Lagos state received the largest share of investment announcements of $7.29 billion in the third quarter, accounting for 81 percent of the total deals, NIPC reports.

Rivers state followed Lagos with $300 million worth of announcements in manufacturing and transportation and Oyo state with $231 million announced in electricity and trade (e-commerce).

With the total investment announcements standing at $8.99 billion for the third quarter, these three states landed the largest investment.

The Nigeria Investment Promotion Commission (NIPC) said this in its latest report titled “Report of investment announcements (July-September 2021),” released on Tuesday.t

This figure represents the highest investment since the corresponding quarter in 2019 when the investment announcement totalled $9.3 billion.

With 81 percent of the total investment, Lagos claimed the first position from the second position in Q2 while Rivers jumped to second place from fourth place in Q2.

In the second quarter, Ogun and Lagos topped the list with 56% of the total investments. Nasarawa and Rivers followed closely with $300 million each in the same quarter. Bayelsa and Delta were the champions of the first quarter, receiving 43%, culminating in $3.60 billion and 35%, representing $2.94 billion, respectively.

Sectorally, the manufacturing industry had the largest investment announcements in Q3 by 42 percent, amounting to $3.76 billion of total figures. Year-to-date, the sector’s position remained unchanged in terms of getting the largest share of investment announcements.

In Q2, it got 49%, culminating in $821.4 million, and in Q1, it received 60% of the total figures at $5.08 billion.

The electricity, gas, steam and air conditioning supply industry got the second largest investment with $2.24 billion, representing 25% of total investment announcements, with $2.06 billion at 23% going to the Information and Communications sector in Q3.

Nigeria got the highest investment by source — followed by South Korea and South Africa, representing 95.63% of total investment.

The investors came for Nigerian National Petroleum Corporation (NNPC), Egbin Power Plc, MTN Nigeria Communications, and Dangote Sugar Refinery Plc.

The commission said the report may not contain comprehensive information about the investment announcements in the third quarter — but a general overview of the attractiveness of investors to the Nigerian economy.

elmessiahs:
Rivers always second why

beautyfunke:
do u want to compare river with lagos State?

beautyfunke:
do u want to compare river with lagos State?

faoogoke:
Despite all these big figures it does not translate to better life for Nigerians and not even Lagosians that are always coming top's.
Hope it's not audio investment?

faoogoke:
Despite all these big figures it does not translate to better life for Nigerians and not even Lagosians that are always coming top's.
Hope it's not audio investment?

Iamgrey5:
Investment leads to jobs

post=107300308:
A better Nigeria is all we want.

Slow and steady we will get to the country of our dreams.

God bless Nigeria ��

luvinhubby:


Which useless jobs?

All that Nigerian youths are getting these days are N-power peanuts & Festus Keyamo's audio local government temporary 30k jobs.

luvinhubby:
Comprehensive thrash !!

A cylinder of 12kg gas is now N10,000, a painter of beans is N4,000 & they are publishing audio investment figures whereas the people are languishing in poverty & penury.

Cursed be the day APC was formed as a political party to drag us into this depth of national despondency.

Iamgrey5:
Don't be so sure.

Some people are still finding jobs despite the obvious economy hardship.


You don't expect an investment of $7.5bn to create a million jobs.

soulfood:
I dont quiet agree it is audio investments. The real issue is the wealth and opportunities is not evenly distributed. i am sure the owners of flutterwave and other tech start ups that have done very well will not agree with you too. You can either keep praying for the time it will become evenly spread or you just work and hustle to get into the top tier where it is spread

Lagos state received the largest share of investment announcements of $7.29 billion in the third quarter, accounting for 81 percent of the total deals, NIPC reports.