Monday, 14 March 2016
HOT GAME FRM TUESDAY TO THURSDAY
Booking Number:HYVVQC
14/03/2016 20:29:00
Code 1250 Date 15/03/2016 20:45:00
Event Atl. Madrid - PSV
Live/Prematch Normal Selection 1
Code 1251 Date 15/03/2016 20:45:00
Event Manchester City - Dynamo Kiev
Live/Prematch Normal Selection 1X
Code 6011 Date 17/03/2016 19:00:00
Event Lazio - Sparta Prague
Live/Prematch Normal Selection 1 To Qualify
Code 6012 Date 17/03/2016 19:00:00
Event Bayer Leverkusen - Villarreal
Live/Prematch Normal Selection 2 To Qualify
Code 6013 Date 17/03/2016 19:00:00
Event Valencia - Ath. Bilbao
Live/Prematch Normal Selection 2 To Qualify
Code 6014 Date 17/03/2016 21:05:00
Event Braga - Fenerbahce
Live/Prematch Normal Selection 2 To Qualify
Code 6015 Date 17/03/2016 21:05:00
Event Manchester Utd - Liverpool
Live/Prematch Normal Selection (0:2) 2 H
Code 6016 Date 17/03/2016 21:05:00
Event Sevilla - Basel
Live/Prematch Normal Selection 1 To Qualify
Code 6017 Date 17/03/2016 21:05:00
Event Anderlecht - Shakhtar Donetsk
Live/Prematch Normal Selection 2 To Qualify
Code 6018 Date 17/03/2016 21:05:00
Event Tottenham - Borussia Dortmund
Live/Prematch Normal Selection (2:0) 1 H
Code 1061 Date 15/03/2016 18:30:00
Event AIK - Hammarby
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Code 1076 Date 15/03/2016 20:45:00
Event Ipswich Town - Blackburn Rovers
Live/Prematch Normal Selection (2:0) 1 H
Code 1077 Date 15/03/2016 20:45:00
Event Hull City - Nottingham Forest
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Code 1078 Date 15/03/2016 20:45:00
Event Brighton - Reading
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Code 1752 Date 16/03/2016 16:00:00
Event FC Porto B - GD Chaves
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Code 1006 Date 15/03/2016 18:30:00
Event Kaizer Chiefs - Jomo Cosmos FC
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Code 2488 Date 16/03/2016 18:30:00
Event Bidvest Wits FC - Orlando Pirates FC
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Code 2489 Date 16/03/2016 18:30:00
Event Mamelodi Sundowns - Bloemfontein Celtic FC
Live/Prematch Normal Selection 1X
Code 3998 Date 15/03/2016 16:15:00
Event Ismaily SC - Al Ittihad Al Sakandary
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Katsina gov’s Chief of Staff appointed as new SMEDAN DG
– Dikko Umaru Radda has been appointed as SMEDAN DG by President Muhammadu Buhari
– He was the Chief of Staff to the Katsina state governor before his appointment
President Muhammadu Buhari has approved the appointment of Dr. Dikko Umaru Radda, as the Director-General/Chief Executive Officer of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
A statement issued on Monday, March 14, by Bolaji Adebiyi, the director of press in the office of the Secretary to the Government of the Federation, said the appointment takes immediate effect, The Punch reports.
Radda’s appointment is for a period of five years.
Until his appointment, he was the Chief of Staff to the governor of Katsina state, Alhaji Aminu Bello Masari.
Radda, a former teacher, banker and local government chairman graduated with a Bachelor’s Degree in Agricultural Economics and Extension from Abubakar Tafawa Balewa University, Bauchi in 1996.
Between 1998 and 2015, he obtained two Master’s Degrees in Agricultural Extension and International Affairs and Diplomacy in addition to a Ph.D in Agricultural Extension and Rural Sociology from the Ahmadu Bello University, Zaria.
Osimhen wants to beat Brazil
Youngster Victor Osimhen has said he hopes to beat Brazil Olympic team in a friendly later this month.
Osimhen was part of the Nigeria U17 team who defeated their Brazilian counterparts at an invitational tournament in South Korea before they again stopped them at the FIFA U17 World Cup in Chile.
He said he now wishes to beat the Samba Stars in front of the fans on March 24.
FIFA U17 World Cup highest goal scorer ever, Victor Osimhen, has arrived the camp of the U23 national team, the Dream Team VI, ahead of the friendly against Brazil later this month.
