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Sweden Seeks Increase in Trade Volume With Nigeria

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  • Sweden Seeks Increase in Trade Volume With Nigeria

Sweden is seeking opportunities that will increase the trade relations and volumes between it and Nigeria.

Swedish Minister for European Union (EU) Affairs and Trade, Mrs. Ann Linde, who led the Swedish delegation to Nigeria, disclosed this in Lagos on Wednesday, during an interaction with journalists.

Linde said the coming of the Swedish Delegation to Nigeria, was mainly to promote trade between the two countries, stressing that Sweden recognised Nigeria as an investment destination and a big trade country.

“The aim of the delegation is to highlight business opportunities in Nigeria for Swedish companies. The focus of the delegation is developing sustainable and smart societies using Swedish innovations in ICT, transport, energy, health and finance,” she stated.

According to her, Sweden is the highest ranked country in terms of connectivity, digital economy and e-governance and has a strong tradition in innovation in different sectors of the economy. She said Sweden is conceived as one of the most advanced post-industrialised economies and Swedish companies are perceived as innovative, reliable and good partners.

Speaking about Nigeria, Linde said the country is the largest and fastest growing middle class globally, stressing that there is ongoing effort by the current government to diversify its economy. “During this visit the Swedish experience and how its innovations and ICT technology can enhance productivity in many sectors will be shared.”

She hinted that the Swedish intent to strengthen commercial ties goes beyond single business opportunities and industry sectors, but extends to strategic collaborations with not only private businesses but also public sector and academia.

While a document made available to journalists indicated that the trade between the two countries is over 5.94 billion SEK, which makes Nigeria Sweden’s second largest export market in sub-Sahara Africa, Swedish Ambassador to Nigeria, Mrs. Inger Ultvedt, lamented that there was still deficit between the two countries.

Ultvedt put trade export between the two countries at 6.3 billion SEK (N222.7 billion), while import as at 2015 stood at 2.1 billion SEK (N74.237 billion).

According to her, there was a need for the two countries to improve their bilateral trade relations so as to be able to engender more cordial relationship.

The Ambassador reiterated that ICT, energy, infrastructure and transport are key areas for the Swedish-Nigerian and European Union, EU cooperation. She stressed that the growing and dynamic nature of the ICT sector in Nigeria offers a promising avenue to expand the two countries commercial ties, with continuously increasing number of mobile and Internet users, which in turn will require further investments in expanded networks and across other sectors.

“Sweden, ranking as the most digitalised economy in the world, with Stockholm as a leading incubator for ICT start-ups, has a lot to offer in terms of expertise and knowledge,” she stated.

According to her, Sweden has a number of strong, world-leading companies in the area of ICT, agriculture, finance, energy, healthcare, infrastructure and transport, many of which already are present in Nigeria, including Ericsson, ABB, Altas Copco, Tetra Pak, Gulf Agency Company, Flexenclosure, Oriflame and Sandvik.

Speaking from Ericsson’s angle, the Managing Director for Nigeria, Johan Jemdahl, disclosed that the firm has been in Nigeria for almost 60 years, saying that the country is the most important market for Ericsson in Africa.

He said Nigeria needs to attract more businesses and that mobile broadband was key in get that done, including mobility.

Jemdahl however, listed insecurity, foreign exchange fluctuations and getting approval and licenses for some major works as some of the challenges currently confronting doing business in Nigeria.

The Ericsson Nigeria MD, called for the building of smart cities in Nigeria, to ensure that Nigeria becomes a digitalised economy in the world with the help of Swedish companies expertise and knowledge.

“When it comes to developing smart cities, you need to have the broadband, network inter-connectivity, cooperating with public institutions and mobile operators, among others,” he said.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Investment

Saudi Arabia Aims for $80 Billion Tourism Investment to Fuel Vision 2030 Goals

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Saudi Arabia is embarking on a bold venture to attract up to $80 billion in private investment into its burgeoning tourism industry, a move pivotal to realizing its ambitious Vision 2030 objectives.

