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Nigeria’s Capital Importation Drops By N1.68trn …As Hope Lies On CBN For Remedy

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4 years ago

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Indications are rife that foreign investors may have boycotted Nigerian market following a drop in  capital importation by $4.08 billionn (N1.68 trillion) in one year.
Statistical data from the Nigerian Bureau of Statistics (NBS) have shown that between January and September 2020, total capital importation amounted to $8.55 billion.
The latest capital importation report by the NBS, during the same period in 2021 foreign capital inflows into the country, fell by $4.08 billion (N1.68 trillion)
A breakdown of the 2020 figures shows that in the first quarter of 2020, capital importation into Nigeria stood at $5.85 billion, representing an increase of 53.97 per cent compared to Q4 2019.
During this period, Foreign Portfolio Investment contributed the largest amount to capital inflows, accounting for $4.31 billion or 73.61 per cent of the total capital importation, followed by ‘other investments’, which accounted for $1.33 billion or 22.73 per cent; then the Foreign Direct Investment which accounted for 3.66 per cent or $214.25 million.
In terms of sectors, the banking industry led the chart by contributing $2.99 billion to the total capital importation in Q1 2020.
In the second quarter of 2020, the aggregate capital inflow fell by  $1.29 billion when compared to the preceding quarter
According to the bureau, ‘other investments’ accounted for 43.75 per cent ($639.44 million) of the total capital importation, while the FDI and the FPI contributed $414.79 million and $407.25 million, respectively.
Further analysis showed that in Q1 2021, the total value of capital importation was $1.90bn, which represented a decline of $3.95bn when compared to the same quarter in 2020.
Capital importation, however, declined to $875.62 million in Q2 2021, representing a decrease of $415 million compared to the $1.29 bllion recorded in Q2 2020.
”The largest amount of capital importation by type was received through portfolio investment, which accounted for 62.97 per cent ($551.37 million) of total capital importation, followed by other investments, which accounted for 28.13 per cent ($246.27 million) of total capital imported and the FDI, which accounted for 8.90 per cent ($77.97 million) of total capital imported in Q2 2021.”
In Q3 2021, capital inflows rose by over 97 per cent to $1.73 billion in Q3 2021 (quarter-on-quarter), and by 18.47 per cent (year-on-year).
Portfolio investment, which accounted for $1,217 billion was the major driver of capital inflow in Q3, followed by other investments which accounted for $406.35m while the FDI amounted to $107.81 million.
However, there is hope that the efforts of the Central Bank of Nigeria to meet FX demands and clear arrears would incentivize portfolio investors to return to the Nigerian market.

By: Corlins Walter

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NIMASA Marks 2025 Customer Week, Pledges Service Excellence 

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2 weeks ago

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October 13, 2025

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The Nigerian Maritime Administration and Safety Agency, NIMASA has officially launched its 2025 Customer Service Week celebrations under the inspiring global theme, “Mission: Possible.”
The Agency is leveraging this annual celebration to reaffirm its commitment to transforming customer challenges into opportunities and consistently delivering exceptional service to grow the Nigerian Maritime sector.
In his remarks, the Director General/Chief Executive Officer (CEO) NIMASA, Dr. Dayo Mobereola, noted that effective service delivery remains central to the Agency’s mandate, stressing that excellence must begin internally before extending to external stakeholders.
“Providing service is paramount, both internally and externally. We must remain prepared, committed, and available to solve problems together as a team. Excellence in service delivery defines who we are and what we represent,” . Mobereola stated.
He highlighted teamwork, accountability, and continuous improvement as essential drivers of institutional growth and public confidence.
The Head, SERVICOM Unit, Hajiya Rakiyyah Lammai, appreciated the Director General for his continued support in strengthening customer service structures within NIMASA.
She noted that this year’s theme aptly reflects the dedication and resilience of the Agency’s staff in upholding service quality.
The 2025 Customer Service Week was commemorated across NIMASA offices nationwide with recognition programmes, engagement activities, and customer feedback sessions aimed at promoting a culture of responsiveness and efficiency.
As NIMASA continues to promote safety, security, and sustainability within Nigeria’s maritime domain, the 2025 Customer Service Week reinforces that service excellence remains the cornerstone of effective public service.
By: Nkpemenyie Mcdominic, Lagos
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SEME Customs Foils Smuggling Attempt Of Expired Flour, Seizes N2bn  Contraband 

