Nigeria and China have maintained a strong trade relationship, with transactions surpassing $21 billion in 2024. While China recently granted tariff exemptions to 33 African countries, Nigeria was not included, raising concerns about Nigeria's trade policies and its competitiveness.
Friday, March 21, 2025
Video - Nigeria advocates for China tariff exemptions
Nigeria and China have maintained a strong trade relationship, with transactions surpassing $21 billion in 2024. While China recently granted tariff exemptions to 33 African countries, Nigeria was not included, raising concerns about Nigeria's trade policies and its competitiveness.
Video - Nigeria's petrol import expenditure soars to all-time high in 2024
Nigeria spent $9.64 billion on petrol imports in 2024, a 105 percent increase from 2023. This sharp rise underscores the country’s continued reliance on imported fuel despite efforts to boost domestic refining capacity.
Video - Nigerian farm milks scorpions for venom, eyes lucrative global market
A farm is turning scorpion venom into a lucrative business in Lagos, Nigeria. With over 10,000 scorpions, farmers extract the highly valuable venom for use in pharmaceuticals, biotech, and cosmetics.
Nigerian lawmakers back president's emergency rule in oil-rich state
Nigerian lawmakers approved on Thursday President Bola Tinubu's state of emergency measures and suspension of an opposition governor in oil-producing Rivers state in the Niger Delta region.
Tinubu announced the measures on Tuesday, saying they were aimed at halting vandalism of pipelines while a political crisis pitting factions of the opposition People's Democratic Party against each other threatens to disrupt oil production.
Police are investigating the cause of a blast in Rivers state that shut the Trans Niger Pipeline, a major oil artery transporting crude from onshore oilfields to the Bonny export terminal.
Some opposition parliamentarians had threatened to block the emergency measures but in the end both the upper Senate and House of Representatives gave their support.
The state of emergency in Rivers state will last six months.
Tinubu announced the measures on Tuesday, saying they were aimed at halting vandalism of pipelines while a political crisis pitting factions of the opposition People's Democratic Party against each other threatens to disrupt oil production.
Police are investigating the cause of a blast in Rivers state that shut the Trans Niger Pipeline, a major oil artery transporting crude from onshore oilfields to the Bonny export terminal.
Some opposition parliamentarians had threatened to block the emergency measures but in the end both the upper Senate and House of Representatives gave their support.
The state of emergency in Rivers state will last six months.
Thursday, March 20, 2025
Africa’s richest man to build Nigeria’s biggest port
The president of Nigerian conglomerate Dangote Group plans to build Nigeria’s biggest seaport at the Olokola Free Trade Zone in Ogun State.
He said it was because of an improved political climate in the state during a visit to its governor, Dapo Abiodun, Business News Nigeria reports.
“We earlier on abandoned our vision of investing in the Olokola Free Trade Zone, but because of Governor Dapo Abiodun’s policies and investor-friendly environment, we are back and … plans are under way to construct the largest port in the country,” he said.
He did not give any further details of the project.
He also said his company had restarted work on an $800m cement factory located on 533ha of land near the city of Itori, in Ogun State, north of Lagos.
The factory is expected to open by November 2026, with an annual output of up to 6 million tonnes.
Dangote attributed the interruption to opposition from former governor Ibikunle Amosun, despite the fact that Ogun State already has a 12 million tonne cement plant in Ibese.
When the Itori project is complete, Ogun will be the largest cement-producing region in Africa.
The Dangote group operates in 17 industrial and agricultural sectors.
Dangote himself is billed as “Africa’s richest man”. A recent article by Forbes magazine estimated his personal wealth at $24bn, due largely to his 92% stake in Dangote Petroleum Refinery & Petrochemicals.
He said it was because of an improved political climate in the state during a visit to its governor, Dapo Abiodun, Business News Nigeria reports.
“We earlier on abandoned our vision of investing in the Olokola Free Trade Zone, but because of Governor Dapo Abiodun’s policies and investor-friendly environment, we are back and … plans are under way to construct the largest port in the country,” he said.
He did not give any further details of the project.
He also said his company had restarted work on an $800m cement factory located on 533ha of land near the city of Itori, in Ogun State, north of Lagos.
The factory is expected to open by November 2026, with an annual output of up to 6 million tonnes.
Dangote attributed the interruption to opposition from former governor Ibikunle Amosun, despite the fact that Ogun State already has a 12 million tonne cement plant in Ibese.
When the Itori project is complete, Ogun will be the largest cement-producing region in Africa.
The Dangote group operates in 17 industrial and agricultural sectors.
Dangote himself is billed as “Africa’s richest man”. A recent article by Forbes magazine estimated his personal wealth at $24bn, due largely to his 92% stake in Dangote Petroleum Refinery & Petrochemicals.
By David Rogers, GCR
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