Showing posts with label Trade. Show all posts
Showing posts with label Trade. Show all posts

Wednesday, January 22, 2025

Video - Nigeria joins BRICS as ninth partner country



Following Uganda’s recent inclusion, Nigeria has officially joined the BRICS alliance as a partner country, strengthening its economic, trade, and geopolitical ties with member countries China, India, Brazil, and Russia.

Friday, September 27, 2024

Nigeria ranks first in cassava production, yet imports

Although Nigeria is ranked number one in cassava production globally, she imported about $54, 200 in cassava in 2022, becoming the 121st largest importer of cassava in the world.

This was disclosed at the Ist National Conference of Industrial Cassava Stakeholders Association of Nigeria (ICSAN) titled “The Golden Crop: Harnessing the Economic Potential of Cassava for National Development through Industrialization,” which held at Ikeja, Lagos.

Delivering a keynote address at the conference on the theme, Prof. Lateef Oladimeji Sanni, President, International Society for Tropical Root Crops, International Institute of Tropical Agriculture and Executive Director, Nigerian Stored Products Research Institute, Ilorin and Federal University of Agriculture, Abeokuta, also said Nigeria exported $733, 000 in cassava in the same year, making it the 61st largest exporter of cassava in the world.

After the President of ICSAN, Mr. Segun Ladele, gave the opening address, Prof Oladimeji further gave an insight into the cassava industry and its significance to Nigeria’s economy.

He defined industrialization as “the mass production of goods in a factory system, which involves some degree of mechanized production technology,” saying industrialisation enables the business environment, promotes private sector leadership, facilitates renewal for sunset industries, and encourages innovators.
According to Oladimeji, as at 2022, cassava was the 1063rd most imported product in Nigeria.

“Nigeria,” he said, “imports cassava primarily from United Kingdom ($49.2k), Brazil ($2.68k), Cameroon (1.91k), Niger ($321), and Belgium ($33).

He said Egypt is the only African country ranked among the world’s top ten highest exporters of cassava, with an export value of $81.8 million with less than 1% share (0.94%) of the total producers and export value of cassava in Africa and globally.

Apart from garri, lafun, fufu, etc., cassava products have a wide range of value chain such as in the making of bread, cake, candies, ice cream, beverages, fuel ethanol, animal feeds, furniture, paper and wood. All these lead to job creation, food security and incomes for farmers.

He identified some of the challenges facing cassava production in Nigeria as government inconsistent policy, increase in foreign exchange in the course of the project implementation, destruction of cassava farmland by cattle herdsmen, insecurity and communal clashes, lack of infrastructural facilities, little access to credit facilities, and lack of enough partnership and collaboration.

He proposed packaging differentiation, product diversification, regional standards and quality control, appropriate processing equipment, viable regulatory system, capacity building, and marketing channels as the way forward for the cassava industry in Nigeria.

He also prescribed that “government MUST be the catalyst, enabler and regulator of the cassava industry. There is the need for key players to ensure that private-led actions geared towards sustaining the development of cassava-based industries are initiated and advocated. There should be fair public incentives and funding within the geopolitical zone of the federation,” he said. 

By Osa Mbonu-Amadi, Vanguard

Monday, September 16, 2024

Video - Nigerian entrepreneur turns banana waste into business gold



Tera Korumene Robinson is transforming banana and plantain stems into organic hair extensions and eco-friendly products. Her innovative approach is turning waste into wealth, driving sustainability and business success in Nigeria.

CGTN

Tuesday, June 25, 2024

Video - NEVs, digital economy are key areas for cooperation with China according to foreign minister of Nigeria



During his official visit to China, Nigeria's Foreign Minister Yusuf Maitama Tuggar said that the China-Africa cooperation framework, as represented by the Forum on China-Africa Cooperation and the Belt and Road Initiative, has provided rare development opportunities for a broad range of African countries, including Nigeria, in an exclusive interview with CGTN's China Africa Talk host Bridget Mutambirwa.

CGTN

Related story: Rail projects in Nigeria drive home China's belt and road commitment to African infrastructure development

 

Wednesday, June 19, 2024

Nigeria Spends $600m Importing Palm Oil Annually

The National Palm Produce Association of Nigeria (NPPAN) says Nigeria spends $600 million on palm oil importation annually.


Alphonsus Inyang, the national president of the association, stated this in an interview with NAN yesterday in Abuja. He described the expenses as unhealthy for national development.

Inyang said the money could be saved and injected into the economy if the palm oil sub-sector was given due attention by successive governments.

The president regretted that Nigeria, which was self-sufficient in palm oil production in the past, now spends a huge amount to import the same product.

Inyang recalled that in the 60s, Nigeria was number one in palm oil production and exportation globally, controlling over 60 per cent of world palm oil.

He said that the reverse was the case at the moment as over 50 percent of what we consume is imported.

“At the moment, the country occupies the fifth position in the league of palm oil-producing countries after Indonesia, Malaysia, Thailand and Colombia.

“Nigeria may even lose the position to smaller countries who are investing heavily in the sector.

