Nigeria had attracted not less than $17.88 billion in investments, to 32 projects across many states in the first quarter of 2018.This was declared in a report just released by the department of strategic communication, Nigerian Investment Promotion Council(NIPC).

The states include Lagos, Ogun, Niger, Gombe,Kano and others not disclosed in the report.

According to the report, the investments originated from the United Kingdom (50.3%), Unites States (13.2%), China (6.7%) and Switzerland (4.7%), among others, whilst local firms like Dangote, Hydropolis Nigeria Limited, Gateway Solar Power International Nigeria Limited, accounted for $4.21 billion or 22.5% of the total investments in the period.

Foreign firms accounted for the remaining 77.5%, including Royal Dutch Shell, General Electric, Chin Energy Engineering Corporation Ltd and Vitol Group.

Most of the investments were domiciled in the oil and gas sector, accounting for $12.9 billion or 72 per cent of the total volume. It was followed by the services sector with $4.5 billion or 25.3 per cent, while the manufacturing and agriculture sectors accounted for $440 million (2.5%) and $10 million (0.1%).



The report was based on only investment announcement cited in NIPC intelligence Newsletter, published from January to March, 2018.

https://www.financialdigest.com.ng/blog/2018/05/01/nigerian-states-attracted-17-88b-to-32-projects-in-q12018-nipc/