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China Exports to Nigeria Hit $75bn; Nigeria’s just $9.6bn

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  • China Exports to Nigeria Hit $75bn; Nigeria’s just $9.6bn

Recently calculated total exports to Nigeria from China amounted to about $75 billion while on the Nigerian side, total export to China was about $9.6 billion.

This took the total trade volume between the two countries, as at July this year, to about $85 billion.

The Economic and Commercial Councilor, China Embassy in Nigeria, Zhaor Lin Xiang, disclosed this yesterday at a press briefing on the outcomes of the Forum on China-Africa Cooperation (FOCAC) Beijing summit.

An elated Xiang said these figures indicated that Chinese products were very popular in Nigeria and they are meeting the needs of Nigerians,” he noted.

Similarly, the British High Commissioner to Nigeria, Mr. Paul Arkwright, yesterday, said the United Kingdom was poised to double the annual trade volume of £4.2 billion between the two countries..

The Chinese Councilor, Lin Xiang explained that the figures he presented were based on the trade volume recorded as at July this year, adding that the Chinese government was planning to increase economic ties between Nigeria and the Asian continent.

Also speaking at the media parley, the Charge’d Affair, Chinese Embassy, Lin Jing said that the Beijing action plan 2019-2021 has as a cardinal point of action, the industrial and capacity building programme for African countries.

According to him, “This will translate to the establishment of 10 Lubab training centres; the centres will equip Africans with unique manufacturing skills, and provide 50,000 scholarships opportunities.”

Lin Jing also stated that China would continue to explore means that would improve economic and bilateral cooperation with Nigeria.

He said China would support Nigeria in manufacturing products that meet international standards, adding that in November, China would host an import-export trade fair meant to attract more trade and investments from other countries, as a way of improving bilateral trade.

The Embassy of China in Nigeria however frowned at the insinuation that China was on a mission to colonise Africa, adding that the Chinese president was doing all he could to ensure equality in all his dealings with the continent.

“As you all know, President Xi Jinping presented five major approaches that will guide China relationship with Africa.

“These approaches are: No interference with African countries pursuit in the development path; No interference in internal affairs; No imposition of our will on African countries; No attachment of political gains,” Jing said.

On the United Kingdom’s trade relations with Nigeria, the British High Commissioner Arkwright said: “The current volume of our trade relationship is £4.2 billion annually and our ambition is to double it to reach £8 billion by 2030.

“We are looking at how we can improve our economic engagements and to make it a win-win affair,” he stressed, restating the ties between both countries.

He said the United Kingdom was determined to get back to the number one spot in terms of trade with Nigeria.

Arkwright noted that British companies had been operating in Nigeria for so many years and that they were still doing well.

The Envoy, who pointed out that 5,000 Nigerians join the labour market daily, said the United Kingdom would do more to help create jobs in the country.

The envoy described the meeting with the Sokoto State Investment Company as fruitful, adding that he saw opportunities in the areas of agriculture, mining and leather in the state.

“I will go back to Abuja and my country and talk about the abundant opportunities in the state. I will talk and encourage my people to come and invest in Sokoto.”

In his remarks, the Chairman of the company, Alhaji Tukur Umar, urged the envoy to help showcase the potential of the state in the global arena.

“We have abundant opportunities in Sokoto. We are endowed with a lot of natural resources, fertile soil for agricultural investment and leather, among others. We have also keyed into the federal government’s ease of doing business,” he added.

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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Peter Obi Advocates for Full Government Backing of Dangote’s $21bn Refinery Project

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Peter G. Obi

Peter Obi, a prominent Nigerian politician and public figure, has called for unwavering support for the Dangote Refinery amid recent conflicts between Dangote Industries and government agencies.

In a passionate appeal, Obi said the current disputes extend beyond political and personal differences, touching upon the broader interests of Nigeria’s economy and its future prosperity.

In his statement on X.com, Obi highlighted the refinery’s immense potential to drive economic growth and create employment opportunities.

With an estimated annual revenue potential of approximately $21 billion and the capacity to generate over 100,000 jobs, the Dangote Refinery represents a cornerstone of Nigeria’s industrial advancement and economic stabilization.

“The recent challenges faced by Dangote Industries should not overshadow the vital role this enterprise plays in our national economy,” Obi asserted.

“Alhaji Dangote’s contributions are monumental, and it is essential that we rally behind his ventures, particularly the refinery, which is set to make a significant impact on our fuel crisis and foreign exchange earnings.”

The refinery, with its strategic importance, stands as a beacon of hope for Nigeria’s fuel supply and overall economic development.

It is poised to address long-standing issues in the energy sector, provide substantial revenue streams, and enhance the country’s economic resilience. Given these benefits, Obi stressed that any actions hindering the refinery’s operation would be counterproductive.

