November 3, 2018
’Femi Asu with agency report

HSBC and UBS closed their offices in Nigeria. The Central Bank of Nigeria said this in a report on Friday as it revealed foreign investment had fallen sharply from a year ago.

The CBN said foreign direct investment in Nigeria fell to N379.84bn ($1.2bn) in the first half of the year from N532.63bn ($1.7bn) a year earlier.
It did not give reasons for the banks’ closure.

The central bank said the outlook for the Nigerian economy in the second half was “optimistic” given higher oil prices and production but rising foreign debts and uncertainty surrounding the 2019 presidential election were drawbacks, according to Reuters.

Investor confidence in the country has been shaken since the central bank in August ordered MTN to bring back $8.1bn to the country, part of the profits the South African telecoms firm sent abroad

It did not give reasons for the banks’ closure.

The central bank said the outlook for the Nigerian economy in the second half was “optimistic” given higher oil prices and production but rising foreign debts and uncertainty surrounding the 2019 presidential election were drawbacks, according to Reuters.

Investor confidence in the country has been shaken since the central bank in August ordered MTN to bring back $8.1bn to the country, part of the profits the South African telecoms firm sent abroad.


A HSBC research note dated July 18 said a second President Muhammadu Buhari term “raises the risk of limited economic progress and further fiscal deterioration, prolonging the stagnation of his first term, particularly if there is no move towards completing reform of the exchange rate system or fiscal adjustments that diversify government revenues away from oil.”

The CBN also said three lenders failed to meet its minimum liquidity ratio of 30 per cent, without naming them.

It added that non-performing loans had dropped to 12.4 per cent as of June 2018 from 15 per cent a year ago, still a long way above its five per cent threshold.

“To further consolidate on the improvement, the Central Bank of Nigeria directed banks to intensify efforts at debt recovery, realisation of collateral for lost facilities and strengthening their risk management processes,” it said in the report.

Copyright PUNCH

https://punchng.com/two-global-banks-close-offices-in-nigeria

Fellow Nigerians, for the benefit of our economy, our lives, our future, our jobs, our institutions, our reputation, and our sanity, we need to vote out Buhari.

The world is already leaving us behind while our president is still thinking of investing in cattle rearing, in giving us alms as social development, in enslaving us youths instead of giving us a vibrant economy, in killings its citizens and justifying it instead of securing our lives..

If Atiku fails.. we'll vote him out too. We'll continue the cycle until we get to where we need to get.

A serious government needs no advertisement, development needs no airbrushed pictures, a growing economy needs no verbal assurance.

Buhari has succeeded in destroying everything in his path including our institutions.

Enough is Enough

The #GiveUsYourLandorDie crew will be booted out next year

Inshallah!

Buhari, whatever you touch fails...

That's why Nigerians need Atiku to make life more meaningful.


Atiku/obi till Jesus comes.....

We voted in a certificate forger as president and expect him to change the country?

I doubt brain dead zombies will know the implication of this!!!! Buhari is a failure of satanic proportions that needs to be sent back to Daura....Raccoon please I need you to see this

Atiku will bring them back with his business friendly policies

If buhari wins, bu 2023 All the banks would be back to their pre obasanjo status

All hail emperor buhari. The world would never know another leader as useless as this cow rearer in a long long while.

Meanwhile;

“The Nigerian economy is looking good and we look forward to making it better,” President Buhari...

https://zenithnaija.com/nigerian-economy-under-my-watch-is-looking-very-good-president-buhari-2/

Nigeria is dying slowly under APC.
I call on all compatriots, to vote out this incompetent government!
Ignore your tribal affiliations and do what is right!
Nigeria will not survive another 4 years of lifelessness
You have been warned!

If I am the president of this country I will create a totally free economy. 1. I will cut down the budget of NASS. No need for constituency allowances 2.I will remove Fuel subsidy saving 2.65billion naira every day being N53 on 50m litres daily fuel consumption. 3. I will raise National minimum wage to N50,000 per month. The money saved from NASS and Fuel subsidy can fund the minimum wage. 4. I will stop supporting the value of naira with the dollar. . 5. Any item that can be produced in Nigeria will never be imported talking of cars and heavy equipment. Not clothes. Let the manufacturers set up industry on home soil.