Investment Inflow into Nigeria drops by N2.3tn- IFEANYI ONUBA

Over the past three years, the flow of investment into the country has been declining due to issues in the economy, which have made Nigeria not to be the darling of foreign investors again, IFEANYI ONUBA writes

Ejinkeonye,                                Gwarzo

The Nigerian economy recorded a total decline of $11.68bn (N2.3tn) in investment inflow in the last three years, investigations have revealed.

It was learnt that since 2013, the country had been experiencing persistent decline in the value of direct and portfolio investments.

For instance, figures obtained by the National Bureau of Statistics stated that as of 2013, the country had a total investment inflow of $21.32bn (N4.2tn).

This figure, according to an analysis of the report, declined to $20.72bn (N4.08tn) and $9.64bn (N1.89tn) in the 2014 and 2015 fiscal periods respectively.

Cumulatively, between January 2013 and December 2015, the country recorded total investment inflow of $51.7bn (N10.18tn).

Nigeria losing N80bn daily to petroleum products smuggling — NISA boss

Chairman of the Nigeria Shipowners Association, NISA, Capt. Niyi Labinjo,  has said that the country is losing N80 billion daily to petroleum products smuggled into the country.

 

In an exclusive interview with Vanguard, Labinjo explained that half the 1.8 million litres daily national need of Premium Motor Spirit, PMS, is smuggled into the country.

The NISA boss noted that the Nigerian National Petroleum Corporation, NNPC, said the daily PMS need of the country is 1.8 million litres and that it (NNPC) only supplies half the quantity while the other half is smuggled into the country.

Akwa-Ibom Seaport: 2018 Completion Date Sacrosanct —Gov Emmanuel

Governor Udom Emmanuel of Akwa Ibom State has tasked the state Technical Committee for the Realization of Ibom Deep Sea Port, TC-IDSP, and the consultants involved in the project to ensure completion of the project by 2018.
The governor spoke in Uyo at the contract signing for the Full Business Case, FBC, and the official handover of Certificate of Occupancy during the kick-off meeting with the Transaction Advisers and Master Planners for the project.

Fitch Ratings Market Braces for Rating Backlash

Local markets look set to weaken on Monday — reflecting capital outflows as investors digest Friday’s decision by one global ratings agency to downgrade South Africa and another agency’s decision to change its outlook to negative.

The ratings agency decisions are a clear wake-up call to the government to quickly implement reforms that will grow the economy faster and to adopt policies that will make businesses more confident, analysts say.