importation

The total value of capital importation into Nigeria in the second quarter of the year fell to $1.53 billion from $1.57 billion in the preceding quarter, the National Bureau of Statistics said on Wednesday. The NBS in its report titled ‘Nigerian Capital Importation Q2 2022’ said the figure represents a 2.4 per cent decline. The statistical office added, however, that the value of capital importation in Q2 2022 rose by 75 per cent from $875.62 million in the corresponding quarter of 2021. The NBS said the largest…

The Nigerian government spent $13 million on bitumen imports in 2020 despite the nation’s huge deposits, the director-general of the Mining Cadastre Office, Simon Nkom, has said. Mr Nkom disclosed this at the ongoing Nigeria-Africa Natural Resources and Energy Investment Summit in Abuja on Thursday. “Nigeria is blessed with 42.47 billion metric tonnes of bitumen reserves yet untapped,” he said. “Bitumen is located in Ogun, Ondo, Delta, Rivers and Bayelsa. Despite being blessed with this…

Tesla’s stock (TSLA) tumbled by as much as 10% this morning amid a broader market setback. Tesla seems to be particularly affected after India shut down the idea of Tesla importing cars from Giga Shanghai and questions about Elon Musk buying Twitter. India has the biggest auto market that Tesla has yet to enter. For years, Elon Musk said that Tesla’s launch in India was imminent, but strong import tariffs have made it difficult. Nonetheless, the automaker has had some indications of preparing for a launch over the…