Business
China and Nigeria Deepen Ties Ahead of FOCAC Summit with New Agreements
China and Nigeria have announced a major enhancement of their bilateral relationship, solidifying their partnership with new agreements in advance of the Forum on China-Africa Cooperation (FOCAC) summit.
During a summit in Beijing, Presidents Xi Jinping of China and Bola Tinubu of Nigeria declared the upgrade of their alliance to a “comprehensive strategic partnership.” This elevated relationship aims to drive mutual growth and strengthen ties between China and Africa.
The agreements, signed on Tuesday, encompass key areas such as nuclear energy, the Belt and Road Initiative, human resource development, and media exchanges. These initiatives are expected to support Nigeria’s economic transformation while aligning with China’s broader infrastructure goals across the African continent.
President Tinubu expressed his ambition for Nigeria to become China’s largest trade and investment partner in Africa. He urged Chinese companies to increase their investments in critical sectors like agriculture, manufacturing, and mineral energy. Tinubu emphasized Nigeria’s commitment to economic reforms that aim to create a more favorable environment for foreign investment, stating, “We’re committed to reforms that will drive sustainable growth and make Nigeria an attractive destination for foreign investment.”
China’s Belt and Road Initiative has already seen significant investments in Nigeria, including financing 85% of the $5.8 billion Mambilla hydroelectric plant, which will be Nigeria’s largest power project upon its completion in 2030.
Over the past decade, Chinese companies have secured contracts worth over $700 billion across Africa, underscoring the continent’s strategic importance to Beijing’s global infrastructure goals.
President Xi, reflecting on over 50 years of diplomatic relations between China and Nigeria, emphasized the potential for both nations to enhance strategic cooperation and advance the collective development of the Global South.
The 2024 FOCAC Summit, taking place from September 4-6, will serve as a platform to further strengthen the partnership between China and Nigeria and support broader China-Africa cooperation.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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