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Capital Importation Rises By 26%, Hits $2.19bn In Q4 -DMO …Says Govt Borrowings Not Bad

Published

4 years ago

March 25, 2022

The value of capital importation into Nigeria increased by 26.35per cent to hit $2.19billion in the fourth quarter of 2021, according to new data from the National Bureau of Statistics (NBS).
In its ‘Nigerian Capital Importation’ report released, yesterday, the NBS disclosed that capital importation increased from $1.73billion in the third quarter of 2021 to $2.19billion in Q4, 2021.
It said, “The total value of capital importation into Nigeria in the fourth quarter of 2021 stood at $2.19billion from $1.73billion in the preceding quarter showing an increase of 26.35per cent.
“When compared to the corresponding quarter of 2020, capital importation increased by 109.28per cent from $1.05billion. The largest amount of capital importation by type was received through other investment, which accounted for 54.24per cent ($1.19billion).
“This was followed by Portfolio Investment with 29.39per cent ($642.87million) and Foreign Direct Investment amounted to 16.38per cent ($358.23million) of total capital imported in Q4 2021.”
The NBS added that the tanning sector attracted the highest inflow with $645.59million, 29.51per cent of total inflow.
Lagos attracted the most investment, with 90.66per cent ($1.98billion) of total investment flowing to the state.
It said, “Disaggregated by Sectors, capital importation into tanning had the highest inflow of $645.59million amounting to 29.51per cent of total capital imported in the fourth quarter of 2021.
“This was followed by capital imported into the production sector, valued at $360.06million (16.46per cent) and the electrical sector with $325.55million (14.88per cent). Capital Importation by country of origin reveals that Mauritius ranked top as source of capital imported into Nigeria in Q4 of 2021 with a value of $611.45million, accounting for 27.95per cent.
“This was followed by the United States of America and the Republic of South Africa valued at $321.03million (14.67per cent) and $285.83million (13.07per cent) respectively. By destination of investment, Lagos State remained the top destination in Q4 2021 with $1.98billion accounting for 90.66per cent of total capital investment in Nigeria.
“This was followed by investment into Abuja, valued at $170.55million (7.80per cent). Categorisation of total capital investment by the bank shows that Eco Bank Plc ranked highest in Q4 2021 with $708.58million (32.39per cent). This was followed by Stanbic IBTC Bank with $453.82million (20.74per cent) and Union Bank of Nigeria Plc with 284.60million (13.01per cent).”
Similarly, the Director-General of the Debt Management Office, Patience Oniha, has said borrowings by countries to finance budget deficits and critical infrastructure is not necessarily a bad idea.
The DG disclosed this in an interview with newsmen, yesterday, in Lagos, while speaking during an awareness programme on security issuance organised by the Debt Management Office (DMO).
According to her, government borrowings were done by all countries across the world, mostly to finance critical infrastructure, the multiplier effects of which could not be overemphasised.
Oniha reckoned that successive Nigerian governments have had to recourse to borrowing to fund budget deficits, adding that annual budgets would be affected if funds were not raised to support them.
“The issue of debt has become topical in Nigeria that sometimes it almost looks as if borrowing is an offence or a crime. The first thing we must understand is that countries across the world borrow, be it poor countries, advanced countries, developed countries, emerging markets, they all borrow.
“We usually hear complaints that debt levels are rising in Nigeria. Globally, debt levels are rising – not just in Nigeria,” she remarked, stressing that the advent of COVID-19 had also made borrowing imperative for many countries, regardless of size, population, or economic growth.
“What has happened with COVID-19 is that countries needed to spend more, not only on health needs but on social needs as well, because we need to take care of the people who are losing their jobs. We need to create incentives for the private sector to continue operating in order to avoid a big recession because most countries experienced (recession).
“We did as well, but we came out of it after two quarters. Government spending is one of the tools you can use properly to exit a recession,” she affirmed.
The DMO boss clearly made a case for the Federal Republic of Nigeria with regards to financing budget deficits, financing specific projects and services like railways, roads, airports, et al., opining that infrastructural financing is in “itself an economy”, capable of creating enormous jobs across all sectors in the country.
“We also borrow to finance maturing loan obligations like the Federal Government of Nigeria bonds and Nigeria Treasury Bills,” Oniha said, observing, however, certain statutory norms regulating government’s borrowings at various levels and guarding against fiscal impropriety arising from the process.
“The Fiscal Responsibility Act states that borrowing should be for capital purposes and for human capital development.
“The DMO Act is also clear, especially on external borrowings. No arm of government can borrow on its own. It has to conform with those provisions and pass through the Federal Executive Council and the National Assembly,” the DG spotted.
Recently, some stakeholders in Nigeria have raised a stink over the country’s rising debt profile, with some sending strong notes of an ‘impending storm’, as food prices soar even annoyingly higher to the chagrin of the masses, whilst the nation keeps lumbering to meet its local demand for food, staggered by inadequacies, insecurities and most recently the Russia-Ukraine global crisis, which had led to a surge in food prices in most parts of the world.
The DMO had earlier revealed that the country’s total debt stock as of December, 2021, was pegged at a whopping N39.55trillion, ratiocinated to hit N45trillion 2022, just as the government planned to borrow an additional N6.39trillion to finance the 2022 budget deficit.
Oniha had explained that the overall deficit in the 2022 budget was N6.30trillion, representing 3.46per cent of the country’s Gross Domestic Product.
She observed that the budget deficit was to be financed mainly by borrowings from both domestic and foreign sources including privatisation proceeds.
“About N2.57trillion will come from domestic sources; N2.57trillion from foreign sources; N1.16trillion from multilateral and bilateral loan drawdowns, and N90.7billion from privatisation proceeds,’’ she revealed.