Obi also commended Alhaji Dangote for his remarkable achievements across various sectors, including cement, sugar, salt, fertilizer, infrastructure, and more.

“Alhaji Dangote embodies patriotism and commitment to Nigeria’s growth. His extensive industrial activities are not only a testament to his entrepreneurial spirit but also a vital contribution to Nigeria’s economic landscape,” he added.

Despite the challenging business environment, Dangote’s diversified industrial investments demonstrate a commitment to Nigeria’s industrialization and job creation.

Obi urged the Federal Government and its agencies to offer full support to Dangote Industries, recognizing the broader economic benefits and the positive impact on national welfare.

“The success of Dangote Industries is intrinsically linked to the success of Nigeria and Africa as a whole. We cannot afford to let such a crucial enterprise falter,” Obi warned. “Every sensible and patriotic government should view enterprises like Dangote Industries as national treasures that deserve robust support and protection.”

Obi’s appeal underscores the critical need for collaboration between the government and private sector leaders to ensure the successful operation of key projects like the Dangote Refinery.

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Dangote Accuses NNPC and Oil Traders of Secret Operations in Malta

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Aliko Dangote, chairman of Dangote Industries Limited, has leveled serious allegations against personnel from the Nigerian National Petroleum Company (NNPC) Limited and certain oil traders.

Speaking at a session with the House of Representatives, Dangote claimed that these parties have established a blending plant in Malta, raising concerns about the integrity of Nigeria’s fuel supply.

Dangote described the blending plant as lacking refining capability, instead focusing on mixing re-refined oil with additives to produce lubricants.

“Some of the terminals, some of the NNPC people, and some traders have opened a blending plant somewhere off Malta,” he stated.

He emphasized that these activities are well-known within industry circles.

Addressing the drop in diesel prices, Dangote argued that locally produced diesel, with sulfur content levels of 650 to 700 parts per million (ppm), is superior to imported variants.

He linked numerous vehicle issues to what he described as “substandard” imported fuel.

He called for the House of Representatives to set up an independent committee to investigate fuel quality at filling stations.

“I urge you to take samples from filling stations and compare them with our production line to inform Nigerians accurately,” Dangote insisted.

The accusations come amid an ongoing dispute between the Dangote Refinery and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Farouk Ahmed, NMDPRA’s chief executive, had previously claimed that local refineries, including Dangote’s, were producing inferior products compared to imports.

Also, the House of Representatives has initiated a probe into allegations that international oil companies are undermining the Dangote Refinery’s operations.

In response to the escalating tensions, Heineken Lokpobiri, the Minister of State for Petroleum Resources, intervened by meeting with key stakeholders including Dangote, Ahmed, and other top officials from the Nigerian petroleum regulatory bodies.

The discussions aimed to address claims of monopoly against Dangote, which he has strongly denied, and to ensure that all parties operate transparently and fairly.

This development highlights the complex dynamics within Nigeria’s oil industry. The allegations and subsequent investigations could impact market stability and investor confidence.

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Africa’s Richest Man, Aliko Dangote Ready to Sell Refinery to Nigerian Government

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Dangote refinery

Aliko Dangote, Africa’s wealthiest entrepreneur, has announced his willingness to sell his multibillion-dollar oil refinery to Nigeria’s state-owned energy company, NNPC Limited.

This decision comes amid a growing dispute with key partners and regulatory authorities.

The $19 billion refinery, which began operations last year, is a significant development for Nigeria, aiming to reduce the country’s reliance on imported fuel.

However, challenges in sourcing crude and ongoing disputes have hindered its full potential.

Dangote expressed frustration over allegations of monopolistic practices, stating that these accusations are unfounded.

“If they want to label me a monopolist, I am ready to let NNPC take over. It’s in the best interest of the country,” he said in a recent interview.

The refinery has faced difficulties with supply agreements, particularly with international crude producers demanding high premiums.

NNPC, initially a supportive partner, has delivered only a fraction of the crude needed since last year. This has forced Dangote to seek alternative suppliers from countries like Brazil and the US.

Despite the challenges, Dangote remains committed to contributing to Nigeria’s economy. “I’ve always believed in investing at home.

This refinery can resolve our fuel crisis,” he stated, urging other wealthy Nigerians to invest domestically rather than abroad.

Recently, the Nigerian Midstream and Downstream Petroleum Regulatory Authority accused Dangote’s refinery of producing substandard diesel.

In response, Dangote invited regulators and lawmakers to verify the quality of his products, which he claims surpass imported alternatives in purity.

Amidst these challenges, Dangote has halted plans to enter Nigeria’s steel industry, citing concerns over monopoly accusations.

“We need to focus on what’s best for the economy,” he explained, emphasizing the importance of fair competition and innovation.

As Nigeria navigates these complex issues, the potential sale of Dangote’s refinery to NNPC could reshape the nation’s energy landscape and secure its energy independence.

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