The Nigerian Investment Promotion Commission (NIPC) reported $8.41 billion in investments from 15 projects across eight states. Among the states are Bayelsa, Lagos, Kano, Nasarawa, Delta, Edo, Bauchi, and Akwa Ibom.
The Director, Strategic Communications of NIPC, Emeka Ofor, said in his presentation at the Q1 NIPC media parley that the United Kingdom, the United States, India, China, Nigeria, and others are the sources of investments into these states, with manufacturing, building, mining and quarrying, agriculture, and electricity being the sectors affected.
Other states in the federation, according to the Director, need to wake up with sound investment ideas to draw both local and international investors to help their states become more viable and independent without relying on federal allocations.
“Only government policies, both at the state and federal levels, will push material foreign direct investment (FDI).” To reverse the expected decline in 2020/ 2021, bold and consistent policy changes are needed to deepen economy reform.
He warned the media against exaggerating news, particularly critical news that could scare and drive investors away, saying, “We must not unnecessarily escalate news, let’s try to reduce the tempo because a single reportage could cause harm to the nation, investment-wise, so we must be careful about our reportage,” he added.
In his presentation, Uchenna Okonkwo, assistant director, NIPC’s Incentives Administration Division, who gave a review of the Pioneer Status Incentive (PSI) for Q1 2021, said a total of 17 PSI were granted in Q1 2021, total of N99.45 billion in capital investments and 4,026 jobs generated, with Ogun topping the destination while manufacturing tops the sector.
According to Okonkwo, Anambra, the Federal Capital Territory, Kano, Lagos, Ogun, Oyo, and Kwara received NIPC PSI approval in the same quarter of the year under review, totaling N3.705.07 billion in capital investment. He called for a concerted effort to get the economy back to life.