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Official: Foreign Investors brought in $12.2 billion investments into Nigeria in 2017

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Nigeria's banking sector got the lion share of capital inflows

The Nigerian Bureau of Statistics has released the full year (Q4) 2017 Nigerian Capital Importation Report.

The total capital imported in the fourth quarter of 2017 was $5,382.9 million, this was an annual growth of 247.5%, and quarterly growth of 29.9%.

As at the end of 2017, total capital imported into Nigeria was $12,228.6 million, an increase of $7,104.4 million or 138.7% from the figure recorded in 2016.

The growth in capital importation in 2017 was mainly driven by an increase in Portfolio Investment-which is tied to the entry of funds into the country by foreigners depositing money in the country’s bank or make purchases in the country’s stock and bond markets, which went up by $5,516.2 million from the previous year to reach $7,329.1 million in 2017, and accounting for 60% of capital imported.

The importation data is inclusive of both imported physical capital, such as that of plants and machinery, as well as financial capital importation.

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The capital importation data is compiled using information on banking transactions, gathered through Electronic Financial Analysis and Surveillance System (e-FASS) software, which is also complemented with data from the customs, through the analysis of declaration forms for physical capital imported.

For the capital importation which is divided into three main types namely the: Foreign Direct Investment (FDI), Portfolio Investment and Other Investments.

In Q4 2017, the Foreign Direct Investment hit $378.4 million for the first time since Q4 2015 when it reported $123.2 million. This figure in Q4 2017 was a substantial increase of 221.8% when compared to the 3rd quarter, and a 9.8% increase compared to Q4 2017.

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The growth in FDI was mainly driven by Equity Investments, which contributed 99.8%, while Other Capital Investment contributed 0.2%.

Portfolio Investment was the main driver of Capital Importation in the fourth quarter of 2017, with an amount of $3,477.5 million, representing a quarter on quarter growth of 25.7%. Year on year, it increased by 1,123.5%, which is over twelve times the figure recorded in Q4 2016($284.2 million).

The increase in portfolio investment was largely driven by a strong growth in Money Market Instruments, which recorded $2,178.8 million, the first time since Q3 2013. Money Market Instruments contributed 63% to Portfolio investments.

Other investment accounted for 28.4% of total capital importation in the fourth quarter of 2017. This category of capital importation grew 65.96% year on year, and by 21.2% when compared to the previous quarter.

The $1,526.9 million recorded by other investment was mainly in the form of Loans, which was $1,091.2 million in the fourth quarter, followed by other claims which recorded $425.7 million.

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The report also revealed that in the fourth quarter of 2017, Banking became the second leading sector to attract the highest amount of capital inflow, attracting $543.4 million or 10.1% of total capital, an increase of 5.8% from the previous quarter.

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Next to Banking was Production, which had 5.9% to total capital investment.

Capital Importation to Servicing dropped from $586.97 million in the previous quarter to $216.45 million in the fourth quarter, while $99.4 million flowed to the fishing sector. Capital Importation to Telecommunications, Financing and Construction sectors also increased strongly compared to the previous quarter.

Figures also show that Abuja attracted the highest amount of foreign capital, accounting for $2,680.3 million or 49.8%. This was an increase of 227.8% from the figure recorded in the third quarter of 2017 ($817.6million).

Lagos which has always had the highest share of capital importation, had its share drop from 79.5% of total share in Q3 2017, to a share of 47.4% in q4, 2017. Other states including Akwa-Ibom, Ogun, Oyo and Delta also attracted foreign capital investments.

The country from which Nigeria imported the most capital from was the United Kingdom, which accounted for
$1,609.9. million, 30% of the total of capital inflow in Q4,2017 while the second largest value of capital importation was the United States. The US accounted for $1,001.4 million in the fourth quarter of 2017 or 18.6%.

