Economy
THE Nigeria Employers’ Consultative Association (NECA) says Foreign Direct Investment (FDI) and Capital Importation will remain low till the third quarter of 2021.
Its Director-General, Dr Timothy Olawale, made this known in a statement in Lagos, quoting the latest capital importation report released by the National Bureau of Statistics.
Olawale said Nigeria only received the sum of 9.68 billion dollars from capital inflows in 2020, as against 23.99 billion dollars received in 2019.
He said in the report, the inflow of 9.68 billion dollars represents 59.6 per cent decline when compared to 23.99 billion dollars recorded in 2019 and 42.4 per cent reduction compared to 16.81 billion dollars recorded in 2018.
“This low rate of FDI and Capital Importation is likely to continue till Q3:2021, ” the NECA director-general said.
Olawale said some of the factors responsible for low rate included, poor investment climate characterised by overly stringent government policies, bureaucratic bottlenecks for securing permits and a weak legal framework.
Others, according to him, include the prolonged state of insecurity in the country; lack of economic diversification, and the nation’s huge infrastructure deficit.
“Additionally, uncertainty around the COVID-19 pandemic’s evolution and the global investment policy environment will continue to affect FDI inflows globally in 2021.
“For developing countries such as Nigeria, the prospects for this year are a major concern.
“Traditionally, capital importation or FDI will flow to areas or countries where there are guarantees of return on investment.
“Thus, an environment like Nigeria without much guarantees will naturally be a disincentive to investors,” Olawale said. (NAN)
to the President headed by rtd. Col. Sambo Dasuki.
Salam, who said Deji Adeyanju, among others, also worked in the office as media influencers and were duly paid by the office, said to the best of his knowledge, none of the workers in the office was owed any salary.
He said no fewer than 30 people worked under Okupe at the time.
“There were two persons who are special assistants to the president working with Dr Okupe but junior to him in the hierarchy.
“We have Research and Documentation, Media, Public Relations and Admin Units in that office. And under the Media Unit, about five people worked with me,” he said.
The witness admitted that N10 million was paid on a monthly basis from Dasuki’s office to the SSA on Public Affairs’ office for logistics and others.
According to the witness, the money was being paid cash.
He said though he was aware that Okupe was on a monthly salary being paid through the Office of the Secretary to the Government of the Federation, he did not know how much he was paid.
Justice Ojukwu, after the cross examination, fixed March 5, April 26 and April 27 for trial continuation.(NAN)
– Feb. 8, 2021 @ 15:35 GMT
Tags: Capital Importation ‘ll remain low till Q3 2021- NECA FDI
