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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.

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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NAHCO Recalls Suspended GMD/CEO, Mrs Adetokunbo A. Fagbemi

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NAHCO Recalls Suspended GMD/CEO, Mrs Adetokunbo A. Fagbemi | investorsking.com

Mrs. Adetokunbo A. Fagbemi Resumes Work With NAHCO

The Board of Directors of Nigerian Aviation Handling Company Plc (NAHCO) has recalled Mrs. Adetokunbo A. Fagbemi, the Group Managing Director and Chief Executive Officer, who was suspended over Management’s failure to diligently secure the delivery of a purchased equipment from vendor within the contracted period and Management’s inability to provide satisfactory/acceptable reason for the unreasonable long delay.

Mrs. Fagbemi was suspended by the Board at a meeting held on 27th of January 2021 in line with the Board’s earlier decision that if a certified bill of lading for the equipment was not received by 2nd February 2021, the GMD/CEO shall proceed on suspension with half pay until receipt of acceptable evidence of equipment shipment from the manufacturer.

Since Mrs. Fagbemi commenced her suspension on February 3rd, 2021, Mr. Olumuyiwa A. Olumekun, the Group Executive Director, Corporate Services, has been acting as the GMD/CEO, according to a statement put out by the company.

It said “the Board is however pleased to inform the investing public and the Exchange that on, Tuesday, February 24, 2021, a satisfactory evidence of departure and arrival dates of the equipment has been received by the board from the equipment manufacturer.

“Consequently, the Board at its emergency meeting today, February 24, 2021, has recalled the Group Managing Director/Chief Executive Officer, Mrs. Adetokunbo A. Fagbemi from the suspension and she has resumed work.”

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Businesses Groan as Price of Diesel Rises to N250 Per Litre

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Petrol Importation

Businesses Groan as Price of Diesel Rises to N250 Per Litre

Businesses have started feeling the negative impact of the rising price of Automotive Gas Oil, known as diesel.

A single litre now goes for N250 in some parts of Lagos, with businesses taking a beating on the back of rising energy costs.

Our correspondent observed that some filling stations in Lagos had increased the price of the product to N250 per litre, while many others sold it at between N220-N245.

Northwest Petroleum along the Oshodi-Apapa road increased the pump price of diesel to N250 per litre; AP (Ardova Plc), along Airport road, Ikeja, N248; and Oando, along Acme Road, N240.

The National Bureau of Statistics, in its AGO price report on Tuesday, said the average price paid by consumers for diesel increased by 0.22 per cent to N224.86 per litre in January 2021 from to N224.37 in December 2020.

It said states with the highest average price of diesel were Adamawa (N268.33), Zamfara (N262.78) and Kebbi (N257.50).

“States with the lowest average price of diesel were Osun (N194.60), Anambra (N195.83) and Enugu (N198.24),” the NBS added.

Crude oil price accounts for a large chunk of the final cost of petroleum products, and the deregulation of the downstream oil sector by the Federal Government means that the pump prices of the products will reflect changes in the international oil market.

The international oil benchmark, Brent crude, has risen by more than 25 per cent this year from the $51.22 per barrel at which it closed last year. It rose to $65.25 per barrel as of 6:30pm Nigerian time on Tuesday.

Diesel is mostly used by businesses to power their generators amid a lack of reliable power supply from the national grid.

The President, Association of Small Business Owners of Nigeria, Mr Femi Egbesola, lamented that the recent increase in the price of diesel was taking a heavy toll on businesses, especially Small and Medium Enterprises.

“The cost of diesel and raw material is giving us a nightmare. The price of diesel has been skyrocketing in a way that creates fear in particularly manufacturers,” he told our correspondent on Tuesday.

According to him, it is difficult for businesses to factor all the increase in diesel price in their final product prices.

Egbesola said, “That is why a lot of companies are downsizing and are making sure that they only produce products that they are so sure will sell in the market.

“Many companies have reduced their product lines significantly just to be able to cope. And that is not good for us because by the time this goes on, unemployment will increase. I believe government should be able to do something about this.”

He said although the downstream petroleum sector had been deregulated, there should be checks and balances.

Egbesola said many small businesses’ savings had been eroded already because ‘we keep spending our savings to make sure we don’t close shop’.

He said, “If things continue this way, there is no way we are not going to close shop. We are still struggling with the recent increase in electricity tariff.

“Many small businesses still depend so much on diesel generators because there is no alternative power supply. It is only the big players that have the facilities to use gas. And we cannot use solar installation because it is very expensive.”

Nigeria, Africa’s largest oil producer, relies largely on importation for petrol and other refined products as its refineries have remained in a state of disrepair for many years.

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United Capital Appoints Latunji Head, Marketing/Corporate Communications

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United-capital

United Capital Appoints Latunji Head, Marketing/Corporate Communications

United Capital Plc has been appointed, Tolu Latunji as its Head, Marketing & Corporate Communications.

In the new role, he is expected to drive a strategic communications, marketing and brand management programme for the investment banking group.

Latunji is a communication and marketing expert with 12 years’ experience in products development, marketing, brand & franchise building, effective management and communication of strategic objectives whilst ensuring adequate visibility for both organisation and product/service offerings through product, content and brand initiatives.

“With a 360 degree knowledge of communications and marketing, which includes but not limited to – brand management and initiatives, corporate affairs, internal and external affairs, product and brand marketing, event management and experiential marketing, cluster/segment marketing, Tolu has served at various capacities on government constituted sub-committees on financial inclusion,” a statement explained.

Prior to joining United Capital Plc, he was the Managing Partner of Ten & Square Media Co., a bespoke creative ideation and brand/crisis management firm, based in Lagos, Dakar and London.

Latunji was recently the Strategic Communications lead at FMDQ Securities Exchange, Nigeria’s first integrated financial market infrastructure (FMI), where he had the responsibility of effectively positioning the group, together with its subsidiaries, as the most sophisticated and technologically driven securities exchange in Africa.

Prior to that, he worked in Guaranty Trust Bank for nine years with roles in brand management & monitoring, events and experiential marketing, products and content marketing and user experience.

He led the marketing team to the successful development and launch of various retail, SME and corporate products. He was also instrumental in curating and developing the bank’s social footprints. Outside the corporate environment, Tolu engages in various humanitarian activities with food banks and empowerment programmes. He holds a B.Sc. Economics from University of Lagos.

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