Dwindling Foreign Direct Investment In Nigeria, By Saad Yushau Shuaib

November 28, 2019

There is anxiety of the dwindling foreign direct investment in Nigeria going by the recent statistics by the Nigeria Bureau of Statistics (NBS).

While a foreign direct investment (FDI) is an investment in the form of a controlling ownership in a business in one country by an entity based in another country but it is distinguished from a foreign portfolio investment by a notion of direct control. For a clarity, a foreign investment is when a company invest in another country while Foreign Direct Investment (FDI) is when a country owns 10 percent or more of a foreign company, making it a wholly or partly foreign-owned.

Over the years, FDI has become the most important source of external resource inflows to developing countries. This investment pattern has also become a significant part of capital formation in these countries. Nigeria is one of the economies with great demand for goods and services and has attracted some FDI over the years.

FDI is assumed to benefit a developing country like Nigeria, not only by supplementing domestic investment but also in transfer of technology, increase in employment, development of human capital, access to management expertise, economic stimulation, skills, technology and other positive externalities.

The recent data released by NBS reveals how the investment inflows into the country have dropped significantly from $5.82bn to $5.36bn in the second quarter of this year. This negative drawback represents about 7.78% in declination.

It is sad to note that Nigeria now attracts less foreign investment than Ghana, a country with less population than Nigeria. By implication, Nigeria’s economy can comfortably be said to be heading south as it is clearly underperforming, despite a lot of resources spent by the government on foreign trips and tours to attract foreign capital investment inflow.

However, in spite of the economic advantages, Nigeria is seemed to attract little or no FDI inflows into the country. Nigeria is blessed with enormous human and natural resources to make FDI comfortable, but foreign investors are not coming in. Some of the reasons attributable to the negative economic trend include corruption, insecurity, multiple taxation, disobedient to the rule of law, and high-risk market for investment.

Concerns have also been raised by the head of investment research at Sigma Pensions Ltd, Mr Wale Okunrinboye, who said “weak FDI inflows suggest the economy’s low growth cycle will continue because there is no other assured path to robust growth without attracting investment.”

Nigeria government can be advised to adapt to Rwanda foreign investment strategy used in 2017. The Rwanda FDI skyrocketed from 800 million dollars in 2007 to 1.675 billion dollars in 2017 when the government provided conducive environment for foreign investors.

According to Rwanda Development Board, three sectors that attracted the most investments were construction and real estate (638 million dollars), followed by mining (267.3 million dollars) and lastly infrastructure (203 million dollars). All this comes to the case of industrial management in the nation.

I strongly believe industrial management is the surest answer to our economic woes. Nigeria must look into other ICT industry and diversification into agriculture and mining rather than relying on crude oil for revenue. These sectors have high potentials to attract significant foreign private investment inflow in the FDI.

Governments can play an important role in promoting and developing its natural resources to encourage more investments in the country. Nigeria needs to juxtapose foreign investment with domestic investment in order to maintain high levels of income and employment generation.

For Nigeria to generate more foreign direct investment, efforts should be made at solving problems of government involvement in business, relatively closed economy, fight corruption, reform weak public institutions and boost global reputation.

Saad Yushau Shuaib wrote in from Wuye District, Abuja

Policeman Commits Suicide In Imo Over Delayed Promotion

Greenbarge Reporters

November 27, 2019

A policeman in Imo State, Paul Joseph, on Wednesday reportedly committed suicide over alleged delayed promotion.

It was said that Joseph, who hailed from Taraba State, was long overdue for promotion to the rank of Inspector but had yet to be promoted by the Police Service Commission.

A source at the bank he was attached to said: “While staff were resuming for work for the day, they heard gunshot at the security house at the gate. Upon enquiry, they discovered that the policeman had killed himself.”

Joseph is said to have been venting his anger over the alleged refusal of the police authorities to promote him to the rank of an Inspector.

When contacted, the spokesperson for the police in Imo, Orlando Ikeokwu, confirmed the incident and said the deceased’s corpse had been deposited at a morgue.

Source: PUNCH.

