Investors interest in Nigeria declines by $2.58bn in Q1, 2022

The Nigerian Investment Promotion Commission (NIPC) has revealed that the value of investment announcements in the first three months of 2022 was $8.41 billion.

This is a 69 percent or $2.58 billion lower from what was announced in the first quarter of 2021.

NIPC revealed this in a report published on Tuesday on its website.

According to the report, the investment commitments in Q1 2022 cut across 33 projects and five states, alongside the Federal Capital Territory.

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In this period, the manufacturing sector attracted the highest investment commitments of $1.1bn, which is 45 per cent of the total commitments. It is followed by the agriculture sector with $0.64bn, which is 25 percent of the total commitments.

Sokoto State attracted the highest investment commitments of $1.05bn, which is 41 per cent of the total commitments. It was followed by Lagos State with $0.88bn, which was 34 per cent of the entire commitments.

About $1.13bn investment commitments came from Nigerian investors, which is 44 per cent of the whole commitments.

United States investors made $1.01bn investment commitments, which is 39 per cent of the entire commitments in Q1 2022.

The other major sources were the United Kingdom (8%), the United Arab Emirates and Austria (4%, respectively).