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Nigeria, Singapore Trade Volume Hits N846bn – Adeosun

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  • Nigeria, Singapore Trade Volume Hits N846bn

The Minister of Finance, Kemi Adeosun, said on Wednesday that the volume of trade between Nigeria and Singapore reached N846bn from 2011 to 2015 while the absolute balance of trade was N222 billion in favour of Nigeria.

She announced this in Abuja at the signing of an agreement on avoidance of double taxation with Singapore.

The balance of trade net of petroleum export stood at N42bn in favour of Singapore, while the volume of Foreign Direct Investment (FDI) from Singapore to Nigeria between 2010 and March 2015 was $908.8m.

She said Nigeria’s relations with Singapore had been on the increase since 2012, culminating in the first Nigeria-Singapore Business and Investment Forum in 2013.

She said negotiations for the agreement on avoidance of double taxation was held in Singapore in October 2013 but was concluded in October 2014.

She said Singapore was identified as a suitable tax treaty partner for Nigeria because it was currently one of the fastest growing economies in the world with a highly developed and successful free-market economy.

“It operates in a remarkably open and transparent environment, with stable prices and a per capita Gross Domestic Product higher than that of most developed countries.’’

She added that the treaty with Singapore was very important because of its consistency with Nigeria’s ongoing efforts to expand its treaty network.

Adeosun said the agreement had clearly spelt out taxing rights of each other in respect of different income derived from each country.

She said it would facilitate inter-state trade, economic and business activities by ensuring that nationals or enterprises of the two states were not taxed twice on the income of profits derived from the other country.

“It will assist prospective investors to know their income tax obligation in the other country as well as available tax incentives.

“It also spells out clearly, tax jurisdiction of each country in respect of all possible areas of business activities which give rise to taxation.’’

Dr Koh Koon, Senior Minister of State for Trade and Investment, Singapore, said the treaty was important to both countries to increase the trade volume between them.

“We hope that both governments would happily ratify both agreements so that it sends a strong signal to business communities on both sides that both our governments are committed to ease of doing business.

“This will enable companies to begin to look at investments on both sides seriously.’’

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.

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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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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

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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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Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm

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Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm

JR Firms, an agribusiness firm with headquarters in Nigeria, has announced partnership with Sanit Wing Rwanda through the acquisition of 11 per cent stake in the company.

The CEO of the company, Mr Rotimi Olawale, explained in a statement that the partnership was in furtherance of its goals to ensure food security, create decent jobs and raise the next generation of agrarian leaders in Africa.

The stake was acquired through Green Agribusiness Fund, an initiative of JR Farms designed to invest in youth-led agribusinesses across Africa.

Sanit Wing Rwanda is an agro-processing company that processes avocado oil and cosmetics that are natural, quality, affordable, reliable and viable.

The vision of the company is to become the leading producers of best quality avocado and avocado by-products in Africa by creating value across the avocado value chain.

With focus on bringing together over 20,000 professional Avocado farmers on board and planting of three million avocado trees by 2025 through contract farming, the company currently works with One Acre Fund in supply of avocado to its processing facility.

The products of the company which include avocado oil, skin care (SANTAVO), hair cream and soap are being sold locally and exported to regional market in Kenya.

With the new partnership with JR Farms- the products of the company will enjoy more access to markets focusing on Africa and the European Union by leveraging on partnerships and trade windows available.

Aside funding, the partnership comes with project support in areas of market exposure, capacity building, exposure and other thematic support to grow the business over the next four years.

JR Farms has agribusiness operations in Nigeria, Rwanda, United States and Zambia respectively.

In Nigeria, the company deals in cassava value chain processing cassava to national staple “garri” which is consumed by over 80 million Nigerians on daily basis, while in Rwanda, it works in the coffee value chain with over 4,000 coffee farmers spread across the East Central African country.

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