The Nigerian Investment Promotion Commission has disclosed that N3.5trillion was tracked as investment announcements for Q1 2021, which is about 75 per cent more than the value in the corresponding period in 2020 when it recorded $4.81 billion.
Sadiku explained that the latest figure reflects a gradual return of investors’ confidence on the nation’s economy after the COVID-19 induced decline in the previous year.Giving a breakdown, Sadiku revealed that Bayelsa State received the largest share of the announcements with $3.6 billion in mining and quarrying, followed by Delta State which recorded $2.94 billion worth of announcements in seaport construction and power transmission line.
She also explained that the report showed that the leading four destinations this quarter accounted for 97 per cent of the total investments announced as against 56 per cent in the corresponding period last year.According to her, manufacturing and construction were the top sectors with record 60 per cent, and 34 per cent respectively.