News
NBS Pegs 1Q2015 Investment Inflow Declines at $2.67Bn
The National Bureau of Statistics (NBS) has pegged the capital importation for the first quarter of 2015 at $1.232bn.
The report released on Monday showed stating that investment inflow into the economy declined by 31.58 per cent or $1.232bn from $3.90bn as of the end of the fourth quarter of 2014 to $2.67bn.
The bureau, in the report, made available to our correspondent, said the first quarter investment inflow into the country was the lowest value observed over the last two years of review.
It said high levels of uncertainty in the quarter due to a postponed election and depressed oil price resulted in year declines in inflows of $1.23bn.
It said, “Capital importation totaled $2.67bn in Nigeria in the opening quarter of 2015, giving the lowest value observed over the last two years of review.
“High levels of uncertainty in the quarter due to a postponed election and depressed oil price resulted in year on year declines in inflows of $1.23bn or 31.58 per cent.”
The NBS report stated that portfolio investment remained the largest of all investment types, totaling $1.86bn in Q1 of 2015.
Despite declining by $142.56m or 7.11 per cent from the fourth quarter 2014, the report said this was the smallest of the three investment type declines.
It said the drop in portfolio investment inflows was primarily driven by declines in equity capital, which were lower by $1.12bn or 49.59 per cent year on year, and by $402.69m or 26.11 per cent relative to Q4 of 2014.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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