NIPC Tracks $8.99bn Investment in Q3 2021

The Nigerian Investments Promotion Commission (NIPC) has reported $8.99 billion as investment announcements for the Q3 of 2021, 130 percent more than the value in the corresponding period in 2020 ($3.95billion).

Speaking at a media parley recently, the Director, Strategic Services of NIPC, Abubakar Yerima, revealed that a total of 33 projects were tracked across eight States during the period -the month of August been the most active during the quarter, accounting  for 64 percent of the total announcements.

According to him, the top 10 announcements accounted for 96 per cent of the volume tracked, compared to Q3 2020, saying that there was an improvement in the level of confidence in the investing community post COVID-19.

“In the period covered by the report, Lagos State received the largest share of the announcements with 20 projects accounting for 81 per cent ($7.29billion) of the total in manufacturing, information and communications, finance and insurance, human health and social services and electricity. Rivers State recorded $300 million worth of announcements in manufacturing and transportation while Oyo State had $231 million announced in electricity and trade (ecommerce). The four States accounted for87 percent of the total investments.

“The top sectors were manufacturing (42%), electricity, gas, steam and air conditioning supply (25%), information and communications (23%) and transportation (7%). Domestic investors were the most active during the period accounting for 47 percent of the announcements, followed by announcements from South Korea (22%), South Africa (16%), and the Kingdom of Spain (6%),”he said.

In a keynote address, the Acting Executive Secretary of NIPC, Mr. Emeka Offor said the Commission was still tracking investment announcements through the NIPC Intelligence Newsletter while sustaining its engagement with sub-national governments through the State Investment Promotion Agencies (State IPAs).

According to him, NIPC was building relationships with international development organisations such as UNIDO, GIZ, Afreximbank, to build the capacity of staff as well as elevate the investment potentials of Nigeria.

He further stated, “We are working with relevant organizations under the coordination of the Federal Ministry of Industry, Trade and Investment to organise Nigeria’s participation at the World Expo holding in Dubai, United Arab Emirates, from 1 October 2021 to 31 March 2022 under the theme “Connecting Minds, Creating the Future”.

The Expo provides a platform for countries, multilateral organisations, foundations, and businesses to gather in one place to foster creativity, innovation and proffer solutions to universal problems. “Nigeria will be hosting a trade and investment forum as one of the side events, during the Expo.

The forum would be held from December 4 –6 2021 at the Dubai Exhibition Centre. Our One-Stop Investment Centre (OSIC) established in 2006 with 13 participating agencies across board on the principles of convenience, efficiency, simplicity, speed and transparency has been Sustained,” Offor posited, adding that the Single Window Investors’ Platform (SWIP) which has four components remains the-business facilitation platform of NIPC fashioned in line with the e-government initiative of the Federal Government, aimed at enabling NIPC leverage technology to better deliver on its mandate.

When completed, the e-OneStop Investment Centre (OSIC) would enable investors access to all services offered at the OSIC remotely, and apply for business registration, submit relevant documents and make appropriate fee payments.

He added that through the platform, NIPC will be able to track and review the services of participating agencies at the Centre. “NIPC would always strive towards excellence.

The foundation for transparency, accountability and proactive disclosure has been laid. We are committed to building on the successes of recent years as well as breaking new frontiers,” Offor added.

In a remark, the Head, Press & Protocol Unit of the Commission, Daniel Awurum said deliberate efforts, focus and sacrifices were needed to unlock natural endowments that could transform the country, create wealth for people and be the beacon of hope for humanity.