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Nigeria lost close to $200 billion in investment opportunities under Buhari administration
Nigeria may have lost close to $200 billion, representing more than 92 percent of investment opportunities available to the country between 2017 and 2020.
Details of a report by the Nigerian Investment Promotion Commission (NIPC) on “Investment announcements versus FDI (Foreign Direct Investments) Inflow in Nigeria, 2017 – 2020” revealed that the actual inflows of FDI into Nigeria within the period was about 7.65 percent of the total investment announcements captured by the Commission.
This indicates that most investment announcements and expression of interests to invest did not materialize or translate to actual investment inflow.
The report shows that total investment announcements captured by NIPC during the period amounted to $203.89 billion whereas actual FDI inflow was $15.6 billion, representing 7.65 percent.
Specifically, statistics obtained from NIPC stated that in 2017, only $3.5 billion actual FDI inflow was recorded out of a total investment announcements of $66.35 billion; in 2018 only $6.4 billion FDI materialized out $90.89 billion announced; in 2019, $3.3 billion out of $29.91 billion; and in 2020 only $2.4 billion actual FDI inflow was recorded out of $16.74 billion investment announcements that were captured.
NIPC noted, however, that its report is based only on investment announcements captured by the Commission which may not contain exhaustive information on all investment announcements in Nigeria during the period, adding that it did not independently verify the authenticity of the announcements.
NIPC further reported that in 2017, a total number of 112 projects were announced across 27 States and FCT; in 2018, there were 92 projects across 23 States and FCT; 2019, there were 76 Projects across 17 States, FCT; while in 2020, a total announcements of 63 projects were made across 21 States, FCT and the Niger Delta region.
Further details of the NIPC report revealed that in 2020, the top 10 announcements accounted for $15.59 billion, representing about 93 percent of total announcements.
The details show $6 billion by Indorama Petrochemicals and Fertilizer company from Singapore; $2.6 billion by Bank of China and Sinosure from China; $2 billion by 328 Support Serves GmbH from USA; $1.6 billion by MTN South Africa; and $1.05 billion by Sinoma CBMI of China.
Others are $1 billion by Torridon Investments of UK; $600 million by African Industries Group in Nigeria; $390 million by Savannah Petroleum of UK; $200 million by Stripe from USA; and $150 million by NESBITT Investment Nigeria.
In 2019, the top 10 announcements accounted for $26.29 billion or 88 percent of total. These include $10 billion by Royal Dutch Shell from Netherlands; $5 billion by Aiteo Eastern Exploration and Production Company from Nigeria; $3.15 billion by Sterling Oil and Energy Production Company (SEEPCO) from Nigeria; $2.3 billion by TREDIC Star Core from Canada; and $1.5 billion by OCP Group from Morocco.
Others are $1 billion by Tolaram Group from Singapore; $900 million by Yinson Holdings Bhd from Malaysia; $880 million by CMES-OMS Petroleum Development Company (CPDC) from Nigeria; $860 million by China Harbour Engineering Company (CHEC)/Lagos State; and $700 million by Seplat/NNPC from Nigeria.
The top announcements in 2018 accounted for $79.3 billion, representing 87 percent of total announcements captured by the commission.
The details include $18 billion by Range Developers of UAE; $16 billion by Total from France; $12 billion by Azikel Refinery from Nigeria; $11.7 billion by Green Africa Airways from Nigeria; and $9 billion by Royal Dutch Shell from UK.
Others are $3.6 billion by Petrolex Oil & Gas from Nigeria; $3 billion by CNOOC from China; $2 billion by Vitol/Africa Oil/Delonex Energy from Luxembourg, Canada and Nigeria; $2 billion by General Electric from USA; and $2 billion by Blackoil Energy Refinery from Nigeria/Niger.
The NIPC report revealed that the top 10 announcements in 2017 accounted for $43.1billion, representing about 65 percent of total announcements captured.
The commission did not, however, provide the details of the investors, sector, source and destination.
According to NIPC, the gaps between announcements and actual investments demonstrate investments potentials which were not fully actualized.
The Commission stated: “A more proactive all-of-government approach to investor support, across federal and state governments is required to convert more announcements to actual investments.”
Reacting to the situation, Director General, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Ambassador Ayoola Olukanni, noted that the gap may not be unconnected to the economic recession and COVID-19 pandemic events within the period, aggravated by policy instability.
