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Nigeria, China Trade Hits $9.5bn in 2016 – Envoy

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  • Nigeria, China Trade Hits $9.5bn in 2016

Trade between Nigeria and China stood at 9.5 billion dollars in 2016, according to the Economic and Commercial Counsellor of the Chinese Embassy, Mr Zhao Linxiang.

Linxiang gave the figure at a dinner to host participants of different training courses in China on Friday night in Abuja.

The envoy said though bilateral relations between both countries faced challenges, Nigeria remained China’s fourth largest trading partner in Africa.

““In the first 11 months of last year (2016), our bilateral trade reached 9.5 billion dollars. It is a great achievement under the current condition the Nigerian economy is.

““So far, China’s total investment in Nigeria reached 2.2 billion dollars and Nigeria is China’s important destination in Africa.

“”Our investment cooperation is expanding.

“A large number of Chinese investors and enterprises are concentrated in Nigeria and cover various fields like oil and gas exploration, free trade zone project, steel processing, manufacturing, agriculture, broadcasting and pharmacy among others,’’ the counsellor said.

He added that implementation of the 10 major China-Africa cooperation projects, which began in 2016 was progressing.

The envoy said it was important for both countries to promote win-win cooperation, seek common development goals and maintain high-level exchanges.

Linxiang reiterated China’s commitment to work with Nigeria to strengthen mutually beneficial cooperation and promote Nigeria’s industrialisation and agricultural modernisation.

According to him, both countries can better enhance cooperation in the area of capacity building.

“”We will provide more training and scholarship for Nigerians under the framework of `1000 People Plan’.

““The friendship between both countries needs more publicity,’’ he said.

The envoy said the Chinese Government offered training opportunities to 3,200 Nigerians in the last decade, adding that 260 officials participated in different training opportunities in China in 2016.

“”Last year, we held the 2016 China-Nigeria Agricultural Technical Training programme; 40 Nigerian officials and technicians got trained in Abuja.

““This is a historical beginning which means we can achieve better results through providing localised courses,’’ he said.

Also speaking, the Minister of State for Budget and National Planning, Mrs Zainab Ahmed, said the relationship between both countries was beneficial.

““China has been in several developmental places in Nigeria,’’ Ahmed added.

The minister further remarked that continued engagement with the right partners would bring Nigeria out of its current economic situation.

“”Our focus is to develop infrastructure required to ease the difficulties of doing business in our country and the Chinese companies working in Nigeria are set to help us in deploying those projects.

“”We will be reaching out to you to make sure that some of the projects that we have started discussing are crystallising within the shortest possible time,’’ she said.

Mr Stephen Anayo, who spoke on behalf of the trainees, said that Nigeria could learn from China’s development.

Anayo urged the Chinese Government to sustain the training opportunities, adding that it would promote capacity building and boost development in the country.

“”Transfer knowledge is the best a partner or friend can do for another; China is considered as one of Nigeria’s allies.

“”When people are knowledgeable, they know what to do and do it right,’’ he said.

He called on other participants to utilise the knowledge acquired for the development of the country.

 

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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Crude Oil

Oil Prices Slide as U.S. Crude Stockpiles Surge, Heightening Demand Concerns

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Crude oil

Oil prices declined on Thursday as concerns over demand intensified due to a larger-than-anticipated build in U.S. crude stockpiles.

Brent crude oil, against which Nigerian oil is priced, dropped by 0.5% to $83.25 a barrel while U.S. West Texas Intermediate crude oil fell by 0.3% to $78.28 a barrel.

The Energy Information Administration’s report revealed a substantial increase in U.S. crude oil stockpiles by 4.2 million barrels to 447.2 million barrels for the week ending February 23rd.

This surge surpassed analysts’ expectations and marked the fifth consecutive week of rising inventories.

While gasoline and distillate inventories witnessed a decline, concerns regarding a sluggish economy and reduced oil demand in the U.S. were amplified.