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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#EndSARS: Governor Uzodimma approves N2bn for youth empowerment after talks with protesters 

Governor Uzodinma has approved the immediate release of N2 billion for youth empowerment.

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Ogun, Imo States give free hand sanitizers

Governor Hope Uzodimma of Imo State has approved the immediate release of N2 billion for youth empowerment, following a fruitful meeting with a group of youths associated with the #EndSARS movement in the State. 

This disclosure was made by Governor Hope Uzodinma in his statement today, during his third state Broadcast to the people of Imo State, this week. 

The Governor in his statement said that his heart is gladdened that a vast majority of the youth heeded the clarion calls to call off the #EndSARS protests, having laid down their points unmistakably. 

However, he revealed that in line with his determination to address the needs of the youth and empower them, he has approved an immediate release of a take-off fund of N2 billion for the empowerment of youth in the state. 

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He reiterated that the task is not complete until every single youth is pulled off our streets and kept a safe distance away from the reach of some unscrupulous elements whose demonic desire is to unleash endless carnage in some parts of the state. 

What you should know 

Recall that the governor on the met with a group of youths embedded in the EndSARS protests. The group was made up of youth leaders from all parts of the country comprising leaders from the National Youth Council of Nigeria, Areewa, Ohanaeze, Afenifere, Hausa, Fulani, Middle belt and Niger Delta Youths 

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However, during his interface with the youth, he assured them of a dedicated empowerment package, as part of his administration’s determination to address the needs of the youths and quell their dissatisfaction. 

  • The N2 billion take-off fund will be deployed for the training of the first batch of the beneficiaries, which will commence next week. The N2billion take-off fund is to be taken from the N6 billion earmarked for the accelerated youth empowerment programme. 
  • The empowerment programme is under the Imo State Special Youth Empowerment and Intervention Programme (IMYEIP). The State’s Ministry of Skills Acquisition and Entrepreneurship is directly charged with its immediate implementation. 
  • The programme is to begin training of the 1st, 2nd & 3rd Batches of an estimated number of 500, 000 Imo youths in different skills acquisition programmes within the next two years, and provide them with start-up capital to begin their own enterprises. 
  •  The training time table will be rolled out on Tuesday, October 27th, 2020. 
  • The 5000 Imo Youths who have already been trained in different skills under the IMYEIP platform, are to be given their start-up capital very soon. 

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ENDSARS

Tinubu visits Sanwo-Olu, speaks on recent violence in the state, travelling out of the country

Tinubu has spoken up about some of the happenings that have led to the recent unrest in Lagos State.

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Tinubu denies advising Buhari to print new naira notes

The former Lagos State Governor and the National Leader of the ruling All Progressives Congress (APC), Bola Ahmed Tinubu, has reacted to the outbreak of violence during the #EndSARS protest which has led to the destruction and looting of public and private infrastructure in the state.

He lamented the invasion and wanton looting and burning of public and private assets in the state of late, including police stations.

This was made known by Tinubu during a courtesy visit to the Governor of Lagos State, Babajide Sanwo-Olu, on Saturday, October 24, 2020, at State House Marina, to commiserate with him on the recent violence in the state, sympathize with the victims through him and seek his permission to visit some of the victims.

While addressing journalists after the meeting with the governor, Tinubu said he asked him if he had ordered the attack on #EndSARS protesters by soldiers at the Lekki Tollgate on Tuesday.

He also said that he did not travel out of the country as reported by some sections of the media, who claimed that he had travelled to France and the UK.

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Tinubu said, “I didn’t go nowhere; I’m a Lagosian and I still hold the title of Asiwaju of Lagos and I am still a Jagaban. Fake news is all over the place. They say Seyi my son was kidnapped and was chased but look at him. I didn’t pay a penny to bring him here.

On the investigation and compensation for victims of violence, Tinubu said, “First, we have to segregate the calendar, those who suffered casualty before the protests from the hands of SARS. You have to separate that from those who suffered casualty due to what happened at the toll gate.

