Thursday, Oct 22nd 2020 12:34 PM

Market Digest Nigeria


Nigeria attracts 9.29 bln USD foreign investments in Q3

Nigeria has attracted a total of 9.29-billion-U.S. dollar foreign investments in the third quarter of 2019, the country’s trade promotion commission said in the latest investment report released on Friday.

Nigeria FDI 2019 Data

The mining and quarrying sector accounted for 98 percent of the total investment in Q3, said the Nigerian Investment Promotion Commission (NIPC) at a press conference in Abuja. The information and communications, finance and insurance, transportation, storage, real estate, human health and social services, manufacturing, and agriculture sectors collectively accounted for the balance of 2 percent, Yewande Sadiku, head of the NIPC, told reporters.

The major destination for investment within the period was the Niger-Delta region with 87 percent, Sadiku said, noting the northern state of Kaduna, and the southern states of Lagos, Anambra, and Ogun accounted for less than 1 percent. Other destinations were not made public by the investors, the official disclosed. She added that the government had been taking the right steps to woo foreign investors to the country in order to boost the economy.

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