- The NBS has released its Q3 and Q4 2015 report on capital importation in Nigeria. The report showed that the total value of capital imported into Nigeria in the third quarter of 2015 was $2.74 billion, up 3.07% from the preceding quarter. This was followed by a total of $1.55 billion in the fourth quarter, a decline of 43.34% from levels recorded in the previous quarter. Total capital importation into Nigeria stood at $9.64 billion representing 53.53% drop compared to the $20.75 billion received in 2014. The report also showed that each consecutive quarter of 2015 saw a larger annual fall than the previous.
- The continued depletion of Nigeria’s external reserves may force Nigeria to sell its assets to foreign investors to shore up reserves. Data released by the CBN showed that external reserves fell to $28.1 billion on January 28, the lowest level since 2005. On December 31, 2015, the reserves closed at $29.070 billion, reflecting a decline of 15.79 per cent year-on-year (YoY) from $34.52 billion a year ago. During the first 11 days of this year, the foreign reserves fell by $288 million, and stood at $28.782 billion on January 11.
- China’s Exim bank has agreed to finance Nigeria’s railway projects linking Lagos to Kano and Lagos to Calabar. The Vice President, Yemi Osinbajo, told the Lagos Chamber of Commerce and Industry that Nigeria planned to raise a $25 billion Infrastructural Fund from the global community and establish long term bankable projects is gaining traction. According to Osinbajo, there was considerable interest from some sovereign wealth funds and other nations in some of Nigeria’s infrastructure projects.