“Indonesia occupies the first position, producing 50 million metric tons, Malaysia second with 19 million metric tons, Thailand 3.28 million and Colombia 1.9 million metric tonnes,” he said.

The president attributed the challenge to the neglect of the sector by successive governments.

Inyang said that based on the U.S. The Department of Agriculture, Nigeria currently occupies fifth position in the league of palm oil-producing countries with 1.5 percent or 1.4 million metric tonnes of the world’s total output.

“Nigeria was overthrown as the world’s largest palm oil producer and exporter by Malaysia and Indonesia in 1966.

“Currently, Nigeria is the largest consumer of the product in the continent, consuming approximately three million metric tons yearly.

“Domestic production stands at less than 1.4 million metric tons, leaving a deficit of over 1.6 million metric tonnes,’’ he said.

Inyang specifically called on the federal ministry of agriculture and food security, to support NPPAN members with seedlings to develop 250,000 hectares per year.

“Our members can plant up to 250,000 hectares per year through the association’s National Oil Palm Strategy Development Plan; all we want are inputs.

“The government does not need to give and develop land for us, we need seedlings, fertilisers, logistics and implements to close this gap within four years.

“We will also create new millionaires in 28 states of the federation,” he said.

Leadership

Related story: Video - Nigerian palm farmers eye lucrative opportunities in domestic market

Monday, May 20, 2024

Video - Nigeria sesame industry booms as global demand continues to surge



With experts predicting a 500 percent growth in the country's sesame seed exports in the coming years, stakeholders want to make sure the sesame seed supply chain is properly managed.

CGTN

Related story: Video - Soaring fuel prices in Nigeria threaten agricultural prosperity

 

Wednesday, April 24, 2024

Video - Nigeria aims to ramp up cocoa production amid global shortages



With increasing global demand for chocolate and cocoa prices soaring due to the worst supply shortage in four decades, Nigeria is looking to boost local cocoa production to capitalize on this opportunity.

CGTN

Related story: Video - Cocoa grown illegally in rainforest in Nigeria heads to companies that supply major chocolate makers

 

Thursday, April 18, 2024

Video - Trade ties deepen between China and Nigeria



China's growing demand for Nigerian goods is deepening trade relations between the two nations. Last year, trade volumes between Nigeria and China reached almost 23 billion U.S. dollars, marking a significant shift in the rising economic ties.

CGTN

Related story: Rail projects in Nigeria drive home China's belt and road commitment to African infrastructure development

 

Wednesday, April 10, 2024

Video - Nigeria advocates for increased patronage of locally manufactured goods



In a bid to alleviate the country's over-dependence on imports, which has contributed to the devaluation of the Naira against the U.S. dollar, the Nigerian government is championing the consumption of domestically produced goods. However, this initiative faces challenges, with the Manufacturers Association of Nigeria citing the closure of over 700 companies and distress among 300 others due to various hurdles. 

CGTN

Related story: Video - Nigeria manufacturing sector braces for higher production cost

 

Thursday, March 7, 2024

Foreign Minister says Nigeria plans to join BRICS

Nigeria intends to seek membership in the BRICS organization after carrying out necessary measures within its state, according to Yusuf Tuggar, the Foreign Minister of Nigeria, who said this in an interview with RIA Novosti.

The head of Nigeria's Foreign Ministry arrived in Moscow for an official visit on Wednesday.

"We have this intention. As I've already mentioned, Nigeria has a democratic system with deliberative elements. Therefore, before taking such measures, we usually carry out active interaction with various interest groups and different internal bodies," said Tuggar.

The minister noted the significance of the presence of Nigeria's Vice President, Kashim Shettima, at the most recent BRICS summit in South Africa.

"We are extremely interested in this, and we look forward to this," stressed the Nigerian Foreign Minister.

Oreanda 

Related story: Foreign Minister of Nigeria says No justification for Gaza carnage

 

Wednesday, February 28, 2024

Video - Nigeria bans exports of locally produced LNG to boost supply



The country's petroleum ministry says the ban will increase the amount of cooking gas for the domestic market, which will automatically reduce the price of the product.

CGTN

Related story: Shell successfully conducts first remotely controlled well completion offshore Nigeria

 

Thursday, February 22, 2024

Video - Trade between Nigeria and China records significant growth



Data from the Chinese Customs Authority shows bilateral trade between Nigeria and China has reached 23 billion U.S. dollars in 2023. Experts forecast trade volumes between the two sides to accelerate in the years ahead as they deepen their relations. 

CGTN

Related stories: China to invest $40b in Nigeria

Nigeria receives China-made armed reconnaissance drones

 

 

Thursday, February 15, 2024

Video - Nigeria eyes $2 billion annual revenue boost from a surging coffee demand



The West Africa Specialty Coffee Association notes a surge in global demand for Nigerian coffee, especially in countries like Japan and Canada. While current revenues hover around $2 billion, the association projects that with governmental support, Nigeria could further tap into the sector's potential.

