History is Made as Bayelsa & Delta Beat Lagos For The First Time Ever. See Details

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History is Made as Bayelsa & Delta Beat Lagos For The First Time Ever. See Details

Investment in Nigeria increased to $8.41 billion in the first quarter of 2021 (Q1 2021), according to the Nigerian Investment Promotion Commission (NIPC), with Bayelsa and Delta states emerging as top investment destinations during the time.

This information was included in the NIPC’s “report of investment announcements in Nigeria (January – March 2021)” that was released on Wednesday.

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The investment in Q1 2021 is 75 percent higher than the same time in 2020, at $4.81 billion, which represents a small rise of 8.38 percent over the $7.76 billion invested the previous quarter.

 

The NIPC stated that the increase in investments was due to a gradual return of investor trust worldwide following the COVID-induced decline.

 

According to the survey, Bayelsa earned the most announcements, with $3.6 billion in mining and quarrying.

 

Delta state came in second with $2.94 billion in seaport building and power transmission announcements, followed by Akwa Ibom state with $1.4 billion in mining and quarrying announcements.

 

With announcements totaling $0.26 billion in banking, insurance, and manufacturing, Lagos came in fourth place.

 

According to the survey, the top four destinations accounted for 97 percent of all reported investments, compared to 56 percent in the same timeframe last year.

 

Manufacturing earned the most investment ($5.08 billion), followed by construction ($2.90 billion), energy ($0.26 billion), and agriculture ($0.11 billion) in that order.

 

In Q1, the federal was the largest source of spending, accounting for 35% ($2.95 billion).

 

Morocco ($1.40 billion), the United Kingdom ($0.24 billion), and the United States ($0.08 billion) were among the other countries that invested in Nigeria.

 

Nigeria earned 15 projects across eight states in Q1 2020, compared to 19 projects across 14 states in Q1 2020, including the Federal Capital Territory, according to NIPC (FCT).

 

The commission, however, cautioned that since its report is focused solely on the 340 news articles cited in NIPC’s newsletters from January to March 2021, it does not contain comprehensive information on all investment announcements made in Nigeria during the time under consideration.

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