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Nigeria, Put Your House In Order To Attract Foreign Direct Investors

Nigeria must convince the rest of the world that it is desirous of attracting foreign direct capital into its economy. That conviction will best be conveyed through acts, not mere words or proclamations. Without concrete actions to improve on the country’s rating among the international community, Nigeria risks being consigned to the fringes of the booming investment flows into Africa

The statement by the Chairman of Nigeria Economic Summit Group, Niyi Yusuf, that the country’s FDI drive has remained weak could not have been put in a better form. We may have received some trickles of investments into some areas of the economy, but that is not the kind of inflow that will make an impact on the status of the economy.

Recent developments in Africa should challenge the Nigerian authorities to the urgency of the matter. Nigeria surely is receiving some level of direct investments. There have also been recent expressions of interest, but potential investors. Yet, the truth is that what the country is currently receiving is not proportionate to its status and minimum capital requirements to pull the economy out of the depth to which it has fallen.

FDI flowing into Africa rose by 75 percent in 2024, hitting $97 billion, the highest ever in a single year, according to World Investment Report 2025, published by the UN Conference on Trade and Development. This performance becomes quite significant when seen against the background that FDI inflows into the continent remained stagnant at $55 billion in both 2022 and 2023. How much of this quantum leap in funds flowing into the continent came into Nigeria? How much of it entered into the country’s strategic sectors such as energy, oil and gas, among other sectors compared with other African countries? Obviously very little.

We need a better perspective on the drivers of investment flows across borders. Our policymakers should pay attention to such forces. So, they should take a look at the comment in the UNCTAD report by the Secretary-General of the agency, Rebeca Grynspan. ‘Investment is more than just capital flows and project pipelines. It is a signal of where we are placing our bets as a society: on what we value, where we see potential and who we believe should be part of the future. As such, investment trends do more than track economic performance – they offer a mirror to our priorities, our systems and the choices we make collectively.’

This is the difference between FDI and FPI. One comes to stay and therefore wants to be assured that its safety is guaranteed. Foreign direct investors come into a country for the long haul, that is why they ‘do more than track economic performance,’ in the words of Grynspan above.

The other comes in but has its eyes on the exit door and will dash out at the least signs of trouble. Once our leaders recognise this signalling power of foreign direct investments, Nigeria would be on its way to receiving enhanced levels of foreign capital.

A significant inflow of FDI will make an impact on the economy. It will lead to boots on the ground, at greenfield or brownfield projects sites across the country. Nigeria needs both., and to the extent that both types of projects receive funding, to that extent will the economy experience meaningful strength to perform well. Nigeria needs fresh projects to inject additional capacity to the productive capacity of the economy. It also needs a revival of existing projects that have been weakened by years of neglect, lack of maintenance and equipment obsolesce.

The inflow of foreign capital will show in big gas and petroleum pipelines crisscrossing the nation’s landscape. It will lead to the construction of huge factories, roads, thermal plants and other projects that will in turn raise the productive capacity of the economy, create jobs and stimulate the growth we so much need now. Investments of the size that come from FDIs will help to stimulate the various sectors that are currently struggling to deliver benefits to Nigerians.

Last year’s surge in capital inflow into Africa is part of indications that foreign investors are turning to Africa as a choice investment destination. In other words, Africa’s time has come to be a recipient of funds from outside the continent. But that cannot be taken for granted by any country. The investors know the countries that are prepared for them and will obviously gravitate towards such destinations.

Nigeria has been tormented by terrorism since the turn of the century, from about 2010 till now. What began as a skirmish has since blossomed into full-scale insecurity in the country. Its impact has been unrivalled. It has destabilised the economy in different ways. While this did not appear as a threat at first, its impact is now real on the level of economic activities. Insecurity is beginning to show in Nigeria’s FDI record because some potential investors are not seeing the future that they want to relate to as investors in the country. By many standards today, Nigeria should be one of the least attractive investment destinations in Africa. This has to change.