Abuja Court Declares Bayelsa Senator Wanted, Wants Him Arrested For Contempt

Greenbarge Reporters

November 27, 2019

An Abuja Grade 1 Area Court, sitting in Lugbe, the suburb of the nation’s capital, has declared Senator Lawrence Ewhrudjakpo, representing Bayelsa West Senatorial district, wanted with a bench warrant issued for his arrest for contempt of court.
The court was angered by the Senator’s alleged failure to honour its summon on a suit accusing him of presenting a forged NYSC Exemption Certificate. The suit, filed by Benjamin Youdiowei, a chieftain of All Progressives Congress (APC) in Bayelsa, said that Ewhrudjakpo’s NYSC Exemption Certificate with code No: 139708 dated Feb. 2, 1998 on his nomination form to INEC was fake.
Youdiowei alleged that Ewhrudjakpo is still in possession of the document which he continued to use as part of his credentials. He stated that the defendant committed the offence of cheating, impersonation, forgery which were at variant with sections 363, 368, 366 and 324 of the Penal Code.
At the resumed trial, Seidu Jibrin, Counsel for the plaintiff, told the court that the matter was fixed for hearing but expressed concerns that the defendant had consistently failed to honour the summons.
This was even as Ijere A.O, Counsel to Ewhrudjakpo apologized for the absence of the defendant adding that his client traveled out of the court’s jurisdiction. He prayed the court to grant the defendant one more date to enable him appear.
Jibrin opposed the application of the defendant’s counsel and prayed the court to issue a bench warrant to ensure Sen. Ewhrudjakpo appears under section 352(1), 131 and 134 of the Administration of the Criminal Justice Act 2015.
Jibrin told the court that Ewhrudjakpo was aware of the case, adding that the defendant was duly served with the notice of sitting.
The counsel for the defendant, however, opposed the application of the complainant counsel and for warrant of arrest to be issued.
He prayed to the court to grant his client one more grace in the interest of justice.
Delivering his ruling, the judge, Abubakar Sadiq held that the defendant was aware of the case but chose to stay away.
“In the circumstances, I hereby issue a bench warrant against the defendant.
“I also order that the matter should be referred to the Wuye Police Station for further investigation,’’ he said
Sadiq further ordered the police to report to the court before Dec. 11, 2019.

Inflation Is Caused By Border Closure – Finance Mister; It’s A lie – Information Minister

Greenbarge Reporters

November 27, 2019

Minister of finance, budget and national planning, Hajiya Zainab Shamsuna Ahmed has attributed the slight increase in inflation in the nation’s economy to the closure of Nigeria’s borders with the neighbouring countries, even as her counterpart in the ministry of information and culture, Alhaji Lai Mohammed disagreed.

At a news briefing shortly after the weekly meeting of the Federal Executive Council (FEC), today, November 27, at the Presidential Villa, Abuja, the finance minister said: “the slight increase in this inflation between September and October is due to food inflation. The food inflation we are ascribing to prices of cereals, rice and fish. And part of the reason is the border closure but the border closure is very very short and temporary and the increase is just about two basis point.

“Remember there was a time inflation was nine percent and it grew to about 18 percent in January 2017 when we were in recession.

“The relationship between inflation, interest rates and growth is managed by the monetary authorities and is a management that is tracked on a regular basis.”

But, the information minister quickly chipped in to say: “the issue of border closure and I think it will be quite misleading and will not save the real purpose of our headlines tomorrow is that inflation is as a result of border closure.

“The border closure, frankly speaking, is what we needed to do and we had to do it. We cannot continue to subsidize the rest of West Africa. And the benefits of border closure for me, I think, far surpass the very little increase in inflation. We have been able to save about 30 percent from our fuel consumption which means that over time we have been subsidizing the fuel consumption of other countries.”

Lai Mohammed said that within the last three months, Nigerian government had been able to increase by 15 percent duties collected from and that within the same period, “we have been able to drastically reduce the volumes of arms and ammunition that have been coming into the country through smuggling, ditto with illicit drugs.

“All Nigeria is saying, please let’s respect the protocol on transit. ECOWAS set up a protocol on transit goods which is very simple; if a container meant for Nigeria is dropped in Cotonou, the authorities in Benin Republic should escort the container to customs in Seme border, and that way proper duty will be levied and will be paid.

“But on the contrary, what we have seen happening… and the protocol said, you cannot break the seal, you cannot open the container. But what has been happening over the years is that our neigbours will translate the container, put about five containers on one truck and drive it to the border as if it is only one container that they are going to pay duties on. Worse still, less than even 50 percent of what is meant for Nigeria will come through the approved border.