CGTN

Related story: Video - Cocoa grown illegally in rainforest in Nigeria heads to companies that supply major chocolate makers

 

Tuesday, January 30, 2024

Video - Nigeria leather industry earnings projected to hit $1 billion by 2025



Leather sector players in Africa’s largest economy say the industry remains untapped despite its huge economic potential. They are calling on the government’s support.

CGTN

Related stories: Video - Nigeria’s ponmo cuisine under threat as the leather sector seeks growth

Nigerians warned against eating ponmo due to Anthrax outbreak

 

 

 

Tuesday, January 9, 2024

Video - Dubai looking to boost trade with Nigeria



Dubai International Chamber recently opened its seventh office in Nigeria. The wider oil-rich Gulf region is seeking to leverage its unique geography with sound investment opportunities in the region.

CGTN

Monday, November 6, 2023

Video - Nigeria aims to boost revenues with shrimp



In an attempt to diversify Nigeria’s economy away from oil, the government wants to position the country to reap the gains from shrimp exports. However, local fishermen and experts say the country’s industry needs to overcome several challenges, including high fuel costs, technical issues, and a significant knowledge gap.

CGTN

Wednesday, November 1, 2023

Video - Nigeria farmers fight a decision to lift ban on rice imports



Rice farmers say the decision will hurt profits and negatively impact their livelihoods.

CGTN

Tuesday, September 19, 2023

Nigeria looks to strenghten economic ties with South Africa

Nigeria's President Bola Tinubu held talks with South African President Cyril Ramaphosa in New York, seeking to advance economic cooperation between the two largest economies in Africa, his spokesperson said on Monday.

The two African leaders met ahead of the United Nations General Assembly that is scheduled to start this week, they said in a joint statement.

"We can collaborate in a mutually beneficial way that enriches our populations," Tinubu said, adding that both countries can cooperate in the mining and telecommunications industries to help "deliver jobs".

Tinubu has embarked on Nigeria's boldest reforms in decades, scrapping a popular but expensive petrol subsidy and lifting foreign exchange trading curbs. He has pledged to revive an economy struggling with record debt, anaemic growth and double-digit inflation.

President Ramaphosa hailed Tinubu's "brave" economic reforms and pledged that South Africa will explore greater partnership with Nigeria.

"We are two major economies on our continent, and it is important that we deepen economic ties, particularly in light of the African Continental Free Trade Agreement," Ramaphosa said .

"We would love to see Nigeria and South Africa working closely together on a number of issues because whenever we join hands, we have made an impact globally through those joint positions," he said.

Tinubu also urged South Africa to join Nigeria in a call for reforms of global finance institutions to help Africa combat rising poverty and economic woes.

"We must join hands and agree that International Finance Institutions require reform as Africa is not to be a ground for economic scavenging any longer, but it is a place with gifted people that is ready for investment and cooperation," Tinubu said.

Tinubu, attending his first U.N. General Assembly as Nigeria's president, is also scheduled to meet U.S. President Joe Biden and executives from Microsoft, Meta and Exxon Mobil in New York in a drive to mobilize global capital to develop infrastructure. 

By Felix Onuah, Reuters

Monday, September 4, 2023

Nigeria plans to set up solid minerals corporation

Nigeria plans to set up the Nigerian Solid Minerals Corporation, a state-backed company to help attract investments into the extraction of gold, coal, iron-ore, bitumen, lead, limestone and baryte, a minister said on Sunday.

"The proposed corporation will seek and secure partnership investment agreements with big multinational companies worldwide to leverage on the attractive investment-friendly regime operating in the country to secure massive foreign direct investment for the mining sector," Solid Minerals Minister Dele Alake said in a statement.

Nigeria wants mining to play a much bigger role in its economy by expanding its mineral extraction sector to diversify away from an overreliance on oil exploration.

Alake did not give a timeframe for when the new company would be set up. Existing enterprises - the National Iron-Ore Company and the Bitumen Concessioning Programme - will be reviewed to fit into the new company while a mines police force will be active from October to detect illegal mining, he said.

President Bola Tinubu has embarked on the country's boldest reforms in decades to try to improve Nigeria's investment climate and draw foreign investors to Africa's biggest economy.

Tinubu inherited a struggling economy with record debt, shortages of foreign exchange and fuel, a weak naira currency, inflation at a near two-decade high, skeletal power supplies and falling oil production due to years of underinvestment, crude-oil theft and pipeline vandalism.

His administration has said it will seek to promote investments rather than rely on borrowing to create jobs.

Tinubu plans to attend the forthcoming G20 summit to promote foreign investment in Nigeria and mobilize global capital to develop infrastructure.

The new corporation will engage local financial institutions, which have shied away from the mining sector in the past due to a long gestation period for projects, to promote investment, Alake said.

By Camillus Eboh, Reuters

Wednesday, August 30, 2023

Video - Nigerian traders say sanctions on Niger are adversely affecting business



Since the announcement of a border closure in July, several cargo trucks carrying goods to Nigeria from Niger, Chad and Mali have been stuck at various border points in the country’s northern region. Traders say they are losing millions of dollars in income.

CGTN