Connect with us

Business

Kogi outshines Lagos as Nigeria’s top investment destination in third quarter –NIPC

Published

on

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

Investment in the Nigerian economy climbed to $3.95 billion in the third quarter with Kogi State accounting for $1 billion or 25 per cent to become the most preferred investment hub of the country’s 36 states as well as the Federal Capital Territory, data from the Nigerian Investment and Promotion Council (NIPC) showed on Tuesday.

NIPC, which tracks and coordinates the investments made in Africa’s biggest economy, stated in its Report of Investment Announcements in Nigeria (July – September 2020) that investments in the period under review translated to a $3.7 billion increase, compared to the $0.25 billion reported in the corresponding period of 2019.

Nevertheless, it was 57.48 per cent lower than the $9.29 billion recorded in Q2 2020.

Lagos came next to Kogi on the list of investment by destination, with $239 million equivalent to 6 per cent of total investment, the NIPC said.

Ogun and Cross Rivers were third and fourth respectively, accounting for $75 million (2 per cent) and $15 million (0.4 per cent) of total investment in that order.

According to the NIPC, the transportation industry was the top sector for investment as it received 66 per cent ($2.60 billion). It was followed by manufacturing ($1.08 billion), information and communication ($0.10 billion) and mining ($0.08 billion).

China was responsible for 66 per cent ($2.60 billion) of investments in the economy in the period, while the United Kingdom accounted for $1.10 billion.

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

Domestic investors ploughed $0.15 billion into the economy while the United States invested $0.07 billion.

The NIPC noted that Nigeria received the least investments so far this year in Q3 with 13 projects in 8 states, relative to the 15 projects in Q2 across three states, and 19 projects across 14 states and the FCT in Q1.

Join the conversation

Opinions

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