News Agency of Nigeria
FG, Private sector to deepen ties on non-oil exports – Minister
Economy/Business

FG, Private sector to deepen ties on non-oil exports – Minister

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By Vivian Emoni

The Federal Government has expressed commitment to boost non-oil exports, attract quality investment to position Nigerian enterprises for economic growth.

Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, made the commitment at the Domestic Investment Summit, on Monday in Abuja, with a theme, “Operationalising Nigeria First Policy,’’.

Oduwole said that the summit focused on the pivotal role of local capital, enterprise, and innovation in strengthening Nigeria’s economic resilience, inclusiveness, and global competitiveness.

According to her, the objective of the summit was to deepen public-private collaboration on investment incentives and regulatory co-creation.

“The actions reinforce the ministry`s commitment to boosting non-oil exports, attracting quality investment, and positioning Nigerian enterprises to thrive at home, regionally and globally.

“We are already acting on our commitment. Nigeria is not starting from zero; we are already leveraging our strengths and executing deliberate policies to seize clear opportunities before us.

“Nigeria is already demonstrating the fundamentals to lead in Africa’s industrial landscape and with the proper execution; we can cement a position among the top 10 globally in select industrial sectors,’’ she said.

Oduwole said the ministry was harmonising the tariff regime with industrial priorities and simplifying trade procedures to reduce costs and enhance competitiveness.

She said that Nigeria was leading a strong way in trade reform, adding that the ministry just concluded the World Trade Organisation (WTO) Trade Policy Review.

She said that the effort was to advance the modernisation of trade framework in line with global best practices.

The minister noted that the ministry had accelerated Nigeria’s implementation of African Continental Free Trade Area (AFCFTA), giving entrepreneurs access to a $3.4 trillion dollars integrated market.

“Proudly we were the first country to complete the AfCFTA five-Year Implementation Review.

“We are providing the infrastructure clarity and fiscal certainty investors demand,” Oduwole said.

She said that the summit was a platform where the government listened, engaged and co-creates inclusive, sustainable economic transformation.

She added that the ministry`s task was to actualise the commitment through a Nigeria first policy that turns ambition into productivity, and productivity into competitiveness.

The minister, however, thanked all the stakeholders, adding that the stakeholders were the heart and hope of Nigeria’s growth.

According to her, to every company here today: we see you. We value you. You are the builders of jobs, innovation, and resilience.

“This summit was designed with you in mind. You are central to our strategy. Together, we must invest in trade and capital management.

“We must invest in financial sector development, education: skills inclusion: Nano, micro and SME’s , women and above all, macroeconomic and institutional stability,” she said.

Speaking, Mr Jani Ibrahim, President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), said the summit was a call to take action to promote investment.

“A call for stronger partnerships, strategic collaboration, and collective ownership of Nigeria’s economic future”.

He said the Organised Private Sector of Nigeria was committed to working with the government and relevant stakeholders to deepen economic diversification and attract sustainable domestic investments that create jobs and shared prosperity. (NAN)

Edited by Maureen Atuonwu

Rwanda to enhance trade, aviation ties with Nigeria
Foreign

Rwanda to enhance trade, aviation ties with Nigeria

236 total views today

By Sarafina Christopher

High Commissioner of Rwanda to Nigeria Christophe Bazivamo has reaffirmed his country’s commitment to strengthening partnerships with Nigeria in trade, aviation, and information and communication technology (ICT).

Bazivamo made the pledge on Friday in Abuja during the 31st anniversary of Rwanda’s Liberation Day also known as Kwibohora themed “The Journey Continues”.

The News Agency of Nigeria (NAN) reports that the occasion of Kwibohora31, is a significant date that commemorates the end of the 1994 genocide against the Tutsi.

Bazivamo said the collaboration between Rwanda and Nigeria was a catalyst for economic growth and development, adding that it would boost trade and bilateral relations.

