Refresh

This website tribuneonlineng.com/foreign-investment-nbss-damning-report-on-states/ is currently offline. Cloudflare's Always Online™ shows a snapshot of this web page from the Internet Archive's Wayback Machine. To check for the live version, click Refresh.

Tribune Online
  • Home
  • News
  • Columns
  • Editorial
  • VIDEOS
  • Entertainment
  • Politics
  • Health
  • Opinions
  • SPORTING TRIBUNE
No Result
View All Result
  • Home
  • News
  • Columns
  • Editorial
  • VIDEOS
  • Entertainment
  • Politics
  • Health
  • Opinions
  • SPORTING TRIBUNE
No Result
View All Result
Tribune Online
No Result
View All Result

Foreign investment: NBS’s damning report on states

by Tribune Online
April 10, 2023
in Editorial
Reading Time: 4 mins read
A A
EFCC’s corruption Shariah Court in Oyo State, DHQ’s 2024 report, Ogun security guards’ burning of The controversy over the Air Force’s Christmas Day The fuel dispensing fraud suspension of Edo LG chairmen, An appeal to the political class The Ebonyi man who killed his wife The death of citizen Jimoh Abduquadri Merry Christmas Of kidnapping and humongous ransom Beyond the Port Harcourt refinery, The situation in Syria, The Ghana polls The errant Kwara teacher The attack on Miss Chidubem Eze These incessant fire The burning of revenue Yet another killing spree Who/what killed citizen forfeited Abuja property Joe Tagoe’s confession, Auditor-General’s report Governor Nwifuru’s arrest of Between EFCC boss Stopping Lakurawa, IMF’s double-faced verdict Chidimma Adetshina’s success Maureen Madu Jega’s curious indictment of lawmakers, The killing of citizen Azumi Abubakar Charcoal as toothpaste The recovery of N10m bribe These child defilement cases Electricity customers’ demand The contested tax reform Equatorial Guinea sex scandal, From dating site to the hereafter Between NNPCL Dangote Refinery The killing of a friend The killing spree Rapist teachers NSA’s allegation Lewis Stevenson’s suicidal stunt, The violence in Rivers Perish the FRSC gun Super Eagles’ ordeal Imo girl burnt for eating food, Nigerians are tired Citizen Usman Mohammed’s Cameroon’s unseen president The undue delay of cargoes Nigeria’s refineries’ The brutalisation of 14-year-old Bandits’ onslaught on hospitals, Nigeria at 64 Nigeria at 64 Only the rulers are happy Where is the promised waiver Tinubu administration, story of Rebecca Cheptegei, Nigeria’s peculiar petrol The North and the lingering Of Governor Ododo Yahaya Bello Maiduguri flood of tears. The Niger road NAFDAC and the miracle The robbery of Ghana returnee ritualist husband in Abia, The new petrol price Between South Africa and Nigeria’s The SIM card registration worsening insecurity, blackout in varsities, Containing Mpox NAHCON’s N90bn embarrassment Justice Kekere-Ekun The seized presidential aircraft The sad story That ‘nothing-will-happen’ defilement case in terror against children, Legislators’ pay, Rene Wakama’s classy moment Ghost police and other ghosts Nigeria’s disastrous Paris World Bank loan to states, Hunger protest Matters arising The smuggling of Nigeria’s fuel to UNICAL student union president and her Pastor Desmond Eke’s wickedness, Dissenting governors and new minimum wage, The Favour Ofili embarrassment FG’s initiative on food That killer suitor in police corporal who evaded transfer, The proposed LG electoral Commission, The Jos school