“For those who suffered casualty from SARS, the Commission of Inquiry that is already set up will unearth that and will make their recommendations. I trust the calibre and the character of the people there, they are independent. That is one.

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“Those who suffered casualty during the gunshots need to answer some questions too, how are they there? How long were they there? What kind of characters are they? Even though we want to help, we still must extract information that will help the government to prepare in future and understand how and when to react because the governor, in particular, is a youth.’’

Going further, he said, “As a youth himself, he (Sanwo-Olu) quickly went to Abuja with the 5/5. The government immediately put into action, dissolved the SARS and had to work through other recommended actions, the needs they demanded. Within a few days, he reported back to the public. That is responsive enough.

“But where are we getting the looting, the carnage, the burning, the invasion of police stations, stealing of arms, maiming of the innocent? It is a handshake beyond the elbow.

Tinubu has been under intense media attack over the shooting of unarmed protesters at the Lekki Tollgate on Tuesday. He was accused of being the mastermind of the incident because of his alleged interest in the tollgate which has been blocked for about 2 weeks, an allegation he has denied.

The hoodlums had burnt down some businesses allegedly linked to him in the course of the violence that erupted in Lagos. They include Oriental Hotel, Television Continental (TVC) and Nations newspaper.

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ENDSARS

#EndSARS: IGP orders immediate mobilisation of officers to restore normalcy

The IGP has directed officers to take control of the current unrest and breakdown of law and order in some parts of the country.

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IGP orders immediate withdrawal of police officers attached to VIPs

The Inspector-General of Police, Mohammed Adamu has ordered the immediate of all police operational assets and resources to bring an end to the unrest.

This was made known via the official Twitter handle of the Nigerian Police Force, @PoliceNG, in a statement titled, “RECLAIM THE PUBLIC SPACE AND RESTORE NORMALCY – IGP ORDERS AIGs, CPs, PMF, CTU & SPU COMMANDERS”.

According to the statement, the IGP has directed the officers to reclaim the public space from criminal elements masquerading as protesters in some parts of the country.

The IGP gave the order to all Assistant Inspectors General of Police (AIGs), Commissioners of Police (CPs), Heads of Police Operational Units, Squadron and Base Commanders in charge of Zonal/State/FCT Commands, the Police Mobile Force, Counter Terrorism Unit.

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The statement read in part, “The Inspector-General of Police, IGP M.A Adamu, NPM, mni has ordered the immediate mobilization of all police operational assets and resources to bring an end to the wanton violence, killings, looting and destruction of public and private property, and reclaim the public space from criminal elements masquerading as protesters in some parts of the country.

“In addition, CPs/Heads of Police Formations in the various states have also been charged to mobilize their men and work in sync with the Command CPs in the areas where they are domiciled, to dominate the public space and ensure peace and safety in the affected areas.

“The IGP, while noting that enough is enough to all acts of lawlessness, disruption of public peace and order and wanton violence which have resulted to indiscriminate looting of shops, malls and warehouses, damage to property and loss of lives in some parts of the country.”

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The IGP further enjoined law-abiding citizens not to panic but rather join forces with the police and other members of the law enforcement community to protect their communities from the criminal elements. He also called for “the understanding and cooperation of the citizens, assuring that the action is geared towards ensuring public order and safety and public security in our communities.”

What you should know

In the last few days, several parts of the country, especially Lagos, Cross River and Delta have witnessed a rise in civil unrest as hoodlums torched down Police stations, government properties and have also looted and destroyed several private businesses.

The recent unrests could be traced to the hijacking of peaceful protests organised by #EndSARS agitators who took to the streets of many Nigerian cities in the last two weeks to demand the dissolution of a notorious police unit, Special Anti-Robbery Squad, better known as SARS, who has been alleged to be involved in a countless number of harassment, extortion, abduction, armed robbery and murder of innocent citizens.

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