Mining sector attracts huge investment in 2018– NIPC
Mining and quarrying sectors were said to have accounted for a large chunk of proposed investment in the Nigerian economy in 2018.
According to the Nigerian Investment Promotion Commission, NIPC, total investment commitment into various sectors of the economy stood at $90.9billion in 2018, with mining and quarrying accounting for 35 percent of the total value.
Figures released by the commission shows that the $90.9billion planned investments were made for 92 projects in 23 states and the Federal Capital Territory.
Latest report from the NIPC indicates that the figure suggests a 27 percent growth when compared to the $66.36billion figure recorded in 2017.
Further analysis of the sectorial investment, shows that the manufacturing sector came second with a 24 percent investment commitment, while construction with 20 percent, transportation and storage with 15 percent followed, respectively.
Other sectors, according to the NIPC, accounted for the balance of six percent.
The commission said the investments commitments were made by investors from 20 countries, however domestic investors accounted for a huge chunk of the proposed investments with about 33 percent of the value.
This is followed by investors from the United Arab Emirates with 20 percent, while France stood at 18 percent, and the United Kingdom 10 percent.
The report said the balance of 19 percent were investment commitments made by other investors from other countries.
The FCT was the biggest beneficiary of the proposed investments as it got about 21 percent of the total investment pledged during the period.
It added that Rivers State accounted for 18 percent, while Lagos and Bayelsa got 14 percent and 13 percent respectively, while other states accounted for the balance of 34 percent.
The report noted that the most active month was September last year with 12 investment projects reported. This is closely followed by the months of December and February with 11 projects each month.
The report stated that while September accounted for 22 percent of the total value, December and February had 19 percent and one per cent, respectively.