Connect with us
nairametrics

Business News

Ekiti, Jigawa, Abia, 10 others record no investment in 2019

Ekiti, Kogi, Sokoto, Bayelsa, Ebonyi, Gombe, Jigawa, Abia and five other state governments failed to attract investments in 2019, a report by the National Bureau of Statistics disclosed.

Published

on

Ekiti, Jigawa, Abia, 10 others record no investment in 2019

Ekiti, Kogi, Sokoto, Bayelsa, Ebonyi, Gombe, Jigawa, Abia and five other state governments failed to attract investments in 2019, a report by the National Bureau of Statistics disclosed.

Others listed in the report are Kebbi, Plateau, Taraba, Yobe and Zamfara.

The NBS’s capital importation report contains the total amount of fresh investments attracted to the Nigerian economy during the period of time.

[READ MORE: States’ IGR hits N691 billion as Osun, others recorded biggest growth]

What it means: It means none of the 13 states governors contributed to the $23.99 billion the other 23 states attracted in 2019, a development contrary to their electoral promises.

GTBank 728 x 90

The states that got new investments included Lagos State, which attracted the highest amount of $17.67 billion during the year. The $17.67 billion investment inflow into Lagos State represents about 73.6% of the $23.99 billion.

Followed by the Federal Capital Territory which attracted a total investment inflow of $6.20 billion. Adamawa State attracted the sum of $25 million; the same with Benue and Cross River states while Imo, Kano, and Kaduna states recorded investment inflow of $3 million, $1. 81million, and $4.63 million, among others.

In the same vein, Akwa Ibom recorded inflow of $55,035, Anambra, $61,000; Bauchi, $99,980; Borno, $500,000; Delta, $40,000; Katsina, $576,796; Kwara, $200,000; Niger, $67,156; Ondo, $30,000; Ogun, $16.01 million and Oyo $3.74 million.

Coronation ads

Nairametrics had reported that Ekiti, Enugu, Bayelsa, Ebonyi, Gombe, Jigawa, Abia and eight other state governments failed to attract investments in the first half of the year 2019.

Others listed in the report are Kebbi, Kogi, Osun, Plateau, Sokoto, Taraba, Yobe and Zamfara.

READ MORE: HOT MONEY: Foreign Investors ship-out N257 billion from Nigerian stock market

What it means: Most of the states that failed to attract investments in H1 2019 also failed to attract any till the end of the year. That means either necessary steps were not taken by the governments, foreign investors saw no attraction in the states or the environments were not conducive for investment.

But the Founder of Stanbic IBTC Bank Plc, Mr Atedo Peterside, saw another reason. According to him, the level of structural imbalance in the country was forcing investors to exit from the country.

Jaiz bank ads

In a paper delivered recently, Peterside described the draft Petroleum Industry Bill produced by the previous administration as “myopic,” as it was incapable of stimulating the needed investments in the sector.

Stanbic IBTC

He said, “Investors appear to have concluded that the Nigerian economy is rigged against all except the very well-connected and they are right. 

“By definition, the well-connected investors are few and so our Investment/GDP ratio is likely to remain low until we make it possible for all other investors to come back and partake in the task of baking a bigger cake on the basis of a level playing field.” 

He said currently, only those that were “well-connected” could expect to have security of their lives and property, prompt dispensation of Justice, sanctity of contracts and non-harassment from multiple rogue regulators.

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Financial Services

NAICOM issues operational licences to 1 reinsurance and 4 insurance companies

Four new insurance firms and one reinsurance company have been issued operational licenses by the National Insurance Commission (NAICOM).

Published

on

The National Insurance Commission (NAICOM) has issued operational licences to four new insurance firms and one reinsurance company.

This was disclosed by the NAICOM boss, Mr. Sunday Thomas, while handing over operational licenses to the five firms at the NAICOM Head Office in Abuja today.

The new firms are Heirs Insurance Limited (General); Stanbic IBTC Insurance Limited; Heirs Life Assurance Limited; Enterprise Life Assurance Company Nigeria Limited; and FBS Reinsurance Limited.

According to Mr. Thomas, “The National Insurance Commission (NAICOM) received applications from the under listed companies for registration as Insurance and Reinsurance Companies to transact insurance and reinsurance business in Nigeria. In fulfilment of the statutory provisions of extant laws for the registration/licensing of insurance Companies, the general public is hereby informed that the Commission has commenced the process of registering the companies.”

What you should know

GTBank 728 x 90

Heirs Insurance Limited (General) has Mr. Olaniyi Stephen Onifade as its Managing Director; Mr. Akinjide Orimolade, Stanbic IBTC Insurance Limited; Mr. Abah Okoriko, Heirs Life Assurance Limited; and Mrs. Fumilayo Abimbola Omo, Enterprise Life Assurance Company Nigeria Limited.

