ICT Missing In $8.4bn NIPC Q1 Investment Announcement

The ICT sector was conspicuously absent on investment announcement released on Monday by the Nigerian Investment Promotion Commission.

From 33 per cent ($1.61bn) in Q1 2020, ICT contributed nothing to investment announcement in Q1 2021. This is despite an increase in total investment announcement in Q1 2021.

Director Strategic Communications, Mr Emeka Offor, told our correspondent that there was no particular reason why the ICT sector was absent in the investment announcement.

He expressed optimism that ICT would be back on the next list that would be released for a new quarter.

He said, “The way it goes, it takes some time for some of these investment cycles to be completed. “Investments have to go through a process; when they get to a certain level of their discussion (negotiation) they then make an announcement.

“Microsoft made a major announcement for Nigeria just yesterday. That is very huge. So we are likely to see it in subsequent reports.”

Growth in investment announcement grew by 74.8 per cent on a quarter comparison. Total investment announcement was $8.41bn for Q1 2021, while for Q1 2020, it was $4.8bn.

Manufacturing had 60 per cent ($5.08bn); construction 34 per cent ($2.90bn); electricity, three per cent ($0.26bn); agriculture, one per cent ($0.11bn); and others, one per cent ($0.07bn) make up the list of industry on the investment announcements list.