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Capital importation stands at $1,294.94m


By Tanko Mohammed 

The National Bureau of Statistics (NBS) has said that the total value of capital importation into Nigeria stood at $1,294.94 million in the second quarter of 2020. 

This is according to its Nigerian Capital Importation (Q2 2020) report published on its website on Friday. 

The total value represents a decrease of -77.88 per cent compared to the first quarter of 2020 and -78.60 per cent in the second quarter of  2019. 

The largest amount of capital importation by type was received through Other Investment, which accounted for 58.77 per cent ($761.03 million) of total capital imported.  

This was followed by Portfolio Investment, which accounted for 29.76 per cent ($385.32 million).

Also, Foreign Direct Investment (FDI) accounted for 11.47 per cent ($148.59 million) of total capital imported in the second quarter of 2020. 

By sector, capital importation by shares dominated in the second quarter of 2020 reaching $464.57 million of the total capital importation. 

The United Kingdom emerged as the top source of capital investment to Nigeria with $428.83 million. 

The investment accounted for 33.12 per cent of the total capital inflow in the second quarter of 2020. 

By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria with $1,130.49 million. 

This accounted for 87.30 per cent of the total capital inflow in the second quarter of 2020. 

By bank, Standard Chartered Bank Nigeria Limited emerged at the top of capital investment in Nigeria with $425.21 million. 

This also accounted for 32.84 per cent of the total capital inflow in the second quarter of 2020. 

Commission, EFCC partner to recover revenue


By Chris Ndibe

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) is collaborating with the Economic and Financial Crime Commission (EFCC), to recover unremitted revenue accruable to the federation account.

Chairman of the Commission, Mr Elias Mbam, stated this during a courtesy visit to the acting Chairman of the EFCC, Mr Mohammed Umar.

Mr Christian Nwachukwu, the Public Relations Officer of RMAFC, made this known in a statement in Abuja.

He quoted the chairman as saying that this would be achieved by the revenue generating and collecting agencies.

According to him, the  commission will be partnering with the EFCC in the area of monitoring and blocking of leakages in the remitting of generated revenues, by the revenue generating and collecting agencies.

Mbam noted that  the current dwindled revenue, informed by the oil crisis, which was the main source of revenue to the federation account, had given more need for the RMAFC to collaborate with the EFCC in monitoring and enforcement.

He further said that the collaboration would minimise revenue leakage and maximise remittance of accrued revenue to government.

In his response, Umar expressed satisfaction for the RMAFC readiness to partner with the EFCC, in its fight against corruption arising from revenue leakages.

He promised to collaborate with RMAFC to ensure that the revenue leakage of the federation account was blocked and  remitted same timely, to the federation account.

The EFCC boss, however, requested that RMAFC should spell out areas of concentration in the working synergy. 

Nigeria releases N14. 92b for Pension Scheme

By Moses Uwagbale 

The Federal Government has released N14.92 billion for the payment of accrued rights for retirees under the Contributory Pension Scheme.  

The National Pension Commission Head of Corporate Communication, Mr Peter Aghahowa, made this known in a statement in Abuja. 

The amount according to the statement will cover four months arrears. 

He said that the accrued pension rights represents an employee’s benefits for the past years of service up to June 2004, when the Pension Reform Act that birthed the CPS, came into effect. 

Aghahowa said that the Commission commend the efforts of the federal government for ensuring that the accrued rights arrears were cleared. 

He also thanked the affected retirees of the Treasury-Funded Agencies for their patience.  

Chinese firm urges foreigners to tap into Nigeria’s potential

By Tanko Mohammed

Mr Andy Lu, Managing Director of a Chinese firm, Inner Galaxy Steel Company, has urged international investors to take advantage of Nigeria’s potential and invest in the country.

Lu, in a statement in Lagos, said, “Nigeria has a lot of potential to become a leading world economy in no distant time”.

According to him, Nigeria has some of the most hardworking and energetic populations in the world.

“At a time many investors seem uncertain about the future of Nigeria as an investment destination, I advise investors not to write off Nigeria and its future.

“Nigeria has the potential to become a leading world economy in no distant time.

“So, I will advise fellow international investors not to focus on Nigeria’s temporary challenges.

“But should focus on what I call, ‘the in-built resilience’, and its capacity to survive and quickly come out stronger from any challenges it finds itself,” he said.

The firm chief executive officer recalled telling newsmen in 2015 about his planned ultra-modern manufacturing facility in Abia, which he said today had become a reality.

He said that the facility had been receiving all the supports it needed to be successful, from the Nigerian Government, as well as the host community since its existence 12 years ago.

 Lu said that he based his company’s centre of interest on five areas of critical importance.

According to him, the focus are in staff welfare, host community satisfaction through corporate social responsibility, being good corporate citizens by meeting all our obligations to the government.

“Also, producing high quality products to the happiness of our consumers/traders, and using technology to be ahead of the competition at all times,” Lu said.

Besides, he said, “the company focussed on technology transfer, which was why staff members who are Nigerians are being given all the required exposure and opportunity to work in the most strategic parts of the company.”

Lu recalled that Inner Galaxy Group opened its ultra-modern steel manufacturing plant, Inner Galaxy Steel in Abia, in 2016.

The plant is one of the largest and most modern steel plants in West Africa, with a staff strength of over 1,500 direct employees.

Subsidiaries of the group include: Hongxing Steel, Lagos, as well as Jiuxing Steel Construction Company also located in Abia.

UK inflation jumps in July


By Reuters 

British inflation jumped unexpectedly last month to its highest rate since March, pushed up by clothing retailers refraining from their usual summer discounts. 

This is as they reopened from the coronavirus lockdown, official data showed on Wednesday. 

Annual consumer price inflation rose to one per cent in July from 0.6 per cent in June, the Office for National Statistics (ONS) said. 

That was above all forecasts in a Reuter’s poll of economists that had pointed to an unchanged rate of 0.6 per cent. 

Clothing and footwear prices were the biggest contributor to the rise in inflation, the ONS said. 

In most years retailers slash clothes prices between June and July to clear out their summer ranges in preparation for autumn. 

This year, the drop in clothing and footwear prices was unusually small, perhaps reflecting discounting early in lockdown. 

“We’ve seen a very different pattern this year; we’ve not seen that movement this year,’’ an ONS statistician said. 

Petrol prices – and greater costs for haircuts, dentistry and physiotherapy – also contributed to higher inflation, the ONS said. 

Core inflation – which excludes typically volatile energy, food, alcohol and tobacco prices – also rose to 1.8 per cent from June’s 1.4 per cent. 

Economists had expected the rate to fall slightly to 1.3 per cent. 

The Bank of England said earlier this month it expected inflation to turn briefly negative in the near term, falling to -0.3 per cent in August.