“So, what we have done and it has maximum effect, is to ask our neigbours to respect the protocol on transit. If they do that, the borders will be opened. But you cannot continue to play the big brother at the expense of national security and at the expense of our national economy.”

Leo Stan Eke Predicts Positive Disruption Of Nigeria Economy By Technology

Greenbarge Reporters

November 27, 2019

Chairman, Zinox Group, Leo Stan Eke, has said that technology will disrupt several spheres of the Nigerian economy in the next 10 years and that no one has the capacity to stop the coming wave of positive technological disruption.

He advised Nigerians to take advantage of this positive digital disruption to add impetus to the brand Nigeria on the global map.

Leo Stan Eke spoke today, November 27 at the 2019 Annual Lecture Series of advisory and corporate commercial entity, Alliance Law Firm. The event, which was held in Lagos, had as its theme – Leveraging Technology to develop and rebrand Nigeria.

He said: “it is now between our competence, our commitment and God to lead other nations of the world. This is a century of quality wealth driven with knowledge and conscience and powered by technology. We have no reason not to scale with over 200 million ambitious people from birth.”

He said that already every sector of the nation’s economy is experiencing the impact of technology, adding: “today, Nigeria is moving closer to e-voting. Also, you will observe that post-election litigations have dropped considerably.

“In fact, we are down by about 41 per cent today. Once we migrate to e-voting fully, anyone who loses an election will have no need to go and contest it in court. This is the power of technology. Technology does not lie. This is why I chose to go into it as a profession.”

The digital expert stressed that rebranding Nigeria must begin with critical investments in the nation’s human capital, adding that Nigeria should borrow a leaf from a country like India which presently accounts for some of the leading brains driving the world’s major tech conglomerates.

Leo Eke advised the Federal and state governments to invest about $10 billion to provide quality digital infrastructure in Nigerian schools at all levels and finance school fees for indigent students nationwide.

President Buhari To Garba Shehu: Thanks For Standing For Me At Crucial Times

Greenbarge Reporters

November 27, 2019

President Muhammadu Buhari has seized the opportunity of the 60^th birthday of his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, to thank him for standing for him at very crucial times.

In a message by the special adviser to the President on media and publicity, Femi Adesina today, November, November 27 when Garba Shehu clocked 60, Buhari was quoted as saying: “I salute you on the milestone. You deserve every good thing that can come your way. You stand in for me at very crucial times, and I congratulate you.”

The President extended felicitations to Garba Shehu’s family, friends and colleagues, adding that his spokesman has been serving as media aide since 2015.

He prayed to God to give Garba Shehu longer life in good health, even as he hoped that he will continue to serve the country to the best of his ability.

Federal University Lafia Expels Student For Allegedly Impregnating Lecturer

Greenbarge Reporters

November 27, 2019

A student of the Federal University of Lafia, Nasarawa State (name withheld), has been expelled from the school for allegedly impregnating his lecturer.

The student, who was studying computer science, was expelled after facing the University’s disciplinary board which found him guilty.

The disciplinary committee said the news of a student impregnating his lecturer is capable of tarnishing the image of the institution, adding that the promiscuous behaviour also watered down the dignity and integrity of the lecturer and negate the codes that regulate the teacher versus student interaction.

But, the expelled student has complained bitterly about the decision of the school authorities, arguing that the decision was too harsh as he didn’t take the action on his own.

In his narration of events, he said the lecturer had convinced him to sleep with her and that he could not turn down the offer that came with harsh penalties from the lecturer. He described the lecturer as beautiful.

Some people who reacted to the entire episode have criticized the decision of the disciplinary team, saying that there is nothing wrong with a consensual love relationship between the two adults.

They criticized the level of self-respect for the lecturers and the codes that regulate the teacher versus student interaction.

I’m Sad Over Death Of 13 French Soldiers Fighting Terrorists In Mali – Buhari

Greenbarge Reporters

November 27, 2019

President Muhammadu Buhari has expressed shock and sadness over the death of 13 French soldiers in Mali after a helicopter accident during an operation against terrorists in the country.

