Business

Capital Importation Falls 9% To $1.03 bn

Published

2 years ago

October 6, 2023

Nigeria’s capital importation fell quarter-on-quarter (QoQ) by 9.04 percent to $1.03 billion in the second quarter of 2023 (Q2’23) from $1.13 billion in Q1’23.

The National Bureau of Statistics, NBS, disclosed this today in its Capital Importation report for Q2’23 noting that other investments ranked top accounting for 81.3 percent ($837.34 million) of total capital importation during the period.

The bureau also said that First Bank of Nigeria Limited received the highest capital into Nigeria with $323.13 million.

NBS said: “In Q2′ 23, total capital importation into Nigeria stood at $1.03 billion, lower than $1.53 billion recorded in Q2’22, indicating a decrease of 32.9 percent.

“When compared to the preceding quarter, capital importation fell by 9.04 percent from $1.13 billion in Q1’23.

“Other Investment ranked top accounting for 81.3 percent ($837.34 million) of total capital importation in Q2’23, followed by Portfolio Investment with 10.37 percent ($106.85 million) and Foreign Direct Investment (FDI) with 8.35 percent ($86.03 million).

“The production sector recorded the highest inflow with $605.04 million, representing 58.7 percent of total capital imported in Q2’23, followed by the banking sector, valued at $194.58 million (18.89 percent), and Shares with $68.63 million (6.6 percent).

“Capital importation during the reference period originated largely from the United States with $271.92 million, accounting for 26.4 percent, followed by Singapore and the Republic of South Africa with $177.44 million (17.2 percent) and $136.95 million (13.3 percent) respectively.

“Lagos state remained the top destination in Q2 2023 with $778.06 million, accounting for 75.5 per cent of total capital, followed by Abuja (FCT), with $194.28 million (18.8 percent).

”First Bank of Nigeria Limited received the highest capital into Nigeria in Q2’23 with $323.13 million (18.23 percent), followed by Citibank Nigeria Limited with $187.77 million (12.23 percent) and Rand Merchant Bank with $126.03 (6.47 per cent).”

Business

Naira Continues Gain Against US Dollar As Nigeria’s Foreign Reserves Climb To $45.57bn

Published

1 day ago

January 6, 2026

Editor

The Naira appreciated further against the United States Dollar at the official foreign exchange market, beginning the week on a good note.

Central Bank of Nigeria data showed that the Naira strengthened on Monday to N1,429.31 per dollar, up from N1,430.85 exchanged on Friday, 2 January 2026.

This means that the Naira gained N1.56 against the dollar on Monday when compared to N1,430.85 last week Friday.

At the black market, the Naira dropped by N5 to N1480 per dollar on Monday, down from N1475 traded Friday.

The development comes as the country’s external reserves rose to $45.57 billion as of Friday last week.

Business

NNPCL Reduces Fuel Price Again

Published

2 days ago

January 5, 2026

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has again reduced its premium motor spirit price.

In Abuja, on Monday morning, it was gathered that NNPCL retail outlets have reduced their fuel price to N815 per liter, down from N835.

This means that the NNPCL filling stations cut their price by N20.

The fresh price has been implemented at NNPCL filling stations in Wuse Zone 6 and 4 Abuja, Keffi-Abuja Road, and Kubwa Expressway.

An NNPCL filling station attendant, who preferred anonymity, told DAILY POST that the new price was implemented on Sunday evening.

However, the N815 per liter is N79 higher than the N739 per liter sold at Dangote Refinery’s backed MRS filling stations nationwide.

DAILY POST recalls that NNPCL on December 19, 2025, cut its price of petrol by N80 to N835 amid a price war among players in the country’s oil downstream sector triggered by Dangote Refinery’s gantry price reduction to N699 per liter.

Business

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

1 week ago

December 30, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has announced the complete restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State, following the recent explosion on the asset.

The chief corporate communications officer (CCCO) of the nation’s oil company, Andy Odeh, in a statement, said that the pipeline is fully operational, reiterating the company’s resilience and commitment to energy security.

“NNPC Limited is pleased to announce the successful restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State.

“Following the unexpected explosion on December 10, 2025, we immediately activated our emergency response, deployed coordinated containment measures, and worked tirelessly with multidisciplinary teams to ensure the damaged section was repaired, pressure-tested, and safely recommissioned.

“Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security. This achievement was made possible through the unwavering support of our host communities, the guidance of regulators, the vigilance of security agencies, and the dedication of our partners and staff.

“Together, we turned a challenging moment into a success story, restoring operations in record time while upholding the highest standards of safety and environmental stewardship.

“As we move forward, NNPC Limited remains steadfast in its pledge to protect our environment, safeguard our communities, and maintain the integrity and reliability of our assets. Thank you for your trust as we continue to power progress for Nigeria and beyond,” the statement read.