Investment Commitments Drops By $60.99bn In 2019 – NIPC

The Nigerian Investment Promotion Commission said that the country recorded investment commitments of $29.91bn in the 2019 fiscal period.

The amount is $60.99bn or 67 per cent less than the $90.89bn that was tracked in 2018.

It attributed the huge difference to the uncertainty around 2019 as an election year in the country, which may have contributed to the perception of the economy, and ultimately affected investors’ sentiment.

These investment commitments, according to the NIPC, were tracked through its Intelligence Newsletter.

The report showed that a total of 76 projects were announced across 17 states and the Federal Capital Territory and Offshore Nigeria.

The report showed that Lagos State had the greatest number of projects with 33 followed at a distance by Ogun with five and Kaduna with three projects.

In terms of value, it said $19.8bn representing about 66 per cent worth of investments was announced to be located offshore Nigeria, while Lagos had $2.6bn or nine per cent and Ondo $1bn or four per cent.