Reacting to the incident, President Buhari said: “I am deeply saddened by the news of this helicopter accident that claimed the lives of 13 French soldiers during an operation against the terrorists in the country.”

The President said that the incident is of significance to Nigeria because France is a major international partner in the war against terrorism.

“We recognise France’s extensive experience in the war on terror and their assistance to African countries, including Nigeria, to tackle terrorism that poses the greatest security threat to the affected countries.

“Terrorism is a global problem that demands international cooperation, and I praise the efforts of the French government in assisting us in confronting this monster.”

Buhari encouraged the French government not to allow this unfortunate incident to dampen its enthusiasm in terms of its active support towards fighting terrorism in Africa.

“On behalf of my government and the people of Nigeria, I extend our heartfelt condolences and prayers to the families of these patriotic soldiers that died in the line of duty. May their souls rest in peace.”

EFCC Arrests Kirikiri Prison Deputy Controllers Over Alleged $1 Million Scam

Editorial staff

November 26, 2019

The Economic and Financial Crimes Commission (EFCC) has arrested the duo of Emmanuel Oluwaniyi and Hemeson Edwin, both Deputy Controllers of the Nigerian Correctional Service (NCS) over alleged one million Dollars

A statement today, November 26 by the anti-graft agency’s Head of Media and Publicity, Wilson Uwujaren, confirmed that both men were apprehended by operatives attached to EFCC Zonal office in Lagos.

They were accused of giving exaggerated medical reports that warranted a convicted internet fraudster, Hope Aroke, who is serving a 24-year jail term, being given a referral to be treated outside the facility.

The first suspect, Oluwaniyi, who is the Controller, Kirikiri Maximum Prison, as well as the second suspect, Edwin, who is in charge of the medical facility, were arrested on Monday.

“The suspects have given useful information to the Commission about their alleged involvement in the crime.

“Aroke, also known as H. Money, had masterminded a mega scam to the tune of over $1m scam. He committed the alleged crime from prison, using a network of accomplices.”

Aroke was one of the two Malaysia-based Nigerian undergraduate fraudsters arrested by the EFCC following a tip-off towards the end of 2012 at the 1004 Housing Estate in Victoria Island, Lagos.

The convict who hails from Okene in Kogi State had claimed to be a student of Computer Science at the Kuala Lumpur Metropolitan University, Malaysia.

However, investigations by the anti-graft agency revealed Aroke as the arrowhead of an intricate web of an internet fraud scheme that traverses two continents.

When Aroke was arrested, a search conducted by EFCC operatives on his apartment led to the recovery of several items such as laptops, iPad, traveling documents, checkbooks, flash drives, and internet modem.

Three exotic cars – a Mercedes Benz SUV, one 4Matic Mercedes Benz car, and a Range Rover Sport SUV – were also recovered in the process.

Justice Lateefa Okunnu of the Lagos State High Court, Ikeja had, thereafter, convicted Aroke on two counts of obtaining money by false pretence, cheque cloning, wire transfer, and forgery.

He was sentenced to 12 years imprisonment on each of the counts.

Source: Channels TV.

Obasanjo Blames Benin Republic For Border Closure By Nigeria

Editorial staff

November 26, 2019

Former Nigeria’s President, Olusegun Obasanjo has blamed Nigeria’s west coast neighbour, Benin Republic for the closure of bordes by Nigerian government even as he advised that country to change its ways for a harmonious bilateral relationship.

Obasanjo, who spoke today, November 26 at a news briefing on the margins of Policy Dialogue of African Business Associations on Implementing the African Continental Free Trade Area (AfCFTA) Agreements in Addis Ababa, said that Benin’s notoriety was not new.

According to foremer leader, Nigeria had for long been enduring the practice which undermined its economic well being.

“It happened when I was President of Nigeria. I called the then Benin President, Nicephore Dieudonne Soglo, to let us meet at any of our border posts over the issue.

“We eventually met at Badagry (in Nigeria), where we agreed that Nigerian Customs would be stationed in Benin.

“They (the Nigerian Customs) are still there. We don’t have issues with goods manufactured in Benin — they are welcome.

“But as long as Benin allow dumping of goods, there will always be a problem with Nigeria,” Obasanjo said.

Obasanjo insisted that the Economic Community of West African States (ECOWAS) was not created to allow one country to turn itself to a dumping ground.

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