Connect with us

Business

Banking Sector, Others Suffer As Investment Inflows Drop By N1tn

Published

on

About 14 sectors of the economy recorded a decline of about $3.45bn (about N1.05tn) in investment inflow between the first and third quarter of the year, analysis of the capital importation report prepared by the National Bureau of Statistics has revealed.

The report, which was obtained by our correspondent from the NBS, showed that the inflow of investment into the economy declined from $6.3bn as of the end of March this year to $2.85bn.

It stated that investment in shares was the most affected dropping by $2.12bn from $3.79bn in the first quarter to $1.67bn in the third quarter.

This is followed by the banking sector which recorded a decline of $891m from $1.18bn to $289.4m.

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.

Speaking on the drop in investment inflow, the Registrar, Institute of Finance and Control of Nigeria, Mr Godwin Eohoi, said that the poor infrastructure in the country was encouraging capital flight.

He called for a reduction in the interest rate to enable businesses to have access to cheap funds for new investments.

He lamented that why other countries gave out loans to businesses at a single digit, banks gave out loans in Nigeria at about 25 per cent.

Apart from reducing the interest rate, he called on the government to come up with policies to attract fresh funding in employment generation sectors of the economy such as the automobile, agriculture, manufacturing and solid minerals, among others.

The Executive Secretary, Nigerian Investment Promotion Commission,  Yewande Sadiku, had said that there were investment commitments of about $17.88bn that were waiting to be made in some states of the federation.

The investments, according to her, are secured in 32 projects across the 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.

Providing the country of destination from where these investments would come from, she said investors from the United Kingdom made a commitment to invest $9bn, Nigeria, $4.21bn,  while investors from the United States pledged  $2.35bn.

There is also an investment commitment of $1.2bn from Chinese investors, Switzerland $847m while other countries have a combined figure of $262m.

She said, “This figure gives us a sense, but I tell you that there are investments that may not be disclosed since investors are not really under obligation to.

“We are interested in seeing more Nigerians invest in the country, and we have a Domestic Direct Investment model now in the commission and we are working with the National Bureau of Statistics to track investments inflow into the country.”

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Zenith Bank Says It Now Has best IT infrastructure After Successful Upgrade, Commends Customers

Published

on

Zenith Bank Says It Now Has best IT infrastructure After Successful Upgrade, Commends Customers

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward.

This upgrade follows a recent comprehensive technology enhancement.

The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.

This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO. 

In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”

Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.

The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system. 

“We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.

“While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.

“Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”

Continue Reading

Business

Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024

Published

on

Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Polaris Bank’s commitment to digital innovation and excellence has once again been recognized, as the Bank was awarded the prestigious “Best Mobile App” award for its renowned digital banking platform, VULTe, at the Digital Jurist Awards held October 31 at Eko Hotel in Victoria Island, Lagos.

This honor comes less than a week after Polaris Bank was named Nigeria’s Digital Bank of the Year for the fourth consecutive year, further solidifying its status as a leader in Nigeria’s digital banking landscape.

At the event, attended by representatives from all nominated companies, Polaris Bank’s VULTe app stood out among its peers, winning the hearts of users and the recognition of industry experts.

The Digital Jurist Awards Committee had nominated Polaris Bank in three categories: Best Website, Best Web Portal, and Best Mobile App.

The Bank’s innovative approach and customer-centric digital solutions have made it a formidable contender in each category, with VULTe’s win affirming the Bank’s continued drive to redefine digital banking in Nigeria.

Commenting on the the award, Polaris Bank’s Managing Director/CEO, Kayode Lawal expressed gratitude for the recognition and reiterated the Bank’s commitment to providing seamless, reliable, and secure digital solutions.

“This award continuously shows our dedication to delivering the best digital experiences to our customers. We will continue to push the boundaries of innovation to ensure that our platforms remain intuitive, accessible, and impactful,” he said.

Polaris Bank’s VULTe app has gained widespread acclaim for its user-friendly design, robust security features, and diverse functionalities, enabling customers to manage their banking needs from the comfort of their devices.

Winning the “Best Mobile App” award is yet another milestone in the Bank’s digital journey, reinforcing its position as a digital pioneer in Nigeria’s banking sector.

The Bank extends its gratitude to the Digital Jurist Awards Committee and its loyal customers for their continued trust and support.

Polaris Bank is committed to advancing digital banking in Nigeria, creating convenient, modern, and secure solutions that cater to the evolving needs of its customers.

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2024,2023, 2022 and 2021 and MSME Bank of the Year 2022, 2023 and 2024 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.

Continue Reading

Business

Access Bank Wins Best Digital, Best Website at 2024 Digital Jurist Awards

Published

on

Access Bank Wins Best Digital, Best Website at 2024 Digital Jurist Awards

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Access Bank PLC has been named the 2024 Best Digital Award Winner in the Commercial Banks Category at the Digital Jurist Awards, organized by Phillips Consulting (pcl.).

L-R: Adebowale Shonekan, Head, Network Communications (Group & Subsidiaries), Access Bank Plc; Chukwudi Amadi, Team Lead, Digital Communications, Access Holdings Plc; Ezinne Nwene, Team Member, Digital Communications, Access Holdings Plc, receiving the Best Digital Commercial Bank award from Abbas Babagana, Chief Technical Officer, Federal Ministry of Communications & Digital Economy at the Digital Jurist Awards held in Lagos… recently.

In addition to this top honour, the Bank also secured the Best Website Award, achieving an impressive score of 201 points for its engaging and user-friendly digital experience. Access Bank’s cumulative score of 380 points reflects its excellence across digital touchpoints, including its website, web portal, mobile app, and social media.Commenting on the recognition, Amaechi Okobi, Chief Communications Officer of Access Holdings PLC, said, “We are honoured to receive the Best Digital and Best Website Awards at this year’s Digital Jurist Awards.

At Access, our focus on digital innovation is driven by our commitment to deliver seamless, secure, and customer-centric solutions across all touchpoints.

This recognition validates our ongoing efforts to enhance our digital platforms, making financial services more accessible and efficient for our customers.

We thank Phillips Consulting for recognising our efforts and will continue to raise the bar in digital excellence.”Phillips Consulting has long served as a development partner to Nigerian financial institutions and other organisations with an online presence.

Leveraging its proprietary Digital Jurist platform, the firm has conducted assessments of digital touchpoints in various sectors, from financial services and insurance to telecommunications and government agencies, over the past 17 years.

Originally established as Web Jurist®, the platform was reimagined as Digital Jurist to assess new and diversified digital channels in the evolving digital economy. Digital Jurist’s evaluation framework examines a range of factors, including user experience, accessibility, performance, functionality, security, customer service, support, marketing, and content engagement across digital platforms.

These awards reinforce Access Bank’s leadership in digital banking, adding to recent accolades including 2024 Best Digital Bank and Best Mobile Banking App by World Finance, Best Mobile Banking App and Best Digital Bank by The Digital Banker Awards, and Best Digital Banking Initiative at the Global Retail Banking Innovation Awards 2024.

Continue Reading

Trending

Copyright © 2021 All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from August24news.com
This Website is designed and Managed by: August 24 Communications Nigerian Limited (RC: 798585)