By Adedapo Adesanya
The latest report released by the Nigerian Investment Promotion Commission (NIPC) has revealed that 12 states in the country received investments worth $15 billion in the first half of 2019.
According to the NPIC report, a total of 43 projects across 12 states and Federal Capital Territory (FCT) were approved by investors from 20 countries.
The report listed some of the beneficiary states as those in Niger Delta region, Ondo, Lagos and FCT.
Meanwhile, investments recorded in the first half of 2019 were 67 percent less in value than the corresponding period of 2018.
According to the commission, the decline in investment in half-year 2019 was probably due to investors’ sentiment which was dampened because of the general elections and the official handover in the first half of 2019.
The report further showed that the highest investment inflow was from the Netherlands and it accounted for 66 percent by value. This was followed by Morocco (14 percent) and Nigeria (9 percent).
Similarly, it was revealed that the joint venture contract between Nigerian Oil Company and Malaysian partners (First Exploration and Petroleum Development Company Limited for crude oil exploration) at the Anyala and Madu oil fields boosted an investment value of $901.79 million.
Basically, investors’ interest in an economy can be measured by the amount of investment received across the various sectors. While the decline in investment was traceable to uncertainties in the political atmosphere, it is expected that the second half improves across these states just as investors’ confidence get better.
Dipo Olowookere