“Rwanda is fully committed to collaborating closely with Nigeria to cultivate a thriving economic environment that benefits both our Nations. Trade serves as the heartbeat of any economy.

“By deepening trade connections, we can generate opportunities and enhance the well-being of our citizens,” Bazivamo said.

He also expressed pride in Rwanda’s partnership with Nigeria across various sectors, including trade, aviation, and digital innovation, with the aim of collectively shaping a prosperous Africa.

Bazivamo said that on June 27, Rwanda and Nigeria signed a Double Taxation Avoidance Agreement to eliminate fiscal barriers and unlocking investment opportunities.

He emphasised the significance of the aviation industry in facilitating seamless connectivity between Rwanda and Nigeria and enhancing business activities and tourism.

He highlighted the potential of ICT in driving innovation and economic transformation, emphasising the benefits of investing in ICT partnerships for both nations.

The High Commissioner also underscored Rwanda’s commitment to regional stability, referencing a recent peace agreement with the Democratic Republic of Congo.

He pointed out that Rwanda’s progress in various areas, such as technology, gender equality, and economic growth was due to deliberate choices and a unified national purpose.

Bazivamo said that Rwanda’s Vision 2050 was a strategic framework focused on inclusivity, sustainability, and innovation.

He added that the vision aimed to elevate the country to an upper-middle-income status by 2035 and a high-income, knowledge-based economy by 2050.

He emphasised that this vision was not merely aspirational but rooted in a clear plan designed to benefit every Rwandan citizen.(NAN)(www.nannews.ng)

Edited by Ismail Abdulaziz

Jason Miller outlines Trump’s Africa trade vision
Economy/Business , Politics

Jason Miller outlines Trump’s Africa trade vision

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By Vivian Ihechu

Africa is poised to become an economic superpower but its full potential hinges on making strategic choices about its trade partners and internal reforms,  Jason Miller, former Senior Advisor to President Donald Trump says.

Miller, a Communication Strategist, spoke during a conversation with Viswanathan Shankar, CEO of Gateway Partners, at the 32nd Afreximbank Annual Meetings (AMM2025) on Thursday in Abuja.

 

 

The AAM2025, with the theme, “Building The Future On Decades Of Resilience”, is from June 25 to June 28.

Speaking to an audience of policymakers and financiers, Miller broke down U.S. evolving trade posture and its implications for the continent.

He painted an “optimistic vision” for U.S.-Africa trade relations, contrasting America’s approach with what he termed “debt diplomacy” from other global players.

He said Africa’s rise is inevitable but cautioned that realising its potential hinged on strategic choices..

“This is Africa’s century,” Miller said, projecting that by 2050, Africa would surpass Europe as the world’s third-largest economic bloc, with Nigeria among the top 10 global economies.

By 2100, he added, sub-Saharan Africa would host four of the world’s most populous nations, positioning the continent as an economic superpower.

He, however, cautioned that  “If these opportunities aren’t seized strategically, Africa risks being taken advantage of again.”

Miller frowned at the decades of exploitative practices by outsiders who “took, took, took, leaving broken promises.”

According to him, U.S.’s engagement is built on strategic partnerships anchored in private capital, not debt traps, military occupations, or hollow rhetoric.

He outlined key demands for nations seeking U.S. partnership:

Firstly, Africa “must demand tangible value over empty deals, avoiding unsustainable debt disguised as aid.”

“Partnerships should prioritise foreign direct investment in future-proof infrastructure like roads, ports, data centers, and clean energy.’’

Miller highlighted Africa’s critical minerals and youthful workforce as crucial for dominating the Artificial Intelligence supply chain, a shift he likened to the Industrial Revolution.

Secondly, accelerating business climate reforms is essential.

“Enforcing contracts, stabilising currencies, and rooting out corruption are not just suggestions but the price of admission for attracting U.S. pension funds and private capital.”

While commending Nigeria’s “gutsy” currency reforms, he urged faster, broader action across the continent.

