Tag: FDI

’32 Nigerian States record zero foreign investments in 2024′ – NBS

Aminu Imam
NBS on FDI

A whopping 32 States out of 37 states in Nigeria attracted zero capital importation (foreign investments) in the first 9 months of 2024, up from 27 States in the whole of 2023. This is a according to the latest Capital Importation data from the National Bureau of Statistics (NBS) for the third quarter of 2024. According to the data, Nigeria attracted $1.2 billion in the third quarter of 2024, when compared to $2.6bn and $3.3bn in the second and first quarter of the year respectively. Total capital importation in the…

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ExxonMobil proposes $10bn investment in Nigeria’s Deepwater oil

Aminu Imam
ExxonMobil proposes

U.S. oil supermajor, ExxonMobil, has proposed an investment of $10 billion in Nigeria’s deepwater oil resource development. According to the spokesman and senior special assistant to the Vice-President, Stanley Nkwocha, in a statement issued yesterday, Vice-President, Kashim Shettima “welcomed ExxonMobil’s proposed $10 billion investment in Nigeria’s deep-water oil operations, describing it as a clear testament to the administration’s economic reforms and investment-friendly policies,” said the statement. Recall that Shettima, on Wednesday, held a high-level meeting with ExxonMobil executives on the sidelines of the on-going 79th Session of the United Nations…

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Coca-cola announces $1bn investment in Nigeria

Aminu Imam
Coca cola announces2

…As Tinubu assures on economy President Bola Tinubu has reiterated his administration’s commitment to creating a robust financial system and a business-friendly economy that will attract more foreign direct investments. The President made the commitment yesterday in Abuja, as the Coca-Cola Company announced plans to invest $1 billion in Nigeria over the next five years. The announcement was made at a meeting between the President and the global leadership team of Coca-Cola Company, led by its president and Chief Financial Officer (CEO), John Murphy and the Chairman of Nigerian Bottling…

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FG secures $7bn foreign direct investment to boost oil sector – Edun

Aminu Imam
Minister Edun

Minister of Finance, Wale Edun, has said that Nigeria secured a $7 billion Foreign Direct Investment, (FDI), in order to boost the country’s oil and gas sector. Edun disclosed this during an interview in a television programme at the weekend. “In terms of figures, seven billion dollars is estimated to come in from the oil sector, with another major improvement in the economic environment, the national single-window project, which is an e-community and trade facilitation platform, which will revolutionise what goes on at the ports”, he said. Meanwhile, in the…

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Tinubu welcomes multi-sectoral agreements with Qatar

Aminu Imam

…Set to receive investment team in Abuja President Bola Ahmed Tinubu, and the Emir of the State of Qatar, His Highness, Sheikh Tamim bin-Hamad Al-Thani, yesterday in Doha, witnessed the signing of historic agreements between both nations, opening a gateway for leveraging the potential of mutual cooperation in pivotal sectors of education, enterprise development, investment promotion, youth empowerment, mining, tourism, and sports. Before the signing ceremony at the Qatar Presidential Palace, President Tinubu assured his host of Nigeria’s preparedness to welcome investors into the country, noting the ongoing reforms that…

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Foreign investors hit brakes on Nigeria over volatile naira

Aminu Imam

Foreign investors are holding off on new investments into Nigeria until the its currency, the Naira finds some stability. According to a source familiar with the matter, “Foreign investors that thought the peak of the exchange rate would be N1,550/$ and came in have now picked mark-to-market losses on the currency. “They are touching their stop losses and are reversing their inflows. And we don’t have the liquidity to support that”. A fresh inflow of around $700 million was expected to come but that has now been suspended as investors…

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Shell plans $5bn investment in Nigeria

Aminu Imam

…Tinubu to remove bottlenecks for multi-nationals Shell Petroleum Development Company of Nigeria has announced an upcoming $5bn investment in the Bonga North project, located off Nigeria’s coast, saying it underscores Shell’s commitment to the country’s energy sector.  Shell’s Global Integrated Gas and Upstream Director, Ms. Zoe Yujnovich, on behalf of the Shell Group, affirmed to President Tinubu during an official visit, of the company’s intent to sustain its investment legacy in Nigeria. This includes a particular focus on deepwater and gas sector opportunities, with a pledged investment of $1bn over…

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“Your investments are safe in Nigeria” – Tinubu woos Saudi investors

Aminu Imam

President Bola Tinubu has assured potential investors that their investments are safe in Nigeria. Speaking at the Saudi-Africa Summit in Riyadh, Saudi Arabia, yesterday, President Tinubu, in a statement issued by presidential spokesman, Ajuri Ngelale, said Nigeria is ready for business while assuring investors of some of the world’s highest returns on investment. The President said Nigeria is desirous of enhancing collaboration with the Kingdom of Saudi Arabia on combating terrorist organisations such as Boko Haram, ISWAP, and other violent extremist groups which have been terrorising the Lake Chad and…

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Nigeria tops South Africa in FDI in 2020 – UN Report

Aminu Imam

Nigeria, Africa’s largest economy attracted a total FDI of $2.6 billion in 2020 down from the $3.3 billion it attracted a year earlier, data from the United Nations Trade Association shows. South Africa, a major competitor for FDI inflows in sub-Saharan Africa attracted less, with $2.5 billion the report highlights. Egypt recorded the highest influx of FDI among African countries with a total inflow of $5.5 billion representing a whopping 38% drop; despite this drop however, the country remains the top investment destination in Africa. According to the UN report,…

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