FBS Reinsurance Limited is to be led by the former Commissioner of Insurance, Fola Daniel, along with other seasoned professionals from the brokerage and underwriting units of the industry like Bala Zakariyau, the former Managing Director of Niger Insurance, Ahmed Olaniyi Salawu of the Standard Insurance Consultants, and Wole Oshin of the Custodian Investment Plc.

Coronation ads
Continue Reading

Economy & Politics

Nigeria edges closer to getting World Bank loan, in the final stages of talk

The Finance Minister has disclosed that Nigeria has fulfilled the conditions and is in the last stages of securing a World Bank loan.

Published

on

FG projects spending plan of N11.86 trillion and deficit of N5.16 trillion,IMF, International monetary fund, Zainab Ahmed, Nigeria's Minister of Finance, Budget and National Planning

Nigeria is set to achieve its plans of getting the $1.5 billion World Bank loan package as it is in the closing stages of the deal following its fulfilment of the conditions set by the international multilateral organization.

This disclosure was made by the Minister for Finance, Budget and National Planning, Zainab Ahmed, during an interview on Friday, November 27, 2020, with Bloomberg Television.

While pointing out that Nigeria’s senate approved the borrowing plan from the World Bank in June, Ahmed said the board of the multilateral institution will discuss the loan package at their next meeting.

What you should know

It can be recalled that the World Bank loan which had been sought by Nigeria in the wake of the devastating impact of the coronavirus pandemic, was being delayed by the Brettonwood institution due to concerns over reforms as it feels that Nigeria has not shown enough commitment towards achieving them.

GTBank 728 x 90

Some of the reforms include the unification and flexibility of the exchange rate, removal of fuel subsidy, increase in electricity tariffs amongst others.

However, it seems that with the recent deregulation of the downstream sector of the oil industry with the attendant removal of fuel subsidy and increase in electricity tariff, some of those concerns of the World Bank are gradually being sorted out.

Ahmed also said that Nigeria is considering joining the G-20 debt-relief initiative and is talking to commercial lenders to secure their backing.

Coronation ads

She said, “We will consider joining as long as it is safe for us to do so. Nigeria couldn’t participate initially because some of the conditions were unfavourable for existing loan commitments with bilateral lenders and other international borrowings.”

On the increased gap between the official rate and parallel market rate, the minister said the government is concerned about the widening gap in the naira’s exchange rate on the official and parallel markets.

She said, “We have been taking measures to close the gap. We hope to get to an even level very soon so the impact of the exchange rate will become moderated.”

Continue Reading

Coronavirus

Covid-19: Africa prepared for possible second wave – Africa CDC

Africa CDC has confirmed its preparedness for the possibility of a second wave of COVID-19 pandemic in Africa.

Published

on

Covid-19: African Union in talks with China and Russia over vaccine

The Africa Centres for Disease Control and Prevention has confirmed its preparedness for the possibility of a second wave of COVID-19 pandemic in Africa, especially with the current upsurge of active cases.

This disclosure was made by the Director, Africa CDC, Dr. John Nkengasong, during the teleconference Weekly Press Briefing on #COVID-19 on November 26, 2020.

According to him, Africa CDC has started to distribute 2.7 million rapid antigen tests with the hope that by mid-2021, the health officials would have been able to vaccinate about 60% of the continent’s population with one of the several promising new vaccines — it all depends on the cooperation and support of the continent’s leaders.

(READ MORE: Reps Committee warns MDAs against failure to render accounts to Auditor-General)

What they are saying

GTBank 728 x 90

According to Dr. Nkengasong: To achieve 60% vaccination, we will need to mobilise up to about $10 to $12 billion, including the cost of buying the vaccines and the cost of delivering the vaccines. So, that is the 60% mark that we really want to achieve. And I just really want everyone on this platform and our partners to understand that as a continent, that is our aspiration and goal.”

As the end-of-year holidays are around the corner, Dr. Nkengasong advised: “Do not relent in wearing masks. One message that is emerging across the visits we are conducting across the continent is that people are not masking enough. And in some settings, absolutely it seems like they are not masking at all. And that is extremely dangerous.”

What you should know

Coronation ads
  • As of November 26, 2020, Africa had 2,106,931 confirmed caseloads, with a death toll of 50,628 and 1,781,744 persons recovered.
  • The Southern African region is the worst hit both in terms of the number of confirmed positive cases and deaths.
  • South Africa, Morocco, Egypt, and Ethiopia are the most affected countries in terms of number of positive cases.
  • South Africa is presently the worst hit with active cases of 775,502.

Continue Reading