Satoru Yoshida, a commodity analyst with Rakuten Securities, highlighted that the significant stockpiles have heightened investor worries.

Moreover, the anticipation of delayed U.S. interest rate cuts further weighed on market sentiment, potentially undermining oil demand.

Traders have adjusted their expectations for rate cuts, with an easing cycle predicted to commence in June rather than March as previously anticipated.

Market participants await the U.S. personal consumption expenditures price index for insights into inflation trends, while the possibility of an extension of voluntary oil output cuts from OPEC+ looms over price dynamics, amid lingering uncertainty in the demand outlook and geopolitical tensions in the Middle East.

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Crude Oil

Crude Oil Shortage Threatens Dangote, Government Refineries, Minister Raises Alarm

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Dangote Refinery

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has sounded a clarion call over a looming crude oil shortage that threatens the operations of the newly inaugurated Dangote Petrochemical Refinery and government-owned refineries in Nigeria.

Addressing stakeholders at the seventh edition of the Nigeria International Energy Summit in Abuja, Minister Lokpobiri expressed concerns that unless deliberate efforts are made to increase investments and crude oil production, these refineries may struggle to obtain enough feedstock for petroleum product manufacturing.

The Dangote refinery, a colossal project spearheaded by Dangote Industries Limited, has a daily requirement of up to 650,000 barrels of crude oil, while government-owned refineries could need approximately 400,000 barrels.

However, the current pace of crude oil production and investment in Nigeria falls short of meeting these demands.

Minister Lokpobiri highlighted the need to ramp up production and attract investments in the upstream sector to ensure adequate feedstock supply for the refineries.

He emphasized the importance of efficiently utilizing Nigeria’s abundant oil and gas reserves to enhance domestic energy security and economic prosperity.

Furthermore, the minister underscored the significance of investing in energy infrastructure and transitioning towards more environmentally friendly practices to address Nigeria’s energy needs effectively.

The alarm raised by Minister Lokpobiri underscores the urgency for strategic interventions and collaborative efforts to mitigate the impending crude oil shortage and secure the future of Nigeria’s refining industry amidst evolving global energy dynamics.

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Energy

NNPCL Pledges End to Nigeria’s Energy Scarcity Within a Decade

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Mele Kyari - Investors King

The Nigerian National Petroleum Company Limited (NNPCL) has announced a bold initiative aimed at ending Nigeria’s persistent energy scarcity within the next decade.

Mele Kyari, the Group Chief Executive Officer of NNPCL, revealed this ambitious plan during the opening ceremony of the seventh Nigerian International Energy Summit in Abuja.

Kyari’s announcement comes as a beacon of hope for millions of Nigerians grappling with chronic power shortages and energy deficiencies.

In his statement, Kyari expressed confidence that all issues related to energy scarcity in the country would be resolved within the next 10 years.

Assuring stakeholders of NNPCL’s unwavering commitment, Kyari emphasized the company’s dedication to collaborating with partners to bridge the energy deficit gap and foster prosperity for all Nigerians.

He highlighted NNPCL’s pivotal role as a key partner to oil-producing companies in Nigeria, facilitating the divestment of international oil companies from onshore and shallow water assets in the country.

Furthermore, Kyari underscored NNPCL’s statutory mandate as the enabler of national energy security, emphasizing the importance of sustainable production from divested assets to ensure energy security for Nigerians.

In addition to addressing domestic energy challenges, NNPCL is also exploring avenues for sustainable energy investment across Africa.

Kyari revealed the company’s intention to invest in the proposed African Energy Bank, aiming to secure funding for energy projects on the continent and guarantee regional energy security.

The event, attended by prominent stakeholders including government officials and representatives from international organizations, marks a significant step towards reshaping Nigeria’s energy landscape and fostering economic development through improved energy access.

As NNPCL charts its course towards energy abundance, Nigerians remain cautiously optimistic about the prospects of a brighter energy future.

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