THIS would appear to be a season of the dearth of cheery news  for  Nigeria. Virtually on all fronts (security, economy, politics, social justice, etc), it is all about news that is unsettling and disturbing. Recently, the National Bureau of Statistics (NBS) released its report on capital importation into the country for the four quarters of 2022 and, as usual, it was bad news. The report stated that the value of foreign capital investments in the country fell by 20.5 percent year-on-year, from $6.7 billion in 2021 to $5.33 billion in 2022. And even more worrisome is the distribution of the quantum of foreign capital inflow that the subnationals were able to attract. For instance, only a quarter (9) of the thirty six states of the federation and the Federal Capital Territory (FCT) attracted any form of foreign capital investments in 2022. The damning implication of this report is that 27 subnationals brought nothing to the table by way of fresh foreign capital inflow during the period under review, being totally ignored by foreign investors. This state of affairs does not bode well for a country that is struggling  at all levels of government with  internally generated revenue and the dearth of foreign exchange. It is an ugly trend that must be promptly addressed.

It should also be noted that one state, Lagos, attracted 68 percent of the value of the country’s total capital importation in 2022. And ironically, while the totality of the country’s foreign capital investments declined between 2021 and 2022, that of Lagos State actually increased from $2.21 billion to $3.6 billion during the same period. Again,  it is worrisome that of the 27 states that were ignored by foreign investors in 2022, eight had also failed to attract any foreign investments in the last four years (2019 -2022). The damning report from the NBS casts a slur on whatever achievements many of the governors have ascribed to themselves. They spent scarce state resources in the name of attracting foreign investors. Indeed, they should be held to account for the humongous resources they expended on fruitless foreign trips under the pretext of shopping for foreign funds. It is saddening that many of the governors would rather globe-trot aimlessly instead of striving to provide a conducive environment for investments which is usually signposted by ease of doing business.

While the Federal Government claims to be working hard to improve the ease of doing business in the country, only few of the  subnationals have done fairly well in that regard. Yet, foreign capital importation is a measure of the value of fresh investments that flowed into a country’s economy over a period of time. And more significantly, its size reflects the level of confidence foreign investors have in a country’s economy.  Since the owners of capital, whether  foreign or local, are rational and seldom invest based on sentiments,  capital tends to flow to places where it is safe and returns are high.  The implication is  that these conditions must be right for capital to go to any destination. Meanwhile, insecurity, multiple taxation and infrastructure deficit are still veritable issues militating against the desire of many foreign investors with huge portfolios and genuine intentions to invest in the country. And this may continue  unless and until governments at all levels become intentional and deliberate about fixing the issues around the ease of doing business and, more significantly, improve the security situation in the country.

Related Posts

FG repatriates 390 stranded Nigerians from Niger Republic

We won’t deviate from Kumuyi’s vision for Anchor University – VC

Marwa seeks NASS support, defends NDLEA’s N67.5bn 2025 budget

The Nigerian Ambassador to Mexico, Mr. Adejare Bello, has this to say about the continued dwindling  attractiveness of Nigeria to foreign investors: “Restoring security in the country is a prerequisite for productive investment. Mexican investors were willing to invest heavily in Nigeria’s economy but for the prevailing security situation in the country. The embassy receives frequent inquiries from investors on possible areas of collaboration between both countries but all these efforts to attract foreign investments are being thwarted by the news of insecurity.” The ambassador’s  comments point in the direction of insecurity as perhaps the most  significant and  veritable issue causing the dwindling attractiveness of Nigeria as an investment destination. The fact that many states, especially in the North where insecurity is pronounced, featured prominently on the list of subnationals that did  not attract any foreign investments in 2022 succinctly reflects the  adversarial impact of insecurity on foreign inflows. Funds do not habitually flow into destinations where peace is lacking.

We urge all the states of the federation to genuinely prioritise and work seriously on enhancing their attractiveness as investment destinations. This they should do by improving the ease of doing business and reining in security challenges in their various  locations.

