Business

Manufacturing Sector Tops Investment Destination In Nigeria- Report

Manufacturing Sector Accounts For 60% Of Investment Destination

A report by Nigeria Investment Promotion Commission, NIPC, has shown that the manufacturing sector received the highest share of investment in 2021.

In the research titled “Report Of Investment Announcements, Q1 2021,” the sector was said to have received $5.08 billion.

Overall, manufacturing in the first quarter of this year accounts for 60% of the entire investment destination, superseding other sectors.

According to the report, the primary source of funding in Q1 2021 came from the Federal Government’s pockets, which accounted for 35% (2.95 billion).

The commission also mentioned other sectors performing reasonably well. Among these sectors are construction, electricity and agriculture.

Investment Destination In Nigeria

It noted that in the first quarter, the construction sector received an investment of $2.90 billion, followed by electricity with $0.26 billion; and agriculture at $0.11 billion respectively.

Collectively, the sectors mentioned earlier, including manufacturing, all received $8.38 billion worth of investment.

Contrary to the sectors’ performance in 2020, the transportation sector got the most significant investment in the same quarter, accounting for about 42%.

In the same year, 2020, sectors that performed include information and communications with 33% investment attraction, mining and quarrying at 21%, while agric got 4%.

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