REPORT OF INVESTMENT ANNOUNCEMENTS IN NIGERIA*

January – June 2021

Department of Strategic Communications

July 2021* This Report is based only on investment announcements cited in the NIPC Intelligence Newsletters published from January – June 2021. It may not contain exhaustive information on all investment announcements in Nigeria during the period. NIPC did not independently verify the authenticity of the announcements. Sectoral grouping is based on International Standard Industrial Classification of All Economic Activities (ISIC) Rev.4.

2

By sector By source By destination

Investment announcements, Q2 2021

Manufacturing US$821.4m 49%

Electricity* US$420.0m 25%

Information & Communications

US$412.8m 24%

Real Estate US$20.0m 1%

Others US$18.80m 1%

Ogun US$500.0m 30%

Lagos US$441.3m 26%

Nasarawa US$300.0m 18%

Rivers US$300.0m 18%

Others US$150.3m 9%

China US$900.0m 53%

UK US$400.0m 24%

Nigeria US$340.0m 20%

USA US$34.2m 2%

Others US$18.8m 1%

US$1.69bn US$1.69bn US$1.69bn

14 projects across 8 States

* Electricity, gas, steam and air conditioning supply

3

Investment announcements, Q2 2021

Investor Sector Source Destination US$’m Reported

Dahua Paper Company Manufacturing China Ogun 500.00 June

SoftBank, Sequoia Capital China, IDG Capital

ICT China Lagos 400.00 June

Transcorp Electricity Nigeria Rivers 300.00 May

Flour Mills Nigeria Manufacturing UK Nasarawa 300.00 May

Konexa Electricity UK Kano 100.00 April

Priam Group Manufacturing Nigeria Adamawa 20.00 June

Periwinkle Residences Limited Real Estate Nigeria Lagos 20.00 June

International Finance Corporation (IFC) Electricity USA Ekiti 20.00 April

Kogi Iron (KFE) Mining & Quarrying Australia Kogi 10.30 April

Appzone Financial US Lagos 10.00 April

Top 10 announcements

1,680.30

Q2 Total 1,693.00Top 10 = 99%

4

Q2 2021, by sector

Q2 2021, by source

Investment announcements, Q2 2020 vs Q2 2021

Q2 2020, by sector

Q2 2020, by source

14 projects across 8 States

US$249.9m

USA US$185.00m 74%

Nigeria US$31.83m 13%

UAE US$17.00m 7%

Israel US$15.00m 6%

UK US$1.07m 0%

US$249.9m

Finance and Insurance

US$171.00m 68%

Agriculture US$55.00m 22%

Human Health

US$22.04m 9%

Electricity US$1.20m 0%

Others US$0.66m 0%

15 projects across 3 States + Niger-Delta Region

China US$900.0m 53%

UK US$400.0m 24%

Nigeria US$340.0m 20%

USA US$34.2m 2%

Others US$18.8m 1%

US$1.69bn

Manufacturing US$821.4m 49%

Electricity* US$420.0m 25%

Information & Communications

US$412.8m 24%

Real Estate US$20.0m 1%

Others US$18.80m 1%

US$1.69bn

* Electricity, gas, steam and air conditioning supply

5

Q2 2020, by destination Q2 2021, by destination

Investment announcements, Q2 2020 vs Q2 2021

US$249.9m

Lagos US$192.10m 77%

Ekiti US$40.00m 16%

Cross Rivers US$15.00m 6%

Others US$2.80m 1%

14 projects across 8 States15 projects across 3 States + Niger-Delta Region

Ogun US$500.0m 30%

Lagos US$441.3m 26%

Nasarawa US$300.0m 18%

Rivers US$300.0m 18%

Others US$150.3m 9%

US$1.69bn

6

By sector By source By destination

Investment announcements, H1 2021

Manufacturing US$5.9 bn 58%

Construction US$2.9 bn 29%

Electricity* US$0.68 bn 7%

Information & Communication

US$0.41 bn 4%

Others US$0.21 bn 2%

Bayelsa US$3.60 bn 36%

Delta US$2.94 bn 29%

Akwa Ibom US$1.40 bn 14%

Lagos US$0.70 bn 7%

Others US$1.47 bn 15%

Nigeria US$3.29 bn 33%

Morocco US$1.40 bn 14%

China US$0.95 bn 9%

UK US$0.64 bn 6%

Others US$3.82 bn 38%

US$10.11bn US$10.11bn US$10.11bn

29 projects across 14 States

* Electricity, gas, steam and air conditioning supply

7

Investment announcements, H1 2021

Investor Sector Source Destination US$’bn Reported

Nigerian National Petroleum Corporation (NNPC), Nigerian Content Development and Monitoring Board (NCDMB), and DSV Engineering, and DSV Engineering Ltd

Manufacturing China, Nigeria, Europe Bayelsa 3.60 January

Mercury Maritime Concession Company (MMCC)