Thirdly, Africa must “choose allies wisely.”

Miller drew sharp contrasts between China’s record of “unregulated fishing, environmental disasters, and crippling debt” and U.S. contributions such as PEPFAR’s HIV/AIDS support and security cooperation.

He said: “True friendship  respects sovereignty and borders without exploitation.”

On U.S. policy, Miller discussed the African Growth and Opportunity Act (AGOA), set to expire in September,  suggesting an uncertain future.

“Why renew one-way preferences, If African nations impose tariffs on U.S. goods or favour Chinese partners?”

He advocated for proactive renegotiation focused on reciprocity.

Miller defended Trump’s tariffs as multipurpose tools, protecting strategic industries and forcing fairer trade terms.

He said the U.S. Development Finance Corporation (DFC) was a key catalyst for Africa, deploying profit-driven investments.

“This is revenue-generating capital, not debt,” he emphasised, urging reforms to attract major institutional investors.

Offering candid advice for African leaders, Miller stressed the importance of preparation.

He advised following  Trump on Truth Social to understand his priorities and urged leaders to engage with “specific asks and solutions, no photo-ops.”

He also encouraged them to persuade chief executive officers and investors, not just bureaucrats, to amplify Africa’s economic narrative globally.

Miller called for Africa’s potential to translate into “provable partnerships.”

He also advocated for renegotiating AGOA, fast-tracking business reforms, demanding infrastructure-for-minerals deals, and proactively engaging the DFC. “Above all, champion stability, the bedrock of investment.”

Miller urged  African leaders not to settle for lip service.

“Don’t settle for lip service. Demand partnerships. That’s how Africa becomes powerful, wealthy, and great – on its own terms.”

Viswanathan Shankar, CEO of Gateway Partners, revealed Miller’s appointment as Senior Advisor to Gateway Partners, a role Miller pledged to use to “bring American capital to Africa’s future industries.” (NAN)(www.nannews.ng)

 

Edited by Chioma Ugboma

AfCFTA: Cardoso calls for greater cohesion among African countries
Economy/Business

AfCFTA: Cardoso calls for greater cohesion among African countries

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By Okeoghene Akubuike

Mr Olayemi Cardoso, Governor of the Central Bank of Nigeria(CBN), says fostering greater strategic cohesion among African countries will secure Africa’s future.

Cardoso said this at the African Export-Import Bank (Afreximbank) 32nd Annual Meetings(AAM2025) in Abuja on Wednesday.

He said this should be done by accelerating the implementation of the African Continental Free Trade Area (AfCFTA) treaty,  deepening regional integration, and building robust engagement with the African diaspora.

“To secure the future that we envision, we must foster greater strategic cohesion among African member states, “he said.

Cardoso commended the African Executive Panel for their work in redefining the meaning of diaspora and forming partnerships with the African diaspora which include the Caribbean.

He emphasised the importance of Afreximbank in promoting African trade and economic development.

Cardoso noted that the bank had emerged as a trusted partner, a convener of ambition, and a catalyst for change, shaping strategy, enabling execution, and elevating African agencies across the globe.

He noted that  Nigeria had received approximately 52 billion dollars in trade and project financing over the past decade, mirroring both the size of the Nigerian economy and the depth of engagement with Afreximbank.

The Governor highlighted the bank’s impressive financial results, including its expansion from an initial capital base of 750 million dollars to over 40 billion dollars as of 2024.

He also commended the bank’s crisis preparedness, strategic foresight, and clear communication, which have enabled it to navigate challenges and thrive in a rapidly changing global environment.

“The celebration of Afreximbank’s 32 years of resilient growth and transformation is a testament to its commitment to promoting African economic development and its potential to shape the continent’s future.”

Cardoso said it was important to recognise the challenges facing the continent which include rising trade protectionism, global economic fragmentation, and shifting geopolitical dynamics

“These. not only undermining Africa’s developmental prospects, they are also threatening the coherence of the international ecosystem.”

