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In a recent address in Lagos, President Bola Tinubu acknowledged the presence of poverty and suffering in Nigeria, emphasizing that these challenges are not unique to the country. The statement was made during a visit from a National Assembly delegation, led by Senate President Godswill Akpabio, to celebrate Eid-el Kabir.

President Tinubu highlighted the necessity of addressing banditry and terrorism to ensure farmers can cultivate and transport food efficiently. He pointed out that poor infrastructure, such as damaged roads, exacerbates the food supply problem, with significant losses occurring during transportation.

Reaffirming his dedication to Nigeria, Tinubu stated, "Good economics at a harsh time is the challenge that we must face. No matter how difficult it is, I will not turn my back on Nigeria." He urged citizens to adopt a more productive mindset and move away from rent-seeking behaviors, emphasizing the need to combat smuggling and other forms of economic sabotage.

Tinubu called for a national campaign to change the value system and mindset towards the country, stressing that everyone must contribute to overcoming current challenges.

He also praised the National Assembly's leadership for their support, which has facilitated key developments in his administration. Tinubu expressed pride in the partnership with the National Assembly, highlighting the importance of inclusivity in governance to alleviate the nation's hardships.

Senate President Akpabio, speaking to journalists after the meeting, lauded President Tinubu's leadership during his first year in office. He assured that the National Assembly would work on improving legislation to enhance the ease of doing business in Nigeria.

 

In a recent exchange, former Vice President Atiku Abubakar attributed Nigeria's economic challenges to the "poor policies" of President Bola Tinubu. However, the Presidency responded, accusing Atiku of hypocrisy and failing to propose better policy alternatives. Atiku criticized Tinubu's economic policies, stating that they are causing pain, despair, and a shrinking private sector. He also questioned the effectiveness of Tinubu's budget and characterized his initiatives as uninformed and chaotic.

On the other hand, the Special Adviser to the President on Information & Strategy, Bayo Onanuga, dismissed Atiku's criticism, claiming it reflects a mission as a poor opposition figure. Onanuga defended Tinubu's reforms, including the removal of petrol subsidy and harmonization of exchange rates, emphasizing their long-term benefits. He countered Atiku's claims about a shrinking private sector and multinational companies leaving, stating they are not grounded in facts.

The Presidency highlighted Tinubu's acknowledgment that the reforms would cause immediate pain but insisted they are essential for future prosperity. Onanuga urged Atiku to be honest about the inherited weak economy and commended President Tinubu's focus on solving economic and security challenges through fiscal and tax policy reforms. Despite Atiku's criticism, the Presidency emphasized its commitment to nation-building and economic recovery initiated by President Tinubu.

 

Nigeria's capital importation has seen a significant downturn, with a notable decline to $1.03 billion in the second quarter of 2023, marking a substantial drop from the $1.5 billion recorded in the same period in 2022. This decrease, amounting to 32.90%, was reported by the National Bureau of Statistics (NBS). Additionally, the NBS report highlights a 9.04% decrease compared to the $1.13 billion recorded in the first quarter of 2023.

Capital importation is a term encompassing all foreign investments or monetary inflows into Nigeria's economy, including funds directed towards investments, trade, or business expansion.

The Bureau's data reveals that investment claimed the lion's share, accounting for 81.28% of total capital importation in Q2 2023, equivalent to $837.34 million. Portfolio investment followed with 10.37%, amounting to $106.85 million, and foreign direct investment with 8.35%, totaling $86.03 million.

In terms of sectors, the production sector led the inflow, capturing $605.04 million, which constitutes 58.73% of total capital imported in Q2 2023. The banking sector followed closely with $194.58 million, equivalent to 18.89%, and shares accounted for $68.63 million, or 6.66%.

The NBS data further indicates that the majority of capital importation during the reference period originated from the United States, contributing $271.92 million (26.39%). Singapore and the Republic of South Africa followed with $177.44 million (17.22%) and $136.95 million (13.29%) respectively.

Lagos State retained its position as the top destination for capital importation in Q2 2023, attracting investments totaling $778.06 million, equivalent to 75.52% of the total capital. Abuja ranked second with $194.28 million, representing 18.86% of the capital inflow.

The report also highlighted the financial institutions that played a significant role in capital importation. First Bank of Nigeria Limited emerged as the leading recipient, with capital inflow of $323.13 million (18.23%). It was followed by Citibank Nigeria Limited, which received $187.77 million (12.23%), and Rand Merchant Bank with $126.03 million (6.47%).