Business

Nigeria Borrowed $1.21bn As Investors Shun 28 States

Published

2 years ago

October 9, 2023

Nigeria relied on foreign borrowing ($1.21bn) to boost its capital importation in the first six months of 2023.

This is as 28 states failed to attract any foreign investments in the time under review, according to report from the National Bureau of Statistics on Nigeria Capital Importation. In 2023, total capital importation dropped by 30.42 per cent year-on-year in the first half of 2023 to $2.16bn from $3.11bn, from the corresponding period of 2022.

As issues such as insecurity and difficult business environment continue to impact foreign direct investments into Nigeria, the country has become increasingly reliant on foreign loans to boost capital importation.

Foreign investments in forms of loans grew by 17.43 per cent to $1.21bn in the first half of 2023 from $1.03bn as of the corresponding period of 2022.

Commenting on the composition of foreign investments into the country, the NBS said, “In Q2 2023, other investments top accounting for 81.28 per cent ($837.34m) of total capital importation in Q2 2023, followed by Portfolio Investment with 10.37 per cent ($106.85m) and Foreign Direct Investment with 8.35 per cent ($86.03m).

“The production sector recorded the highest inflow with $605.04m, representing 58.73 per cent of total capital imported in Q2 2023, followed by the banking sector, valued at $194.58m (18.89 per cent), and Shares with $68.63m (6.66 per cent).”

Only Lagos, Abuja, Adamawa, Akwa Ibom, Anambra, Ekiti, Niger, Ogun, and Ondo attracted foreign investors to the country.

Recently, the World Bank stated that foreign direct investment into Nigeria has fallen because of limited forex availability, security concerns, and other structural challenges.

A professor of economics at the University of Uyo, Akpan Ekpo recently told The PUNCH that foreign investors is crisis-shy and stated that the insecurity crisis in certain regions of the country had waned investors’ confidence.

Ekpo said, “The states didn’t attract any investments for obvious reasons. With the insecurity, there is no way you will attract foreign investment when your place is not secure. They will not come.”

PUNCH

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

7 hours ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

7 hours ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.

Business

CBN Directs Nigerian Banks To Withdraw Misleading Advertisement

Published

1 day ago

November 28, 2025

Editor

The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.

The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.

The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.

The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.

It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.

Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.

The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.

The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.