The nation
Nigeria’s foreign investment slumps in 2ndquarter 2021 – NBS
The total value of capital importation into Nigeria declined to $875.62million in the second quarter of 2021 from $1,905.89million in the first quarter of 2021.
The National Bureau of Statistics, NBS, disclosed this in its document entitled: “Nigerian Capital Importation – Q1 & Q2 202.”
According to the bureau, this represents a decrease of -54.06 percent compared to Q1 2021 and -32.38 per cent decrease compared to the second quarter of 2020.
The data added: “By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q2 2021 with $780.06million. This accounted for 89.09 percent of the total capital inflow in Q2 2021.”
The document noted that the largest amount of capital importation by type was received through Portfolio investment, which accounted for 62.97 percent ($551.37million) of total capital importation, followed by Other Investment, which accounted for 28.13 percent ($246.27million) of total capital imported and Foreign Direct Investment (FDI), which accounted for 8.90 percent ($77.97million) of total capital imported in Q2 2021.
According to NBS, the United Kingdom emerged as the top source of capital investment in Nigeria in Q2 2021 with $310.26million.
This accounted for 35.43 percent of the total capital inflow in Q2 2021, it said.
By bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q2 2021 with $310.21million. This accounted for 35.43 per cent of the total capital inflow in Q2 2021.
By sector, Capital importation by Banking dominated in Q2 2021 reaching $296.51million of the total capital importation in Q2 2021.
On total capital importation, the report said: “The total value of capital importation into Nigeria declined to $875.62million in the second quarter of 2021 from $1,905.89million in the first quarter of 2021.
“This represents a decrease of -54.06 per cent compared to Q1 2021 and -32.38 per cent decrease compared to the second quarter of 2020.”
The Nigerian National Petroleum Company Limited, NNPCL has officially decided not to sell the Port Harcourt Refining Company.
NNPCL has, instead said it is committed to conducting an extensive rehabilitation of the facility and ensuring its continued operation.
During a company-wide town hall meeting held at the NNPC Towers in Abuja, Bayo Ojulari, the Group Chief Executive Officer of NNPC Ltd, announced the decision regarding the future of the nation’s most significant state-owned refining asset, putting an end to weeks of speculation.
A statement by NNPCL reads, “The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant.
“The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery, before full completion of its rehabilitation, was ill-informed and subcommercial.
”Although progress is being made on all three, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery.
”Thus, selling is highly unlikely as it would lead to further value erosion.”
President Bola Tinubu has approved the appointment of Adeyemi Olumode, as the new Federal Fire Service, FFS, Controller-General.
The appointment was announced on Wednesday on behalf of the Federal Government by retired Maj.-Gen Abdulmalik Jubril, Secretary of the Civil, Defence, Correctional, Fire and Immigration Services Board, CDCFIB.
Jubril said the appointment followed the retirement of the current Controller-General, Abdulganiyu Jaji, on August 13.
Jaji is retiring upon attaining the age of 60 by August 13.
Jibril further disclosed said that Adeyemi Olumode is qualified for the position, having attended and passed all mandatory in-service training, Command courses as well as other courses within and outside the country.
“He brings a wealth of experience to his new role, having transferred his service from the FCT Fire Service to the Federal Fire Service and grown to the rank of DCG in the Human Resource Directorate of the Service Headquarters.
“He has served in various capacities and is equally a member/fellow of the following professional associations including Association of National Accountants of Nigeria, ANAN, Institute of Corporate Administration of Nigeria, Institute of Public Administration of Nigeria and Chartered Institute of Treasury Management of Nigeria.”
President Bola Tinubu, on Tuesday arrived in Katsina to receive the remains of the former President Muhammadu Buhari, who passed away in London on Sunday at the age of 82.
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