Business

Foreign Investors Shun Nigeria Over Megative Publicity Of Security Challenges, Gov Laments

Published

4 years ago

September 26, 2021

Niger State Governor and Chairman, North Central States Governor’s Forum (NCSGF), Abubakar Sani Bello on Sunday, said that negative publicity on the security challenges in Nigeria has continued to hinder genuine businessmen’s effort to invest in the country.

In a statement on Sunday by Mary Noel-Berje, Chief Press Secretary to the Governor of Niger State, he stated that the negative publicity with regards to security challenges has affected many states in the country towards attracting foreign direct or even indirect investment

He added that those challenges are being successfully tackled at the moment by the federal and state governments.

According to him, Governor Sani Bello, who is attending a bilateral, economic, trade and investment forum in Istanbul, Turkey, disclosed that the Nigerian government has recorded significant progress in addressing the problems of insecurity stressing that, though it will take some time to end, it should not deter investors from coming to Nigeria.

“I know a few Turkish companies that are in Nigeria at the moment. They are doing their business and doing really well. So, I think there’s the need to build investors confidence with regards to the security challenges in Nigeria”, he added.

After meeting with lots of Turkish companies, the Governor stated that although many of them have shown enthusiasm and interest to work in Nigeria, most foreign companies lacked the courage to visit and do business in the country.

DAILY POST reports that the Governor in the statement applauded the organizers of the forum for what he described as a very timely event.

He however suggested that more Turkish companies and or their CEOs should be invited next time so that they are able to explain to the people in Turkey that Nigeria is not as bad as it’s been portrayed.

He said “There’s the urgent need to change the narrative and to mount aggressive image laundering campaigns to change the negative perception and impression of foreign investors towards our country. Every country of the world has its own peculiar challenges, but they are surmountable.

“I am glad we are able to attend the bilateral economic, trade and investment forum. We’ve met with lots of companies, including security companies as well. In my opinion, the event was timely and the organizers did a wonderful job”, he said.

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

2 hours ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.

Business

Tinubu Approves 15% Import Duty On Petrol, Diesel

Published

2 weeks ago

October 30, 2025

Editor

President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), also known as petrol.

This was announced in a letter dated October 21, 2025, where the private secretary to the president, Damilotun Aderemi, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Tinubu gave his approval, following a request by the FIRS to apply the 15 percent duty on the cost, insurance and freight (CIF) to align import costs to domestic realities.

With the approval, the implementation of the import duty will increase a litre of petrol by an estimated N99.72 kobo.

The latest development has led to the Nigerian National Petroleum Company Limited (NNPCL) announcing that it has begun a detailed review of the country’s three petroleum refineries, with a view to bringing them back online.

NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, made the announcement in a post on his official X handle on Wednesday night.

According to Ojulari, one of the options being explored by the NNPCL is to search for technical equity partners to ‘high-grade or repurpose’ the facilities.

Tagged: “Update on Our Refineries”, Ojulari said: “The NNPCL continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.”

It can be recalled that despite spending about $3 billion on revamping the refineries, only the 60,000 barrels per day portion of the facility worked skeletally for just a few months before packing up.

The Warri refinery has remained ineffective weeks after it was gleefully announced to have returned to production, while the one situated in Kaduna State never took off at all.

Business

NNPCL Raises Fuel Price

Published

4 weeks ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.