Connect with us

Economy

Nigeria is The Largest Economy in Africa – UAE

Published

on

The United Arab Emirates (UAE) on Wednesday, said Nigeria remained the largest economy in Africa.

This was contained in a statement signed by the Embassy of UAE in Abuja and made available to the News Agency of Nigeria (NAN).

It stated that the Embassy had commenced a series of trade and investment promotion activities aimed at bolstering the bilateral trade and investment volume between Nigeria and the UAE.

NAN reports that the trade promotion initiative, was coordinated in collaboration with the UAE International Investment Council (UAEIIC), the UAE Ministry of Economy and the Federal Ministry of Industry, Trade and Investment in Nigeria.

According to the embassy, the initiative focuses on attracting key industry stakeholders and investors across all sectors in Nigeria and the UAE in a bid to develop and explore future trade opportunities.

“Nigeria has been chosen among the 34 selected countries globally participating in the initiative because of its pivotal position as a top investment market in the West African region and its overall economic influence in Africa,” said the statement.

The UAE Minister of State, Ministry of Foreign Affairs and International Cooperation (MOFAIC), Sheikh Shakhboot Al Nahyan, expressed satisfaction with the level of trade, political and cultural partnership that existedbetween both countries.

“UAE is the ninth largest exporter to Nigeria globally, the UAE continues to see Nigeria as the largest economy in Africa and also an important, trusted partner.

“For decades, both countries have continued to nurture strong bilateral relations, particularly in the areas of trade and investment.

“To date, we remain Nigeria’s largest trade partner in the Middle East region, accounting for 35 per cent of Nigeria’s total trade with the region,” he said.

He added that over the past few years, there had been high-level political exchanges amid continuing mutual trust between both countries, which led to the signing of several key agreements aimed at solidifying overall bilateral relations.

“It is my desire that the existing relationship continues to grow as the global economy gradually recovers from the effects of the COVID-19 pandemic.

“Valued at 1.4 billion dollars in 2019, I willlike to see this increase and look forward to working toward this in a mutual beneficial manner, ” he said.

In his remarks, The UAE Minister of State for Foreign Trade, Dr Thani Al Zeyoudi, was confident that the UAE/Nigeria ties would continue to grow in areas of trade and investment.

“UAE and Nigeria relationship is witnessing a positive development dominated by cooperation, respect and mutual interests.

“The two countries are enjoying growth rates of bilateral trade, while the volume of non-oil trade exchange reached 1.45 billion dollars by the end of 2019.

“Our goal is to increase non-oil bilateral trade based on huge trade and investment potential and promising opportunities in the two countries’ markets and vital sectors,” he said.

He also added that the Embassy actively partnered with several Nigerian government ministries, parastatals and the private sector in the UAE and Nigeria in the execution of media campaign of the trade and Investment promotion.

The Nigerian Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, reaffirmed Nigeria’s readiness to make UAE a top destination for exports because of its strategic position in the middle east region.

He said: “Moving forward, we hope to further strengthen our economic ties for economic development with common interest for both countries.

“We reaffirm Nigeria’s readiness to make UAE our preferred leading export markets because of her positioning as a strategic global and regional trade and investment hub.”

The Nigerian Minister of Mines and Steel Development, Arch Olamilekan Adegbite, said, “Trade between Nigeria and UAE had been on for a long time, albeit informally.

“I look forward to this collaboration to enhance what has been and to open up new vistas.”

The UAE Ambassador to Nigeria, Dr Fahad Altaffaq, underscored the need for both countries to jointly expand the spectrum of trade activities in the wake of the COVID-19 pandemic.

“While approaching the 40th anniversary of UAE-Nigeria relations, which began in 1982, we plan to continue providing platforms where UAE and Nigerian businesses can connect to identify ventures and opportunities particularly in emerging sectors.

“This includes, Artificial Intelligence (AI) FinTech and Space Exploration. The UAE is a top global investment hub and I encourage Nigerian investors to take advantage of the wide trade and investment opportunities,” he said.

Economy

The Kenya Private Sector Alliance (KEPSA) and The Canada-Africa Chamber of Business Announce Major Memorandum of Understanding (MoU)

Published

on

The Kenya Private Sector Alliance and The Canada-Africa Chamber of Business are proud to announce collaboration to promote, support and facilitate bilateral trade and investment opportunities from Canada into Kenya.

The first engagement will be a virtual trade mission to Kenya from Canada in May.

The 3-year agreement MoU was signed today during the Second Session of the Binational Commission meeting between the Governments of Kenya and Canada – and is subject to ongoing renewal.

“This MoU will solidify the existing trade relations between Kenya and Canada and establish strong bonds between the two countries that will go a long way to boost private sector trade and investment. The MOU will also enable us to exchange business information with CACB which is critical especially to our members who wish to expand their coverage to international market,” explained Ms. Carole Kariuki Karuga, KEPSA CEO.

The Kenya Private Sector Alliance is the apex body of private sector in Kenya.

The Canada-Africa Chamber of Business is a 27-years old organization committed to accelerating trade, business and investment between Canada and Africa.

‘Nairobi is a vital gateway not just to Kenya and the region, but the continent’s economies of the future in Africa,’ noted Garreth Bloor, President of The Canada-Africa Chamber of Business.

‘KEPSA is world leader in the private sector, showcasing excellence on the global stage. This MoU is a great honour for The Canada-Africa Chamber of Business, our leadership, and all our members across Canada,’ says Deepak Dave, the organization’s long-standing representative in Nairobi and Chief Risk Officer at the African Trade Insurance Agency.