Olukanni stated: “Numerous studies have established that Foreign Direct Investment is dependent on the market size of the host country, deregulation, level of political stability, investment incentives, openness to international trade, economic policy coherence, exchange rate depreciation, availability of skilled labor, endowment of natural resources and inflation.
“You will agree with me that the four years spanning 2017 and 2020 are characterized by struggle to exit from economic recession, a period of slight recovery, the COVID-19 pandemic, and another period of recession. These circumstances may or may not be responsible for the political and economic reaction that can be witnessed in the uncertainty in the foreign exchange market, increased inflation, increased unemployment, increased political unrest and insecurity and so on.
“What can be established is that Foreign Direct Investment is averse to risk and uncertainty, especially the kind of uncertainty brought about by policy instability and economic policy. An obvious example is the closure of the land borders in 2019, while justifiable through the lens of national security is certain to have a negative impact on Foreign Direct Investment which has a long-term planning horizon.
“In summary, to seek to increase actual FDI is to promote the factors that have been shown, empirically, to positively impact FDI. While the Nigerian economy checks the boxes of most of these factors, economic policy coherence, foreign exchange market stability and insecurity are issues that are currently the bane of FDI inflows.”
Also commenting, an economist and private sector advocate, Dr. Muda Yusuf, who is also the immediate past Director General of Lagos Chamber of Commerce of Industry (LCCI), said the development reflects low level of investors’ confidence occasioned by structural problems of infrastructure and worsening security situation.
His words: “It is investors’ confidence that drives investment, whether domestic or foreign. Investors are generally very cautious and painstaking in taking decisions with respect to Foreign Direct Investment (FDI). This is because FDIs are often long term and invariably more risky, especially in volatile economic and business environments. Uncertainties aggravate investment risk.
“Investors in the real sector space are grappling with structural problems especially around infrastructure. There are also worries around liquidity in the forex market; there are concerns about the accelerated weakening of the currency. There are issues of heightened regulatory and policy risks in many sectors.
“Investors’ confidence has also been adversely affected by the worsening security situation in the country. Meanwhile, the economy is still struggling to recover from the shocks of the COVID-19 pandemic. These are the likely factors impacting investment decisions.
“Our ability to attract FDI will depend on how well we position ourselves. The critical question will be around expected returns on investment. Overall, it is the investment climate quality that will make the difference. We need to ensure an acceleration of necessary reforms to make Nigeria a much better investment destination. We need policy reforms, regulatory reforms and institutional reforms, among others.
“We should accelerate the ongoing foreign exchange reforms; we need to undertake trade policy reforms to liberalize trade in sectors of weak comparative advantage; we need regulatory reforms to make regulations more investment friendly. We need to create new opportunities in the public private partnership (PPP) space, especially in infrastructure. We need to see more privatization of public enterprises.
“It is important as well to quickly fix the ravaging insecurity in the country. All of these are crucial to boost investors’ confidence.”
AGENCY
Sunday
FULANI POLITICIAN - ‘NO YORUBA WILL EVER BE PRESIDENT OF NIGERIA AGAIN’
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CREDITS: NEWSPOST TV
Saturday
Friday
Islamic State (ISWAP) moved $30M annual revenue through Nigeria's financial system under Buhari government - ECOWAS organization
CC™ Breaking News
The Inter-Governmental Action Group against Money Laundering in West Africa, established by the Economic Community of West African States, says Boko Haram splinter group, Islamic State West Africa Province, moved about $30 million generated from trading and taxing communities in the Lake Chad region through the Nigerian financial system annually, under the past Buhari administration.
The group, set up by ECOWAS Authority of Heads of State and Government in 2000, stated that both Boko Haram and ISWAP had continued to mobilize, move and utilize funds through the nation’s formal financial and commercial system.
It noted that the Buhari administration lacked adequate insight into Boko Haram and ISWAP’s international connections and support system, and abuse of the formal financial and commercial sectors.
It said even though the Department of State Services (DSS) had significant ability to identify and investigate the financing activities of terrorist groups, while also also conducting parallel financial and terrorism investigations, there was little evidence of the effectiveness of such efforts, under the Buhari administration.
Thursday
The toxic legacy of the Confederacy and why the monuments remain a painful vestige of its sordid past
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| Caroline Randall Williams |
I have rape-colored skin. My light-brown-blackness is a living testament to the rules, the practices, the causes of the Old South.