The ganging striker who arrived the Star View Palace Hotel camp of the Dream Team at about 1pm on Sunday was received by interim coach Fatai Amoo.
Speaking on arrival, Osimhen, who was part of the Africa U23 Cup of Nations–winning team to Senegal last year, said: “It’s always fun for me to come to camp and play for my fatherland. I see it as a privilege and will always honour such invitations any time I am called upon.
“I have come to fight for a jersey in this friendly match that is part of preparations for the Rio Olympics and I am happy to be among the invited players.
“You know I was part of the Golden Eaglets team that defeated the Brazilians at the last U-17 World Cup in Chile and so it will be a pleasure for me to play them at their backyard and hopefully find the back of the net, as I did against them in Chile.”
With his arrival, Osimhen became the first foreign -based player to arrive camp in preparation for the game.
The U23s are expected to depart the country on Sunday, March 20, aboard a South African Airways flight.
Our problem with NNPC restructuring, by NUPENG
With the worsening fuel scarcity facing Nigeria’s economy amid forex crisis, it appears effort by government to revive the economy is not yielding positive results. In some areas of Lagos, fuel scarcity is biting very hard as transportation fare has increased by 50 percent.
When Sunday Vanguard visited some areas of Lagos metropolis, it was observed that many filling stations were under lock and key, while the few outlets selling under-dispensed the product to the detriment of customers. From Lagos-Ibadan-Expressway, to Ikorodu road, Alapere, Western Avenue, Oshodi up to Greek road at Apapa areas monitored by Sunday Vanguard, the only stations founding selling products were, Capital oil, Total, Mobil, Conoil and Fort Oil, while others were locked with only areas boys selling with jerry-cans in front of their premises. At Cele area of Oshodi-Apapa road, area boys were seen collecting money from people before allowing them access into the only filling station selling fuel there.
In an interview with Sunday Vanguard, the South-West Chairman, National Union of Petroleum and Natural Gas Workers (NUPENG), Alhaji Tokunbo Korodo, spoke on the move by the Federal Government to restructure Nigeria National Petroleum Corporation (NNPC), persisting scarcity of petrol and forex crisis in the country.
The move to restructure NNPC shows that government is already yielding to the call by many experts to demystify the oil and gas sector of the economy. What is your take on this?
This is our problem with this government. It is wrong for government to conclude arrangement on restructuring of NNPC without carrying relevant stakeholders along. Government did not consult us. In fact, we only heard it suddenly in the media that government has concluded plan to restructure NNPC, that was why we had to disagree with government on this issue. If they had carried us along at the initial stage, we would have offered meaning suggestions to what government should do about restructuring the Corporation to ensure that workers are not thrown into the labour market.
NUPENG in collaboration with Petroleum and Natural Gas Senior Staff Association of Nigeria PENGASSAN suddenly called off the nationwide strike embarked upon to prevent government from restructuring NNPC. What informed your decision?
Well, we have suspended the strike because they still rushed to meet us. We had to let government realise that they needed to carry us along in the whole exercise. For instance, they did not pass the Petroleum Industry Bill (PIB) that has been in the Senate since 2008, but they suddenly decided to take one aspect of restructuring NNPC, and they did that without wide consultations with stakeholders in the sector.
The lingering scarcity of petrol has taken another dimension as the product is now being sold in some areas of Lagos at the black market rate of about N250 per litre, instead of the official pump price of N86. What measures should government put in place to tackle this problem?
Well, if you have been following the trend, your will realise that fuel scarcity has been a recurring phenomenon in Nigeria. The reason is because NNPC imports about 75 percent of the product, while oil marketers import only 25 percent. Also, NNPC does not have the capacity and the facilities to distribute the product adequately to end users.Therefore, after importing fuel, NNPC still makes use of independent oil marketers to distribute the product across the country. As such, the independent oil marketers often capitalise on this to sell the product above the official pump price. So, what government can do to curtail scarcity are, to tackle pipeline vandalism and fix the distribution facilities of NNPC, in order to prevent independent oil marketers from selling the product above the official pump price. Also, NNPC should create the same template for major oil marketers and independent oil marketers to get fuel at the same rate. For example, ex-depot price of N77 applies to major marketers and NNPC depots, while the private depots price is between N95 and N100, and independent marketers often load product from private depots. So, major marketers have many opportunities that independent marketers do not have. Another thing is that the
MasterCard to empower start-ups from Africa, Middle East
MasterCard will in this year’s Start Path Global 2016 programme engage best startups from Africa and Middle East.
