Foreign capital flows into Nigeria fell by 78 per cent to $1.29bn in the second quarter of this year from $5.85bn in Q1, the National Bureau of Statistics said on Friday.
The NBS, in its capital importation report for Q2 2020, said the total value of capital importation into the country in the period represented a decrease of 77.88 per cent compared to Q1 2020 and 78.60 per cent in Q2 2019.
It said foreign direct investment, which accounted for 11.47 per cent of the total capital imported into the country, fell by 30.65 per cent to $148.59m from $214.25m in Q1 2020.
According to the report, portfolio investment, which accounted for 29.76 per cent, plunged by 91.06 per cent to $385.32m from $4.31bn in Q1.
The statistics office said the largest amount of capital importation by type was received through other investments (58.77 per cent), declining to $761.03m from $1.33bn in Q1.
Government shifts international flights resumption to Sept 5
The Federal Government on Thursday shifted the resumption date for the commencement of international flights into and out of Nigeria from August 29 to September 5.
Minister of Aviation, Hadi Sirika, had announced on August 17 that international flights would resume on August 29 following pressures from the public for the resumption of the flights.
But at Thursday’s briefing by the Presidential Task Force on COVID-19 in Abuja, the Director-General, Nigerian Civil Aviation Authority, Musa Nuhu, declared that international flights would not resume as earlier announced.
He said September 5 was picked as the new date for international flights resumption, stressing that there were still issues to be sorted out before allowing international carriers to operate into and out of Nigeria.
When Sirika announced that international flights into and out of Nigeria would resume on August 29, the Presidential Task Force on COVID-19 had stated that the date was not sacrosanct.
But Nuhu declared on Thursday said the new September 5 date was sacrosanct, as everything was being done to ensure that operations resume next week Saturday.
The NCAA boss said, “Since the announcement by the Minister of Aviation a few weeks ago that international flights will resume anytime from August 29, the aviation sector has worked assiduously to be ready for this date.
“The aviation sector including the airports is ready to resume on the 29th. However, we have other non-aviation logistics we are still working on mostly to do with the COVID-19 protocols, tests, and online platforms.
“We need to get this in place so that we will have a smooth and efficient resumption of international flights without difficulties for all the passengers.
“So, for this reason, unfortunately, I have to let you know that the resumption date has been shifted by one week to the 5th of September which is now a sacrosanct date.”
Nuhu said in due course, once the logistics were completed, the government would announce the protocols for the resumption.
“Also, we will be giving further details on the principle of reciprocity we have mentioned. So, hopefully early next week, we will release this,” he stated.
International flights were suspended by the Federal Government across the country about five months as a result of the global outbreak of the coronavirus pandemic.
The aviation minister had explained that like it was done during the resumption of domestic flights across the country, the international flights would commence with two major airports.
Sirika named the airports as the Nnamdi Azikiwe International Airport, Abuja and the Murtala Muhammed International Airport, Lagos.
