Nigeria Attracts $22bn Foreign Direct Investments in 8 Months

The Executive Secretary, Nigeria Investment Promotion Commission (NIPC), Ms Yewande Sadiku has disclosed that the sum of $22bn (N7.17 trillion) was realized from Foreign Direct Investments (FDI) between January to August 2017.

She made this known at the just concluded ITU Telecom World 2017 in Busan, South Korea.

During her data presentation, she disclosed that the FDIs paved way for 41 projects across 22 states and added that the huge flow of foreign investments was as a result of the shift in policies by President Buhari’s administration, especially in the area of ease of doing business and foreign exchange stability.

She also said that the investments flowed in from The United Kingdom, China, United States of America, Indonesia, Belgium, Japan, among others and added that it signified the strong interest of investors in Nigeria.

In the data presented, it was revealed that investments flowed in from the United Kingdom with about $6 billion investment in oil and gas sector in Bayelsa State; $4.1billion from China in textiles, garment manufacturing, aviation, hospitality in three states of Kano, Aba and Anambra; some investments worth $3.6 billion in petrochemicals sector went to Bayelsa State.

Also,  additional $3.91 billion investment from the United States of America in the power, oil and gas, rail and petrochemical went to states such as Ogun, Kano, Cross River, Delta, Oyo, Kwara, Niger, Kaduna, Rivers, Aba, Enugu, Benue, Nasarawa, Plateau, Bauchi, Gombe, Borno and Bayelsa.

In addition, the data revealed that the manufacturing sector attracted $1.5 billion from Indonesia for a fertilizer project in Rivers while the construction sector got $500 million in Benue State. The renewable energy sector also got a boost with $290 million from France in Delta State.

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Meanwhile, Osun, Anambra, Rivers, Nasarawa, Katsina and Kebbi states received $2.77 billion worth of investments from Belgium, Japan and others.

Sadiku disclosed that the country received about $450 million local investments in agriculture in Niger and Kebbi.

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