Over 2000 Nigerian Refugees To Return From Niger – FG

Over 2000 Nigerian refugees in the Republic of Niger will be repatriated to the country soon, the Federal Government has disclosed.

The Permanent Secretary of the Federal Ministry of Humanitarian Affairs and Poverty Reduction, Dr Yakubu Adam Kofarmata, disclosed this while speaking at the 76th session of the Executive Committee (EXCOM) meeting of the High Commissioner’s programme, where over 150 countries of the world presented their statement in respect to refugee affairs in their respective countries.

He also disclosed that over 14 thousand Nigerian refugees in Cameroon have registered their willingness to return to their ancestral homes.

‘Over 14 thousand Nigerian refugees in Cameroon have registered their willingness to return to their ancestral homes, while the signing of a tripartite agreement for the voluntary return of over 2000 Nigerian refugees in the Niger Republic is in view.

‘Nigeria has stepped up action in the area of durable solutions in 2025 through the provision of resettlement cities in 7 different locations of the country in an attempt to close down IDP camps in a similar manner to the non-encampment policy for the refugee population.

‘Thus, the launching of the Senator Oluremi Tinubu Resettlement City in Keffi, Nasarawa State, some 40 Km away from the capital city, by the Nigerian First Lady, Senator Oluremi Tinubu, in May 2025, saw the resettlement of 48 households of 345 individuals, vulnerable IDPs and refugees,’ he said.

On the other hand, the Permanent Secretary disclosed that Nigeria currently hosts over 142,000 refugees and asylum seekers.

‘As of September 2025, Nigeria hosts over 142,000 refugees and asylum seekers; has received over 24,000 documented returnees and spontaneous returns and has a population of over 6.7 million internally displaced persons countrywide.

‘All these displaced populations continue to be protected by a robust existing national legal framework that affords them different protections and procedures to fully enjoy their rights,’ he said.

Sanwo-Olu Signs MoU With BOI On Workplace Safety

Lagos State Governor, Babajide Sanwo-Olu, has signed a Memorandum of Understanding (MoU) with the Bank of Industry (BOI) to strengthen workplace safety practices among Micro, Small and Medium Enterprises (MSMEs) operating in Lagos.

Sanwo-Olu also inaugurated the Safety First Campaign and unveiled the first-ever Occupational Safety Cadre in the Lagos State public service.

Speaking at the third Lagos State Occupational Safety and Health Conference held in the state, with the theme, ‘Occupational Safety and Health (OSH) as a catalyst for nation Building,’ Sanwo-Olu reiterated his administration’s commitment to promoting workplace safety, public health and environmental protection.

He described the new occupational safety cadre as a groundbreaking initiative and the first of its kind in sub-Saharan Africa.

Sanwo-Olu also highlighted the role of technology in driving modern safety standards, just as he announced the deployment of drones for surveillance, body cameras and thermal detection tools to enhance monitoring, enforcement, and emergency response.

In his keynote address titled, ‘Occupational Safety and Health as the Catalyst of Sustainable Nation Building,’ the Managing Director and Chief Executive Officer of BOI, Dr. Olasupo Olusi, said there is overwhelming evidence that inadequate workplace safety continues to pose significant risks to workers globally

He cited studies that showed between 10 to 30 percent of industry workers suffer injuries, occupational diseases and health hazards on a yearly basis, which include physical accidents, exposure to harmful chemicals, long term respiratory complications amongst other issues.

According to him, the consequences of work-related accidents and illnesses are profound and result in lost workdays, reduced productivity, and rising healthcare costs.

He said while various African countries are ensuring a safer work environment, Nigeria must position itself as a regional leader in embedding Environmental, Social and Governance (ESG) -driven safety practices across all sectors, from high-risk industries to MSMEs.

‘By integrating global standards, technology, and accountability, we can build workplaces that are safe, competitive, and resilient,’ he said.

Atiku: Nnaji Saga Has Exposed ‘Forgery-Ridden Character’ Of Tinubu’s Govt

Former Vice-President Atiku Abubakar has called for an independent, transparent, and comprehensive investigation into the academic and professional credentials of all the members of the current administration.

