Nigeria records $90.9bn investment announcement in 2018 ― NIPC Boss

The Executive Secretary of Nigerian Investment Promotion Commission (NIPC), Ms Yewande Sadiku has revealed that, the country recorded over $90.90 billion investment announcement in 2018.

Speaking to the media on Tuesday in Abuja, Sadiku said that announcements made did not necessary translated into actual investment but served as business investment indicators into Nigeria.

She explained that the announcement were made for 92 projects across 24 states including FCT in mining, manufacturing, transportation, construction and other sectors of the economy from foreign investors.

The ES disclosed further that, the Commission generated over N5.6 billion in same 2018 from business registration of foreign companies.

Sadiku noted that the revenue generated in 2018 had an unusual rise compare to N4 million generated in 2013 and N29.11 in 2014.

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She said the success was due to NIPC new style of operations that have moved from being reactive to being proactive thereby putting in place “initiative and measures to enhance the investment climate in Nigeria.

“It is important that we promote investments that are all inclusive, I think that we should promote foreign investments as well as domestic investment” she stated.

Sadiku said government had not yet understood the entertainment industry and was missing in the investment opportunities in the industry as well as the revenue in sector.

She noted that it was of paramount importance that more attention was given to the engagement of stakeholders of the entertain industry for better understanding of the sector in order to harness the revenue in that sector.

The ES however lamented that the Commission would have currently done better than they did in the previous years but funding had remained a major challenge in progressively achieving underlined policies of NIPC.