The Nigerian Investment Promotion Commission (NIPC), has said gross investment commitment to the Nigerian economy in the first half of this year tumbled by 67% relative to the corresponding period of 2019.
Investment commitment fell to $5.06 billion between January and June 2020 from the $15.15 billion posted in the same period of last year as investors’ confidence in to Africa’s biggest economy worsened causing the foreign investors to withdraw their funds from Nigeria.
NIPC made the revelation,citing the sweeping ramifications of the coronavirus pandemic as the reason for the negative growth.
Across the states, the top investment hubs during the period were Kaduna: $2.61 billion, Nasarawa: $56 million, Lagos: $221 million, Cross River: $15 million, and Ekiti: $50 million.
Sectors that attracted the most investments include Information and Communication: 32%, Transportation and Storage: 40%, and Mining and Quarrying: 22%.