- China-Nigeria bilateral trade hits $12.3bn
China says its bilateral trade with Nigeria in 2017 stood at $12.3bn.
Deputy Chinese Ambassador to Nigeria, Mr Lin Jing, said that the trade figure recorded was from January to November 2017.
Lin added that the figure also represented a 30 per cent increase compared to the same period of 2016.
“The bilateral trade is a very important mechanism to boost our economic relationship.
“We do not have the total trade volume for the whole year, but for the total volume from January to November, bilateral trade stood at $12.3 bn.
“That represents more than 30 per cent of increase compared to the same period of 2016; we believe that by maintaining our normal trade volume, our overall economic relation and cooperation will be boosted and give impetus to our overall relationship.”
Nigeria and China established formal diplomatic relations in Feb. 1971.
The envoy, however, said both countries, in 2005, established strategic partnerships to promote relations in several areas and enhance continued people-to-people exchanges.
He said such strategic partnership was fostered as a result of Nigeria’s importance to China.
“Nigeria is the biggest Chinese investment destination in Africa, the second largest export market and the third largest trading partner of China in Africa,” he said.
Agreements by both countries following the strategic partnership paved way for Chinese investment and development opportunities in Nigeria.
Lin reiterated the Chinese Government’s commitment to exhaust its efforts to promote development programmes in Nigeria.
He said plans were underway to transfer some of China’s industrial capacity to Nigeria
“There is also a concept initiated by my ambassador called made in Nigeria with China.
“I think this is a very good concept; there are many private investors in China, they have the expertise, experience and surplus industrial capacity.
“They need to find the market. All these conditions we will make use of to see whether we can try something successful here.”
He further said that China’s relationship with Africa would boost economic activities, generate income and enhance foreign investment.
“We have friends in Africa and we want to further cement our friendship and we believe that by supporting each other we are going to have bigger win-win scenario.”
Npower News: Npower Stipend News, Npower News on Permanency
Npower News on Permanency and Payment of Allowances
The N-power Youths Congress has made passionate plead to President Muhammadu Buhari to fulfill the campaign promise he made to the 500,000 Npower Batches A and B beneficiaries.
The group led by its national coordinator, Comrade Joseph Enam Magar, to the NUJ Press Center Maiduguri demanded the payment of all outstanding allowances of N30,000 for exited Batch A and Batch B from June 2016 and July 2019, respectively.
Maga said “We are hereby once again reminding the government of their promises to us and that we will never relent until federal government fulfils it’s promises. The State Representatives of Npower Beneficiaries have earlier stated our demands on the previous Press Conference and here we are reinstating the demands again.
“The Batches A and B of N-power Beneficiaries who according to the Minister of Humanitarian Affairs and Disaster Management were disengaged since the month of June and July respectively are not happy for being sent back to the streets.
“We were struggling in different spheres of life to make a living. We were meant to quit the things we were doing before to embrace Npower with the promise of being absolved into the Federal Government scheme at the end of the day.
“We were made to serve our fatherland with a token of 30,000. Most of us have families with children, paying of school fees, electricity bills, pipe borne water, transportation, feeding and other miscellaneous expenses on the grace of 30,000.
“How much is a bag of rice, ground nut oil, etc if I may ask? Some of us have siblings and sick parents whose hopes are attached to the same 30,000.
“To worsen it all, the same 30,000 will not be paid as at when due. Funny enough, our government under the control of Sadiya Farouk, the Ministers of Humanitarian affairs and disaster management want us to save from the 30,000.
“This is an amount that is not up to one quarter percent of what they give to their children for shopping; an amount that does not reach what their children put on as cloths and jewelries on daily basis.”
Speaking further he said,” in addition, we can recall that before the 2019 Presidential Election, we were made to understand by Mr. Afolabi that our voter’s cards determine our permanency. “
“We mobilized ourselves, came out in mass to support this government. We spent our money going to Abuja for the campaign so as to ensure that President Muhammad Buhari regains his office as the president of Nigeria. Npower beneficiaries in various states and Local Governments were equally forced by their focal persons to come out in mass during APC campaign.
“So many states even took attendance and beneficiaries that didn’t show up were penalized. All these were geared towards ensuring that Mr. President, President Muhammadu Buhari excel as the president so that the promises of absorption that was made through Mr. Afolabi will be fulfilled.
“But at the end, our hopes were truncated as we have been pushed back to the streets without absorption or an exit package.”
MTN Nigeria Picks Karl Toriola as Chief Executive Officer (CEO) Designate
MTN Nigeria, Africa’s leading telecommunications company, has appointed Mr. Karl Toriola as the Chief Executive Officer (CEO) designate.
In a statement released on the Nigerian Stock Exchange’s website, the company said the appointment is effective from the 1st of March 2021 to give enough time for an orderly handover.
According to the company, Mr. Toriola is presently the Vice President of West and Central Africa (WECA), excluding Nigeria and Ghana, since 2016.
The statement reads “During his tenure, the WECA markets have made significant commercial and strategic strides. These include the improvement of market shares within the region and the development of mobile financial services.
“Since joining the Group in 2006, Mr. Toriola has also held a number of senior operational roles including Chief Technical Officer of MTN Nigeria, CEO of MTN Cameroon and MTN Group Operations Executive. Mr. Toriola has at various times in his career in MTN Group, had oversight responsibility of 16 of the Group subsidiaries and serves on various MTN boards, including MTN Nigeria.
“Mr. Toriola obtained a Bachelor of Science in Electronic and Electrical Engineering from the University of Ife, a Master of Science degree in Communication Systems from the University of Wales, and attended the General Management Program at Harvard Business School. In addition, he has attended several executive development courses at various institutions including Wharton Business School, Institute of Management Development and London Business School.”
NESBITT Acquires Peugeot Nigeria, Plans to Invest $150m in the Company
NESBITT to Invest $150 Million in Peugeot Nigeria
Peugeot Automobile Nigeria (PAN) has been acquired by the NESBITT Investment Nigeria, according to the statement from NESBITT.
The new owner planned to invest $150 million into the company in the next three years to revamp the automobile company.
It said the $150 million would help retool and upgrade PAN’s assembly line and boost working capital.
Speaking on the acquisition, Ahmed Wadada-Aliyu, the new chairman of PAN, said the automobile manufacturer would be introducing new brands into the market to establish brand affordability in Nigeria.
“PAN under the supervision of the board shall undergo massive restructuring, and in so doing, we shall observe strict governance protocols, transparency, business integrity, efficiency and ethics in our undertakings,” he said.
“In 2019, Nigeria imported at least 400,000 used cars as against 68,000 brand new vehicles. Because of this imbalance, PAN will be introducing new brands of vehicles into the market to re-launch brand affordability in Nigeria such that Nigerians will have access to brand new vehicles.”
“Our biggest concern is the over 50 assembly plants that have not made any matching investments but are enjoying the incentives of the auto policy.”
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