The Start Path programme has been designed to provide startups with the right corporate-startup partnership to give startups an accelerated path to scale innovative solutions.
In a statement, MasterCard said: “Technology and data are transforming the way consumers and businesses interact with each other, driving a need to bring new ideas to market with greater speed. The MasterCard Start Path Global 2016 program has been designed with that objective and has launched a call for applications across the globe. Since 2014, Start Path has provided more than 60 startups a variety of operational support, mentorship, and investment to develop the next generation of commerce solutions.
It added: “Start Path has seen success in the MEA region and is intensifying its search as a continuing reminder of the innovation potential of local startups. In MEA, the program is currently working closely with startups including Saida, a startup that has developed an app that uses the data on the customers’ smartphones to underwrite loans to them in minutes. The app has just launched in Kenya and has been instrumental in providing over 16,000 loans.”
It said that the program is currently accepting applications for its next class and that the application window to join the next class is open until Monday, March 21, 2016. To apply, the startups who must not be based in the US should visit: www.startpath.com to apply.
Lekki building collapse: Insurance would have reduced burden on victims’ dependants – NIA
The Nigerian Insurers Association (NIA) has said that the heavy financial burden placed on dependants of the building collapse in Lekki would have been mitigated if the contractors had done the needful by insuring the building.
In a statement signed by the Director General of NIA, Mr. Sunday Thomas, the Association said that all over the world, insurance is risk mitigating mechanisms designed to bring succour to those who suffer lose of their relations and/or property.
Thomas said, “As a nation, we should learn to place premium on human lives by doing the needful. This is where the insurance companies can be called to action.
“Insurance Act 2003 in its Section 64(1) states that No person shall cause to be constructed any building of more than two floors without insuring with a registered insurer his liability in respect of construction risks caused by his negligence or the negligence of his servants, agents or consultants which may result in bodily injury or loss of life to or damage to property of any workman on the site or of any member of the Public.
“All the stakeholders in the construction industry should take appropriate steps to ensure compliance with the extant laws to stop the needless loss of lives and property and the resultant problems for the families. This is not the time for the blame game but indeed a time for sober reflection and a call to action. Those who are vested with the power to enforce the laws of the land owe it a duty to ensure that laws are obeyed. What is more? The Lagos State government had domesticated the law on Insurance of Buildings under construction. What remains is for the law enforcement agents to enforce the law. The nation cannot afford to waste its citizens and its assets given the robust insurance arrangement opportunities provided by the insurance Act 2003. Enough of this waste! Take Insurance to cover your risks and be assured of better tomorrow in case the unexpected happens,” Thomas stated.
The NIA however said that it commiserates with the families of those who lost their lives in the collapse five-storey building in Lekki.
Recall that as at Thursday, March 10, 2015, about 34 people were reported to have died in the collapsed Lekki five-storey building including artesans, labourers, hawkers, women and children while the number of those injured is yet to be made public.
The NIA also notes with regret the loss of lives and valuable property as a result of building collapse in different parts of the country.
“We are mindful of the heavy burden the death of bread winners have placed on their families and we pray God to grant the children and other dependants of victims of the disaster the fortitude to bear the loss,” Thomas stated.
ECONOMIC CONFERENCE: An afterthought too late to rescue budget 2016 (1)
When late Harold Wilson, the late British Labor Party Prime Minister pronounced in the 1970s that “A week in politics is a long time” (VBQ p 271) he left politicians in the modern age a time metric to determine the tide of events as they affect their popularity with the electorate.
File: Buhari during the 2016 budget presentation to the National Assembly.
As you are reading this article, President Buhari and the All Progressives Congress, APC, on whose platform he rode to power, would have consumed nine months, or 18.75 per cent, of the time given them by Nigerians to bring about the changes they shouted from the roof tops and everywhere during the elections. If according to Wilson’s arithmetic, a week is a long time, then Buhari and the APC have spent the equivalent of political eternity in office. That is startling enough.
What should be shocking to Nigerians is the fact they are just now getting ready to sit at another talkfest to discuss the economy. This is simply scandalous for reasons too numerous to discuss in one article. But a few will demonstrate the anguish any economist – irrespective of whether conservative, liberal or socialist — must feel when confronted with the stark naked fact that Nigerians had elected a government and political party which had no economic programme for governance while campaigning for office and which compounded that colossal error by not hastily assembling an Economic Management Team, EMT, the week after former President Jonathan conceded.
