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Chinese Firm Pledges Commitment to Nigeria

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  • Chinese Steel Firm Pledges Commitment to Nigeria

A Lagos-based Chinese steel manufacturing company, HongXing Steel Company, has expressed confidence in the ability of the Nigerian economy to overcome its present challenges.

Speaking to journalists on the sidelines of the company’s 2016 end of year get-together, the Managing Director of HongXing Steel Company, Fengzheng Ke, also assured that his firm would continue to priorities issues of staff welfare.

He called for more support for the Federal Government in the bid to diversify the economy.“Nigeria is facing some economic challenges and we are confident that the economy would overcome these challenges, that is why we are standing with Nigeria. We have been here for long and so we are attached to this country. We believe this country has enormous potential and we believe that it would overcome its challenges.

“We believe that the Nigerian government is encouraging local manufacturers to grow. Yes, manufacturing sector will play a major role in transforming Nigeria.

We want to appreciate the government and every other agency that have supported us over the years. But we are looking towards government for incentives and improved infrastructure, especially in the area of power,” he said.

Ke, stressed that the aim of HongXing Steel Company is to be one of the biggest steel manufacturing companies in Africa. Commenting on the end of year party, he said: “Since the establishment of the company, we always endeavour to carry members of our staff along. Every year, we make effort to improve the welfare of our workers.

“So, holding this end of year get-together, is to showcase the unity in the organisation. We work hard throughout the year and at the end of every year, we take out some days to unwind. We have made sure that we improve the working environment to make our staff more comfortable.”

Earlier, the General Manager, Lagos State Environmental Protection Agency (LASEPA), Shabi Adebola, who was at the event, said HongXing Steel has improved in the level of emission from the company in the past six years. He said his agency would continue to support HongXing Steel in the use of new technology, to further reduce emission.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

PENGASSAN to Shut Down 200,000bpd Agip Oil

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Agip Oil Company

PENGASSAN to Shut Down 200,000bpd Agip Oil

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), an oil workers’ union, is threatening to shut down 200,000 barrels per day of crude oil production managed by Agip Oil Company Limited over what it described as unfair labour practices and intimidation of workers.

The Union, in a letter released on Wednesday, gave Agip Oil seven days to look into the concerns raised by the union or have its operations disrupted.

In the letter signed by Lumumba Okugbawa, General Secretary, the Union also accused Agip Oil of “subtle threat against our members and demobilisation of members access to the company facilities.”

PENGASSAN also urged Agip Oil to withdraw its “toxic memo’ and open discussion with the union branch leaders with a view to discuss and resolve the issues and strengthen industrial harmony.

However, as a law-abiding association, we view the insinuation by Agip management that the legitimate actions of the union was unlawful as laughable and a mockery of the relevant sections of the labour laws detailing on how industrial actions and disputes should follow.

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Economy

Gbajabiamila Says House of Reps Will Pass Petroleum Industry Bill in April

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Gbajabiamila Says House of Reps Will Pass Petroleum Industry Bill in April

Femi Gbajabiamila, the Speaker of the House of Representatives, on Wednesday, said the Reps will pass the Petroleum Industry Bill (PIB) into law in April 2021.

The speaker disclosed this during his opening remarks at the ongoing public hearing on the proposed legislation organised by the House Ad-hoc Committee on PIB.

He said “We intend to pass this bill by April. That is the commitment we have made. Some may consider it a tall order, but we will do it without compromising the thoroughness.

Gbajabiamila’s comment came two days after Ahmad Lawan, the Senate President, said the passage and assent to the Petroleum Industry Bill (PIB) will be done before the end of May.

Once passed into law, experts expect the bill to boost Nigeria’s economy, encourage competition and boost revenue.

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Economy

Egypt Leads Nigeria, South Africa in Foreign Direct Investment

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Global debt

Egypt Leads Nigeria, South Africa in Foreign Direct Investment

The United Nations Trade Association has Nigeria recorded a total of $2.6 billion in Foreign Direct Investment (FDI) in 2020, below the $3.3 billion posted in the preceeding year.

South Africa, Africa’s most industrialised nation, reported $2.5 billion during the same year, slightly below Africa’s largest economy and 50 percent below the $4.6 billion attracted a year earlier.

The report also noted that Africa recorded a total of $38 billion FDI in the same year, representing a 18 percent decline from the $46 billion posted in the corresponding year of 2019.

However, Egypt led Nigeria and South Africa with $5.5 billion FDI, an increase of 38 percent from the preceeding year.

The report read in part, “FDI flows to Africa declined by 18% to an estimated $38 billion, from $46 billion in 2019. Greenfield project announcements, an indication of future FDI trends, fell 63% to $28 billion, from $77 billion in 2019. The pandemic’s negative impact on FDI was amplified by low prices of and low demand for commodities.

UNCTAD also noted that global foreign direct investment declined by 42 percent to an estimated $859 billion, down from $1.5 trillion in 2019.

The decline was concentrated in developed countries, where FDI flows fell by 69 percent to an estimated $229 billion. Flows to Europe dried up completely to -4 billion (including large negative flows in several countries). A sharp decrease was also recorded in the United States (-49%) to $134 billion.

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