Between January and June this year, the Nigerian economy recorded a
total investment commitment of $15.15bn in various sectors of the
economy, the Nigerian Investment Promotion Commission has said.

Figures
obtained from the NIPC showed that the $15.15bn proposed investments
were made for 43 projects in 12 states and the Federal Capital
Territory.

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Comparatively, the proposed investments for the first
half of this year showed a 67 per cent decline when compared to the
corresponding period of 2018.

Investments commitments are made by
would-be investors in specific sectors of the economy, which the NIPC
follows up to ensure its full maturity and benefits to the economy.

According
to NIPC records, mining and quarrying recorded investment announcements
of $12.3bn, reflecting 81 per cent of the total investment proposals
made.

Manufacturing recorded $2.2bn worth of investment proposals announced.

Within
the period under review, finance and insurance recorded $200m
investment proposals while information and communication recorded $200m.

It
reads in part, “In the period, $15.15bn of announcements were tracked
through the NIPC. The report showed that a total of 43 projects across
12 states and Federal Capital Territory were announced from investors
in 20 countries.

“Comparatively, the announcements made in the
first half of 2019 were 67 per cent less in value than the
announcements in the same period of 2018.

“This was probably due
to many investors waiting for the conclusion of national elections and
handover in the first half of 2019.

“The major destination
was the Niger-Delta region with 77 per cent, followed by Ondo
State at seven per cent, and Lagos State at four per cent of the value
announced.”

The records showed further that Morocco recorded
investments commitments of $2.1bn while Nigerian local investors made
investment commitments of $1.3bn.

It added that investors from
Malaysia made investment commitments of $0.9bn, while other unnamed
nations cumulatively made investment commitments of $3.5bn.

Source:- Punchng

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