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MTN, Savannah, 8 others to invest $4.8bn in Nigeria –NIPC

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The latest investment plan report of the Nigerian Investment Promotion Commission (NIPC) has revealed that MTN South Africa and nine other firms aim to commit the sum of $4.8 billion as investment to various sectors of the Nigerian economy.

According to the report, 328 Support Services – an aircraft technical support company – is seeking to invest around $2 billion in the transportation sector. The investment is anticipated to be made in Kaduna State.

Similarly, MTN South Africa plans to invest $1.6 billion in the information and communications sector.

The document further states that African Industries Group, a West African conglomerate with focus on steel development, is aiming to inject $600 million into the mining and quarrying sector of the economy.

Savannah Petroleum is also eyeing a $390 million investment in the sector.

Read also: Nigeria cuts oil export to meet OPEC deal

More Chemical Industries, Agro Tech Nigeria and Villam Agric Limited are preparing to commit $110 million, $60 million and $10 million respectively to the agricultural sector.

In the same vein, Blue Seal Energy Group, Greatman Legend and Tomato Jos plan to invest $10 million each in the manufacturing sector.

The NIPC says the proposed investments by the three manufactures are to be located in Lagos and Kaduna states.

Yewande Sadiku, Executive Secretary NIPC, noted that the commission has made a number of collaborative efforts with private sector players in a bid to harness investment potential in the economy.

She went further to say the NIPC had a seamless synergy with states to enable the commission track investment inflows into the country properly.

Sadiku identified sectors such as solid minerals, agriculture, manufacturing and transportation as having enormous investment potential in the Nigerian economy.

The NIPC had in its recently released Report of Investment Announcements said that Nigeria’s real sector investment fell by $7.89 billion or 62% in the first quarter of 2020.

“The drop in value is related to the global health epidemic that has affected global economic activities,” it said.

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