The Nigerian Investment Promotion Commission has disclosed in its report that investment commitments declined from $8.41bn in the first quarter of 2021 to $2.58bn within the same period in 2022. This shows that investment commitments declined by 69.32 per cent from Q1 2021 to Q1 2022, according to the Report of Investment Commitments in Nigeria (January to March 2022) by the NIPC. According to the report, the investment commitments in Q1 2022 cut across 33 projects and five states, alongside the Federal Capital Territory. In this period, the manufacturing sector attracted the highest investment commitments of $1.1bn, which is 45 per cent of the total commitments. About $1.13bn investment commitments came from Nigerian investors, which is 44 per cent of the whole commitments.

Source: Punch June 02, 2022 16:42 UTC