Construction Nigeria Delta 2.90 February

OCP of Morocco Manufacturing Morocco Akwa Ibom 1.40 March

Dahua Paper Company Manufacturing China Ogun 0.50 June

SoftBank, Sequoia Capital China, IDG Capital

ICT China Lagos 0.40 June

Transcorp Electricity Nigeria Rivers 0.30 May

Flour Mills Nigeria Manufacturing UK Nasarawa 0.30 May

West African ENRG Electricity UK Lagos 0.15 February

Konexa Electricity UK Kano 0.10 April

PowerDot Electricity UK Bauchi 0.07 January

Top 10 announcements 9.72H1 Total 10.11

Top 10 = 96%

8

H1 2021, by sector

H1 2021, by source

Investment announcements, H1 2020 vs H1 2021

H1 2020, by sector

H1 2020, by source

USA US$2.19 bn 43%

South Africa US$1.60 bn 32%

Nigeria US$0.81 bn 16%

UK US$0.40 bn 8%

Others US$0.06 bn 1%

Transportation & Storage

US$2.00 bn 39%

Information & Communication

US$1.61 bn 32%

Mining & Quarrying US$0.99 bn 20%

Agriculture US$0.23 bn 5%

Others US$0.23 bn 5%

US$5.06bn

US$5.06bn

34 projects across 16 States + FCT + Niger-Delta Region 29 projects across 14 States

US$10.11bn

Nigeria US$3.29 bn 33%

Morocco US$1.40 bn 14%

China US$0.95 bn 9%

UK US$0.64 bn 6%

Others US$3.82 bn 38%

US$10.11bn

Manufacturing US$58.96 bn 58%

Construction US$29.00 bn 29%

Electricity* US$6.83 bn 7%

Information & Communication

US$4.13 bn 4%

Others US$2.13 bn 2%

* Electricity, gas, steam and air conditioning supply

9

H1 2020, by destination H1 2021, by destination

Investment announcements, H1 2020 vs H1 2021

Kaduna US$2.61bn 51%

Lagos US$0.22bn 4%

Nasarawa US$0.06bn 1%

Ekiti US$0.05bn 1%

Others US$2.13bn 42%

US$5.06bn

29 projects across 14 States34 projects across 16 States + FCT + Niger-Delta Region

Bayelsa US$3.60 bn 36%

Delta US$2.94 bn 29%

Akwa Ibom US$1.40 bn 14%

Lagos US$0.70 bn 7%

Others US$1.47 bn 15%

US$10.11bn

10

4.60

0.01 0.20

0.00 0.02 0.23

3.60

0.09 0.26

6.48

0.03

1.25

3.84

3.07

1.51

0.14

0.60

0.95

January February March April May June July August September October November December

2020 2021

Investment announcements, 2020 vs 2021

US$ billion

11

4.81 5.06

16.74

8.41

10.110.25

1.69

3.92

7.76

Q1 2020 Q2 2020 H1 Q3 2020 Q4 2020 2020 Q1 2021 Q2 2021 H1

Q1 Q2 Q3 Q4

Investment announcements, 2020 vs 2021

US$ billion

12

6.38

66.35

29.55

90.89

12.71

29.91

4.81

16.74

8.41

12.96

16.18

2.44

0.251.69

22.37

27.34

9.29

3.92

24.64 24.64

17.82

5.47

7.76

Q1 Q2 Q3 Q4 2017 Q1 Q2 Q3 Q4 2018 Q1 Q2 Q3 Q4 2019 Q1 Q2 Q3 Q4 2020 Q1 Q2

Q4

Q3

Q2

Q1

Investment announcements, 2017 - 2021

63 projects across 21 States + FCT + Niger Delta Region

92 projects across 23 States + FCT

76 Projects across 17 States + FCT & Offshore

Sources: NIPC Intelligence

US$ billion

112 projects across 27 States + FCT

29 projects across 14

States

2017$66.35bn

2018$90.89bn

2020$16.74bn

2019$29.91bn

H1 2021$10.11bn

TotalH1

H1$19.34bn

H1$45.73bn

H1$15.15bn

H1$5.06bn

H1$10.11bn

13

66.35

90.89

29.91

16.74

10.11

2.41 0.78 2.31 2.39

2017 2018 2019 2020 H1 2021

Investment Announcements Actual FDI Inflow

Investment announcements vs FDI inflow in Nigeria, 2017 - 2021

US$ billion

Sources: NIPC Intelligence, UNCTAD WR 2021

A more proactive all-of-government approach to investor support, across federal and state

governments is required to convert more announcements to actual investments

The gaps between announcements and actual investments demonstrate

investment potential

The gaps between announcements and actual investments demonstrate

investment potential

Plot 1181 Aguiyi Ironsi Street Maitama District

Abuja

infodesk@nipc.gov.ngosicinfodesk@nipc.gov.ng

www.nipc.gov.ng

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Department of Strategic Communications

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