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Thursday, May 13, 2021

MTN, others plan $4.8bn investment in Nigeria

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Ifeanyi Onuba, Abuja

Ten companies are planning to invest the sum of $4.8bn in various sectors of the Nigerian economy, the Nigerian Investment Promotion Commission has said.

Highlights of the investment plans are contained in a report released by the NIPC.

The report stated that out of the $4.8bn, 328 Support Services plans to invest about $2bn in the transportation sector.

The investment, according to the NIPC, is expected to be made in Kaduna State.

The report also said that MTN South Africa planned to invest about $1.6bn in the information and communications sector.

It added that African Industries Group planned to commit about $600m investment in the mining and quarrying sector of the economy, while Savannah Petroleum had also unfolded planned to commit about $390m in the same sector of the economy.

Other companies are More Chemical Industries with about $110m in the agricultural sector, while Agro Tech Nigeria and Villam Agric Ltd have also planned to invest $60m and $10m in the same sector respectively.

Also, there are plans by three companies – Blue Seal Energy Group, Greatman Legend and Tomato Jos – to invest $10m each in the manufacturing sector of the economy.

The investments by the three firms in the manufacturing sector are expected to be located in Lagos and Kaduna.

The Executive Secretary, NIPC, Yewande Sadiku, said the commission had entered into series of collaboration with the private sector to unlock potential investments in the country.

She also said the commission had a seamless collaboration with the states to enable it to monitor closely investment inflows into the country.

She said the NIPC was working with key stakeholders to see more Nigerians invest in the country.

The NIPC boss said there were huge investment opportunities in agriculture, transportation, solid minerals and manufacturing.

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