$23.30Bn Investment Announcements Tracked In 2021-NIPC

Mr Emeka Offor

The 2021 Investments Announcement Report indicated that US$23.30 billion was tracked during the year.

The Acting Executive Secretary, Nigerian Investment Promotion Commission, (NIPC), Mr. Emeka Offor said this in an address at the First Quarter 2022 media parley at the Commission’s headqrarters in Abuja on Wednesday.

TheFact Nigeria reports that the amount represents about 39% more than the value tracked in 2020 (US$16.74 billion).

Mr. Offor said that the increase in value was indicative of the growing adaptation to the global ‘new normal’ after the economic disruption occasioned by the restrictions imposed to check the spread of COVID-19 pandemic.

He said the increase also indicated the growing confidence of investors in the efforts to improve the national investment landscape.

A breakdown reveals that five States top the chart by value of investments.

These are Lagos State (US$8.7 billion), Bayelsa State (US$3.6 billion), Delta State (US$2.9 billion), Akwa Ibom State (US$2 billion), and Adamawa State (US$1 billion).

The manufacturing sector had the highest number of projects (20) as well as the highest value, US$10.5 billion (45%).

Construction (16%), electricity, gas, steam and air conditioning supply (13%), information and communication (12%), and mining and quarrying (9%) made up the top 5 sectors for the year.More information is available on the website.

While speaking on NIPC’s strategic plan for 2022-2026, Mr, Offor said that further to setting an agenda for the Commission, his team had begun the process of developing a strategic plan with a focus on the NDP sectors.

He said: “Critical to this strategy is the profiling of the opportunities in each State as well as sustaining the engagements with the sub-national governments.

“We would continue to build on past successes while we chart new paths for sustainable development of the capacity of staff of the State Investment Promotion Agencies while also stimulating healthy competition for investments across the regions and the States.

“We would leverage on our relationships with the Executive of the States to ensure sustained appreciation of the issues of the business environment with the understanding that the aggregation of the sub-national perception forms the national image, and also expand the coverage of Nigerian Investment Certification Programme for States (NICPS).”

Mr. Offor said that during the period, the NIPC would aim at completing the reform process initiated on the process and administrative framework of the Pioneer Status Incentive under the Industrial Development (Income Tax Relief) Act.

He said: “We would undertake the review of the qualifying list to include emerging activities that require government support while delisting activities that are matured.

“In line with the e-government initiative, the Commission launched the e-OSIC under the Single Window Investors’ Portal (SWIP).

“The prevailing global business environment has made it imperative for organisations, such as us, to adopt technology as part of their operational tools.

“Consequently, we would aim at completing the 3 other modules by the end of Q3 2022 while also transiting the internal operations of the Commission into an electronic document management system.”

The NIPC boss said that all hands must be on deck to ensure that Nigeria attracts the quantum of investment required to stimulate sustainable socio-economic development.

He stressed the need for every Nigerian, based at home or in the diaspora  to develop a conscious sense of patriotism by speaking and acting positively about the country while also pointing out the negatives for correction.

Other dignitaries at the event included the Chairman of NIPC’s governing board, Mr. Babangida Nguroje and key directors of the Commission.

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