Atiku in a statement he personally signed on Wednesday morning warned that the investigation was the only way to purge the present administration and Nigeria of the ‘global embarrassment’ the Uche gate saga has caused.

Atiku who said the whole saga has once again brought to light ‘the deep moral crisis at the heart of the Bola Ahmed Tinubu administration’, noted that ‘What should ordinarily be a matter of national shame is now being disguised as a ‘voluntary resignation’ – an attempt to whitewash yet another scandal that typifies the forgery-ridden character of this government.’

The opposition leader said, ‘Let the truth be told: Uche Nnaji should not have been allowed the courtesy of resignation. He should have been summarily dismissed and prosecuted for deceit and falsification. By permitting him to quietly exit through the backdoor, the Tinubu administration has once again demonstrated that it is an assembly of forgers, impostors, and morally bankrupt individuals masquerading as public servants.

‘What makes this even more embarrassing is that the same Department of State Services (DSS) which screened out Mallam Nasir el-Rufai for alleged ‘security concerns’ is the very agency that cleared this same character, Uche Nnaji.

‘The DSS truly deserves our flowers for this national disgrace. Their failure of due diligence has made Nigeria an object of ridicule before the world and raises the question: how many more of such individuals are occupying sensitive positions in this government?’

According to Atiku this episode is not isolated, ‘It is a reflection of a pattern a rot that begins from the very top. The man who occupies the office of President, Bola Ahmed Tinubu, has for decades been enmeshed in controversies surrounding his identity, age, and academic records. From the Chicago State University saga to multiple contradictory claims under oath, the world has seen ample evidence that Nigeria today is led by a man who himself has been unable to credibly defend the authenticity of his own certificates.

‘When a man of questionable identity leads a country, deception becomes the standard of governance. Tinubu’s personal history of alleged forgery and perjury has effectively institutionalized falsehood in public service. It is, therefore, unsurprising that his ministers and aides have taken after his example – falsifying documents, inflating records, and desecrating the moral foundation of our nation.’

Atiku therefore called for an ‘independent, transparent, and comprehensive investigation into the academic and professional credentials of all members of the Federal Executive Council, beginning with President Bola Ahmed Tinubu himself. Nigerians deserve to know the truth about those who preside over their lives and resources.’

The Presidential candidate of the Peoples Democratic Party, PDP, in the last election said, ‘Until this cleansing is done, Nigeria will continue to sink deeper into moral decay, economic ruin, and global embarrassment. The time has come to rescue our country from the grip of deceit and restore integrity to public life.’ He said.

Sampath Bank partners Home Lands to launch 0% equity housing solutions

Sampath Bank PLC recently signed a Memorandum of Understanding (MoU) with Home Lands Group at its Head Office, introducing a new financing solution aimed at easing the path to property ownership for homebuyers. This agreement further strengthens the long-standing partnership between the two organisations while providing customers purchasing houses or apartments developed by Home Lands with access to a 0% equity financing solution, subject to eligibility criteria.

Under this scheme, Sampath Bank will fund 100% of the total purchase price or total loan amount, ensuring buyers enjoy a seamless handover of their property. This exclusive facility eliminates the need for an initial down payment, providing customers with a truly hassle-free path to homeownership.

Home Lands is recognised for its resort-style luxury residential developments. The company has delivered over 3,200 residential units across multiple themed mega residential complexes and has over 1,800 units currently under construction across six futuristic mega residential projects. Guided by a strong set of values, Home Lands continues to drive trust, innovation, and excellence in the property sector.

The MoU reflects a shared commitment between Sampath Bank and Home Lands to create accessible housing opportunities while offering customers financial solutions that match their aspirations.

Sampath Bank Chief Operating Officer Deepal De Silva said, ‘Homeownership is one of the most meaningful milestones in a person’s life, and this partnership allows us to remove one of its biggest barriers, the initial down payment. Through this innovative 0% equity financing solution, we are empowering more Sri Lankans to step into their own homes with confidence and financial peace of mind.’

