The Nigerian Investment Promotion Commission (NIPC) has revealed that the value of investment announcements in the first three months of 2022 was $8.41 billion, IgbereTV reports
This is a 69 percent or $2.58 billion lower from what was announced in the first quarter of 2021.
NIPC revealed this in a report published on Tuesday on its website.
According to the report, the investment commitments in Q1 2022 cut across 33 projects and five states, alongside the Federal Capital Territory.
In this period, the manufacturing sector attracted the highest investment commitments of $1.1bn, which is 45 per cent of the total commitments. It is followed by the agriculture sector with $0.64bn, which is 25 per cent of the total commitments.
Sokoto State attracted the highest investment commitments of $1.05bn, which is 41 per cent of the total commitments. It was followed by Lagos State with $0.88bn, which was 34 per cent of the entire commitments.
About $1.13bn investment commitments came from Nigerian investors, which is 44 per cent of the whole commitments.
United States investors made $1.01bn investment commitments, which is 39 per cent of the entire commitments in Q1 2022.
The other major sources were the United Kingdom (8%), the United Arab Emirates and Austria (4%, respectively).