Looking to the future, the governor called for even greater ambition and clarity of purpose.

He emphasised the need for green growth, digital transformation, food and energy sovereignty, and a dynamic private sector that drives opportunity, innovation, and inclusive prosperity at scale.

“Afreximbank has helped us dream big. Now it is time to deliver big. Let us commit to building the resilient institutions our people need.

“Our economies will expire, and our continent will serve,  let us live here today not only inspired by the past, but united in the work that lies ahead.”

Cardoso announced the introduction of two financial products, the Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account, designed to serve Nigerians living abroad.

He said they would also provide a secure and efficient platform for managing funds and investing in the Nigerian financial markets.

The News Agency of Nigeria (NAN) reports that the meetings, which has the theme “Building the Future on Decades of Resilience,” focus on accelerating trade opportunities, driving investment, and fostering innovation. (NAN)

Edited by Vivian Ihechu

Türkiye working to increase bn African trade volume —Envoy
Foreign

Türkiye working to increase $40bn African trade volume —Envoy

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By Mark Longyen

The Republic of Türkiye is working to scale up its current 40 billion dollars volume of trade with Africa, and its one billion dollars bilateral trade volume with Nigeria.

Turkish Deputy Ambassador to Nigeria, Elif Durdu, told the News Agency of Nigeria (NAN) in Abuja that Türkiye was exploring ways to increase the Turkish-Nigeria trade volume to five billion dollars.

She noted that Türkiye and Nigeria are significant players in their respective regions but the current volume of trade between them did not reflect their potentials.

Durdu said records had shown that the two countries could offer much more in terms of bilateral trade relations, adding that this could only be done by scaling up their trade ties.

She said that Türkiye was already deliberately putting in place measures that would attract massive Turkish investments to Nigeria and other African countries.

“Türkiye is striving to address this issue by increasing bilateral contacts, alongside attracting Turkish investments to Nigeria.

“Türkiye, through her Africa Partnership Policy, also aims to promote the trade volume with the African Continent.

“This is around a total of 40 billion dollars as of 2024, and Nigeria plays a special role in that goal,” she said.

According to the Turkish envoy, there are many Turkish companies already operating in Nigeria, which are fully engaged in multi-million dollar businesses and projects.

For instance, she said, Hayat Kimya, a Turkish company operating in Ogun, had invested about 200 million dollars in the production of chemical and hygienic products, toilet papers, and dypers.

Durdu further said that Ülker, another Turkish company, invested around 50 million dollars in the production of biscuits and chocolates under the brand name, Mcvitie’s.

The deputy ambassador added that Direkçi, a Turkish trading company, also invested about 22 million dollars in four Nigerian states of Jigawa, Niger, Kano and the Federal Capital Territory, Abuja.

“The main project areas of this company are farming, livestock, poultry and soya beans production.

“In addition, Turkish large scale construction companies, along with the ones that are active in the energy sector, are willing to take part in important infrastracture projects in Nigeria.

“The total cost of completed construction projects of various Turkish companies in Nigeria is about 2.8 billion dollars,” she added.(NAN)

Edited by Sadiya Hamza

Ivory Coast President seeks stronger intra-African trade, local processing of raw materials
Foreign

Ivory Coast President seeks stronger intra-African trade, local processing of raw materials

344 total views today

 

President of Ivory Coast Alassane Ouattara has called for stronger intra-African trade and continued efforts to process raw materials locally.

Ouattara made the call at the 12th edition of the Africa CEO Forum 2025 in Abidjan.

“We must now work to strengthen intra‑African trade by continuing our efforts to process our raw materials and by accelerating the implementation of the AfCFTA,” he said.

He underscored the country’s strong macroeconomic performance driven by private-sector investment.

Speaking during the forum, Senegalese President Bassirou Diomaye Faye said his country was seeking 1.7 billion dollars in investments to build digital infrastructure and create youth employment.