Home Lands Group Chairman Nalin Herath said, ‘Through this partnership with Sampath Bank, we are widening the opportunities available to aspiring homeowners across Sri Lanka. We remain committed to making homeownership more accessible, ensuring that our customers can step into their dream homes with confidence, convenience, and peace of mind.’

RDB Bank appoints Acting GM/CEO

B.G.W. Athula Kumara has been appointed as the cover up General Manager/Chief Executive Officer of RDB Bank, effective from 23 September 2025. He is also serving as the Acting Deputy General Manager – Credit, Special Projects and Policy Implementation.

Kumara has over 33 years of experience in banking. He joined the bank in 1991 and served at the levels of Banking Assistant, Manager, Senior Manager, Chief Manager, Assistant General Manager and also as a Regional General Manager in Uva and Western Provinces. Kumara graduated from the University of Sri Jayewardenepura, Sri Lanka with a Bachelor of Science Special Degree in Business Administration in 1992. He has successfully completed a Master of Arts Degree from the University of Kelaniya. He is an Associate Member of the Institute of Bankers of Sri Lanka.

Compliance to EUDR not option but must for struggling local exporters

Leading industry experts last week underscored the urgency of strategic collaborations to support exporters, particularly Small and Medium Enterprises (SMEs), to navigate challenges and help them remain competitive in the European market.

They emphasised that if Sri Lanka’s struggling exports are to transform from challenge to opportunity, compliance needs to be tapped as a unique selling proposition (USP).

These and other useful insights were shared at a program jointly hosted by Verité Research and the EU Delegation to Sri Lanka and the Maldives under the theme ‘From Compliance to Competitiveness – Securing Sri Lanka’s Place in the Global Market.’

EU Ambassador to Sri Lanka and Maldives Carmen Moreno said: ‘In a global marketplace which is rapidly changing, it is pertinent that we all ask the urgent question – how to adapt, remain competitive, and sustain growth in the years ahead.’

‘In some sectors, we find Sri Lankan companies with a strong competitive edge. They have embraced compliance with environmental and social standards and transformed it into global competitiveness. But the private sector cannot navigate these changes alone,’ she added, citing the ‘Competitiveness Compass,’ which is the EU’s strategy to restore Europe’s dynamism and boost economic growth.

‘The shift from compliance to competitiveness needs to be a national political choice. It requires public and private sectors moving together,’ she further noted.

The context-setting presentation from Verité Research threw light on the three broad pillars of ‘The Great Green Shift,’ ‘Compliance as a USP for Struggling Lankan Exports,’ and ‘Why the Country Should Act Now.’

In a 2024 global survey done by PricewaterhouseCoopers (PwC) covering 31 countries and more than 20,000 consumers revealed that 85% of consumers are experiencing first-hand the disruptive effects of climate change in their daily lives, and 80% of consumers are willing to pay more for sustainably produced or sourced goods. The global survey also revealed that some consumers are willing to pay on average 9.7% more for goods that meet specific environmental criteria.

The presentation by Verité Research, citing a 2023 global study by NielsenIQ, illustrated the reputational risks of non-compliance, drawing from the experience of some of the top global brands.

Compliance is today a legal imperative which is critical for business success, operational continuity, and maintaining stakeholder trust. As of July this year, the total number of climate change cases filed globally has reached 3,099, rising from around 2,550 cases in July 2023.

Verité Research findings further demonstrated that around 20% of climate cases filed in 2024 targeted companies or their directors and officers, and more than 250 cases have been filed against companies since 2015.

As an integral component of the Great Green Shift, research also reveals that mandatory sustainability reporting is also on the rise. Corporate Sustainability Reporting Directive, an EU law, requires around 50,000 companies, including thousands headquartered outside the EU, to disclose detailed information about their Environmental, Social, and Governance (ESG) impacts and risks.