Tourism Minister Ahmed Al Khateeb unveiled the kingdom’s aspiration during an interview in Riyadh, emphasizing the imperative role of the private sector in spearheading investment endeavors.

With plans to disburse approximately $800 billion on tourism over the next decade, Saudi Arabia is steadfast in its pursuit to diversify its economy and reduce dependency on oil revenues.

Vision 2030 outlines a trajectory for the kingdom to metamorphose into one of the world’s premier tourist destinations, targeting 150 million annual visitors by 2030, a significant portion originating from overseas.

While the government and sovereign wealth fund have historically fueled tourism development, securing substantial foreign direct investment, particularly from the private sector, emerges as paramount in expediting Vision 2030 initiatives.

The kingdom’s fiscal projections, forecasting deficits until 2026, underscore the urgency of engaging private investors to actualize the ambitious tourism blueprint.

Saudi Arabia, having welcomed 100 million tourists in 2023, predominantly domestic travelers, eyes international markets such as India, China, the UK, France, and Germany for tourist influx.

A new program launched by the Ministry of Tourism aims to streamline investment processes, potentially unlocking $11 billion in private investment, bolstering Saudi Arabia’s tourism trajectory and reshaping its economic landscape.

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CBN Unveils Plan to Settle N1.64 Trillion Treasury Bills in Q2 2024

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The Central Bank of Nigeria (CBN) has announced its strategic approach to managing liquidity and meeting financial obligations by unveiling a comprehensive plan to settle Treasury Bills (TBs) worth N1.64 trillion during the second quarter of 2024.

This initiative, part of the CBN’s Nigeria Treasury Bills Issue programme, aims to regulate the money supply within the economy while effectively managing liquidity dynamics.

According to documents obtained by Investors King, the TBs settlement program is slated to commence on March 7th and conclude on May 23rd, 2024.

The CBN will focus on settling TBs with varying tenors, including N414.29 billion on 91 days, N43.74 billion on 182 days, and a substantial N1.18 trillion on 364 days.

The breakdown of the settlement plan reveals monthly settlements to address maturing TBs. In March, the CBN plans to settle N660.62 billion worth of TBs, followed by N292.17 billion in April and N688.3 billion in May.

Market analysts interpret this move as a testament to the CBN’s commitment to managing financial obligations and maintaining economic stability.

It provides investors with opportunities to engage in short-term financial instruments while contributing to overall liquidity dynamics.

The strategic settlement plan reflects the CBN’s proactive stance in navigating economic challenges and ensuring stability within the financial landscape.

As the apex bank implements these measures, stakeholders will closely monitor their impact on market dynamics and economic indicators, anticipating implications for investment decisions and monetary policy outlooks.

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China’s State-Owned Lenders Allocate $8 Billion to Revitalize Property Market

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China’s state-owned lenders have committed a substantial $8 billion in loans to rejuvenate the country’s beleaguered property market, aligning with Beijing’s directives to bolster the sector.

Agricultural Bank of China Ltd. disclosed approving over 40 billion yuan of loans for real estate projects on predefined white lists, signaling a proactive approach towards supporting the housing market’s recovery.

China Construction Bank Corp. also joined the effort, extending 3 billion yuan to five property projects, with plans to greenlight over 20 billion yuan in loans soon.

Industrial & Commercial Bank of China Ltd. and Bank of China Ltd. are among the institutions offering financing assistance, although the exact loan amounts remain undisclosed.

This initiative follows Beijing’s recent call for local authorities to enhance financing support for developers and curate lists of eligible projects.

In response, the big four state lenders pledged to meet reasonable financing demands from developers and projects identified under the coordination mechanism.

However, China’s property market faces challenges despite these measures. New home sales plummeted 34.2% year-on-year, underscoring the ongoing slowdown.

While existing home transactions surged during the Spring Festival holiday, new home sales remained subdued, prompting a cautious outlook among buyers.

The infusion of $8 billion aims to instill confidence and stimulate activity in the property sector, potentially heralding a gradual recovery amid persisting market uncertainties.

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