The Nigerian Investment Promotion Commission (NIPC), which stimulates and monitors investments in the country, said gross investment commitment to the Nigerian economy in the first half of this year tumbled by 67 per cent relative to the corresponding period of 2019.
Put differently, investment commitment fell to $5.06 billion between January and June 2020 from the $15.15 billion posted in the same period of last year as investors’ confidence in to Africa’s biggest economy worsened, setting in motion a capital flight early this year that impelled hordes of foreign investors to withdraw their funds from Nigeria invest them elsewhere.
NIPC made the revelation in a report obtained in Abuja on Sunday, citing the sweeping ramifications of the coronavirus pandemic as the reason for the negative growth.
Read also: Nigerian economy attracted $10.2bn new investment in 2019 –Report
Across the states, the top investment hubs during the period were Kaduna: $2.61 billion, Nasarawa: $56 million, Lagos: $221 million, Cross River: $15 million, and Ekiti: $50 million.
Sectors that attracted the most investments included Information and Communication: 32 per cent, Transportation and Storage: 40 per cent, and Mining and Quarrying: 22 per cent.
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