Nigeria gets $15.15bn investment announcement in H1 2019- NIPC

The Nigerian Investment Promotion Commission (NIPC) on Wednesday revealed that it was able to track a total of $15.15 billion of investment announcements in the first half of 2019.

According to the Commission, this was done through intelligent and research.

NIPC Executive Secretary Yewande Sadiku told newsmen in Abuja that the announcements made in the first half of 2019 were 67 per cent less that the announcements in the same period of 2018.

This she explained was due to investors wait for the conclusion of national elections and subsequent handover.

The ES said that the major announcements were from Royal Dutch Shell PLC with $10 Billion in crude explorations, Moroccan OCP Groups plans to build a $1.5 Billion ammonia plants in 3 States and the joint venture contract between Malaysian partners and Nigeria Oil Company.

Others, according to her include first exploration and petroleum development company Limited worth $901.79 million for the exploration of crude oil at the Anyala and Madu oil fields.

She said announcements from Netherland accounted for 66 per cent by value, followed by Morocco at 14 per cent and Nigeria at per cent.

The report also showed that mining and quarrying sector accounted for 81 per cent while Finance and Insurance was 2 percent.

However Sadiku disclosed that the major destination was the Niger Delta region with 77 per cent, followed by Ondo state (7%) and Lagos State (4%).

Also, the Director, Department of Strategic Communication Mr. Emeka Offor NIPC’S Intelligence Newsletter published Nigerian investment-related news from various sources said these were issued six days a week.

He said the report is based only on investment announcements cited in NIPC Newsletter from January to June 2019, saying it may not contain exhaustive information in all investment announcements in the review period.

Offor disclosed that the department is essentially charged with the production of well researched and packaged marketing materials for investment, promotion, building and cultivation and managing of the commission’s brand, building and warehousing of information/data.

Its other activities include the maintenance of the commission database, ensuring effective engagement with relevant stakeholders and cultivation of international support for the Commission’s programmes.

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