News

Cleric Predicts Breakthrough, Warns of Political and Security Challenges in 2026

Published

1 hour ago

January 12, 2026

The Tide

The Founder and Senior Pastor of Liberty Hour Ministry, Port Harcourt, Apostle Chikadibia John Wodo, has expressed optimism that 2026 will usher in uncommon breakthroughs and good fortune for Nigeria, particularly in the areas of political, economic, and spiritual development, with Rivers State playing a key role.

Apostle Wodo made this declaration in his special New Year message, where he stated that individuals and forces standing as obstacles to the manifestation of God’s will in the new year would face bitter consequences. He cautioned that corrupt political leaders risk backlash from the very people they govern if they fail to change their ways.

The cleric warned against the escalation of political tension in Rivers State and called on residents and religious leaders to intensify prayers for lasting peace. He also urged Governor Siminalayi Fubara to remain resolute in leadership, reminding him to uphold his vows to God by continually seeking divine guidance in decision-making and governance amid evolving challenges.

Assessing the broader national situation, Apostle Wodo called on Nigerian leaders to repent and govern with a heightened sense of responsibility, noting that the cries and supplications of the masses have drawn divine attention. He further warned of alleged plots to disrupt a smooth democratic transition in 2027 and appealed for prayers to avert such an agenda.

According to him, Nigerians are yearning for genuine socio-economic transformation and freedom from political oppression. He challenged the Independent National Electoral Commission (INEC) to redeem its credibility by ensuring free, fair, and credible elections devoid of undue political interference.

The cleric also predicted that insecurity could worsen in the coming year and warned of the possible emergence of a strange ailment, stressing that Nigeria’s political challenges can only be resolved through equity, fairness, and justice, especially in the treatment of minorities, the vulnerable, and the disadvantaged.

Apostle Wodo further claimed that some clerics and General Overseers have compromised their faith and incurred divine displeasure, calling for sincere repentance to restore their relationship with God. He also advised early preparedness to mitigate natural disasters such as fire outbreaks and flooding, particularly in rural communities.

He concluded by urging Nigerians to remain prayerful, vigilant, and united as the nation navigates the opportunities and challenges of 2026.

News

Ado Royal Family Disowns Alleged Installation of Amanyanabo of Okrika

Published

1 hour ago

January 12, 2026

The Tide

The Ado Royal Family of Okrika has firmly disassociated itself from the alleged self-enthronement of Hon. Godknows Tam George as the Amanyanabo of Okrika and Clan Head, describing the action as unlawful, illegitimate, and a threat to the peace of the ancient kingdom.

The family, which described itself as the sole legitimate custodian of the history, traditions, and stool of the Amanyanabo of Okrika, stated that it has not installed any king and has not commenced the formal process for such installation.

This position was contained in a statement jointly signed by Prof. Sotonye Fyneface-Ogan (Ogan Ado Royal House), Alabo Engr. Henry Semenitari Abam (Abam Ado Royal House), and Alabo Prince Oriyeorikabo Fibika (Fibika Ado Royal House). The statement was presented to journalists on Friday at the Nigeria Union of Journalists (NUJ) Press Centre, Moscow Road, Port Harcourt.

According to the statement, the purported action by Hon. Tam George amounts to “a blatant assault on the collective integrity of the Okrika people” and constitutes “a criminal act of impersonation with the potential to destabilize the peace and socio-political fabric of our ancient kingdom.”

