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In 6 Months Foreign Investors Withdraw N116.72bn
The Nigerian Exchange Limited has said that foreign investors in the equities market withdrew a total of $116.72billion from January to June 2021. According to the NGX Domestic & Foreign Portfolio Investment Report for June 2021, foreign investors invested a total of N105.24billion in the market. This represents a year-on-year drop by 57.44 percent from…
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Cement: Dangote, BUA, Lafarge Post 62% Profit Increase
In the first half of this year, three of the largest cement manufacturers in Nigeria saw their combined profit before tax jump by 61.90 percent. This is according to an analysis of their unaudited financial statements. Dangote Cement Plc, BUA Cement Plc and Lafarge Africa Plc posted a total pre-tax profit of N237.60billion in H1…
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Nigeria Suffers N1.4tn Shortfall In Five Months
An analysis of the Medium Term expenditure framework and Fiscal Strategy paper for 2022-2024 has shown that between January and May 2021, the Federal Government recorded a revenue shortfall of N1.4trillion. The report obtained from the Budget Office of the Federation said the Federal Government’s projected revenue for the 2021 fiscal year is N7.9tn, of…
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In Two Weeks, External Reserves Gain $280m
Nigeria’s external reserves have risen to a growth path with a gain of $280 million in two weeks. This is according to the latest figures from the Central Bank of Nigeria. Figures obtained revealed that the reserves rose to $33.38 billion on July 29 from $33.1 billion on July 14. Recall that the reserves had…
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States’ IGRs Shrink By 22% In Two Years
The aggregate internally generated revenue of the 36 states in the country and the Federal Capital Territory Administration fell by 37 billion in two years. This is according to data obtained from the National Bureau of Statistics. As of the end of 2018, states’ IGR stood at N1.68 trillion, while by the end of 2020,…
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Capital Importation Falls To $875.62m In Q2
The National Bureau of Statistics has said that the total value of capital importation into Nigeria declined to $875.62 million in the second quarter of 2021 from $1.91 billion in the first quarter of 2021. It disclosed this in its report titled, ‘Nigerian capital importation (Q1 & Q2 2021)’. The bureau stated that this represented…
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Naira Falls to N525/$1 As CBN Stops Forex Sale to BDCs
Nigeria’s naira has dropped to N525 to a dollar at the parallel market as the Central Bank of Nigeria (CBN) discontinued the sale of foreign exchange (FX) to Bureaux De Change (BDCs) operators in the country. The local currency, which opened today’s trading at N505/$1, lost N20 or 3.9 percent, according to data on abokiFX.com. At…
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25,645 Workers Move N102.59bn To Other Operators
No fewer than 25,645 workers have transferred N102.59billion in their Retirement Savings Accounts to other Pension Fund Administrators. This move is coming after a displeasure with their Pension Fund Administrators operations. The National Pension Commission disclosed this in a presentation titled ‘Understanding the RSA transfer process’. According to the presentation, 2,799, 12,681 and 10,165 workers…
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Nigeria’s Revenue To GDP Ratio Lowest In The World
The World Bank says Nigeria’s revenue to gross domestic product ratio is the lowest in the world. The bank’s country director for Nigeria, Shubham Chaudhuri, said this during a panel session at a virtual public sector seminar organised by the Lagos Business School (LBS) themed ‘Nigeria in Challenging Times; Imperatives for a Cohesive National Development…
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Foreign Investors’ Interest In Nigeria Plunges by 80%
The Nigerian Investment Promotion Commission has said that the investment announcements in Nigeria fell to $1.69 billion in the second quarter of this year. This is a fall from $8.41 billion in Q1 indicating a decline of about 80 percent. The report said the total value of investment interests in the first half of this…