Countries smaller than ours in land and labour, such as Taiwan, Belgium, Switzerland, the Netherlands, Hong Kong, and Singapore, are today among the top 20 exporters in the world, proving that size is not a barrier for export success when sustainable compliance is adhered to.

The event also brought together an eminent panel, comprising Pathfinder Foundation Executive Director Dr. Dayaratne Silva, Board of Investment (BOI) Director General Renuka Weerakone, Plastics and Rubber Institute of Sri Lanka (PRISL) President K.A.C Vidyaratne, Omega Line CEO Felix Fernando, and MAS Holdings Sustainable Product and Circularity Lead Nipuna Gunaratne, who deliberated on compliance as a tool to remain competitive in the global market.

The panellists collectively reiterated that despite the challenges it entails, compliance is a must for the country and an opportunity to remain relevant and competitive. The experts also urged wider awareness among smaller players across industries and called for stronger Government will to support exporters to meet compliance requirements urgently so that they are not left behind. The panel discussion was moderated by Senior Overseas Development Institute (ODI) Fellow Dr. Ganeshan Wignaraja.

ComBank to finance luxury apartment purchases at first mixed development project in Rajagiriya

In yet another demonstration of its understanding of customer requirements, the Commercial Bank of Ceylon has entered into a Memorandum of Understanding (MoU) with Baili Investments Lanka Private Ltd. to provide prospective buyers of condominium apartments at a mixed development project in Rajagiriya with access to flexible home loan facilities.

Under this agreement, the Bank will offer home loans to buyers through tripartite arrangements involving the Bank, the developer, and the buyer. Buyers will be able to obtain loans covering up to 75% of the purchase price of their apartments, making it significantly easier for them to own homes in this landmark development.

The project represents an investment of $ 60 million by Baili Investments Lanka featuring six modern towers with 1,000 luxury apartment units, a shopping complex, and cinema and premium lifestyle amenities. The project aims to enhance urban living and aligns with Sri Lanka’s Megapolis and Western Development vision. Construction commenced in May 2023 and the superstructure has already reached the sixth floor. Presales are currently underway, with the full project expected to be completed in September 2029.

Located in Rajagiriya, the development offers a unique blend of urban convenience and a tranquil, green environment, positioning it as one of the most desirable residential projects in Colombo’s suburbs.

Through this partnership, Commercial Bank aims to expand its housing loan portfolio by providing facilities at the lowest interest rates in the market, with repayment plans that include grace periods of up to five years, and structured and tailor-made payment plans. These concessions will enable customers to plan their financial commitments with greater flexibility and confidence. On top of these, the Bank will offer a free Decreasing Term Assurance Policy (DTAP) or a loan protection policy for first-time home buyers, covering the life of the buyer to settle the Home Loan through the insurance policy, in case of an unforeseen eventuality.

The Bank said the agreement between Commercial Bank and Baili Investments Lanka not only opens the door for Sri Lankans to secure modern luxury homes but also underlines the Bank’s commitment to supporting quality real estate developments backed by reputed international investors.

Baili Investments Lanka is a BOI-registered Sri Lankan real estate developer backed by Hong Kong investor Tristan Wu, who has over 20 years of multi-sector experience and a proven track record of successful property development ventures in China. The high-rise in Rajagiriya is the company’s first project in Sri Lanka.

The first Sri Lankan bank with a market capitalisation of more than $ 1 billion, Commercial Bank was also the first bank in the country be listed among the Top 1000 banks of the world, and has the highest capital base among all Sri Lankan banks. The Bank is the largest private sector lender in Sri Lanka and the largest lender to the country’s SME sector. Commercial Bank is also a leader in digital innovation and is Sri Lanka’s first 100% carbon-neutral bank.

Commercial Bank operates a network of strategically located branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 branches in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, a Microfinance company in Myanmar and a representative office in the Dubai International Financial Centre (DIFC). The Bank’s fully owned subsidiaries, CBC Finance Ltd. and Commercial Insurance Brokers Ltd., also deliver a range of financial services via their own branch networks.

