Business
Taiwan to Assist Nigeria in Achieving Technological Growth
Taiwan has committed to supporting Nigeria in its technological development efforts. This was announced by Mr. James Huang, the former foreign minister of Taiwan and Chairman of the Taiwan External Trade Development Council (TAITRA), during a business session in Lagos. The session involved a Taiwanese business delegation and Nigerian business leaders, including members of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Lagos State Chamber of Commerce and Industry.
Huang emphasized the longstanding relationship between Nigeria and Taiwan, expressing a strong commitment to strengthening these ties through technological collaboration. He noted that the delegation’s visit aimed to assess Nigeria’s industrial progress and identify areas where Taiwanese manufacturing companies could provide valuable support.
The ultimate goal, according to Huang, is to encourage Taiwanese investors to establish manufacturing facilities in Nigeria, thereby boosting local production and reducing the need for imports from Taiwan. Taiwan’s expertise spans various industries, including petrochemicals, machinery, auto parts, ICT, smart solutions, and green energy.
Huang highlighted Nigeria’s rapid technological advancements, particularly in internet usage, smartphones, and the growing influence of Artificial Intelligence (AI). He expressed optimism about future collaborations between Taiwanese and Nigerian companies in these areas.
This visit marks the second Taiwanese business delegation to Nigeria in 2024, following a similar mission led by Mr. David Huang, President of Globe Industries Corporation, in May. Both delegations were organized under the auspices of TAITRA, Taiwan’s leading non-profit trade promotion organization, which is supported by the government and industry bodies.
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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