Nasarawa records over $1.2 bn investment inflow in 2024 – Report

…As jobs created in 2024 estimated at 3,740

The Nasarawa State Investment and Development Agency (NASIDA) has released a report of its activities, especially on investments attracted to the state in 2024, stating that a total investment inflow of N1,234,077,227 billion was recorded.

The report, which focuses mainly on investments recorded by the agency between January and December 2024, had within the period under review actualised a whopping investments of $466,787,227 million to the state, which had since commenced implementation, with financial commitments deployed, business operations commenced, construction on site begun, with huge capital expenditure made within the state, while about $767,290,000 million worth of investments was declared by various investors, companies and institutions as the case maybe, expressing their desires to invest in Nasarawa State, through a sealed agreements and letter of intends with the NASIDA.

This obviously cut across all the sectors that encompasses the well articulated policy document; the NEEDS, which encapsulates the development initiatives of Governor Abdullahi Sule’s administration.

The report, which was made available to BusinessDay in Lafia, the state capital, revealed a sectorial report of investments actualised in 2024 as follows: transportation, $419 thousand, representing 0.19%; Environment, $160 thousand – 0.03%, Agriculture, 890 thousand – 0.19; power, $7 million -1.50%; Real Estate, $5.6 million – 1.50%; Petroleum, $1.2 million – 0.26%; mining, $251 million – 53.88% and manufacturing $200 million representing 42.85%.

The investments actualised to the state, according to the report are spread across five local governments that made up the the three senatorial zones of the state, as investment worth $450 million – 96.4%, is established in Nasarawa local government, Karu have $7.5 million investment projects going on, representing 1.62%, Doma $7 million project established – 1.5%, Lafia $2.16 million – 046%, while $62.5 thousand project was invested in Akwanga – 0.01%, and these investments were sourced by FDI with $458 million – 98.12% and $8.78 million – 1.85% from the DDI.

According to the table, as captured in the report, Mining and Manufacturing got the highest investments, followed by power, real estate, Petroleum, Agriculture, transportation and environment.

The report also gave details of investors and institutions that have made several commitments to the state as power sector got a commitment of $200 million -26.07%, Petroleum $500 – 65.16%; Real Estate, $11 million – 1.44%; Agriculture, $44 million – 5.77%; Mining $12 million – 1.5%, whereas the investments to be sourced by the DDI with $523 million representing 68% and FDI $244 million.

In the whole, 10 companies have invested a total of $465, 775,000 into various sectors in the five local governments. This is aside from nine intending investors that announced investments of over $766 million.

Among the companies that invested in the state in 2024 are Juiling Lithium Industry Limited, with a $250, 000,000 stake in the state. Juiling is currently building a lithium processing company in Nasarawa local government area of the state.

Others include Future Granary Project, RANARY, $200,000,000; Husk Power Systems, $7,000,000; Nasarawa Technology Village, $2,187,500; Asgard Mineral Processing Limited, $1,500,000; Nasarawa Technology Village (NTV) phase2, $1,250,000; Nasarawa Peninsular, $1,200,000; Greenville LNG Compressed Natural Gas, $1,200,000; Karu Retail and Recreational Mal, $1,000,000; and Gudale Development, $437,500 respectively.

The report further stated that the invested areas are free trade zone, lithium mining and processing, fish farming, general agriculture, real estate, compressed natural gas, off-grid solar power and sesame plant among others.

Top among investors that indicated interest to invest in the state, BusinessDay learnt, are the Nigerian National Petroleum Company Limited (NNPCL), which agreed to invest $500,000,000 in the energy sector in Toto local government area of the state.

Also, Infinitum Energy Group of USA has made a bid to invest $180,000,000 in 25 – 30 MW Waste-to-Energy and Solar Renewable Power in the state.

Others are Cenpower Generation Limited, 50MW Hydropower generation plant, $100,000,000 Power; EMK Group Turkiye, Agricultural Growth and Sustainable Food Value Chain, $28,000,000 in Agriculture; Advent Integrated Limited, On-campus Accommodation, $11,040,000.00; Farmatrac Tractor, manufacturing plant, $10,000,000; Uke Gold Gold, mining $10,000,000; EL – DARL Farms, oil palm plantation, processing and storage facility, $6,250,000 Agriculture, and Khalif Mining, lithium and rubidium processing plant, $2,000,000 respectively.

The 2024 NASIDA’s report also estimated jobs created from the actualised investments to 3,740 spread across the first, second a d fourth quarters of 2024.