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…records $255.6bn to be among top fastest growing nations
For the first time in nine years, Nigeria has overtaken South Africa (SA) as the country with the most valued brand in Africa for 2019, a BusinessDay analysis from a report shows. BusinessDay findings from the 2019 Nation Brands report surveyed and published by United Kingdom-based Brand Finance, the world’s leading branded business valuation company… More details through: https://businessday.ng/exclusives/article/nigeria-outperforms-south-africa-to-become-most-valuable-brand-in-africa/
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Business Confidence Index rose by 1.7 index points to 29 index points in November indicating rising optimism in the nation’s macro economy condition. The Central Bank of Nigeria (CBN) disclosed this in its latest Business Expectation Survey report.
The apex bank stated: “At 29.0 index points, the overall confidence index (CI) indicated respondents’ optimism on the overall macro economy in the month of November 2019. The business outlook for December 2019 showed greater confidence on the macro economy, with 59.9 index points… More details through: https://www.vanguardngr.com/2019/11/business-confidence-in-economy-rises-to-29-index-points-cbn/ The total value of capital importation into Nigeria stood at $5.36 billion in the third quarter of 2019, the National Bureau of Statistics (NBS) capital importation report released yesterday has shown.
The figure represents a decrease of -7.78 per cent compared to second quarter 2019 and 87.99 per cent increase compared to the third quarter of 2018. The data was supplied administratively by the Central Bank of Nigeria (CBN) and verified and validated by the NBS. The largest amount of capital importation by type was received through Portfolio investment, which accounted for 55.88 per cent ($2,.99 billion ) of total capital importation, followed by Other Investment, which accounted for 40.39 per cent ($2.16 billion) of total capital, and then Foreign Direct Investment FDI, which accounted for 3.73 per cent ($200.08 million) of total capital imported in third quarter of this year… More details through: https://thenationonlineng.net/economy-attracts-5-36b-in-third-quarter-2019/ The nation’s Gross Domestic Product increased to 2.28 per cent in real terms in the third quarter of this year, the National Bureau of Statistics said on Friday.
The NBS, in its latest quarterly GDP report, said the real GDP growth rate in Q3 indicated an increase of 0.17 percentage points compared to the 2.12 growth rate recorded in Q2 2019. “The growth rate in Q3 2019 represents the second-highest quarterly rate recorded since 2016,” it said… More details through: https://punchng.com/just-in-nigerias-gdp-grows-by-2-28-per-cent-nbs/ The Central Bank of Nigeria Governor, Mr. Godwin Emefiele, on Monday said the improved investor confidence in the Nigerian market resulted to foreign portfolio inflows of over $55 billion between 2017 and 2019.
He also revealed that since the establishment of the Investors’ and Exporters’ (I&E) window, the country has recorded over $50 billion in autonomous inflows through the window alone. He said this while delivering a speech titled: “Nigeria’s Macroeconomic Outlook- What the Canadian Investor Needs to Know,” at the second Nigeria-Canada Investment Summit, in Abuja. https://www.thisdaylive.com/index.php/2019/11/04/nigeria-recorded-55bn-inflows-in-two-years-says-emefiele/ Nigeria has made some progress on the World Bank’s ‘Ease of Doing Business’ ranking for 2020. The Ease of Doing Business is an index published annually by the World Bank. It is an aggregate figure that includes different parameters. These parameters indicate how easy or difficult it is to conduct business in a country.
The Ease of Doing Business compares business regulations in 190 countries across the world. In the latest index from the World Bank, Nigeria is ranked 131 globally, moving up 15 places from its last ranking. Enforcement of contracts entered was a key factor in Nigeria’s ascent on the table. Wide ranging reforms by the federal government was also cited as a significant factor. https://www.pulse.ng/news/local/world-bank-ranking-nigeria-jumps-15-places-on-ease-of-doing-business/k1tlt3f Nigeria has been ranked the third-largest recipient of foreign direct investment in Africa, data from Ernst & Young has shown.
The EY Africa Attractiveness Survey 2019 Report, which was launched in Lagos on Wednesday, showed that FDI inflow into Nigeria stood at $8bn in 2018. Egypt was the largest recipient of FDI in 2018 at $12bn, while Algeria was second largest at $9bn. The data showed that the $8bn invested in Nigeria was in 85 projects, which created 10,000 jobs… More details through: https://punchng.com/nigeria-third-largest-recipient-of-fdi-in-africa/ Nigeria has retained 8th spot for the second consecutive time as having one of the most attractive investment destinations in the African continent, according to the latest report by Rand Merchant bank on “where to invest in Africa 2020”.
The report which delves deeper into the traditional and alternative sectors that are driving African economies to reach ever-higher levels of economic growth analysed 54 African economies according to their investment attractiveness alongside notable advancements in their operating environments… More details through: https://businessday.ng/news/article/nigeria-retains-8th-spot-on-africas-most-attractive-investment-destination/ The first quarter trade statistics have shown that Nigeria’s non-oil imports by sea surpassed exports by over 463 per cent. This is despite government’s efforts in the last four years to diversify the economy from oil (Nigeria’s major revenue source) to non-oil revenue sources. Also, Nigeria’s total merchandise trade by sea declined by N411.4bn in the first quarter against the value obtained in the fourth quarter of 2018…
More details through: https://punchng.com/non-oil-imports-surpass-exports-by-463/ Importation by cargo (perishable and non-perishable products) from Europe, America and other parts of the world through the country’s airports is seeing a significant increase as a result of the relatively relaxed foreign exchange policy, BusinessDay’s findings show…
More details through: https://businessday.ng/exclusives/article/cargo-imports-jump-21-in-first-half-of-2019/ |
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