Nasarawa State attracted $1,234,077,227 (over N1.8 trillion) in investment inflows for the year 2024.

According to the 2024 investment report published by the Nasarawa Investment and Development Agency (NASIDA), the state’s one-stop shop for doing business, this achievement underscores the state’s commitment to attracting domestic and foreign investments.

The report detailed investments recorded from January to December 2024, encompassing multiple sectors and aligning with the objectives of the Nasarawa State government as outlined in its policy document, the Nasarawa Economic Development Strategy (NEDS).

The framework which encapsulates the developmental initiatives championed by Governor Abdullahi Sule’s administration, aimed at creating a sustainable economic environment that fosters growth and innovation.

The report revealed that $767,000,000 of the total investment was recorded as announced investments, which include expressions of intent, Memorandums of Understanding (MoUs), and Letters of Intent (LoIs).

 

On the other hand, $466,000,000 represents actualised investments, indicating financial commitments deployed, business operations commenced, and construction begun within the state.

 

The petroleum sector topped the list with $500 million (65.16%), followed by power with $200 million (26.07%), agriculture with $44 million (5.77%), mining with $12 million (1.56%), and real estate with $11 million (1.44%). Domestic direct investment (DDI) accounted for $523 million (68%) of announced investments, while foreign direct investment (FDI) made up $244 million (32%).

 

In terms of actualised investments, the mining and manufacturing sectors received the highest investments, with $251 million and $200 million, respectively. Other sectors that received actualised investments include power ($7 million), real estate ($5.6 million), petroleum ($1.2 million), agriculture ($870,000), transportation ($419,000), and environment ($160,000).

 

Five local governments in the state received a total of $466,787,227 in actualised investments. Nasarawa Local Government Area topped the list with $450 million (96.4%), followed by Karu ($7.7 million), Doma ($7 million), Lafia ($2.6 million), and Akwanga ($62,500). Foreign direct investment (FDI) accounted for 98.12% ($458 million) of actualised investments, while domestic direct investment (DDI) made up 1.85% ($8.78 million).

 

These investments, the report said, created 3,740 jobs throughout the year, providing a substantial boost to local employment opportunities and contributing to the overall economic health of the region.