According to the Nigeria Investment Promotion Council (NIPC), Nigeria’s economy attracted investment worth $2.58 billion in the first quarter of the year.

Driving the news
The report by NIPC says that this figure is $5.83 billion or 226% short of the $8.41 billion recorded in the same period in 2021. January recorded the most investment of the three months under review, with $1.22 billion. In second place is February with $0.91 billion and March in third with $0.45 billion. 

  • The NIPC report highlighted that the $2.58 billion investments spread across 33 projects in 6 states in the country, including the Federal Capital Territory (FCT).
  • Of the 33 projects, the manufacturing sector took $1.1 billion or 45% of the total investment, the agriculture sector $0.64 billion or 25%, Information and Communication Technology (ICT) sector with 0.52 billion or 20% and transportation with $0.12 billion to round up the top four.
  • Other sectors shared $0.15 billion, representing 6%.
  • By states in the country, Sokoto State got the largest share with $1.05 billion or 41% of the total investment, Lagos State attracted $0.88 billion or 34%, the Federal Capital Territory with $0.06 billion and Rivers state closely behind with $0.05 billion. 
  • Other states in the country shared the rest $0.54 billion, representing 21% of the $2.58 billion investment. 

Why it matters 
Reports say with the prevailing economic condition of the country, the Global Foreign Direct Investment (FDI) would drop by 50% in 2022, being the worst in over two decades. 

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