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Nigeria, Netherlands Agree To Deepen Trade and Investment Opportunities

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Nigeria Netherlands Flag - Investors King

The Nigeria-Netherlands Bilateral Working Group (BWG) has underscored strategic partnership and sustenance of bilateral relations between Nigeria and Netherlands to spur trade and investment.

This was jointly agreed upon at the end of the First Nigeria-Netherlands Annual Bilateral Working Group (BWG) Meeting on Trade and Investment on Tuesday in Abuja.

Amb. Samson Itegboje, Co-Chair of the group, while addressing newsmen noted that for the fact that Nigeria was the biggest trading partner of Netherlands in Africa in 2020, there was a need to strengthen the relationship.

Itegboje acknowledged investments by the Dutch Development Bank as well as projects funded by the Netherlands Ministry of Foreign Affairs and the Netherlands Enterprise Agency (RVO).

He said that those were contributing to better access to finance and development, while also providing the enabling environment for young entrepreneurs and green economic growth in Nigeria.

The meeting discussed priority areas of economic collaboration as well as opportunities for trade and investment.

Itegboje, also the Director, Department of International Organisation, noted the priority areas as Agriculture and Horticulture; Green Economic Growth; Life Sciences and Health, Youth Employment, Entrepreneurship and ICT.

Under agriculture and horticulture, he emphasised collaborative seed and dairy development programmes, the National Livestock Transformation Programme (NLTP) and exploration of technical support in cattle ranching and grazing reserves rehabilitation.

“Parties agreed to collaborate on Nigeria-Netherlands seed partnership, dairy development, export promotion process and capacity for research and knowledge exchange,” he noted.

Under the Green Economic Growth, the Netherlands restated its commitment to setting up a circular business platform in Lagos and linking Dutch and Nigeria businesses in the recycled plastics and solar energy sector.

Other areas of mutual interest covered in the discussion included renewable energy and recycling, circular economy and solar energy to contribute to achieving climate mitigation and adaptation goals in Paris Agreements.

Life Sciences and Health-related issues, as well as health insurance schemes, were equally covered.

On Youth Employment, Entrepreneurship and ICT he noted that the parties acknowledged Dutch initiatives such as Orange Corners Nigeria, Work in Progress as well as support for The Next Economy Programme of the SOS Children’s Villages.

”Nigeria reiterated the need to increase the number of beneficiaries, ensure gender balance and geographical space in implementation of youth development programmes in Nigeria by the Dutch.

“Nigeria solicited support to start-ups and Micro, Small and Medium Enterprises (MSMEs),” the Ambassador noted.

The meeting featured participants from relevant MDAs, partner organisations from Nigeria and Dutch counterparts, Kingdom of Netherlands’ Ambassador, Harry Dijk.

Others were: Permanent Secretary, Ministry of Foreign Affairs, Amb. Gabriel Aduda, and his Industry, Trade and Investment counterpart, Dr Nasir Sani-Gwarzo, among others.

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Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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