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Foreign investments in Nigeria fall 44% to $16.7bn in 2020 NIPC
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By Yinka Kolawole
THE Nigerian Investment Promotion Commission (NIPC) said it tracked $16.74 billion investment announcements in Nigeria for the year 2020, representing 44 percent less than the $29.91 billion tracked in 2019.
NIPC disclosed this in its newsletter released yesterday, noting that the manufacturing sector attracted the most investment of $8.4 billion, representing 50 percent of the total investment, as well as the highest number of projects (10).
The Commission however noted that the report is not exhaustive of all investment announcements in Nigeria during the period. “Nevertheless, it gives a sense of investors’ interest in the Nigerian economy for planning, decision making and policy design across the board,” it added.