The Nigerian Investment Promotion Commission (NIPC) has reported that it tracked investment announcements worth US$12.71 billion in the first quarter of 2019. The investments were tracked through the NIPC Intelligence Newsletters which are issued 6 days a week.
The Report showed that a total of 24 projects across 8 states were announced from investors in 12 countries. Comparatively, the investments announced for Q1 2019 were 57% less than the size announced in the same quarter 2018. This was probably due to the national elections that took place in Q1 2019.
The major announcements were from Royal Dutch Shell Plc with US$10 billion in crude exploration, Moroccan OCP Group’s plan to build a US$1.5 billion ammonia plant and the joint venture contract between Malaysian partners and Nigerian oil company, First Exploration & Petroleum Development Company Ltd worth $901.79 million for the exploration of crude oil.
Announcements from Netherlands accounted for 79% of the value, followed by Morocco at 12%, and Malaysia at 7%. The Report also showed that mining & quarrying sector accounted for 86% and manufacturing sector was 12%. The major destination was the Niger-Delta region of the country with 98% of the value announced.
NIPC’s Intelligence Newsletter carries Nigerian investment-related news culled, from various sources. The Report is based only on investment announcements cited in NIPC’s Newsletters from January to March 2019; it may not contain exhaustive information on all investment announcements in Nigeria during the period.
Nevertheless, the Report gives a sense of investors’ interest in the Nigerian economy. NIPC did not independently verify the authenticity of the investment announcements but is working on tracking the announcements as they progress to actual investments.
SOURCE; NIPC u