Rivers State has now overtaken Lagos as Nigeria’s number one investment destination, according to a report by the Nigeria Investment Promotion Commission (NIPC), which shows that the oil rich state received the largest investment in the first half of 2018.
According to the report, a total of $45.74 billion was invested on 42 projects in nine states and the Federal Capital Territory (FCT). Rivers received 35% of the total sum while Bayelsa and Lagos received 26% each. The sectoral analysis of the investment profile showed that mining and quarrying accounted for 61% of the total investment and manufacturing, 28%.
Other sectors are transportation and storage, five percent; real estate, three percent while the remaining sectors accounted for three percent. It 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%. The report said the UK’s investment stood at 20%; Luxembourg seven percent and the remaining eight percent were from the other countries.
“The top 10 announcements accounted for 43.1 billion dollars, representing 94 per cent of the value of the announcements.” The report added that “NIPC sends out its NIPC Intelligence newsletter six days a week. The newsletter carries Nigerian investment-related news culled from various sources.” It said the report was based only on investment announcements cited in NIPC’s newsletters from January to June 2018; it might not contain exhaustive information on all investment announcements in Nigeria during the period.
“Nevertheless, the report gives a sense of investors’ interest in the Nigerian economy in the first half of 2018. NIPC did not independently verify the authenticity of the investment announcements but is working on tracking the announcements as they progress to actual investments.” Meanwhile, Governor Wike, has stated that the emergence of the state as Nigeria’s top investment destination is a function of the implementation of sound economic policies, investments in security and infrastructure by his government. Governor Wike also stated that the support from critical stakeholders in the state also played a key role in the emergence of the state as a preferred investment destination.
Addressing journalists after projects inspection yesterday, Governor Wike said that the investment profile report published by the Nigeria Investment Promotion Commission (NIPC), that Rivers State has overtaken Lagos State as the country’s investment destination gladdens the hearts of the citizens. “We are happy that the investment profile report published by the Nigeria Investment Promotion Commission (NIPC) says Rivers State has overtaken Lagos State.
“This is not the work of one man. It is a collective effort. Both the state government and other stakeholders worked hard to achieve this feat.” Governor Wike said that the state government fought insecurity and criminality to a standstill, thereby making the state safe for kinds of investors to bring their capital to the state. He said: “We fought insecurity across the state and reduced crime. If the state is not secure, investors will not come to the state. “Our development of critical infrastructure, especially key roads, also created the right environment for investors to troop to the state. We are happy that investors are returning to the state”.
Commenting on the projects visited, Governor Wike informed that the Mile 1 Market would be completed in December. He also expressed happiness with the quality of work done at the Judges’ Quarters, saying that the facility would be delivered as scheduled. Speaking on the Osun State governorship election, Governor Wike said that he had no confidence in the Police, especially with their partisanship as displayed during the Port Harcourt State Constituency 3 bye-election. He said once the Independent National Electoral Commission (INEC) conducts the election in line with extant laws, the Peoples Democratic Party (PDP) will emerge victorious. NAN
Pix: Rivers State Governor, Nyesom Wike
