Business
Rivers, Edo, Akwa Ibom, 29 Others Attract Zero Foreign Investments In Q1 – Report
Thirty-two states in Nigeria, including Rivers and Kaduna, did not attract any foreign investments in the first quarter of 2022, The PUNCH has learnt.
A report by the National Bureau of Statistics shows that only Lagos, Oyo, Katsina, Anambra states, and the Federal Capital Territory attracted investment during the period.
According to the NBS’ Nigerian Capital Importation (Q1 2022), the total value of capital imported into Nigeria in the first quarter of 2022 stood at $1.6bn from $2.2bn in the preceding quarter, showing a decrease of 28.09 per cent.
When compared to the corresponding quarter of 2021, capital importation decreased by 17.46 per cent from $1.9bn.
The largest amount of capital importation by type was received through portfolio investment, which accounted for 60.87 per cent ($957.58m). This was followed by Other Investment with 29.28 per cent ($460.59m) while Foreign Direct Investment accounted for 9.85 per cent ($154.97m) of total capital imported in Q1 2022.
By destination of investment, Lagos State remained the top destination in Q1 with $1.1bn accounting for 71.16 per cent of total capital investment into Nigeria. This was followed by investment into Abuja (FCT), valued at $446.8m(28.40 per cent).
Anambra Oyo and Katsina states followed, with each raking in $4.1m, $2m and $700,000, respectively.
On the other hand, Abia, Adamawa, Akwa Ibom, Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Edo, Ekiti, Enugu, Gombe, Imo, Jigawa, Kaduna and Kebbi states failed to attract any foreign investments during the period under review.
Others are Nasarawa, Kogi, Kwara, Kano, Niger, Ogun, Ondo, Osun, Plateau, Rivers, Sokoto, Taraba, Yobe and Zamfara states.
Categorisation of total capital investment by bank shows that Standard Chartered Bank Nigeria ranked highest in Q1 with $543.20m (34.53 per cent). This was followed by Citi Bank Nigeria Limited with $439.03m(27.91 per cent) and Stanbic IBTC Bank Plc with $251.52 (15.99 per cent).
Speaking in an exclusive interview with The PUNCH, an ECOWAS Common Investment Market consultant, Professor Jonathan Aremu, said, “It’s simple. It’s because they don’t have the attracting factors. The factors that attract foreign investment are not available in those 31 states. One thing about investment is that it is crisis shy. Investment doesn’t go to places where there are crisis. Why? Because investors want stability and predictability of their investments, particularly, having returns on their investments.
“When an economy is witnessing what we are witnessing currently, despite the investment potentials of that kind of economy, investors will wait and see whether the factors that can guarantee predictable and sustainable investments will finally be available.”
He added that the twin factors of a good investment climate as well as a good perception of that climate would have to be present for investors to develop the confidence to bring investments into the country.
Similarly, the Deputy-President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, cited factors such as insecurity and the economic crisis experienced in Nigeria in recent years as major reasons why investors may not consider Nigeria the best possible destination.
READ ALSO: Heavy Criticism For FG As 24 States Lose Foreign Investments
Idahosa said, “We know what to do. We simply have refused to do it. We know that we should have put in place a state police system around this country maybe five or 10 years back, before Boko Haram became a monster. If we had state police in Borno State when Boko Haram was a very small, tiny group of ruffians creating local problems, perhaps we never would have heard of Boko Haram.
“Generally, the police system should be taken out of the Exclusive list; so we can have state police, and municipal police, just like we have in other federations. The New York Police Department has a budget that is probably higher than the Nigerian Police. Same thing with the Los Angeles Police Department. We know what to do, it’s just the political confidence to do it.”
Business
Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO
Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”
He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.
Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”
READ ALSO:BREAKING: Wike Picks Alabo George For Rivers Governorship
According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.
The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.
He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.
According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.
READ ALSO:Senatorial Seat: Ogbakha-Edo Warns Against Imposition Of Candidates In Edo South
He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.
“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.
“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.
“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”
When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”
Business
JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike
Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.
Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.
This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.
Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.
According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.
READ ALSO:Drivers Protest Fuel Increase, Raise Fares in Benin
However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.
This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.
Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.
Business
Dangote Refinery Hikes Petrol Price
Dangote Refinery has increased the ex-depot price of petrol by N75.
The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.
READ ALSO:Dangote Sugar Announces South New CEO
This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.
DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.
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