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NIPC reports $8.99b third quarter investment announcement

Nigerian Investment Promotion Commission (NIPC) says 8.99 billion dollars was tracked as investment announcements for the third quarter of this year.

This is over a hundred percent increase recorded last year.

The acting Executive Secretary of the Commission, Mr. Emeka Offor made this known during an interaction with newsmen in Abuja.

He said a total of 33 projects were tracked across 8 States during the period.

According to him, the month of August was the most active during the quarter, accounting for 64% of the total announcements.

 Mr. Offor said there was an improvement in the level of confidence in the investing community post COVID-19.

In the period, Lagos State received the largest share of the announcements with 20 projects accounting for 81%, which is 7.29 billion dollars in manufacturing, information and communications, finance and insurance, human health and social services, and electricity followed by Rivers State

Mr. Emeka Offor noted that NIPC did not independently verify the authenticity of the investment announcements but was working on tracking the announcements as they progress to actual investments.

Reporting by Victoria Chimezie, editing by Daniel Adejo