Over $9.29 billion worth investments came into the nation’s economy in the third quarter (Q3) of 2019, according to the Nigerian Investment Promotion Commission (NIPC’s) July to September 2019, Newsletter.
Broken down, NIPC said a total of 13 projects across four states and offshore Nigeria were announced by investors from four countries.
The investments, however, fall short by a whopping $63.79billion year-on-year to Q3 2018, which recorded about $73.08 billion inflows into the country.
Specifically, some of the investments included the Aiteo Eastern Exploration and Production Company over $5 billion in crude exploration; and Sterling Oil Exploration and Energy Production Company Limited (SEEPCO), in joint venture (JV) with the Nigerian National Petroleum Corporation (NNPC) $3.15 billion for the development of Oil Mining Lease (OML) 13.
Also CMES-OMS Petroleum Development Company (CPDC), another NNPC JV’s $75.75 million for the funding, provision of technical services, and alternative financing for the development for OML 65, while Datasonic Group Berhard, a Malaysian Group’s $100 million in the information and communication infrastructure.
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Presenting the report before journalists in Abuja, weekend, the Executive Secretary, NIPC, Ms, Yewande Sadiku, said announcement by Nigerian companies accounted for 98 percent of the total investments, mainly for the development of oil fields, thus indicating the growing capacity of indigenous operator in the oil and gas sector.
She continued: “In a similar vein, mining and quarrying sector accounted for 98 percent while information and communications, finance and insurance, transportation and storage, real estates, human health and social services, manufacturing and agriculture collectively accounted for the balance of two percent.”
According to Sadiku, the major investment destination is the Niger-Delta region with 87 percent, while Lagos, Kaduna, Anambra, and Ogun states accounted for less than one percent, but did not disclose destinations for the balance 12 percent.