‘The joint intended results of the co-operation agreement between CACB and KEPSA seeks to increase two-way trade and investment between Canada and Kenya in all sectors – while laying the foundations to explore trade missions to Kenya by The Canada-Africa Chamber of Business and to Canada by KEPSA,’ said Sebastian Spio-Garbrah, Chair of The Canada-Africa Chamber of Business.

Guided by this MOU, CACB and KEPSA will work together towards on a case-by-case basis exploring events together, exchange of business information and reciprocity members of the Kenya Private Sector Alliance to enjoy the privileges of membership afforded to CACB members, and to ensure KEPSA members are well-positioned in the Canadian market for investment and trade in all sectors and that CACB members are well-positioned in the Kenyan market for investment and trade in all sectors.

“As KEPSA, we remain committed to establishing progressive business and trade partnerships with Canada and other similar minded parties for a mutual benefit of our members as well as those of our CACB counterparts,” said Ms. Carole Kariuki Karuga, KEPSA CEO.

Continue Reading

Economy

India, Spain, the Netherlands, USA, Nigeria’s Major Export Markets -NBS

Published

on

Institute of Chartered Shipbrokers

India, Spain and the Netherland top Nigeria’s export markets in the final quarter of 2020, according to the latest data from the National Bureau of Statistics (NBS).

The Commodity Price Indices and Terms of Trade Q4 2020 report showed that the United States and China trailed the three.

However, the NBS revealed Nigeria exports mainly crude oil and natural gas during the period under review.

It, “The major export and import market of Nigeria in Q4 2020 were India, Spain, the Netherlands, United States and China.

“The major export to these countries were crude petroleum and natural gas. The major imports from the countries were motor spirits, used vehicles, motorcycles and antibiotics.”

The bureau stated that the all-commodity group import index increased by 0.13 per cent between October and December 2020.

This was driven mainly by an increase in the prices of base metals and articles of base metals (one per cent), boilers, machinery and appliances; parts thereof (1.03 per cent), and products of the chemical and allied industries (0.75 per cent),” it stated.

The NBS, however, noted that the index was negatively affected by animal and vegetable fats and oils and other cleavage products.

Continue Reading

Economy

Onyeama: Qatar To Invest $5bn In Nigeria’s Economy

Published

on

The oil-rich state of Qatar is to invest a total of $5 billion in Nigeria’s economy, the Foreign Affairs Minister, Godfrey Onyeama, has disclosed.

Onyeama, who spoke Sunday at a send forth dinner in honour of Nigeria’s Ambassador-designate to the State of Qatar, who is also the outgoing Director of Protocol (DOP) at the State House, Ambassador Yakubu Ahmed, also stated that recent career ambassadorial appointments made by the gederal government was based on merit, experience and professionalism.

The minister further said there had been discussions with Qatar on partnership with Nigeria’s Sovereign Wealth Fund (SWF), for significant investments in the region of $5 billion in the Nigerian economy.

According to him, ‘‘Qatar is a weighty and strategic country and very strategic in that part of the world and we are putting our best feet forward to advance the interest of our country economically and in other areas.”

He recalled that President Muhammadu Buhari had visited the State of Qatar in 2016 and the Emir of Qatar, Tamim Bin Hammad Al-Thani, reciprocated with a State visit in 2019.

Onyeama also explained that only trusted hands with a track record of diligence, experience and professionalism in the Foreign Service were recently appointed career ambassadors by the federal government.

The minister said the appointment of Ahmed and other career ambassadors were predicated on posting dedicated and keen Foreign Service practitioners to serve as image makers of the country.

He said: ‘‘Ambassador Yakubu Ahmed is a dedicated professional with a penchant for rigour and detail. He is very capable and one of the best in the Ministry of Foreign Affairs. He is personable, affable, extremely friendly, dispassionate and objective.

‘‘He is going to head a very important mission, a very important country, reckoned to be one of the richest countries in the world, per capita, and there’s a lot we will be doing with the State of Qatar.”

Also speaking, the Deputy Chief of Staff, Adeola Rahman Ipaye, described the honoree as a ‘‘perfect gentleman, very even-natured and always well turned out’’.

Ipaye said he had no doubt that the newly appointed ambassador would serve the country well in Qatar, adding that: ‘‘We are further encouraged that when he completes this assignment, he would return to serve Nigeria in a higher capacity.’’

In his remarks, the Permanent Secretary, State House, Tijjani Umar, while congratulating the outgoing DOP on his appointment, lauded Ahmed for excellent service to the State House and the nation.

‘‘He served this institution and the nation with the deepest sense of responsibility and it is very important that we establish a tradition where the system appreciates those who have served it well and those who will continue to serve it well,’’ he said.

Umar urged the new envoy to keep very fond memories of his time at the Presidential Villa, assuring him of the prayers and goodwill of all the staff.

Responding, Ahmed thanked President Buhari for the great honour and privilege of making him his principal representative in Doha, Qatar.

The Ambassador-designate pledged to deplore his energy and skill to the promotion of the existing cordial relationship between Nigeria and Qatar, particularly in the areas of economic, political, cultural and consular affairs as well as other key areas.

Ahmed, who joined Nigeria’s Foreign Service in 1993, said during his years in public service he had learnt that ‘‘patriotism, selfless service, diligence, determination and perseverance will always result in the achievement of the desired objective’’.

According to him, these virtues would be his ‘‘watchword’’ in the pursuit of Nigeria’s foreign policy objectives and the attainment of national interests.

The Ambassador-designate singled out for appreciation the Chief of Staff to the President, Prof. Ibrahim Gambari, and the state Chief of Protocol, Ambassador Lawal Kazaure, saying he had learnt a lot working under their mentorship.

He expressed gratitude to the Minister of Foreign Affairs and the Permanent Secretary, State House for giving him the opportunity of a memorable work experience in the State House.

Continue Reading

Trending