Walter Ukaegbu, Abuja
The Nigerian Investment Promotion Commission (NIPC), yesterday, presented the report on investment announcements for the first half of 2019.
According to the report, the agency tracked and monitored $15.15 billion through the NIPC intelligence and research issued six days a week.
Executive Secretary of the Commission Ms Yewande Sadiku, said the report showed that a total of 43 projects across 12 states and the Federal Capital Territory were announced by investors from 20 countries.
Sadiku said comparatively, the announcements made in the first half of 2019 were 67 per cent less in value than the announcements in the same period of 2018. She explained that this was probably due to many investors waiting for the conclusion of the national elections and handing over in the first half of 2019. The Executive Secretary said that the major announcements were from Royal Dutch Shell PLC with $10 billion in crude explorations, and Moroccan OCP Group which plans to build a $1.5 billion ammonia plants in 3 states of the country, in addition to a joint venture contract between Malaysian partners and a Nigeria oil company.
Others include investment by First Exploration and Petroleum Development Company Limited worth $901.79 million for the exploration of crude oil at the Anyala and Madu Oil fields.
Furthermore announcements from Netherlands accounted for 66 per cent by value, followed by Morocco at 14 per cent and Nigeria at 9 per cent. The report also showed that Mining and quarrying sector accounted for 81 per cent, while Finance and Insurance was 2 percent.
Sadiku however disclosed that the major destination of the proposed investments was the Niger Delta region with 77 per cent, followed by Ondo state at 7 per cent and Lagos State at 4 per cent of the value announced.
Meanwhile according to the Director, Department of Strategic Communication Mr. Emeka Offor, NIPC’s Intelligence Newsletter published Nigerian investment-related news from various sources. He said the report was based only on investment announcements cited in NIPC Newsletter from January to June 2019, adding that it may not contain exhaustive information in all investment announcements in Nigeria during the period.
During the presentation of the report, five departments out of the seven in the Commission presented reports on how their various departments operate. The departments include the department of Strategic Communications, Investment Promotion Department, Department of Investor relations, Department of States Coordination and Investment Climate Reforms Departments.