Nigeria received $8.4bn investment announcement inflows in Q1 2021

Nigeria received $8.4bn investment announcement inflows in Q1 2021

Nigeria received about $8.4b investment announcement inflows in quarter one (Q1) 2021, Executive Secretary of the Nigerian Investment Promotion Commission (NIPC) Yewande Sadiku has said.

Sadiku disclosed this during a media briefing with journalists on the highlight of Q1 achievement of the Commission in Abuja.

The NIPC boss noted that although investment announcements are not investments, they indicate investors’ interest in Nigeria.

“We have been honest that the gap between announcement and actual investment demonstrate potential. We have also said that a more proactive approach across federal and state governments is required to convert more announcements to actual investments.

“If we convert 10 per cent or 20 per cent of investment announcements it will make a material change but you cannot get to the point of conversion if you do not know what you are looking for.”

The NIPC Director, Department of Strategic Communication, Emeka Offor, said the investment announcements are categorised by sectors, destinations and sources.