Cross River Yet To Attract Any Investment In 2017 – National Bureau Of Statistics

In Breaking News, Business, Business & Economy, National News, Politics, Reports

By CrossRiverWatch Admin

No dime has been attracted by Cross River State in the first half of 2017 says a report by the National Bureau of Statistics (NBS).

The NBS in its Quarter 2 report showed that over 30 states did not attract a dime in Capital Importation between April and June which makes it 6 straight months as the Quarter 1 capital importation report also showed Cross River state did not attract a dime in investment between January and March 2017.

This is contrary to statements credited to Cross River Governor, Senator Ben Ayade that the state is witnessing a huge inflow of investments with his aides positing that the numerous Memorandum of Understandings signed by the Governor were yielding results.

A sobriquet was then formed; “MoUs in action.”

The report showed Lagos has attracted 97.07% of the USD1.792.3 billion due to its status in the country as the financial capital as the stock exchange and most of trading is done in the state.

Capital Importation is divided into three types which are Foreign Direct investment (FDI), Portfolio investment and other investment.

A total of USD274.4 million flowed in as FDI which represented 15.3% of the national capital importation.

This represented a 29.8% increase from Quarter 1 which stood at USD222.38 million and a 48.9% increase year-on-year (YoY) from the same quarter in 2016 which was USD184.3 million.

The bulk of the imported capital came in as portfolio investment with USD770.51 million flowing in which represented 43% of the total sum.

This represented 145% increase from the USD323.61 million recorded in quarter 1 and 128.4% increase from USD337.3 million YoY.

Meanwhile, other investments recorded USD747.5 million inflow representing 41.7%, an increase of 95% recorded in quarter 1 inflow of USD383.28 million and 43.6% increase YoY from the USD320.6 million recorded in the second quarter of 2016.

Akwa Ibom state recorded import of USD34.08 million representing 1.92% of the total sum while Abuja recorded USD16.64 million inflow which represented 0.93%.

Oyo state came fourth with USD1.83 million representing 0.1% of the total inflow.

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