Nigerian Investment Promotion Commission believes $8.4bn was invested during first quarter of 2021

NIGERIAN Investment Promotion Commission (NIPC) officials are optimistic that a total of $8.41bn was invested into the economy during the first quarter of the year in a move that will eventually create jobs and reduce unemployment.

Reeling from the effects of the global coronavirus pandemic, Nigeria currently has about 23.19m unemployed people according to the National Bureau of Statistics (NBS). However, the NIPC is confident that the country can turn the corner with the investment, as it will lead to the creation of jobs various sectors of the economy.

Yewande Sadiku, the NIPC executive secretary stated that the country’s unemployment level is the second highest globally. According to Ms Sadiku, the $8.4bn had been pledged for the first quarter of the year, adding that although announcements are not actually investment, it gives an aggregate of investors’ interest in Nigeria.

Ms Sadiku said: “If we convert 10% or 20% of investment announcements it will make a material change but you cannot get to the point of conversion if you don’t know what you are looking for. In the current 2021 first quarter report, there is manufacturing, which takes  the lead followed by construction and electricity.

"By destination we have Bayelsa State, we have Delta State and Akwa Ibom and by source Nigerians are showing great resilience by coming out tops and the last quarter, Morocco comes second and UK third. We’ve also said that a more proactive all-government approach to investors support across federal and state level is required to convert more announcements to actual investment."

She added that the commission has been honest on the gap between announcement and actual investment demonstrating potential. Emeka Offor, the NIPC director of strategic communications added that that the investment announcement are categorised by sectors, by destination and by source.