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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.

 

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.

Gold

Gold Gained Ahead of Joe Biden Inauguration 2021

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Gold

Gold Gained Ahead of Joe Biden Inauguration 2021

Gold price rose from one and a half month low on Tuesday ahead of President-elect Joe Biden’s inauguration on Wednesday.

The precious metal, largely regarded as a haven asset by investors, edged up by 0.2 percent to $1,844.52 per ounce on Tuesday, up from $1,802.61 on Monday.

According to Michael McCarthy, the Chief Market Strategies, CMC Markets, the surged in gold price is a result of the projected drop in dollar value or uncertainty.

He said, “The key factor appears to be the (U.S.) currency.”

As expected, a change in administration comes with the change in economic policies, especially taking into consideration the peculiarities of the present situation. In fact, even though Biden, Janet Yellen and the rest of the new cabinet are expected to go all out on additional stimulus with the support of Democrats controlled Houses, economic uncertainties with rising COVID-19 cases and slow vaccine distribution remained a huge concern.

Also, the effectiveness of the vaccines can not be ascertained until wider rollout.

Still, which policy would be halted or sustained by the incoming administration remained a concern that has forced many investors to once again flee other assets for Gold ahead of tomorrow’s inauguration.

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Crude Oil

Crude Oil Holds Steady Above $55 Per Barrel on Tuesday

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Oil

Crude Oil Holds Steady Above $55 Per Barrel on Tuesday

Brent Crude oil, against which Nigerian crude oil is priced, rose from $54.46 per barrel on Monday to $55.27 per barrel as of 9:03 am Nigerian time on Tuesday.

Last week, Brent crude oil rose to 11 months high of $57.38 per barrel before pulling back on rising COVID-19 cases and lockdowns in key global economies like the United Kingdom, Euro-Area, China, etc.

While OPEC has left 2021 oil demand unchanged and President-elect Joe Biden has announced a $1.9 trillion stimulus package, experts are saying the rising number of new cases of COVID-19 amid poor vaccine distribution could drag on growth and demand for oil in 2021.

On Friday, Dan Yergin, vice-chairman at IHS Markit, said in addition to the stimulus package “There are two other things that are going with it … one is of course, vaccinations — in the sense that eventually this crisis is going to end, and maybe by the spring, lockdowns will be over.”

“The other thing is what Saudi Arabia did. This is the third time Saudi Arabia has made a sudden change in policy in less than a year, and this one was to announce (the) 1 million barrel a day cut — partly because they are worried about the impact of the surge in virus that’s occurring,” he said.

Also, the stimulus being injected into the United States economy could spur huge Shale production and disrupt OPEC and allies’ efforts at balancing the global oil market in 2021.

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Crude Oil

Crude Oil Pulled Back Despite Joe Biden Stimulus

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Crude Oil Pulled Back Despite Joe Biden Stimulus

Crude oil pulled back on Friday despite the $1.9 trillion stimulus package announced by U.S President-elect, Joe Biden.

Brent crude oil, against which Nigeria’s oil is priced, pulled back from $57.38 per barrel on Wednesday to $55.52 per barrel on Friday in spite of the huge stimulus package announced on Thursday.

On Thursday, OPEC, in its latest outlook for the year, said uncertainties remain high in 2021 with the number of COVID-19 new cases on the rise.

OPEC said, “Uncertainties remain high going forward with the main downside risks being issues related to COVID-19 containment measures and the impact of the pandemic on consumer behavior.”

“These will also include how many countries are adapting lockdown measures, and for how long. At the same time, quicker vaccination plans and a recovery in consumer confidence provide some upside optimism.”

Governments across Europe have announced tighter and longer coronavirus lockdowns, with vaccinations not expected to have a significant impact for the next few months.

The complex remains in pause mode, a development that should not be surprising given the magnitude of the oil price gains that have been developing for some 2-1/2 months,” Jim Ritterbusch, president of Ritterbusch and Associates, said.

Still, OPEC left its crude oil projections unchanged for the year. The oil cartel expected global oil demand to increase by 5.9 million barrels per day year on year to an average of 95.9 million per day in 2020.

But also OPEC expects a recent rally and stimulus to boost U.S. Shale crude oil production in the year, a projection Investors King experts expect to hurt OPEC strategy in 2021.

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