Nigeria may have lost about $188.29 billion, representing more than 92 percent of investment opportunities available to the country between 2017 and 2020.
Details of a report by the Nigerian Investment Promotion Commission (NIPC) on “Investment announcements versus FDI (Foreign Direct Investments) Inflow in Nigeria, 2017 – 2020” revealed that the actual inflows of FDI into Nigeria within the period was about 7.65 percent of the total investment announcements captured by the Commission.
This indicates that most investment announcements and expression of interests to invest did not materialize or translate to actual investment inflow.
The report shows that total investment announcements captured by NIPC during the period amounted to $203.89 billion whereas actual FDI inflow was $15.6 billion, representing 7.65 percent.
Specifically, statistics obtained from NIPC stated that in 2017, only $3.5 billion actual FDI inflow was recorded out of a total investment announcements of $66.35 billion; in 2018 only $6.4 billion FDI materialised out $90.89 billion announced; in 2019, $3.3 billion out of $29.91 billion; and in 2020 only $2.4 billion actual FDI inflow was recorded out of $16.74 billion investment announcements that were captured.
NIPC noted, however, that its report is based only on investment announcements captured by the Commission which may not contain exhaustive information on all investment announcements in Nigeria during the period, adding that it did not independently verify the authenticity of the announcements.
NIPC further reported that in 2017, a total number of 112 projects were announced across 27 States and FCT; in 2018, there were 92 projects across 23 States and FCT; 2019, there were 76 Projects across 17 States, FCT; while in 2020, a total announcements of 63 projects were made across 21 States, FCT and the Niger Delta region.
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