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Financial markets worst hit in N1trn investment decline in nine months 

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Investment inflow into the economy fell sharply to $2.85billion end of September 2018 from $6.3bn in March.

The equities market was worst hit as investment in shares declined by $2.12bn to $1.67bn in the third quarter from $3.79bn in the first quarter.

An analysis of capital importation report by the National Bureau of Statistics (NBS) shows that 13 other sectors of the economy also recorded varying degrees of decline cumulatively totalling about $3.45bn, equivalent to N1.05trillion.

The banking sector recorded a decline of $891m, from $1.18bn in March to $289.4m end of September, the second most affected sector behind the equities market.

Investment in the agriculture sector recorded a decline from $130.9m in the first quarter to $23.3m, brewing from $1m to N0.3m, electrical from $18.66m to $5.67m, and financing from $485.41m to $371.6m.

Others are marketing from $4.27m to $3.43m, oil and gas from $85.62m to $7.73m, servicing from $328.15m to $205.91m, telecoms from $87.25m to $11.42m and trading from $27.33m to $10.29m.

However, Executive Secretary of the Nigerian Investment Promotion Commission,  YewandeSadiku, had said that there were investment commitments of about $17.88bn waiting to drop into some of the states of the federation including Lagos, Ogun, Niger, Gonna and Nano.

According to her, the investments are secured in 32 projects spread across states of the federation.

The NIPC boss gave some of the states that had received huge investment commitments as Lagos with $3bn; Ogun, $1.04bn;  Niger, $754.7m; Gombe, $315m; and Kano,  $174.6m.

The NIPC boss said that the oil and gas sector, with a total investment commitment of $12.9bn, got the highest interest from investors.

The $12.9bn is about 72 per cent of the total investment commitments. This is followed by the services sector with $4.5bn representing 25.3 per cent, manufacturing with $440m or 2.5 per cent and agriculture with $10m.

The post Financial markets worst hit in N1trn investment decline in nine months  appeared first on Tribune Online.

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