Business
Nigeria and China Forge $3.3 Billion Deal at Trade Conference
Nigeria and China have cemented their economic partnership with a landmark $3.3 billion agreement signed at the inaugural China-Nigeria Economic Cooperation and Trade Conference. The event, part of the 2024 Forum on China-Africa Cooperation (FOCAC), marks a significant advancement in the countries’ bilateral relations.
Chaired by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, the conference underscored the impact of South-South cooperation on Nigeria’s sustainable development. Edun’s keynote address highlighted the importance of these partnerships in achieving Nigeria’s economic goals.
A major outcome of the conference was the $3.3 billion deal to develop the Brass Industrial Park and Methanol Complex. This project is expected to transform Nigeria’s industrial sector, boosting industrial output and creating numerous job opportunities.
Infrastructure development was a key focus, with both nations committing to joint projects involving roads, bridges, and energy systems to promote industrialization and long-term economic growth in Nigeria.
The conference also covered financial and security cooperation, with an agreement to enhance intelligence sharing to combat money laundering and financial crimes. This will help ensure a secure financial environment and support sustained economic collaboration.
Mr. Edun praised President Bola Ahmed Tinubu’s economic reforms, aimed at steering Nigeria towards sustainable development. He emphasized the role of both domestic resources and international partnerships, such as the one with China, in achieving tangible benefits for Nigeria.
The initiatives discussed align with Nigeria’s Renewed Hope Agenda and China’s Belt and Road Initiative. The $3.3 billion agreement sets the stage for transformative growth and reinforces both countries’ commitment to a prosperous future. As Nigeria and China embark on this partnership, global observers anticipate significant progress from this strategic alliance.
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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