Foreign Investors’ interest in Nigeria plunges by 80 percent.
Written by crest887fm on July 24, 2021
Investment announcements in Nigeria fell to 1.69 billion dollars in the second quarter of this year from 8.41 billion dollars in the first quarter, indicating a decline of about 80 percent, a new report by the Nigerian Investment Promotion Commission has said.
The report said the total value of investments interests in the first half of this year fell by 1.57 billion dollars to 10.11 billion dollars, compared to the second half of last year. The figure is, however, 5.05 billion dollars higher than that of the same period of last year.
An analysis of investment announcements by sectors revealed that the manufacturing sector attracted the highest investments with 5.9 billion dollars or 58 percent.
The report also showed that domestic investors made the highest contribution of 3.29 billion dollars or 33 per cent of the total investment announcements; 1.40 billion dollars (14 per cent) emanated from Morocco; 950 million dollars (nine per cent) from China; 640 million dollars(six per cent) from UK; and other sources accounting for 3.82 billion dollars or 38 per cent.
The Executive Secretary, NIPC, Yewande Sadiku, had recently said that the commission had entered into series of collaboration with the private sector to unlock potential investments in the country.