ABUJA, Nigeria— Nigerian Investment Promotion Commission (NIPC) has disclosed that the country recorded $8.41 billion investment announcement in the first quarter (Q1) of 2021.
Speaking at the weekend in Abuja, the Executive Secretary of NIPC, Yewande Sadiku said that “investment announcement aims to follow up on interest indicated by investors to see whether they could be turned into actual investments.”
The $8.41billion worth of Investments resulted from 15 projects across eight states that include Bayelsa, Lagos, Kano, Nasarawa, Delta, Edo, Bauchi and Akwa Ibom.
Sources of investments into these states are the United Kingdom, the United States, India, China, Nigeria and others, while the sectors affected were manufacturing, construction, mining and quarrying, agriculture and electricity.
Yewande called on the state governments to deepen collaboration with the agency in providing the basic business-friendly environment to enable transmission of announcement into actual investment.
“It is a difficult job to get investors to invest in your country. The job of NIPC cannot be done by one Agency…We need to come together to make investors come to Nigeria and actually invest in the country, that is one of ways we can create jobs,” Yewande noted.
According to NIPC, Material Foreign Direct Investment (FDI) can only be driven by government policies both at state and federal levels. Therefore, there is a need for bold and coherent policy changes to deepen economic reform to reverse the decline expected in 2020/ 2021.
Also, the gaps between announcement and actual investments need to be worked on, and a more proactive government approach to investors’ support across federal and state governments is required to convert announcement to actual investments.
Media was also cautioned against escalating news particularly critical news that would discourage potential investors.
Through the Director, Strategic Communications of NIPC, Emeka Ofor, NIPC said, “We must not unnecessarily escalate news, let’s try to reduce the tempo because a single reportage may cause damage to country, investment-wise, so we must be cautious about our reportage.”