Foreign funds invested into the Nigerian economy in the second quarter (Q2) of 2022 have increased to $1.5 billion from the $875 million in the second quarter of 2021, a report by the National Bureau of Statistics (NBS) has revealed.
 
NBS, in the document, states that the largest amount of capital received was through portfolio investment, which accounted for 49.33% ($757.3m). This was followed by Other Investment with 41.09% ($630.9m) and Foreign Direct Investment (FDI) accounted for 9.58% ($147.2m) of total capital imported in Q2 2022.
 
More details at:
https://dailytrust.com/foreign-investments-in-nigeria-rose-to-1-5bn-in-q2-nbs 

A market report by Pierrine Consulting in 2022 disclosed that the residents of Northern Nigeria spend $766 million monthly on personal care products. Additionally, the market value estimations speak to the entire 19 states under the northern market cluster, he said.
 
The report which examined the Northern market opportunities showed that the amount was spent monthly on the top seven personal care products such as toothpaste, beauty soap, perfume, body lotion, sanitary pads, deodorants, and antibacterial soaps.
 
More details at:
https://punchng.com/northern-customers-spend-n322bn-monthly-on-personal-care-report

Nigeria’s diaspora remittances continued its upward trend in the first quarter of the year, Q1’22, rising by 20.3 percent, Year-on-Year, YoY, to $5.16 billion from $4.29 billion in the same period of last year, Q1’21.
 
Data from the Central Bank of Nigeria, CBN, shows that remittances from Nigerians working abroad have been on an upward trend since the third quarter of 2020. On a Quarter-on-Quarter basis, QoQ, remittances rose by 2.6 percent in Q1’22 from $5.03 billion in Q4’21. This represents the seventh consecutive quarterly increase in diaspora remittances.
 
More details at:
https://www.vanguardngr.com/2022/08/nigerias-diaspora-remittances-rise-20-3-to-5-16bn-in-q122

The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo says with the rise in the patronage of different e-commerce platforms, spending is expected to hit $75bn by 2025.
 
On measures put in place to address the issue, the minister explained that “The current e-commerce spending in Nigeria is estimated at about $13 billion per annum, and is projected to rise to about $75 billion in revenues per annum by 2025, which is why the ministry prioritised e-commerce as critical to the promotion of domestic and cross border trade in Nigeria.
 
More details at:
https://dailytrust.com/e-commerce-spending-to-hit-75bn-by-2025-minister  

Fish, poultry eggs, milk, dairy and fish products worth $3.49bn were imported into Nigeria in the last two years, according to data from the International Trade Centre.
 
Within the time under review, fish products worth $2.14bn were imported into the nation, while diary products valued at $1.35bn were brought into the country. According to the Federal Government, there were 10 million primary and secondary fish producers in the nation.
 
More details at:
https://punchng.com/nigeria-imports-3-49bn-fish-eggs-milk-others

Nigerians drink beer worth $1.4 billion in six months running from January to June 2022, according to the first quarter results of four major brewers in the country.
 
The turnover grossed by the four largest brewer in the country grew 31.2%, when compared to the $1.1 billion they generated during the corresponding period in 2021.
 
More details at:
https://www.vanguardngr.com/2022/08/nigerians-drink-beer-worth-n599-11-billion-in-6-months
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The National Bureau of Statistics says Nigeria’s Gross Domestic Product grew by 3.54% in the second quarter of 2022 on a year-on-year basis.

This is contained in a statement issued by the Statistician-General of the Federation and Chief Executive Officer, National Bureau of Statistics, Prince Semiu Adeniran, on the Nigerian Gross Domestic Product Report Q2, 2022 in Abuja on Friday. Semiu said in nominal terms, aggregate GDP stood at $106.5 billion in the second quarter of 2022.
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More details at:
https://punchng.com/gdp-grows-by-3-54-in-q2-2022-nbs/

The 11 electricity Distribution Companies (DisCos) collected $1.8 billion in the First Quarter (Q1) of 2022, according to a statement by the Association of Nigerian Energy Distributors (ANED) yesterday.
 
Its Executive Director, Research and Advocacy, Sunday Oduntan, who issued the statement in Abuja, noted that the high collection was recorded despite various lapses in the industry. He added that the DisCos have installed 129,352 distribution transformers since the power sector privatisation of 2013.
 
More details at:
https://thenationonlineng.net/discos-collect-n777b-revenue-in-q1/

The Minister of Communications and Digital Economy, Dr. Isa Ali Ibrahim Pantami has applauded the consistent growth in ICT contributions to the nation’s Gross Domestic Product (GDP), which hit 17.92% in the last quarter of 2020, and in the first quarter of 2021, and continued on an impressive trajectory.
 
The Minister gave the figures recently, during the opening of the International Telecommunication Union (ITU’s) Foreign, Commonwealth and Development Office (FCDO) roundtable, and technical workshop on Building Capabilities for Sustainable and Inclusive Digital Transformation in Nigeria.
 
More details at:
https://www.thisdaylive.com/index.php/2022/08/25/with-17-92-contribution-to-gdp-ict-has-consistently-enhanced-national-growth-says-pantami/
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Nigeria’s Bank of Industry has signed a deal valued at $100 million with the French Development Agency for the expansion of green finance in Nigeria to tackle climate change.
 
The deal was signed by Managing Director, BoI, Mr Olukayode Pitan and Mr Xavier Muron, Country Director, AfD in Lagos, according to the News Agency of Nigeria. He stated the transaction was approved by AfD under its Transforming Financial Systems for Climate (TFSC) Programme with the Green Climate Fund (GCF).
 
More details at:
https://nairametrics.com/2022/08/24/bank-of-industry-signs-100-million-agreement-with-france-to-combat-climate-change-in-nigeria/