Business Tips

China, Nigeria Bilateral Trade Hit ₦4.97tr

The Consul-General of the People’s Republic of China in Lagos, Mr Chao Xiaoliang, says trade between China and Nigeria in 2017 amounted to about N4.97 trillion (13.78 billion dollars).

Chao made the announcement at the celebration of the Chinese New Year, also known as the Spring Festival in Lagos by hundreds of Chinese nationals, with their Nigerian and non-Nigerian friends.

According to him, the year 2017 also promoted more fruitful people-to-people friendships between Chinese and Nigerians.

Diaspora Nigerians: Experts in U.S. Plan to Invest Back Home

Some accomplished Nigerian professionals and experts in the U.S. have expressed their eagerness to carry out investments to fast–track the economic development of Nigeria.

Some of the professionals at the inauguration of the Nigerians-American Business Forum at Florida, said they were determined to use their wealth of experience to develop their fatherland, the News Agency of Nigeria reports.

They said many of them started in Nigeria where they had free world-class education and were able to compete and succeed on the global stage.

Weekly Economic and Market Report

According to data from IHS Markit, global manufacturing Purchasing Managers' Index (PMI) recorded a positive start to the year at 54.4. Although coming at a slower pace, growth remained broad-based, with upticks recorded in consumer, intermediate and investment goods industries, as well as across all nations covered by the survey, save for Angola, where operating conditions were broadly stagnant during the period. The euro area remained the major driver of growth in the period, while growth in the US, Japan, China, Brazil, etc., also remained healthy.

African States Launch Single Aviation Market to Boost Economic Growth

Nearly two dozen African countries launched a single aviation market on Monday, a potential boon for the industry in a region where it is hampered by government protectionism, high taxes and stringent regulation.

The Single African Air Transport Market would facilitate the free movement of flights between African countries by liberalizing frequencies, fares and capacities, breaking down barriers that have in the past increased costs.

AU, UN Sign Agreements on Development

The African Union (AU) and the United Nations (UN) have signed framework agreements for the Implementation the agenda for sustainable development.

The two agreements on Agenda 2030 and 2063 for Sustainable Development were signed at the on-going 30th AU Summit in Addis Ababa.

The UN Secretary-General António Guterres said after signing the agreements that strong cooperation with the AU was essential for the UN to be able to fulfil its mandate.

Nigeria, China Bilateral Trade Hits $11.2b in 10 Months

The trade and economic cooperation between Nigeria and China has prospered with bilateral trade hitting $11.2 billion with first 10 months of 2017.

The figure put the growth rate at 28.5 per cent which made Nigeria as China’s third largest trading partner and second export partner in Africa.

Mr Zhao Linxiang, Economic and Commercial Counsellor, Embassy of China made this disclosure at a reception for participants of training courses in China in Abuja on Thursday.

Nigerian, Regional Markets Have Huge Growth Potential –Reuters’ Report

With Africa’s most populous country out of recession, and the wider region on the path to growth, the world’s consumer goods companies are looking to cash in.

Last month, Unilever opened a $12 million Blue Band margarine factory in Nigeria’s southwestern state of Ogun so that it does not have to import margarine from Ghana, as it has in recent years. It is also in talks with suppliers to switch to a locally-sourced flavouring agent for its toothpaste.

SEC Extends E-dividend Free Registration

The Securities and Exchange Commission (SEC) has extended period for the free e-dividend registration to Feb. 28, to encourage more shareholders participation in the initiative.

The commission in a statement obtained by the News Agency of Nigeria indicated that the extension was part of its developmental role.

It said that the extension became necessary to encourage more shareholders mandate their bank accounts.

Nigeria Expects $700m from International Sources –DMO

Nigeria expects to raise $700 million from international sources as part of a $3.5 billion in borrowing earmarked in the 2017 spending plan, the Debt Management Office (DMO) said on Tuesday.

The DMO gave no details of which sources the government could tap but director general Patience Oniha told Reuters in October the country is talking to the World Bank about concessionary loans.

The government raised $2.8 billion in the international market last year, selling $2.5 billion in Eurobonds in November and another $300 million via Diaspora bonds earlier.

NAICOM Releases Approved Rates for Compulsory Insurance

The National Insurance Commission (NAICOM) as part of efforts to curb the increasing challenge of rate cutting in the industry, on Monday released approved rates for compulsory classes of insurance to the operators.

The approved rates for compulsory classes of insurance were announced in a statement by the commission’s Head of Corporate Affairs, Mr Rasaaq Salam, signed by the Acting Director, Authorisation and Policies, Mr Leonard Akah.

The statement said every operator should be guided by these rates in their various transactions.

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