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Oil Sector Loses 97% Foreign Investment
According to data sourced from the Nigerian Bureau of Statistics, the foreign investment inflows into Nigeria’s oil sector have dropped by 97 percent. NBS said this in its Nigerian Capital Importation Report for the second quarter of 2022 noting that the inflows of foreign investments into the oil and gas industry which stood at $68.6m…
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Equity Investors Gain N4.15trn In Q3’22
In the last nine months, investors in Nigeria’s stock market have gained over N4.15 trillion. This is coming amidst inflationary pressure which stood at 20.52 percent. On monthly performance, the investors lost over N324 billion in the month of September 2022, as a result of sell-off pressure arising from the rising inflation rate, increased Monetary…
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All-commodity Terms of Trade Rises By 0.11%
The National Bureau of Statistics has disclosed that the All commodity Terms of Trade (ToT) rose quarter-on-quarter (QoQ) by 0.11 percent in the second quarter of the year (Q2’22). This shows a positive growth when compared with the -14 percent decline recorded in Q1 ’22. NBS said this in its All-Commodity ToT reports for Q2’22…
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Investigation: Cross River Communities Battle With Water Scarcity In The Midst Of Failed Water Projects (Part 1)
The Ifako Okoyong community, like several others in Cross River State, is littered with water scheme projects but the people are unable to access potable water for years.. Kehinde Ogunyale reports. Mary Ekpang goes through frustration in search of water every day. She treks several kilometers to a local stream for drinking and cooking water.…
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Banks’ Credit To Economy Up By 2.2%
Findings from the Money and Credit data of the Central Bank of Nigeria has shown that commercial banks’ credit to the economy rose by 2.17 percent to N61.2 trillion in August from N59.9 trillion in July, even as currency-in-circulation. This increased by 0.9 percent to N3.24 trillion in August, from N3.21 trillion in July 2022. …
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FG, States, LGs Share N673.137bn For August
The Federation Account Allocation Committee, has said that N673.137 billion was shared among the three tiers of government as federation allocation for August 2022. In a statement issued by the Director Information and Press, Mr Phil Abiamuwe-Mowete, he revealed that the Federal Government received the larger share of N259.641 billion, the states received N222.949 billion,…
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Customers Pay N45.9b As Account Maintenance Fees
Findings from the fees and commission data has shown that customers of leading commercial banks in Nigeria paid N45.9 billion as account maintenance fees in the first half of the year (H1’22). This represents a 26 per cent year-on-year (YoY) rise when compared to N36.29 billion paid in the corresponding period of 2021. The…
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NPA Generates N172.3bn In H1’22
The Nigerian Ports Authority has generated a total revenue of N172.3 billion from its operations in the first half of 2022, H1’22. It also remitted N78.5 billion to the Consolidated Revenue Fund, CRF, of the Federation during the period. These were contained in the half-year 2022 operational reports of the Authority. The Managing Director and…
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Nigeria Spends N6.16tn On Debt Servicing
According to the 2023-2025 Medium Term Expenditure Framework & Fiscal Strategy Paper, debt service gulped N6.16trllion in 16 months. In 2021, the Federal Government spent N4.22trllion on debt service, and further N1.94trllion between January and April 2022. A breakdown shows that domestic debt service cost N2.05trllion, while foreign debt service gulped N946.29billion in 2021. There…
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Banks Deposits Rise By 24%
The total deposits in the banks rose by 24.17 percent from N33.85 trillion as of the end of June 2021 to N42.03 trillion in the corresponding period of 2022. This was disclosed by the Deputy Governor, Financial Systems Stability Directorate, Aishah Ahmad, at the last MPC meeting. According to Ahmad, “Key industry aggregates also continued…