Benin Residents Block Road Due to Ikpoba River Flooding
In Benin City, concerned residents have taken to the streets, blocking key roads in protest of the overflow of the Ikpoba River. This flooding has disrupted daily life, prompting frustration and outcry from the affected communities.
Capital Inflows into Nigeria Drop by 22% in Q2 2024 – NBS
Nigeria experienced a 22.85% drop in capital importation during the second quarter of 2024, as reported by the National Bureau of Statistics (NBS). Capital inflows fell from $3.37 billion in the first quarter to $2.60 billion in the second.
However, when compared to the same period in 2023, capital imports rose significantly, showing a 152.8% increase from $1.03 billion. The report highlights that portfolio investments led the way, contributing $1.40 billion, or 53.93% of total inflows, followed by other investments at $1.169 billion, or 44.92%.
The majority of these other investments came in the form of loans, totaling $1.15 billion, while smaller amounts were recorded in other categories. Meanwhile, portfolio investments were primarily directed at money market instruments, which accounted for 76.6% of the total, with $1.07 billion. Foreign capital in bonds amounted to $177.79 million, reflecting a 12.6% contribution.
A decline was observed in bonds and money market instruments, with foreign capital inflows into bonds dropping by 57.75%, and into money market instruments by 32.92%, compared to the previous quarter.
Foreign Direct Investment (FDI) remained minimal, contributing just $29.83 million, or 1.15%, continuing a downward trend as the monetary policy rate (MPR) impacts real sector activities.
Sector-wise, the banking sector was the largest recipient of capital inflows in Q2 2024, receiving $1.12 billion (43.15% of total imports), followed by the production/manufacturing sector with $624.71 million and the trading sector with $569.22 million.
The majority of capital came from the United Kingdom, which accounted for $1.12 billion (43.01% of total inflows), followed by the Netherlands with $577.82 million and South Africa with $255.98 million.