 

READ ALSO FROM NIGERIAN TRIBUNE 

  • Treason: Obi, Datti’s comments don’t violate Section 37 of criminal code — Falana
  • Obi threatens lawsuit against Peoples Gazette, says leaked audio fake
  • Whitney Adeniran: Lagos govt places Chrisland school on probation
  • Ilorin youths clash, destroy 25 cars over girlfriend in JSS class
  • Super Falcons kick off training in Turkey ahead of international friendlies
  • EDITORIAL: DSS alarm on interim government

 


Get real-time news updates from Tribune Online! Follow us on WhatsApp for breaking news, exclusive stories and interviews, and much more.
Join our WhatsApp Channel now



ShareTweetSendShareShare
Previous Post

8 Core Leadership Traits

Next Post

Customer: Dynamic business asset

Most Read

  • ‘He is losing his mind’: Fans react to Asake’s new facial tattoos
    ‘He is losing his mind’: Fans react to Asake’s new facial tattoos
  • BREAKING: Lagos Assembly Speaker Obasa impeached
    BREAKING: Lagos Assembly Speaker Obasa impeached
  • 5 major changes made to UK work visa in 2024
    5 major changes made to UK work visa in 2024
  • Alaafin of Oyo: Oba Owoade set to commence 21-day traditional rites 
    Alaafin of Oyo: Oba Owoade set to commence 21-day traditional rites 
  • Shake-up in Army as COAS redeploys top officers
    Shake-up in Army as COAS redeploys top officers
  • Ibadan stampede: Court admits Queen Naomi, Oriyomi, Fasasi to bail
    Ibadan stampede: Court admits Queen Naomi, Oriyomi, Fasasi to bail
  • ‘Detty December’: Impose tax of $500 each on returning diasporans, Socialite tells Tinubu
    ‘Detty December’: Impose tax of $500 each on returning diasporans, Socialite tells Tinubu
  • Alaafin: Why I may prosecute Oyo kingmakers — Makinde 
    Alaafin: Why I may prosecute Oyo kingmakers — Makinde 
  • 10 things to know about new Lagos Speaker, Mojisola Meranda
    10 things to know about new Lagos Speaker, Mojisola Meranda
  • Gospel artiste arrested for allegedly beheading girlfriend
    Gospel artiste arrested for allegedly beheading girlfriend

Subscribe to e-Paper

E-Vending, e paper, pdf, e-paper, Tribune

Frontpage Today

EDITORIAL

Editorial
Opinion
Letters
News Extra

BUSINESS

Capital Market
Money Market
Economy

ENTERTAINMENT

Friday Treat
Entertainment
Razzmattaz

REGIONS

South West
Niger Delta
Arewa

RELIGION

Tribune Church
Church News
Muslim Sermon
Eye of Islam
Islamic News
COLUMNS

Anike's Diary
Aplomb
Ask The Doctor
Autoclinic With The Mechanic
Awo's Thought
Borderless
Crucial Moment
Empowered For Life
Festus Adebayo's Flickers
Financewise
Gibbers
Intimacy
Language & Style
Leaders' Forum
Leadership & Management
Lynx Eye
Monday Lines
Mum & Child
Natural Health
Notes from Atlanta with Farooq Kperogi
On The Lord's Day
PENtagon
Political Panorama
Veritatem With Obadiah Mailafia
Voice of Courage
Whatsapp Conversation
You and Eye
Your Life Counts

WOMEN

Xquisite
Xquisite Food
Xquisite Style
Wondrous World of Women

MORE

Business Coach
Education
Event Digest
Crime & Court
Do It Yourself
Ecoscope
Property & Environment
Energy
Maritime
Aviation
Brands & Marketing
Agriculture
Info Tech
Labour
Leadership & Management
Achievers
Arewa Live
Arts & Culture
Arts & Reviews
Campus Beat
Politics
Health News
  • About Us
  • Contact us
  • Disclaimer
  • Privacy
  • Advertise

© 2023 Tribune Online - an online publication of African Newspapers of Nigeria Plc. All rights reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • News
  • Columns
  • Editorial
  • VIDEOS
  • Entertainment
  • Politics
  • Health
  • Opinions
  • SPORTING TRIBUNE

© 2023 Tribune Online - an online publication of African Newspapers of Nigeria Plc. All rights reserved