Connect with us


Investment commitments to Nigeria slumped by $10.9bn in H1 2020 –NIPC



Investment commitments to Nigeria slumped by $10.9bn in H1 2020 –NIPC

The Nigerian Investment Promotion Commission (NIPC), which stimulates and monitors investments in the country, said gross investment commitment to the Nigerian economy in the first half of this year tumbled by 67 per cent relative to the corresponding period of 2019.

Put differently, investment commitment fell to $5.06 billion between January and June 2020 from the $15.15 billion posted in the same period of last year as investors’ confidence in to Africa’s biggest economy worsened, setting in motion a capital flight early this year that impelled hordes of foreign investors to withdraw their funds from Nigeria invest them elsewhere.

NIPC made the revelation in a report obtained in Abuja on Sunday, citing the sweeping ramifications of the coronavirus pandemic as the reason for the negative growth.

Read also: Nigerian economy attracted $10.2bn new investment in 2019 –Report

Across the states, the top investment hubs during the period were Kaduna: $2.61 billion, Nasarawa: $56 million, Lagos: $221 million, Cross River: $15 million, and Ekiti: $50 million.

Sectors that attracted the most investments included Information and Communication: 32 per cent, Transportation and Storage: 40 per cent, and Mining and Quarrying: 22 per cent.

The United States emerged the most active source of investments with 43 per cent of investment decision announcements made by the country.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now