A recent report released by the Nigeria Investment Promotion Commission (NIPC) revealed that four critical sectors attracted over N720 billion ($8.99 billion) worth of investments between July and September, 2021.
The report which was recently released by the agency showed that the Manufacturing sector led the pack in the last three months, attracting over N556.8 billion ($3.76 billion) worth of investments. This accounted for about 42% of the total investment into the country for the aforementioned period.
Following closely was the electricity sector which attracted about $2.4 billion worth of investments, accounting for about 25% of the total investments, Information and Communications sector which attracted $2.06 billion translating to 23% of the total investments during the period and the transportation sector which attracted about 7% of the total investment during the period with $640 million worth of investments.
Other sectors in the Nigerian economy only attracted a paltry sum of $280 million during the period, accounting for just 3% of the total investment during the period.
Interestingly, these investments were channelled towards 33 key projects that spans across eight (8) states in the federation. By geographical spread, Lagos state accounted for 81% of the total investment during the period with about $7.29 billion, followed by Rivers State with $300 million (3%), Oyo State with about $230 million (3%) and Ogun State with about $1 million (0.1%) of the total investments. Other states attracted a cumulative of $1.16 billion worth of investments during the period, translating to 13% of the total investments during the period.
Remarkably, about 47% of these investments during the period were made by Nigerians residing in the country, followed closely by investments from South Korea (22%), South Africa (16%) and Spain with 6% of the total investments. Other countries contributed only 9% of the total investments during the aforementioned period.
Why this matters: The recent report indicates a clear interest in the Nigerian business environment. It simply means that investors are clearly optimistic or bullish about the potentials of the Nigerian markets.
In this light, the recent report gives teeming readers of naijabusiness.com.ng an insight into the critical sectors that attract more investments, helping them to re-strategize and rebalance their investment portfolio to maximize opportunities inherent in these key sectors that were mentioned above. In a nutshell, our readers should watch out for more news and investment opportunities available in the aforementioned sectors. You can get more news and investment opportunities in the sector by following naijabusiness.com.ng or subscribing to our specially edited newsletters.