- Nigeria records $8.41 billion investments in Q1, 2021
- The electricity sector records 3% investments
- Bayelsa tops the list of investment destinations
The National Investment Promotion Commission (NIPC) has released its report for Quarter 1, 2021. Nigeria received investments worth a total of $8.41 billion for Q1, 2021. The electricity sector was a beneficiary of only 3% of the total investments in the country for the period.
The report shows that ENFRASCO Limited, Danish Development Finance Institution (DFI), West African ENRG Electricity, and PowerDot Electricity had announced investments in Nigeria in Q1. The destination choice for the investments includes Lagos, Delta, and Bauchi states.
While the data shows a drop in the total investments in the country for Q1, the electricity sector recorded an improvement from Q1, 2020. Foreign investments saw a 7% drop from 42% in Q1, 2020. The electricity sector on the other hand, saw a 3% increase in investment from 0% in Q1, 2020.