Business
Nigeria attracts more FDI than FPI for the first time in 4 years
FDI in Q3 prints $414s, a 100% jump year on year in Nigeria.
Nigeria attracted more Foreign Direct Investment (FDI) and Foreign Portfolio Investment (FPI) in the third quarter of 2020 for the first time since Q4 2016.
According to data from the National Bureau of Statistics, Nigeria attracted $414.79 million foreign direct investment in the 3rd quarter of the year, compared to $407.2 million in foreign portfolio investment. This represents a 179% and 100% jump quarter on quarter and year on year respectively for FDI into the country.
READ: Pension contributions from Nigerians under 30 dwindling at an alarming rate
This marks the first time Nigeria has attracted more FDI than FPI since the 4th quarter of 2016. Nigeria was in a recession in the 4th quarter of 2016 and is currently in a recession in 2020.
READ: Nigeria received $5.36 billion capital inflows in Q3 2019, as major sectors witness decline
FPI Slide
- The downward slides in FPI began in the second quarter of 2020 as the economy shut-down due to the Covid-19 pandemic.
- FPI also called hot money is often channelled to the stock and money market respectively and is the first to exit the economy whenever there is an impending economic crunch.
- Since the lockdowns and the crash in oil prices, Nigeria has attracted fewer foreign portfolio investments – going from $4.3 billion in the first quarter to $385 million and $407 million in the second and third quarter of 2020 respectively.
- Whilst the equities market has recovered to be one of the best performers this year, the recovery is largely due to a reinvigorated domestic market driven by lower interest rates in the fixed income market.
- Foreign investors have also avoided the fixed income market due to lower interest rates on government securities.
READ: Jitters as Nigerian banks brace up for more loan provisioning
READ: Nigerian economy slips into recession as GDP contracts by 3.62% in Q3 2020
Why this matters: The Nigerian economy has traditionally attracted more FPI than FDI since the NBS started collating data in 2013 and attracted $4.3 billion in the first quarter of 2020.
- A higher FPI compared to FDI in the third quarter indicates foreign investors into Nigeria’s equities and fixed income market remain in abeyance until the economy recovers from the recession.
- Nigeria like most frontier economies globally needs more FDI compared to FPI to keep their balance of payment stable.
- Whilst the NBS does not breakdown the FPI per sector, a lot of direct investments have occurred in the financial services space in recent weeks.
Business
JAMB: How to register for the 2021 UTME examinations
JAMB stated that the registration for the examinations has now commenced in full swing as all the issues have been resolved.
The Joint Admissions and Matriculation Board (JAMB) had about 3 weeks ago announced the commencement of the 2021 Unified Tertiary Matriculation Examination and Direct Entry registration exercise on April 8, 2021, to May 15, 2021, with National Identification Number (NIN) made mandatory at the point of registration.
This was put on hold due to the exam body’s effort to ensure that candidates have access to its registration app for the 2021 UTME/DE and also finalise work on its pin vending process before the take-off of the exercise.
However, in a new statement, the spokesperson for JAMB, Dr Fabian Benjamin, said the registration for the examinations has now commenced in full swings as all the issues have been resolved.
JAMB in its public communications gave a guide on how to register for the UTME.
READ: How to link your National Identity Number with your phone number
How to register for the 2021 UTME
- VALID, FUNCTIONAL E-MAIL, PHONE NUMBER: The applicants must have a valid and functional e-mail account in addition to an active phone number. This is relevant for registration and sending and receipt of information from JAMB.
- NATIONAL IDENTIFICATION NUMBER (NIN): JAMB has made it mandatory for applicants or potential candidates to provide their NIN at the point of registration or enrolment.
- VISIT JAMB WEBSITE: After having your email address and NIN, the applicant can proceed to the examination body’s website, where he/she can create a JAMB profile, preferably before buying the form.
- CHECK JAMB iBass: After creating a profile, you are advised to check JAMB iBass to be sure of your eligibility to take this year’s examination. The information is provided on the official website of the exam body.
- JAMB e-pin: After confirming your eligibility, you can go ahead to buy your 2021 JAMB e-pin registration from banks and other accredited outlets.
- CBT CENTRE: Then, proceed to any accredited 700 computer-based test (CBT) centre with your personal details and your profile code.
READ: JAMB sets date for 2021 UTME registration and examination, makes NIN mandatory
What you should know
JAMB a few days ago confirmed the commencement of registration for the 2021 UTME/DE examinations after the initial hiccup.
It stated that applicants must provide NIN at the point of registration with the registration by Direct Entry candidates to run concurrently with that of UTME candidates.
JAMB also said that the mock examination is expected to hold on Friday, April 30, 2021, for those who indicate interest and are registered before April 24, 2021, with the registration fee for the application still N3,500 and N500 for recommended Reading Text.
Business
Customs Apapa Command generates N159.58 billion revenue in Q1 2021
Most revenues came through customs duty and charges.
The Nigeria Customs Service (NCS) Apapa Command stated that it has generated a revenue of N159.58 billion in the first quarter of 2021.
This was disclosed by Ibrahim Yusuf, the Area Controller at Apapa Customs Command, in an interview with newsmen on Monday.
He added that most revenues came through customs duty and charges, citing a 44.8% revenue increase on duty collection compared to the N110 billion generated in the same period in 2020.
READ: Vitafoam declares N1.11 billion as profit in the first quarter of its financial year 2020/21
“The difference recorded was made possible because of robust stakeholders engagement, officers’ resolve in discharging their duties and increased level of compliance in the trade zone,” he said.
He added that the total seizure for the first quarter stood at 28 containers of goods with DPV (Duty Paid value) of N1.87 billion.
“The containers had rice, wheat declared as supermarket items, medical soap declared as baking powder, tramadol and others.
“These are all importations in breach of sections 46, 47 and 161 of the Customs and Excise Management Act CAP C45 LFN 2004 and Schedules 4 and 6 of the Common External Tariff (CET).
READ: Customs revenue rises by N200 billion to hit N1.5 trillion in 2020
“These cases are at various stages of investigation and in due time will be revealed,” he disclosed.
The Customs boss also revealed that exported goods from Apapa were valued at N41.55 billion in Q1 2021, including manufactured goods such as soaps, textiles, noodles, and agricultural products such as cashew nuts, hibiscus, sesame seeds and other mineral resources.
