VenturesNow

Nigeria’s Q2 capital importation falls by 9%—Report

Published

1 year ago

October 9, 2023

Data from Nigeria’s official data authority shows that the total value of capital importation into the country in the second quarter of the year fell to $1.03 billion from $1.13 billion in the first quarter.

The National Bureau of Statistics (NBS) said the decline represented a 9% fall compared to the previous quarter, according to its report titled, ‘Nigerian Capital Importation Q2 2023′.

On year-on-year basis, the country’s capital importation declined by 32.9 per cent compared to the second quarter of 2022.

“In Q2 2023, total capital importation into Nigeria stood at $1,030.21 million, lower than $1,535.35 million recorded in Q2 2022, indicating a decrease of 32.90 per cent.

“When compared to the preceding quarter, capital importation fell by 9.04 per cent from $1,132.65 million in Q1 2023,” the NBS said.

According to the statistics office, Other Investments came in first place, making up 81.28 percent ($837.34 million) of all capital imports during the second quarter of 2023. Portfolio Investment came in second with 10.37% ($106.85 million) and Foreign Direct Investment (FDI) in third with 8.35% ($86.03 million).

The production sector, which accounted for $605.04 million, or 58.73 percent of all capital imported in Q2 2023, according to the bureau, saw the biggest inflow followed by the banking industry with $194.58 million, or 18.89%.

According to the NBS, the United States accounted for $271.92 million, or 26.39 percent, of the capital imported during the reference period. Singapore and South Africa followed, with $177.44 million (17.22 %) and $136.95 million (13.29 %) each.

According to the report, Lagos State continued to be the leading investment destination with $778.06 million, or 75.52% of the total capital in Q2 2023. According to the report, Abuja (FCT) came in second with $194.28 million (18.86 %).

Related Topics:capital Featured Import Nigeria

Click to comment

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

2 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”