Between 2018 and 2019, the total value of investments in the Nigerian economy tumbled from US$90.89 billion (N33.039 trillion) to US29.91 billion (N10.872 trillion).
Put differently, investment value in between the periods shed N22.166 trillion (US60.980 billion) or 204%.
The Nigerian Investment Promotion Council (NIPC), through its intelligence newsletter published Saturday, speculatively cited the economy’s vulnerability to political violence specifically the tense build-up to and the aftermath of the 2019 elections as the factors underpinning the abysmal trend.
Uncertainties surrounding the future of investment in the country apparently ate away at investors’ confidence, creating jitters which compelled them to recoup their capital and invest their money elsewhere.
The NIPC survey spanned 76 new projects in 17 states, the Federal Capital Territory (FCT) and Offshore Nigeria.
Lagos took the top spot in the pecking order, accounting for 33 projects, leaving a yawning gap between it and second-placed Ogun, which was responsible for 5 projects.
Kaduna State was responsible for 3.
In value terms, Offshore Nigeria took the bulk of the investment, accounting for US$19.8 billion (66%) of the total investment value.
It was followed by Lagos with US$2.6 billion (9%) worth of investment and Ondo State with US$1 billion.
Sector analysis depicts that mining and quarrying was the greatest investment attraction in Nigeria in the period under review.
While mining and quarrying were responsible for 72% (US$21.5 billion) of the total projects, manufacturing was responsible for 11% (US$3.2 billion), electricity, gas & water supply took 8% (US$2.3 billion) and transportation & storage 7% (US$2 billion).
Local investors were the most active in the category of investors recording investment estimated at US10.8 billion (36%).
On country basis, Netherlands launched 1 project priced at US$10 billion (33%), Canada 3 projects worth US$2.4 billion (8%), Morocco 2 projects estimated at US$2.1 billion (7%), Malaysia 2 projects worth US$1 billion and Singapore 1 project costing US$1 billion (3%).