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Egypt Worries Over Low Trade Volume With Nigeria



  • Egypt Worries Over Low Trade Volume With Nigeria

Egyptian ambassador-designate to Nigeria, Mr Assem Hanafi, has expressed concern over the low trade volume between his country and Nigeria, stressing the need to aggressively improve the situation.

Hanafi said this on Monday in Abuja when he paid a courtesy visit on the President of Abuja Chamber of Commerce and Industry, Mr Tony Ejinkeoyen

The envoy, who expressed his country’s willingness to increase the volume and value of trade with Nigeria, said there was the need to explore huge potentials in both countries.

He said, “My target is to see ways and means to boost trade and investment between Nigeria and Egypt, two biggest countries in Africa with huge potentials and population.

“The volume of trade between Nigeria and Egypt is not very big and this is another sad story of intra-African trade relations. That is why I am here to promote our trade relations.

“The intra-African trade only constitutes 15 percent of the overall African trade with outside.

“So we are eager to multiply the current volume which approximately is $100m plus, it is not something really reflecting the potentials of the markets of both countries.”

He attributed the problem of low trade volume between the two countries to the culture and tradition of African countries not importing from within Africa but from Europe and America.

He said, “So we need to see the comparative advantage which African countries can offer to one another and fill this gap.

“Once we succeed I think it will encourage other countries to follow suit though it may take time; we have a long way to go but it will yield the desired fruits.”

The envoy said Nigeria and Egypt had excellent political relations, sports, culture but the segment that needed further strengthening was the economic relations.

Hanafi stressed the need to reflect the strength and potentials of both countries and see which export could be of help to both countries markets.

“The next thing is to see investors from both countries to have opportunities to invest and increase their investment in both countries; I am sure it will be a rewarding venture,” he said.

According to him, there is also need to encourage companies of both countries to do business together and to see which part could be developed further.

Hanafi, who said Egyptian companies were thriving in Nigeria especially in infrastructure development, said Egypt was considering further investment in power, pharmaceutical, and engineering sectors

He said Egypt was also considering exportation of light vehicles, medical supplies, manufacturing products to Nigeria.

The envoy said there was market for Nigerian products such as ginger, sugarcane and other agricultural products

The President Abuja Chamber of Commerce and Industry, Mr Tony Ejinkeonye, said the chamber was looking at how to increase economic activities between the two countries.

He said, “Egypt and Nigeria are two economic giants in Africa; so we believe that if the two countries work together they can leverage on their enormous potentials to grow the economy.

“Egypt is a powerhouse in Africa so also Nigeria. We look at the trade volume and how to increase it as well as boosting the economic relations.

“What we just arrived at is to engage more, possibly in trade missions between the two countries.

“We have also invited them to our September trade fair; they also invited us to theirs which is aiming at strengthening the Small and Medium Enterprises of both countries.”

According to him, most economies in the world are strengthened by the SMEs, so the same thing with Nigeria and Egypt.

“And when you talk about strengthening economic ties, it also involves the development of SMEs,” he said.

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


Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others



Transcorp hotel

Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.


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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director




Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations




FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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