The Nigerian Investment Promotion Commission ( NIPC) has revealed that the 2021 Investments Announcement Report indicated that US$23.30 billion was tracked during the year, representing about 39% more than the value tracked in 2020 (US$16.74 billion).
The NIPC Acting Executive Secretary, Emeka Ofor, revealed this during the 2022 NIPC media parley in Abuja said the increase in value is indicative of the growing adaptation to the global ‘new normal’ after the economic disruption occasioned by the restrictions imposed to check the spread of COVID-19 pandemic.
He said it also indicates the growing confidence of investors in the efforts to improve the national investment landscape.
He said the top 5 States, by value of investments, are Lagos State (US$8.7 billion), Bayelsa State (US$3.6 billion), Delta State (US$2.9 billion), Akwa Ibom State (US$2 billion), and Adamawa State (US$1 billion).
He said the manufacturing sector had the highest number of projects (20) as well as the highest value, US$10.5 billion (45%).
He said with the continued disruption by technology and the adaptation of government through policies, new opportunities are emerging.
“In 2020, foreign direct investment inflow shrunk by as much as 30%, some level of recovery was expected in 2021. The prospects for significant recovery was, however, moderated by the discovery of new variants of the COVID virus and apathy against vaccination globally.
“In the midst of this, the business community continues to adapt to the ‘new normal’ although there is an observable slow down on implementation of existing investment projects as well as consideration of new projects led by MNEs as many are reassessing their global strategy as an adaptation mechanism.
“In 2022, it is expected that there would be some marginal upward flow in global FDI as long as the world sustains the rate of adaptation to the ‘new normal’, governments further relax the restrictions and allow a freer cross borders movement while enforcing social distancing and intensifying campaigns for vaccination coverage as well as improving therapies to bring local transmission of COVID to tolerable levels across the world.