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2 weeks ago

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October 13, 2025

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The Seme Area Command of the Nigeria Customs Service (NCS) has intercepted five trucks conveying 10,000 bags of expired flour valued at N1.2billion.
The Command Controller, Comptroller Wale Adenuga, who disclosed this during his Maiden Press Briefing, at the Seme Krake border, last Thursday, said the consignment, which originated from Egypt and came through the Benin Republic border, was seized in a joint operation with the National Agency for Food and Drug Administration and Control (NAFDAC).
According to him, the interception was achieved through credible intelligence shared by the Comptroller General of Customs, Adewale Adeniyi and the NAFDAC Director General, Moji Adeyeye.
Displaying the seized goods, Adenuga said the flour, produced in March 2024, had expired in November, 2024, posing serious public health risk.
He said, “If these things find their way into the country, they change the bag, and it goes into the markets… the health risks associated with consuming such expired products could have led to severe infections, food poisoning, and long-term health complications.
“Beyond health implications, such unwholesome goods undermine local industries and erode consumer trust.”
Speaking on the command’s revenue performance and strides in trade facilitation, Adenuga said a total of N1.5billion was generated in the month of September 2025 alone.
The figure, he said represent an exceptional increase of over 182% compared to the N531.4million generated in August 2025, the month before his assumption of duty.
“This outstanding performance
reflects the effectiveness of the Comptroller General’s reform agenda, which emphasizes compliance, transparency, and data-driven monitoring of goods, as well as dedication of officers and men who continue to embody his vision of a modern, efficient and accountable Customs Service,” he said.
Adenuga said the command guided by the Comptroller General of Customs commitment to transparency and modernization has intensified effort to simplify procedures and ensure that legitimate traders enjoy the full benefits of Customs modernization and regional integration along the Lagos–Abidjan corridor.
“Upon assumption of duty, and in line with the CGC’s strategic vision anchored on the policy thrust of Consolidation, Collaboration and Innovation, I declared trade facilitation as the hallmark of our administration. We believe that when trade is facilitated, processes are streamlined, costs are reduced and more revenue is generated, ” he said.
Beyond the expired flour, Adenuga also showcased other contraband goods seized by the command within the month of September.
The items include 1,104 parcels of cannabis sativa, 98 parcels of 120mg Tramadol, with two suspects handed over to the NDLEA, 2,043 bags of foreign parboiled rice, 150 bales of second-hand clothing and 169 bottles of DSP cough syrup with codeine and five used vehicles with a total Duty Paid Value at N1,999billion.
“Under the guidance of the CGC’s zero-tolerance stance on smuggling, Seme Command remains unwavering in its commitment to suppress smuggling and protect national security, public health and economic stability.
“Our position is clear along the Lagos-Abidjan that any economic resource diverted into smuggling will be a colossal waste; it will be better to channel such resources into legitimate business that could empower thousands of Small and Medium Scale Enterprises (SMEs) and create jobs, ” Adenuga said.
The Customs boss also commended the Nigerian Navy, particularly the Forward Operating Base ( FOB) in Badagry for its support in the fight against smuggling, and handing over seized foreign parboiled rice intercepted on the waterways.
“We shall continue to enhance our operational efficiency through technology, stakeholder collaboration and proactive intelligence. Our collective mission is to ensure that the Seme-Krake border remains a gateway of prosperity not criminality.
“Together with our partners and stakeholders, we are building a smarter, safer and more prosperous border corridor in full alignment with the CGC’s modernization blueprint, ” he said.
By: Nkpemenyie Mcdominic, Lagos
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LASG UNVEILS GROUNDBREAKING OMI-EKO PROJECT AT FIVE COWRIES TERMINAL 

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2 weeks ago

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October 13, 2025

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The Lagos State Government, through the Lagos State Waterways Authority (LASWA), will officially launch the Omi Eko Project on Friday, 17th October 2025, at Five Cowries Terminal, Falomo.
The unveiling, to be performed by the Lagos State Governor, Babajide Sanwo-Olu, would feature key speakers and virtual project presentation.
According to a Statement, the event highlights the state’s dedication to advancing sustainable water transportation and smart city solutions.
 The project aims to transform Lagos’s water transit with over 78 electric ferries, digital systems, and enhanced safety features, reducing commute times and promoting eco-friendly travel.
“The Omi Eko Project is poised to revolutionize Lagos’s water transportation landscape by integrating innovative technology, strengthening terminal infrastructure, and championing environmental sustainability..
“With the deployment of over 78 high-capacity electric ferries, digital ticketing systems, intelligent terminals, and safety innovations, the project will significantly reduce commute times and establish a reliable, modern transportation option for millions.”the statement added.
The Five Cowries Terminal, a key transport hub, underscores the integration of land and water mobility in Lagos’s Urban Mobility Plan.e Hotel, GRA, Ikeja, for the maiden summit of JustAlive Communications Limited, publishers of JustNet News to discuss infrastructural development trends in the sector.
By: By: Nkpemenyie Mcdominic, Lagos
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