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Capital Inflow Crashes By 80%, As Foreign Investors Shun Nigerian Market

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4 years ago

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Capital inflow to Nigeria has crashed by 80 per cent in two years, the Central Bank of Nigeria (CBN) reports have indicated.
Specifically, capital inflow to Nigeria fell from $17.1bn in July 2019 to $3.4bn in July 2021.
The apex bank reports showed that Nigeria recorded $17.1bn capital inflow between January and July, 2019.
However, between January and July, 2021, the country recorded only $3.4bn as capital inflow, indicating a fall of 80 per cent.
Furthermore, capital inflow fell from $8.6bn in 2020 to $3.4bn in 2021.
The figures were obtained from the CBN’s monthly economic report.
The CBN attributed the crash to the adverse impact of the COVID-19 pandemic, but economic and financial experts listed rising security challenges, exchange rate fluctuation, and difficulty in repatriation of profit by foreign companies among other factors that may have contributed to the fall.
According to the CBN, $380m, $870m, $660m and $110m were recorded as capital inflows in January, February, March and April, while $290m, $480m and $620m were recorded in May, June and July, 2021 respectively.
This showed a total of $3.4bn in the first seven months of 2021.
While the CBN reports put the total capital inflow between January and July, 2019 at $17.1bn, the cumulate capital inflow between January and July, 2020 was put at $8.6bn.
The CBN report read in part, “A comparative analysis showed that cumulative capital inflow declined significantly by 49.7 per cent to $8.6bn between January and July 2020, compared with $17.1bn within same period in 2019, reflecting the effect of the Covid-19 pandemic during the review period”.
Explaining last year’s declines, the CBN said, “Capital inflow declined by 13.7 per cent, month-on-month, to $0.63bn in July 2020, owing largely to the risk averseness of foreign investors on account of uncertainties associated with the pandemic, oil price shocks, and fragile economic activity.
“Analysis of inflow during the review period showed that at $0.63bn, inflow declined by 13.7 and 66.8 per cent, relative to $0.73bn and $1.9bn in the preceding and the corresponding months, respectively.
“Of this amount in July 2020 FDI at $0.06bn, accounted for 10.3 per cent of total inflow; FPI, $0.31bn (49.7 per cent), and other investments in form of loans (OI), $0.25bn (40.0 per cent).
These were below the $0.12bn and $0.31bn for FDI, and OI, respectively, but above the $0.3bn FPI recorded in the preceding month”.

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Kenyan Runners Dominate Berlin Marathons

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18 hours ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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18 hours ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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18 hours ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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