If there are those who want to remember the legacy of the Confederacy, if they want monuments, well, then, my body is a monument. My skin is a monument.
Dead Confederates are honored all over this country — with cartoonish private statues, solemn public monuments and even in the names of United States Army bases. It fortifies and heartens me to witness the protests against this practice and the growing clamor from serious, nonpartisan public servants to redress it.
But there are still those — like President Trump and the Senate minority leader, Mitch McConnell — who cannot understand the difference between rewriting and reframing the past. I say it is not a matter of “airbrushing” history, but of adding a new perspective.
I am a black, Southern woman, and of my immediate white male ancestors, all of them were rapists. My very existence is a relic of slavery and Jim Crow.
According to the rule of hypodescent (the social and legal practice of assigning a genetically mixed-race person to the race with less social power) I am the daughter of two black people, the granddaughter of four black people, the great-granddaughter of eight black people. Go back one more generation and it gets less straightforward, and more sinister. As far as family history has always told, and as modern DNA testing has allowed me to confirm, I am the descendant of black women who were domestic servants and white men who raped their help.
It is an extraordinary truth of my life that I am biologically more than half white, and yet I have no white people in my genealogy in living memory. No. Voluntary. Whiteness. I am more than half white, and none of it was consensual. White Southern men — my ancestors — took what they wanted from women they did not love, over whom they had extraordinary power, and then failed to claim their children.
What is a monument but a standing memory? An artifact to make tangible the truth of the past. My body and blood are a tangible truth of the South and its past. The black people I come from were owned by the white people I come from. The white people I come from fought and died for their Lost Cause. And I ask you now, who dares to tell me to celebrate them? Who dares to ask me to accept their mounted pedestals?
You cannot dismiss me as someone who doesn’t understand. You cannot say it wasn’t my family members who fought and died. My blackness does not put me on the other side of anything. It puts me squarely at the heart of the debate. I don’t just come from the South. I come from Confederates. I’ve got rebel-gray blue blood coursing my veins. My great-grandfather Will was raised with the knowledge that Edmund Pettus was his father. Pettus, the storied Confederate general, the grand dragon of the Ku Klux Klan, the man for whom Selma’s Bloody Sunday Bridge is named. So I am not an outsider who makes these demands. I am a great-great-granddaughter.
And here I’m called to say that there is much about the South that is precious to me. I do my best teaching and writing here. There is, however, a peculiar model of Southern pride that must now, at long last, be reckoned with.
This is not an ignorant pride but a defiant one. It is a pride that says, “Our history is rich, our causes are justified, our ancestors lie beyond reproach.” It is a pining for greatness, if you will, a wish again for a certain kind of American memory. A monument-worthy memory.
But here’s the thing: Our ancestors don’t deserve your unconditional pride. Yes, I am proud of every one of my black ancestors who survived slavery. They earned that pride, by any decent person’s reckoning. But I am not proud of the white ancestors whom I know, by virtue of my very existence, to be bad actors.
Among the apologists for the Southern cause and for its monuments, there are those who dismiss the hardships of the past. They imagine a world of benevolent masters, and speak with misty eyes of gentility and honor and the land. They deny plantation rape, or explain it away, or question the degree of frequency with which it occurred.
To those people it is my privilege to say, I am proof. I am proof that whatever else the South might have been, or might believe itself to be, it was and is a space whose prosperity and sense of romance and nostalgia were built upon the grievous exploitation of black life.
The dream version of the Old South never existed. Any manufactured monument to that time in that place tells half a truth at best. The ideas and ideals it purports to honor are not real. To those who have embraced these delusions: Now is the time to re-examine your position.
Either you have been blind to a truth that my body’s story forces you to see, or you really do mean to honor the oppressors at the expense of the oppressed, and you must at last acknowledge your emotional investment in a legacy of hate.
Either way, I say the monuments of stone and metal, the monuments of cloth and wood, all the man-made monuments, must come down. I defy any sentimental Southerner to defend our ancestors to me. I am quite literally made of the reasons to strip them of their laurels.
Caroline Randall Williams(@caroranwill) is the author of “Lucy Negro, Redux” and “Soul Food Love,” and a writer in residence at Vanderbilt University. Ms. Williams' oped piece was originally published in the New York Times.
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