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FG records $9.29bn Investment announcements in Q3-NIPC

The federal government on Friday said it has been able to track up investment announcements of $9.29bn in the third quarter of 2019 while clarifying in a media interaction that the announcements are yet to mature into actual investments.

Yewande Sadiku, the Executive Secretary, Nigeria Investment Promotion Commission, NIPC, speaking on the report informed newsmen that, “The report showed that a total of 13 projects across 4 states and offshore Nigeria were announced by investors in 4 countries.”

The major announcements, the Executive Secretary said were made by Aiteo Eastern Exploration and Production Company which plans to invest US$5 billion in crude exploration.

Also, Sterling Oil Exploration and Energy Production Company Limited (SEEPCO) in a joint venture project of US$3.15 billion with the Nigerian National Petroleum Corporation (NNPC) for the development of Oil Mining Lease (OML) 13; CMES-OMS Petroleum Development Company (CPDC) also in a joint venture project with NNPC to the tune of $875.75 million for the funding, provision of technical services and alternative financing for the development of OML 65.

Also, Datasonic Group Berhard, a Malaysian Group investing in the information and communication who had signaled interest in investment in infrastructure to the tune of US$100 million.

The report pointed out that announcements from Nigerian companies accounted for 98 percent by value, and these investments were mainly in the development of oil fields. This shows the growing capacity of Nigerian companies in the oil and gas sector of the economy.

In a similar vein, the mining and quarrying sector accounted for 98 percent, while information and communications, finance & insurance, transportation & storage, real estate, human health & social services, manufacturing and agriculture collectively accounted for the balance of 2 percent.

The major destination was the Niger-Delta region with 87 percent, while Lagos, Kaduna, Anambra, and Ogun states accounted for less than 1 percent. The other destinations were not made public by the investors.

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