firms attract 113% rise in investments YoY
By Jeph Ajobaju, Chief Copy Editor
A total $19.1 billion local and foreign funds were pumped into Nigerian firms spanning 62 projects in 16 states by the third quarter of the year ended September 2021 (Q3).
The latest data released by the Nigerian Investment Promotion Commission (NIPC) shows an increase of 113 per cent on $8.98 billion invested by Q3 2020 when the pandemic raged and affected all spheres of life.
However, funds injection was higher before coronavirus:
- $24.44 billion (Q3 2019)
- $73.07 billion (Q3 2018)
- $41.71 billion (Q3 2017)
Quarterly investments this year are
- $8.41 billion (Q1 2021)
- $1.69 billion (Q2 2021)
- $8.99 billion (Q3 2021)
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Sectoral figures by Q3 2021
Manufacturing attracted the highest investment of $3.76 billion or 42 per cent of the total. Power sector received $2.24 billion (25 per cent), Information and Communications $2.06 billion (23 per cent).
Lagos, the national economic hub, attracted the most fund of $7.29 billion (82 per cent), followed by Rivers $300 million (3 per cent), and Oyo $230 million.
Local investment amounted to $4.23 billion (47 per cent). South Korea tops foreign sources with $2 billion (22 per cent), next South Africa $1.46 billion (16 per cent), and Spain ($0.52 billion), per reporting by Nairametrics.
Nigeria recorded $8.99 billion investments in Q3 2021, surging 129 per cent over $3.92 billion in Q3 2020 but lower than $24.44 billion in Q3 2019.
Top ranks by Q3 2021
Brass Fertiliser and Petrochemical Company topped the list with $3.6 billion or 18.8 per cent of total investment in January. The fund was sourced from Nigeria, China, and Europe and channelled to Bayelsa.
Mercury Maritime Concession Company attracted $2.9 billion (15.2 per cent), sourced locally and invested in Delta.
The Nigerian National Petroleum Corporation (NNPC) received $2.5 billion in August (13.1 per cent), sourced locally and pumped into Lagos.
Egbin Power recorded $2 billion (10.5per cent), sourced from South Korea and invested in Lagos.
MTN received $1.46 billion in August, sourced from South Africa and injected into Lagos.
A total $19.1 billion has been investment in the Nigerian economy so far this year, more than $16.74 billion in full year 2020 (FY 2020).