Business

‘Nigeria’s Capital Importation Hit $21.3bn In 2013’

Published

12 years ago

May 19, 2014

The National Bureau of
Statistics (NBS) has said that Nigeria’s capital importation stood at 21.3 billion dollar (N3.42 trillion) in 2013.
The figure is higher compared to the 11.2 billion dollar (N1.80 trillion) and 5.7 billion dollar (N917.70 trillion) recorded in 2008 and 2009, respectively.
The data was, however, silent on the import rates for 2010,2011 and 2012, respectively.
The Statistician-General of the Federation, Dr Yemi Kale, said this in a statement issued in Abuja.
The statement explained that the data on capital importation was obtained from the Central Bank of Nigeria (CBN).
“The data is being compiled using information on banking transactions, gathered through Electronic Financial Audit Sub-System (e-FASS) software, which enables automatic reporting of all banking transactions to CBN,” the statement said.
It stated that the financial crisis largely shaped capital importation between 2007 and 2013 period.
“From 11.2 billion dollar in 2008, it dipped to a low of 5.7 billion dollar in 2009.
“Yet Nigeria’s rapid recovery attracted higher levels of investment, allowing capital importation to soar to 21.3 billion dollar in 2013, a record high to date.
“The main driver of this growth has been the shares business, which saw a six-fold increase in capital value between the 2007 and 2013, “ the statement said.
According to the statement, this has been countered by a decline in the banking business sector, which in converse declined to just 115th of its 2007 size.
It noted that in spite of these developments, lower levels of capital importation for both the stock and banking businesses had been observed in the first quarter of 2014, with total importation of 40.8 per cent lower than quarter one of 2013.
“Prior to the global financial crisis, Nigerian capital importation was high and rising; it grew 16.7 per cent from 9.5 billion dollar recorded in 2007 to reach 11.2 billion dollar in 2008.
“The onset of the crisis brought a sharp decline in capital imported to half its value at 5.7 billion dollar in 2009,” the statement quoted him as saying.
It said that some of the greatest declines came from the banking and shares sectors, with annual totals 2.0 billion dollar and 1.8 billion dollar, representing a 43.7 per cent and 53.0 per cent decline, respectively, from the preceding year.
‘The financing and oil and gas sectors also took a large hit, declining by 69.2 per cent and 82.2 per cent, respectively, translating to a decline of over 500 million dollar in each activity from 2008.
“In 2010, the value of capital imported remained depressed, increasing by a marginal 5.1 per cent to 5.9 billion dollar,” it said.
The statement said that a slow recovery began in 2011, as capital importation increased by 31.8 per cent, yet inflows remained 3.3 billion dollar below 2008 levels.
“It was not until 2012 that a transformational upturn took hold in Nigeria, whereby the value of capital imported increased by 110.2 per cent to16.6 billion dollars, 72.6 per cent greater than the pre-crisis level.
“The main driver of this was the shares business, in which an additional 7.6 billion dollar was imported from 2011 levels, a 72.5 per cent rise from the previous year.
“Banking also saw a recovery with a 740.7 million dollars, or 65.3 per cent increase from 2011,” it statement said.
It stated that yet some sectors remained in decline as financing, telecommunications and breweries reported lower levels of importation by 443.3 million dollar, 193.1 million dollar and 71.3 billion dollar from 2011 respectively.

“This may have implied less profitability of the real sector relative to the financial sector, thus reallocating investments away from the real sector.

“Total capital importation inflows continued to increase in 2013, by a further 28.3 per cent to 21.3 billion dollar; the highest value that Nigeria has seen to date,” it said.

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

2 hours ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

2 hours ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

5 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.