But, the most inexplicable was the fact that in the five months Buhari took to select a mere fifty-odd assistants and Ministers, it never occurred to anybody in Aso Rock that one of the cardinal functions of a President and government, if not the most important, is to manage the economy. That, invariably, means selecting those people who would be his advisers and who would develop the Economic Blue Print for economic policies. Here we are, with close to 20 per cent of the first term gone and we are being told they are just about to sit down to discuss the “way forward” – at a time when we should be undertaking the first review of the plans and policies which they have been implementing since June 1, 2015.
Whoever says “history does not repeat itself” has never heard of a country called Nigeria – where the sordid history of failures recurs almost with every change of government. When Professor Wole Soyinka, not an economist, was reported to have canvassed for an economic summit, and the government latched on to it to organize one, the first thing that should have occurred to anyone familiar with our record for economic summits is to ask the question, “Another one?”
“A pessimist is a former optimist who finally got all the facts.” Dele Sobowale, 1991. (VBQ p 186). It is quite possible that those calling for the economic summit, now about to get underway, and Professor Soyinka, don’t have a deep knowledge of the history of economic summits in Nigeria – otherwise they would not have set great store on it. On this one, blessed are they that expect nothing – for they shall never be disappointed. Below is a brief history – just from 1992.
In 1992, when military President Babangida, appointed Chief Ernest Shonekan, GCFR, as the Head of Government, the first thing, the old technocrat did was to organize the First Economic Summit and to create the Nigerian Economic Summit Group, NESG – which still functions today. NESG had not only held annual economic summits, except for two or three years since then, they have contributed several cabinet members to various governments. Buhari’s administration is actually one of the few that had been (un)fortunate to have one of their members on board. If ever there was a group that specialized in organizing annual gabfests, ending in communiqués that are widely praised by government and totally ignored, it is the NESG.
Like most intellectual masochists, it was my sad lot to attend the first two on behalf of the Nigerian Institute of Management, NIM. Five more followed, representing VANGUARD, until it dawned on some of those in attendance that, apart from being a “billionaires’ forum”, it was a bloody waste of time. For almost seven years, nothing new was added to the basic outlines of the first communiqué. And, for almost seven years none of the recommendations of the NESG
Christians Got Talent set to hold April 3rd
Christians Got Talent, an initiative of Flaming Sword Ministries, Lewis Street, Lagos, created to discover and develop young Christians God-given gifts in various spheres of entertainment is set to hold on Sunday, April 3rd 2016 This third edition, according to the ministry, is going to be bigger, better and laced with more activities, not only to give participants more exposure and hype but also to provide them with greater opportunities to make their talents count in the industry.
Participants who get rated as prospects and who emerge winners, according to the ministry stand a chance of winning a recording contract, media exposure, training, mentoring under an established artiste/artistes and cash gifts. The last edition which held at the church’s ministry on Lewis Street, Lagos Island, was a massive success as participants ranging from six years to 25 years showcased their talents in such areas as comedy, choreography, acting, singing and instrumentation.
To participate in this year’s edition, intending participants are required to register by visiting the church to obtain the participation form at no cost.
Why indigenous rappers are more successful — Jesse Jagz
Chocolate City act, Jesse Jagz is a top rate Nigerian rapper who has been able to carve a niche for himself, not only as a versatile rapper, but also as one to watch. The rapper who also doubles as a music producer in a chat with Potpourri opens up on why indigenous rappers are more successful
“The rap scene in Nigeria is blossoming, the top five artistes in Nigeria are probably rappers.
When it comes to Lagos, Indigenous rappers are more successful because of the cultural heritage and the way the Yoruba language is being adopted in their music. I have also adopted the Yoruba language in some of my new songs. All these things have to be put into consideration.”
Olamide, Phyno, others excite at Lagos launch of Guinness’ #TheSpecialOne
Following successful launches across different cities in Nigeria, the iconic beer brand, Guinness, introduced their latest innovation, Guinness Africa Special to the people of Lagos.
The Go Karting’ track at GET Arena, Lagos was transformed into a colourful, and vibrant space playing host to the launch event with over 3,000 guests excited to meet #TheSpecialOne – Guinness Africa Special.
Burna Boy, Ycee, Kolasoul, Magnito, Simi thrilled guests, with Bovi and Jimmy keeping the crowd hyped and energised anticipating the excitement of the night. Super star DJ Spinall brought down the roof with his music line-up, Godwin Strings stole the night with his amazing talent, while Osa 7 used live graffiti to bring alive the famous Eyo image that is synonymous with the people of Lagos. #TheSpecialOne party had earlier toured the cities of Port Harcourt, Abuja, Enugu, Benin and Ibadan.
