Investors pledge $8.41 billion injections into Nigeria’s economy

investors

Philip Clement, Abuja

There is a glimmer of hope for the Nigerian economy as some investors have pledged an investment of $8.41bn in different sectors of the economy.

The Executive Secretary of the Nigerian Investment Promotion Commission, Yewande Sadiku stated this over the weekend in at a media parley with Commerce and Industry Correspondents in Abuja

According to her, although investment announcements are not actually investment, it gives an aggregate of investors’ interest in Nigeria and also help to translate those announcements to actual investment.

She said, “We’ve been honest that the gap between announcement and actual investment demonstrate potential, we’ve also said that a more proactive all of government approach to investors support across federal and state level is required to convert more announcement to actual investment.”

”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 don’t know what you are looking for.”

Also in his submissions, the NIPC Director, Department of Strategic Communication, Mr Emeka Offor said the investment announcement are categorised by sector, by destination and by source.

According to him, ”In the current Q1 2021 report, we have manufacturing taking the lead followed by construction and electricity, by destination we have Bayelsa State, we have Delta State and Akwa-Ibom and by source Nigerians are showing great resilience by coming out tops and the last quarter, Morocco comes second and UK third.”

He added that 15 projects were tracked from eight states.

The NIPC Head of Corporate Services, Mr Sabo Isiaku noted that in accordance with the requirements of the Freedom of Information (FOI) Act, mandatory disclosures, most of which cover January-March 2021, have been placed on the FOI Section of NIPC’s website.

He stated that they include the Pioneer Status Incentive Report, list of companies registered under the NIPC Act, list of court cases that NIPC is involved in, Memorandum of Understanding (MoU) and agreements signed by NIPC.

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