APA – Lagos (Nigeria)
The report that the trade balance between Nigeria and China increased to N7.54tn in the first nine months of 2023 is one of the trending stories in Nigerian newspapers on Tuesday.
The Punch reports that the trade balance between Nigeria and China increased to N7.54tn in the first nine months of 2023.
According an analysis of data from the National Bureau of Statistics, the bilateral trade deficit in favour of China is widening, with a steady increase in Nigeria’s imports from the Asian country in the past one year.
An analysis of the foreign trade statistics released by the Bureau showed that Nigeria imported N8.4tn worth of goods from China in the nine months between January and September 2023.
A break down showed that the country imported N1.29tn worth of produce in Q1, N2.56tn in Q2 and N4.53tn in Q3.
Further details of the NBS data for the nine months 2023 show that exports from Nigeria to China was valued at N126.61bn in Q1, N251.8bn in Q2 and N482.4bn in Q3, making a total of N860.82bn and indicating huge deficits during the period.
Nigeria’s main exports to China include minerals, metals, agricultural products, crude oil, and agricultural products.
In 2021, a report by obtained from China’s Custom agency stated that Nigeria topped the chart amongst African countries importing from China with imported goods valued at $23bn (about N9.6tn) or 16 percent of total continent’s imports from China.
The newspaper says that President Bola Tinubu, on Monday, promised the international investment community that his administration would preserve Nigeria as a top-level destination for offshore and onshore investments.
“We are committed to removing all cobwebs and anti-investment impediments in the oil and gas industry. We have a clear path that we are committed to pursuing. We are ready to work with you,” President Tinubu told the Group Chairman and CEO of Total Energies Worldwide, Mr. Patrick Pouyanne, at the State House, Abuja.
This was as the Total Chief, revealed plans by the energy giant to invest $6bn in deepwater and gas production opportunities across Nigeria’s oil and gas terrain.
The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, revealed this in a statement he signed Monday titled, ‘President Tinubu: Nigeria remains top-level destination for offshore/onshore investments.’
The President commended Total Energies for its years of exploration and investment in Nigeria’s oil and gas sector, citing it as evidence of the company’s commitment and confidence in Nigeria.
He also assured the delegation that his administration was determined to improve the investment climate in Nigeria, emphasizing that the aim of the Petroleum Industry Act is to create a favourable investment and work environment.
He affirmed his administration’s commitment to making the necessary efforts for industrial peace, harmony, and development, saying, “The moment I took over, there was a clear path that we set out to pursue, and we will ensure that Nigeria remains a top-level investment choice in the dynamics of the offshore and onshore sectors.”
The Guardian reports that the United Bank for Africa (UBA) has received a $175 million financial package from the Africa Development Bank (AfDB) Group for enhancing its support to the private sector and financing of Nigeria’s infrastructure development
This facility comprises a $100 million in long-term senior debt, $50 million of trade finance medium-term senior debt and a $25 million risk participation programme, UBA said in a statement.
The long-term senior debt will enhance UBA’s capacity to finance projects in Nigeria in the key sectors of infrastructure, agriculture and related value chains, as well as manufacturing, energy and SMEs.
The facility will be complemented with technical assistance from the Affirmative Action for Women in Africa (AFAWA) initiative to boost access to finance and technical assistance to women SMEs.
The trade finance senior debt will provide UBA with much-needed countercyclical dollar liquidity to support SMEs and local corporates involved in export-import-related activities in the short to medium term.
The unfunded risk participation agreement aims to strengthen UBA UK’s role as a regional confirming bank and by extension expand access to international markets for largely excluded African issuing banks.
AfDB and UBA UK, a subsidiary of UBA PLC, will share 50/50 of the default risk on a portfolio of eligible trade transactions originated by African issuing banks and indemnified by UBA UK.
Speaking after the Board approval, AfDB’s Group Director General for Nigeria, Lamin Barrow, said: “We are pleased to support UBA with this package, which aligns with four of the AfDB’s high five priorities namely Light up and Power Africa, Feed Africa, Integrate Africa, and Industrialise Africa.”
The newspaper says that President Bola Tinubu, yesterday, inaugurated the 11-member board and management team for the Nigerian National Petroleum Company Limited (NNPCL) in the Presidential Villa, Abuja, with a charge on them to focus on profitability, increased production, and robust governance.
Speaking shortly after he inaugurated the team, Tinubu emphasised that their appointment should not be viewed as “cake sharing,” but call for optimal performance.
He also called for a critical review of the Petroleum Industry Act and recognition of the Niger Delta’s vital role in producing oil.
Addressing newsmen after the event, Chairman of the 11-man board, Chief Pius Akinyelure, set a production target of two million barrels per day by 2024 for the NNPCL, just as he identified the challenges confronting Nigeria’s oil and gas industry.
He thereafter canvassed a comprehensive overhaul of the national security architecture with a view to addressing losses incurred through oil theft and pipeline vandalism, among others.
He said: “Our commitment is to produce at a rate of two million barrels per day, anytime from next year. But to do this, we have to overhaul our security architecture so that the incidences of stealing, vandalism of pipelines can be reduced. And this will possibly help to build up our cash flow. And this will possibly help to build up our cash flow.”
GIK/APA