Made of Black ambassadors, Olamide and Phyno were present and in their element and the crowd went wild, especially when they performed Iranu Abacha together. Olamide even lost his shoes to the excited crowd! Olamide and Enimoney also took the fun a bit higher when they performed Oyadab getting everyone to pose with their Guinness Africa Special.
Speaking at the Lagos event, the Portfolio Manager for the Guinness brand, Liz Ashdown said Guinness Africa Special is the first new innovation from Guinness in 10 years and was created to satisfy the needs of young Nigerian consumers who constantly crave for something special and relevant to them.
According to her, “This product is special because everything from the packaging to the liquid, to the advertising is truly African. The natural extracts were grown in African soil. The Ankara harp and pattern on the packaging proudly projects African routes and the beer has been tailored to young people’s tastes and at a price they can afford at just N200!”
CBN to sell N1trn treasury bills in Q-2 2016
The Central Bank of Nigeria (CBN) yesterday said it will sell treasury bills of N1.73 trillion in the second quarter of the year.
The apex bank stated this in its Nigeria Treasury Bills Issue programme released on Thursday.
Treasury bills (TBs) are short term (less than one year) debt instruments used by the CBN to borrow from the public on behalf of the federal government. The CBN also uses TBs to control money supply in the economy.
The TB issue programme commences on March 17, and ends on June 2nd 2016. During the period, the apex bank will issue N303.78 billion worth of 91 days TBs, N169.99 billion worth of 182 days TBs, and N599.63 billion worth of 364 days TBs. These however represent the amount of TBs that would mature for payment during the period.
A breakdown of the programme revealed that in March, the apex bank plans to sell N261.62 billion worth of TBs, comprising N68.12 billion worth of 91 days bills, N37.23 billion worth of 182 days bills and N156.27 billion worth of 364 bills.
In April, the apex bank plans to sell N386.41 billion worth of TBs, comprising N92.19 billion worth of 91 days bills, N68.49 billion worth of 182 days bills, and N225.73 billion worth of 364 days bills.
From May 5 to June 2nd, the CBN plans to sell 405.4 billion worth of TBs comprising N123.47 billion worth of 91 days bills, N64.25 billion worth of 182 bills and N217.68 billion worth of 384 days bills.
Meanwhile the amount of idle cash (excess liquidity) in the interbank money market, where bank lend money to each other, fell by 50 percent to N222.46 billion on Friday from N448.47 billion at the beginning of the week.
This prompted cost of funds to rise with interest rate on short term lending (Overnight and Secured) rising to 5.0 percent from 3.0 percent in the previous week. Commenting on this development, Cowry Asset Management Plc stated in its weekly financial market review and outlook, “In the just concluded week, Nigerian Offered Interbank Rates increased for all tenor buckets amid strain in financial system liquidity. Central Bank of Nigeria sold N160.66 billion in 213- day treasury bills via Open Market Operations (OMO).
“Also, standing deposit facility (SDF) rates decreased week-on-week (w-o-w) by 47.90 percent to N325.67 billion while a standing lending facility (SLF) of N3.76 billion suggested that banks resorted to the lender of last resort in the review week as against zero SLF booked in the preceding week.
“The overnight funds rate, NIBOR for 1 month, 3 months and 6 months increased to 5.31 percent (from 3.29 31 percent), 7.7831 percent from 7.41 31 percent), 9.0831 percent (from 8.93 31 percent) and 10.97 31 percent (from 10.57 31 percent) respectively. This week we expect increase in interbank lending rates on anticipated financial system outflows via investment in FGN local currency bonds.”
N2bn bail: Badeh rejects prison’s food, yet to meet bail conditions
ABUJA— Immediate past Chief of Defence Staff, Air Chief Marshal Alex Badeh, spent his first weekend with inmates of the Kuje Prisons because of his inability to fulfill the bail conditions slammed on him by a Federal High Court.
The ex-CDS, who was granted bail by Justice Okon Abang of the Federal High Court, Abuja last Thursday, following arraignment for alleged money laundering, could not immediately meet the bail conditions in order to leave the prison.
Among other conditions, he was to produce two sureties who could pay the sum of N1 billion each, have landed properties in the FCT and provide evidence of three years tax payment.
Badeh
Badeh was also to deposit his traveling documents with the Registrar of the court, while the Economic and Financial Crimes Commission prosecuting him, is to ascertain full compliance with the stipulated conditions before the former air force chief could be allowed to go home, pending the commencement of full trial.
