Nigeria’s Capital Inflows Increased By $7.3bn In 2017 – NIPC
The Nigeria Investment Promotion Commission (NIPC) has indicated that the country’s actual capital inflows grew by $7.3 billion dollars in 2017 to stand at $12.4 billion from the $5.1 billion dollars recorded in 2016.
The NIPC said the flows increased progressively from the first quarter of 2017, with each quarter materially higher than the corresponding period in 2016.
The first quarter of 2018 report on investment announcements in Nigeria published by the NIPC indicated that the commission tracked $17.88bn worth of investment announcements in 32 projects across eight states in the first quarter of the year.
The value of the investment announcements tracked in the first quarter of this year is almost three times the $6.38bn tracked in Q1 2017, suggesting increasing investor interest in Nigeria.
These private capital investment intentions were in 32 projects in several sectors, which include oil and gas, services, manufacturing and agriculture spanning across Lagos, Ogun, Niger, Gombe and Kano states among others.
The report showed that the interests originated from the United Kingdom, Nigeria, United States, China and Switzerland.
Royal Dutch Shell, Dangote Plc., General Electric, Hydropolis Nigeria Ltd and China Energy Engineering Corporation top the list of companies with investment interests in the economy. These announcements are for new projects and or expansion of existing ones.
In 2017, when NIPC started tracking investment announcements, $66.36bn worth of announcements in 112 projects across 27 states and the FCT were noted.
NIPC stated that although these are investment announcements and do not suggest actual investments, they give a sense of investor interest in Nigeria.
The report on investment announcements is based only on investment announcements cited in the NIPC Intelligence Newsletters published from January to March 2018 and may not contain exhaustive information on all investment announcements in Nigeria during the period. Nevertheless, the report gives a fair sense of investor interest in the Nigerian economy.