Nigeria's Capital Investment Reduce To $5.62Billion In 2022

-

 


The Capital Investment in Nigeria reduced sharply by over 20 percent to $ 5.32 billion in 2022 from $ 6.70 billion recorded in 2021.

The National Bureau of Statistics Report shows that the total capital Importation in the first quarter was $ 1.57 billion, which reduce to $ 1.53 billion in the second quarter.

The value reduces by 24 percent to $ 1.159 billion in the third and by 8.53 percent t 1.06 billion in the fourth quarter.

The loan represented the highest form of capital during the period at $ 2.311 billion.

Foreign direct investment for the year was valued at $468 million, this comprised equity and other capital at $ 462.91 million and $ 5.16 million.

Another investment was valued at $2.418 billion in 2022, which comprised of the total credit ($ 3.01 million), loan($ 2.311 billion), and currency deposit$(9.32 million).

According to Ishaya Isa, Abuja, a based economic analyst declined the record in capital investment, and the current level of foreign investment should be a concern to the government, as it may have grave implications for the overall economy.

Ishaya stressed the need for policies and programs that can boost investors' trust and confidence.

"There has been some level of uncertainty in Nigeria's economy, and that must be addressed if we must record growth in investment."

"The declined investment can be attributed to the diverse issues bedeviling the Nigerian economy."

Comments

Post a Comment

Popular posts from this blog

Mutual Benefits Assurance Plc Gets New Directors

-
Image
  Mutual Benefits Assurance Plc has announced the appointment of four new members to its board of directors. According to a statement by the firm, the new members of the board are Lateef Bakare and Wunmi Eniola-Jegede, who joined as independent non-executive directors, and Messrs. Joseph Oladokun and Adebiyi Ashiru-Mobolaji, who were appointed as executive directors. The underwriting firm revealed that Bakare is a chartered accountant with over 45 years of post-qualification experience. He retired in 1991 as the Quality Assurance Partner at Deloitte. It gurther disclosed that Eniola-Jegede is currently the executive director, business development, strategic planning & human resources at SIFAX Group. According to the statement,  Eniola-Jegede's competencies include business development, strategic planning, project management, business strategy, and organisational development. Prior to Oladokun's appointment, he was the general manager technical of Mutual Benefits Assurance.
Read more

Union Bank Grows Gross Earnings By 19 Per Cent

-
Image
For the 2022 financial period, Union Bank of Nigeria Plc has disclosed that its gross earnings rose up 19 per cent to N208.2 billion from N175.0 billion in the corresponding period of 2021. The bank made this known in its Group audited financial statements for the year ended December 31, 2022, adding that the growth was driven by strong growth in net interest income. The Group’s net interest income increased by 33 per cent to N59.1billion in 2022 from N44.3 billion in 2021, driven by growth in earning assets, while net operating income after impairments went up by 10 per cent to N110 billion from N99.7 billion in 2021, and profit before tax rose by 47 per cent to N30.2billion in 2022 from N20.5 billion in 2021 respectively. Commenting on the results, the Managing Director/Chief Executive Officer, Mudassir Amray, said, “Despite the macroeconomic headwinds of 2022, we recorded strong performance across key financial and operational indicators. “We were focused on our strategy of deepenin
Read more

Kwara Government Adopts Tech Innovation To Boost Businesses

-
Image
As a way of boosting businesses and supporting youths in the country, the Kwara Government has adopted use of technology and innovation.  Temi Kolawole, the Managing Director, Ilorin Innovation Hub, revealed this in Ilorin on Thursday at the Ecosystem Engagement on the adoption of the Nigeria Startup Act (NSA) in the state. According to Kolawole, the plan is to move more people from the informal sector to formal sector via tecchnolgy to run their businesses. “We have a very well structured business environment in Kwara. With the introduction of Startup Act, there is hope for Kwara youths. “We wanted to bring in innovation and technology to ease of doing businesses and make life better for Kwara citizens,” he said. He further explained that there are over 100,000 self employed youths across the state who can be upgraded. He said it would take six months to implement the Startup Act and capture young businessmen in the state. “Through capacity building and training, we will surely get th
Read more