Rivers State beats Lagos, tops the list of State Investment chat.
The Nigerian Investment Promotion Commission (NIPC) has released a report on top investment destination by states in Nigeria in the first half of 2018..
The H1 2018 report tracked investments for the first half of 2018 (January to June 2018) by sector, investors’ country of origin, and destination state.
In the report, a total of $45.74 billion was invested for 42 projects in 9 states including the nation’s capital, Federal Capital Territory (FCT) for the period.
Out of the 36 states » , oil-rich Rivers state beat the country’s commercial nerve centre to emerged as the largest investment destination in the first half of 2018. Rivers state received 35% of the total investment for the period.
The sectoral analysis of the investment profile showed that mining and quarrying accounted for 61% of the total investment and manufacturing, 28%, transportation & storage 5%, real estate 3% and the remaining sectors accounting for 3%.
The report added that the investments were from investors in 11 countries, with French companies accounting for 35% of the value, closely followed by Nigerian companies at 31%.
Others are the United Kingdom at 20%, Luxembourg 7%, and the remaining 8% were from the other countries.
These are the top investment destination by states in the first half of 2018.:
1. Rivers $16 billion
2. Bayelsa $12 billion
3. Lagos $11.9 billion
4. Delta $3.1 billion
5. Other states $6%.
Kudos to Rivers State government.