The family stressed that Hon. Tam George was never presented as a candidate by the Ado Royal Family and did not undergo any of the mandatory rites, consultations, or confirmations required by Okrika customs.

“The Ado Royal Family has never presented him as a candidate, nor has he undergone any of the prerequisite rites, consultations, or confirmations. His actions are those of a lone interloper, operating in a vacuum of legitimacy,” the statement read.

It further emphasized that the stool of the Amanyanabo of Okrika and Clan Head is a sacred institution rooted in centuries-old traditions and spiritual heritage, not something to be claimed through academic qualifications, political ambition, or personal interest.

Speaking during the briefing, Prof. Sotonye Fyneface-Ogan reiterated that the process of crowning an Amanyanabo is clearly defined and has not yet begun.

“To crown a king, there is a process, and those processes have not taken place,” he said. “We are the chiefs; we are the ones that will be part of the selection. Honestly, we have not started the selection process; we have only begun discussions.”

He explained that during the proper selection process, chiefs supervise nominations from each constituent house, with each house expected to nominate two or three candidates—steps which, he noted, have not been carried out.

“I want to assure the public that none of the Ado family chiefs has given Hon. Tam George any sign of approval,” Prof. Fyneface-Ogan added.

Efforts to obtain the reaction of Hon. Godknows Tam George proved unsuccessful. Repeated attempts through phone calls, text messages, and WhatsApp messages were unsuccessful, as he did not respond as of the time of filing this report.

By: Tonye Orabere

News

PH Traders Laud RSG’s Fire Safety Sensitisation Campaign

Published

2 hours ago

January 12, 2026

The Tide

Traders in Port Harcourt, Rivers State, have commended the Rivers State Government (RSG) for its ongoing fire emergency and safety sensitisation campaign across major markets in the state.

Speaking on behalf of traders at Nowa Market, Borikiri Old Port Harcourt Township, the market chairman, Mr. Innocent Chukwuma, praised Governor Sir Siminalayi Fubara for initiating the awareness programme in designated markets and public places.

Chukwuma described the exercise as timely and impactful, noting that it was the first time the Rivers State Government had carried out such a campaign in Nowa Market. According to him, the sensitisation would educate traders on fire emergencies and the necessary precautions to prevent outbreaks.

He urged traders to strictly apply the safety measures taught during the campaign, both during business hours and after closing their shops.

“I want to thank the Rivers State Governor, Sir Siminalayi Fubara, and the Ministry of Special Duties for coming to our aid, especially during this dry season,” Chukwuma said.

“This is the first time we are seeing government presence in our market in this manner. We lack words to thank our God-sent governor, particularly for providing us with fire extinguishers and other firefighting equipment.

“We will do exactly what we have been taught today to ensure there is no fire incident in our market. We will always switch off all electrical appliances before closing for the day,” he added.

Similarly, the Chairman of Mile 3 USTRE Modern Market, Mr. Gift Nkesi Benjamin, applauded the state government for the distribution of fire extinguishers and other fire safety equipment.

“We will adhere strictly to the safety guidelines and instructions given to us today to ensure there is no fire outbreak in our market,” Benjamin stated.

“On behalf of Mile 3 USTRE Modern Market, I sincerely thank the Rivers State Government and the Ministry of Special Duties for bringing this important campaign to our market.”

At Rumuwoji Market (popularly known as Mile 1 Market), the Chairman, Chief Hon. Godpower O. Wobo, also expressed gratitude to the state government for the sensitisation exercise. He assured that traders would comply fully with government directives to prevent future fire incidents.

Responding on behalf of Governor Siminalayi Fubara, the Permanent Secretary of the Ministry of Special Duties, Mr. Sokari D. P. George, thanked the traders for their cooperation and warm reception.

He emphasised that safety remains paramount, especially during the dry season, and urged traders to be cautious in their daily activities.

Mr. George disclosed that the theme of the 2025 fire safety campaign is “Controlled Fire Is a Friend, Uncontrolled Fire Is an Enemy.”

He cautioned against refuse and bush burning around buildings and warned traders not to store fuel in unauthorized places such as homes, offices, markets, or public buildings.

“Follow all fire safety guidelines and instructions,” he urged.

The permanent secretary also noted that Governor Fubara prefers a zero-fireworks approach during festive periods to ensure public safety, stressing that the government has invested heavily in markets and expects traders to take responsibility for protecting them.

By: Kiadum Edookor