From Franca Ochigbo, Abuja
Nigerian Funding Promotion Fee (NIPC) stated $5.06 billion value of investments have been tracked for first half of this yr, 67 per cent lower than the worth of $15.15 billion recorded similar interval final yr.
Its Director Strategic Communication, Emeka Offor, stated the decline was brought on by the strain on funding flows, given the unfavorable international financial impression of COVID-19.
Offor stated the Fee tracked a complete of 34 tasks throughout 16 states, the Federal Capital Territory (FCT) and the Niger Delta area from January to June, this yr, thorugh its Intelligence Publication.
The highest locations throughout the interval have been Kaduna State ($2.61 billion); Lagos State ($221 million), Nasarawa State ($56 million); Ekiti State ($50 million); and Cross River ($15 million).
Equally, the highest 5 sectors have been transportation and storage (40 per cent), info and communication (32 per cent), mining and quarrying (22 per cent) finance and insurance coverage (68 per cent), agriculture (20 per cent), agriculture (six per cent) and finance and insurance coverage (three per cent).
The US was probably the most energetic supply of investments throughout the interval with 43 per cent of the bulletins.
The opposite main sources have been South Africa (31 per cent), home traders (16 per cent), and United Kingdom (eight per cent).
NIPC’s Intelligence Publication culls Nigerian investment-related information from numerous sources. The report relies solely on funding bulletins cited in NIPC’s Newsletters from January to June 2020 and it could not comprise exhaustive info on funding bulletins throughout the interval.
However, the Report offers a way of traders’ curiosity within the Nigerian economic system. NIPC didn’t independently confirm the authenticity of the funding bulletins however is engaged on monitoring the bulletins to facilitate their progress to precise investments.
s maintained that the appropriate of manner (RoW) approvals is past its energy and has mandated all licenses to hunt such approvals from the State or Federal Authorities businesses.