This week, we picked interest in the Q2’2020 (April – June) Capital Importation data released by the National Bureau of Statistics (NBS) in order to analyse the performance of foreign investment inflows in the said quarter.
This became pertinent following a record -6.10% contraction of Nigeria’s GDP in Q2’2020.
The Capital Importation data is a quarterly statistic, used to show the size (in U.S. dollar terms) of foreign investment inflows into long term Direct Investment (FDI), Portfolio Investment (FPI), and Other financial market investment vehicles in a country.
According to the data released, Nigeria in Q2’2020 recorded a total foreign investment inflow of $1.29 billion, representing a 77.88%q/q and 78.60%y/y contraction compared to the previous quarter [$5.84bn] and the corresponding period of 2019 [$6.05bn] respectively.
Besides, the Q2 Capital Importation figure also represents the lowest foreign investment inflows into Nigeria since Q1’2017 when total foreign investment inflows settled at $908.27 million.
HEADLINES YOU MIGHT HAVE MISSED FROM BRAND SPUR
CredoLab, a leading developer of bank-grade digital credit scorecards based on smartphone metadata which launched in Nigeria, Kenya, and South Africa, last year, has secured USD 7 million in its Series-A round funding led by GBG, the global specialist in identity data intelligence.
A new study from Juniper Research has found that the number of cars with embedded connectivity will reach 200 million globally by 2025; rising from 110 million in 2020. One of the main beneficiaries of this growth will be mobile
The leading brand-building and marketing communication company, Nitro 121 (formerly known as 141 Worldwide), turns fifteen on the 1st of September 2020 and promises to continue to deliver bespoke marketing communications services to clients and other partners.
Aerospace and defence sector heavily impacted by COVID-19 pandemic, brands could lose up to 20% of brand value, equating to a US$22.8 billion loss cumulatively
Ikeja Electric Plc (IE), Nigeria’s largest Electricity Distribution Company, is celebrating the first year anniversary of its Willing Buyer, Willing Seller initiative dubbed Bilateral Power by customers. The company’s Bilateral Power service promises customers a minimum of 20 hours of power supply and improved service in exchange for cost-reflective tariffs.
British Apparel Company BLK Sport and The Nigeria Rugby Football Federation (NRFF) have signed an exclusive long-term kit sponsorship/partnership deal aligning with the Company’s global strategy.
Apple reportedly bought VR startup Spaces, the tech giant’s eighth disclosed acquisition of the year. We discuss Apple’s moves in the VR space — including a patent for reducing motion sickness while working virtually in a vehicle.
IITA renovated and equipped the diagnostic laboratory of the National Agricultural Seed Council (NASC) at their headquarter in Sheda, Abuja, with equipment worth $100,000 for seed quality control and Seed Tracker e-certification system. A PCR for DNA amplification and other laboratory equipment will allow technicians of the seed regulatory agency to conduct diagnostics and seed quality testing in line with the amended existing standards for seed yam.
In line with its continuous commitment to youth development in Nigeria, MTN Foundation, the CSR arm of Nigeria’s leading ICT company, MTN Nigeria, has engaged leading minds in the Nigerian entertainment and media industry for this year’s edition of MTN’s Business of the Art Series.