Nigeria: Rivers Overtakes Lagos as Top Investment Destination

22 September 2018

The investment profile report by the Nigeria Investment Promotion Commission (NIPC) shows that Rivers state received the largest investment in the first half of 2018.

According to the report, a total of $45.74 billion was invested for 42 projects in nine states and the Federal Capital Territory (FCT).

The sectoral analysis of the investment profile showed that mining and quarrying accounted for 61% of the total investment and manufacturing, 28%.

Other sectors are transportation and storage, five percent; real estate, three percent; and the remaining sectors accounting for three percent.

It added that the investments were from investors in 11 countries, with French companies accounting for 35% of the value, closely followed by Nigerian companies at 31%.

The report said the UK's investment stood at 20%; Luxembourg seven percent and the remaining eight percent were from the other countries.

Rivers received 35% of the total sum while Bayelsa and Lagos received 26% each.

"The top 10 announcements accounted for 43.1 billion dollars, representing 94 per cent of the value of the announcements," the report read.

"NIPC sends out its NIPC Intelligence newsletter six days a week. The newsletter carries Nigerian investment-related news culled from various sources."

It said the report was based only on investment announcements cited in NIPC's newsletters from January to June 2018, it might not contain exhaustive information on all investment announcements in Nigeria during the period.

"Nevertheless, the report gives a sense of investors' interest in the Nigerian economy in the first half of 2018. "NIPC did not independently verify the authenticity of the investment announcements but is working on tracking the announcements as they progress to actual investments."

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