NIPC launches ease of business tool to woo investors, announces $8.99bn in Q3 2021 Report

The Nigerian Investment Promotion Commission (NIPC) on Tuesday, in Abuja launched an e-SWIP portal, an e-business facilitation tool. Speaking on the innovation NIPC’s management said it would enhance the ease of business in the country.

NIPC also disclosed it has tracked $8.99 billion investment announcements in the third quarter of 2021 (Q3 ’21).

This was disclosed at a Media Parley, when the Director Strategic Services of NIPC, Abubakar Yerima, who further details on the development saying that a total of 33 projects were tracked across eight states during the period- the month of August been the most active during the quarter, accounting for 64% of the total announcements

The report shows that Lagos State, at $7.29 billion, accounted for 81 percent of the total announcements during the period.

According to NIPC the investment announcements in Q3’21 was 130 percent higher than the $3.95 billion recorded in the corresponding period in 2020 (Q3’20).

The Commission stated that the total investment announcements so far tracked this year (January to September) stands at $19.10 billion.

NIPC explained that a total of 33 projects were tracked across eight states during the period.

NIPC stated: “The month of August was the most active during the quarter, accounting for 64 percent of the total announcements.

“The top 10 announcements accounted for 96 percent of the volume tracked. Compared to Q3 2020, there is a marked improvement in the level of confidence in the investing community post COVID-19.

“In the period covered by the Report, Lagos State received the largest share of the announcements with 20 projects accounting for 81% (US$7.29 billion) of the total in manufacturing, information and communications, finance and insurance, human health and social services, and electricity. Rivers State recorded US$300 million worth of announcements in manufacturing and transportation, while Oyo State had US231 million announced in electricity and trade (e-commerce). The four (4) States accounted for 87% of the total investments. 

Beside NIPC announced its preparations for EXPO 2020 billed to hold in Dubai in December. The event News Express learnt is organized by the federal government in collaboration with Nigerian Arabian Chamber of Commerce (NAGCC)