Sri Lanka, South Africa reaffirm commitment to strengthen bilateral ties

Sri Lanka and South Africa have renewed their commitment to deepen diplomatic and people-to-people relations, following the presentation of credentials by Sri Lanka’s new High Commissioner to South Africa, Air Chief Marshal (Retd.) Udeni Rajapaksa, to President Cyril Ramaphosa at the Sefako M. Makgatho Presidential Guesthouse in Pretoria.

During the ceremony, Rajapaksa conveyed the greetings of President Anura Kumara Disanayake and referred to the recent discussion between the two leaders held on the sidelines of the UN General Assembly in New York on 23 September.

He reaffirmed the longstanding friendship between the two nations, highlighting their cooperation within the Commonwealth, the Group of 77, and the Indian Ocean Rim Association (IORA). Rajapaksa also briefed President Ramaphosa on Sri Lanka’s efforts to establish a Truth and Reconciliation Commission, inspired by South Africa’s own experience, and expressed appreciation for its continued support.

The High Commissioner noted the strengthening of people-to-people ties, particularly through sports diplomacy, with cricket continuing to play a central role in fostering mutual understanding.

President Ramaphosa extended his greetings to President Disanayake and expressed South Africa’s readiness to further enhance bilateral cooperation.

To mark the occasion, Rajapaksa presented a traditional Sri Lankan ceremonial water vessel (Kendiya) to President Ramaphosa, symbolising purity and goodwill.

A 37-year veteran of the Sri Lanka Air Force, Rajapaksa served as its 19th Commander in 2023 and is affiliated with the Institute of Management of Sri Lanka and the Institution of Engineers of Sri Lanka.

Sri Lanka Tourism holds 3rd consumer promotion event in Cologne, Germany

The Embassy of Sri Lanka in Berlin, in collaboration with the Sri Lanka Tourism Promotion Bureau (SLTPB), hosted a tourism promotional event in Cologne, Germany on 27 September 2025.

The event was part of Sri Lanka’s ongoing efforts to promote the island nation as a premier travel destination among German and European tourists. Cologne is the fourth-most populous city of Germany and the largest city of the German state of North Rhine-Westphalia.

The event was held in conjunction with the celebration for World Tourism Day 2025 and forms part of Sri Lanka’s continued efforts to increase its visibility in German market which is one of Sri Lanka’s top source countries for inbound tourism. In a bid to bring Sri Lanka’s tourism attractions to a wider audience including families, the promotional event was held at the Neumarkt Galerie, a prominent shopping arcade in the heart of Cologne. Visitors to the event experienced captivating traditional Sri Lankan dance performances that brought alive the rhythms and colours of Sri Lanka in Cologne.

Visitors could also savour a selection of authentic Sri Lankan sweetmeats, offering a taste of the island’s rich culinary heritage. The visitors were also offered information on Sri Lanka’s diverse tourism offerings, including pristine beaches, cooler hilly regions, ancient heritage sites and wildlife. Adding a digital twist to the festivities, the event also featured an Instagram Post Competition where the visitors were encouraged to share their best moments from the event on Instagram using a dedicated hashtag. The winner of the competition received a complimentary return air ticket from Cologne to Colombo sponsored by Turkish Airlines.

Germany is traditionally the 4th largest tourist source market for Sri Lanka. In 2025, at the end of August, approximately 100,000 German travellers have visited Sri Lanka. The promotion in Cologne was the 3rd in a series of consumer promotions targeting the German speaking markets organised by the Embassy of Sri Lanka in Berlin, in collaboration with the SLTPB. Previous consumer promotions for the German speaking markets were held in Berlin and Zurich. Country consumer promotions allow for direct engagement with the potential travellers inspiring them to discover Sri Lanka. In addition to engaging with thousands of consumers on-site, consumer promotions can create visibility across German travel media and German-speaking platforms, amplifying Sri Lanka’s presence in these key markets.