Oil industry attracted zero foreign capital investment, despite Tinubu’s junkets
By Jeph Ajobaju, Chief Copy Editor
Despite presidential junkets, propaganda, and hype, the oil industry attracted zero foreign capital investment in the first quarter of 2024 (Q1 2024), according to the latest release by the National Bureau of Statistics (NBS) on Nigeria’s Capital Importation data.
Bola Tinubu has only recently slowed down on foreign travels he embarked on after his inauguration as President on 29 May 2023.
He gallivanted to multiple countries at huge cost, claiming to seek foreign investors into a country from where foreign firms are exiting, and indigenous ones are stifled, all caused by unstable power supply, volatile exchange rate, and other impediments.
Capital import to other sectors rose 210 per cent to $3.37 billion in Q1 2024 from $1.13 billion in Q1 2023.
Banks received the highest capital importation in Q1 2024.
However, Africa’s largest producer of oil, the main source of Nigeria’s revenue, did not attract into the sector, foreign direct investment (FDI) and portfolio investment – financial assets such as stocks, bonds, and securities.
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