Prisons sources confirmed to Vanguard last night that the former CDS was still with them, having been unable to perfect the bail conditions outlined by Justice Okon Abang of the Federal High Court, Abuja.
A senior prisons official confirmed also that Badeh had also refused to eat the food given to other inmates, preferring food from home.
The official said that the Nigerian Prisons Service allowed Badeh to eat the food brought by his close family members since it was optional to eat the prisons meal.
“It is the right of every prison inmate to decide whether to bring in their food or eat what is provided by the NPS. In this case, Badeh opted to eat his own food and we have no objection to that.
‘’The only condition is that the person who brings the food for him, must first taste it before giving to him,” the official explained.
Badeh was remanded in prison custody on March 7 but admitted to bail on March 10 by Justice Okon Abang of the Federal High Court, Abuja, following his arraignment along with a company, Iyalikam Nigeria Limited, on 10 counts of money laundering.
However, a lawyer to the former CDS, Mr. Samuel Zibiri (SAN), told a national newspaper that Badeh had secured the two sureties the court mandated him to produce, raising hope he could be released early this week.
MTN N50bn fine: Senate accuses Malami of having ulterior motive
ABUJA—THE Senate has accused the Minister of Justice and Attorney-General of the Federation, Abubakar Malami,of having ulterior motive in the payment of N50 billion by MTN, as part of fine imposed on it by the Federal Government for failure to deactivate 5.2 million unregistered subscribers on its network.
The red chamber queried the intentions of the Attorney-General in unilaterally opening a special new account with a name that had no correlations with the issue at hand and then ordering MTN to credit same, despite the existence of Treasury Single Account, TSA.
To this end, the Senate, through its Committee on Communications, has vowed to launch immediate probe into the matter, with a view to unraveling all those behind the act and their intentions.
Speaking,yesterday, in Abuja, the committee’s chairman, Senator Gilbert Nnaji, said the red chamber had resolved to unmask those behind the payment of N50 billion by the Mobile Telecommunication Network,MTN.
Nnaji said the Senate was interested in knowing why MTN was directed to pay the money into a recovery account instead of routing it through the regulatory agency, Nigerian Communications Commission, NCC.
China wants more of Nigeria’s oil
China has said it would need more crude oil exports from Nigeria, in spite of the recent changes in prices.
Zao LingXiang, Economic and Commercial Counsellor of the Chinese Embassy in Nigeria, said this in an interview with the News Agency of Nigeria in Abuja.
The total amount of export to China was only about one million barrels in 2015, which was just 1.3 per cent of Nigerian annual oil export.
“In my opinion, it really doesn’t matter whether Iran comes back or not; Chinese companies want to import more crude oil from Nigeria,” he said.
He said current trade volume between both countries stood at $14.94 billion in 2014, making Nigeria third largest trade partner of China in Africa.
The economic counsellor added that Nigeria’s trade figure was 8.3 per cent of China’s total trade volume with Africa and 42 per cent of the total trade volume between China and Africa.
He said that China also sought to explore other areas of cooperation with Nigeria which he noted would be of benefit to both parties.
“China is the largest developing country in the world and Nigeria is the largest developing country in Africa and both countries have complementary advantages in natural and human resources, funds and markets.
“Right now, the Nigerian government is trying to diversify its economy which is fully in line with the 10 China-Africa cooperation plans announced at the summit on China-Africa trade in Johannesburg in 2015.
“There are great potential for cooperation between China and Nigeria in the fields of industrialisation, agricultural modernisation, infrastructure construction, financial services, trade and investment facilitation, among others.”
He, however, added that both countries had made “remarkable achievements” in the areas of infrastructure cooperation.
He said that the coming visit of President Muhammad Buhari to China in April would facilitate the implementation of agreements reached at the 2015 China-African summit in Johannesburg.
The economic counsellor further added that the president’s visit would also deepen cooperation between both countries.
Mr. LinXiang explained that the total investment volume between China and Africa exceeded $100 billion in 2015 in spite of the decline in imports from Africa.
He also assured that Africa remained China’s largest trade partner despite recent changes in that country’s economy.
“The amount in import from Africa to China declined but did not decline remarkably.
“Moreover, the economic and trade cooperation between China and Africa is not only about trade but technical cooperation as well.
“China’s total investment volume in Africa last year increased by 100 times more in a short span of 10 years, which shows that cooperation between both parties is moving to a new level,” he said.
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