Ogun overtakes Lagos as investors’ top spot in Southwest

Ogun state Governor Dapo Abiodun

Ogun state has overtaken Lagos state as top investment destination for global investors, data compiled by Nigerian Investment Promotion Commission (NIPC) South-West states.

Ogun State led the investment destination with $500 million – which accounted for 30 percent of the total investment for the quarter – taking the number one position from Lagos.

Lagos occupied the second position having attracted $441.3 million investment during the period under review, to hold a share of 26 percent.

While Nasarawa and Rivers received $300 million worth of investment (18 percent), and other states recorded $150.3 million, representing 9 percent.

The data showed that $10.11 billion against $5.06 billion in the first half of H1 2020 was invested in Nigeria for 29 projects across 14 states, but Bayelsa, Delta, and Akwa Ibom accounted for the larger chunk.

Bayelsa received $3.60 billion worth of investment, which represents 36 percent of the total investment, Delta accounted for $2.94 billion (29 percent), and $1.40 billion (14 percent) was invested into Akwa Ibom.

In the second quarter of 2021, the level of investment into Nigeria rose to $1.69 billion, against the $249.9 million recorded in the corresponding period of Q2 last year, during the COVID-19 outbreak period.

Over 70 percent of the investment into these states in the second quarter of were from outside sources, with China leading with $900 million.

No tags for this post.