According to him, the funding will support projects including constructing data centres and deploying high-speed internet, with a target of achieving 5G coverage across the West African nation by 2030.

Forum organisers stressed that improving public policy and economic governance is essential to unlocking Africa’s full potential.

The forum brought together more than 2,800 leaders from the public and private sectors across more than 90 countries.

DNE Africa, a partner of TV BRICS, reported that the 12th edition of the forum, focused on forging a new partnership between African governments and businesses to fast-track the continent’s economic transformation.

The central theme of the forum – “Can a New Deal Between State and Private Sector Deliver the Continent a Winning Hand?” – framed discussions around economic governance, industrial strategy, and the acceleration of the African Continental Free Trade Area. (TV BRICS/NAN)

Edited by Emmanuel Yashim

Trade turnover between Russia, Kazakhstan jumps to bn
Foreign

Trade turnover between Russia, Kazakhstan jumps to $28bn

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Trade volume between Russia and Kazakhstan exceeded 28 billion dollars, while Russian exports increased by almost five per cent at the end of 2024, according to Kazinform, a partner of TV BRICS.

Kazinform said that the main growth emanated from machinery, transport, chemicals, and minerals.

More than 70 major investment projects with Russian participation are being implemented in Kazakhstan.

“We are talking about the automotive industry, agricultural machinery, pharmaceuticals, and digital technologies,” Kazinform reported an official as saying.

In addition, in 2024, the tourist flow between the countries exceeded 4.8 million trips, thus making Kazakhstan to become one of the three most popular foreign destinations for Russians. (TV BRICS/NAN) (www.nannews.ng)

Edited by Emmanuel Yashim

IMF chief urges countries to swiftly resolve trade tensions
Foreign

IMF chief urges countries to swiftly resolve trade tensions

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International Monetary Fund (IMF) Managing Director Kristalina Georgieva on Thursday urged countries to swiftly resolve trade disputes that threaten global economic growth.

She said the unpredictability arising from President Donald Trump’s aggressive campaign of taxes on foreign imports was causing companies to delay investments and consumers to hold off on spending.

“Uncertainty is bad for business,’’ she told reporters in a briefing during the spring meetings of the IMF and its sister agency, the World Bank.

Georgieva’s comments came two days after the IMF downgraded the outlook for world economic growth this year.

The 191-country lending organisations, which seek to promote global growth, financial stability and to reduce poverty, also sharply lowered its forecast for the United States.

It said the chances that the world’s biggest economy would fall into recession have risen from 25 per cent, to about 40 per cent.

Georgieva warned that the economic fallout from the trade conflict would fall most heavily on poor countries, which do not have the money to offset the damage.

She warned that the economic fallout from trade conflict would fall most heavily on poor countries, which did not have the money to offset the damage.

Since returning to the White House in January, Trump has aggressively imposed tariffs on American trading partners.

Among other things, he slapped 145 per cent import taxes on China and 10 per cent on almost every country in the world, raising U.S. tariffs to levels not seen in more than a century.

But he has repeatedly changed U.S. policy suddenly suspending or altering the tariffs.

This has left companies bewildered about what he is trying to accomplish and what his end game might be.

Trump’s tariffs culminated in a sharp reversal of decades of U.S. policy in favour of free trade and the resulting uncertainty around them have caused a week-long rout in financial markets.

But stocks rallied Wednesday after the Trump administration signaled that it was open to reducing the massive tariffs on China.

“There is an opportunity for a big deal here,” U.S. Treasury Secretary Scott Bessent said Wednesday. (AP/NAN)(www.nannews.ng)

Edited by Cecilia Odey/Mark Longyen

Trade between Egypt, Saudi Arabia reaches .98bn in 2024 – Official data
Foreign

Trade between Egypt, Saudi Arabia reaches $15.98bn in 2024 – Official data

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Economic relations between Egypt and Saudi Arabia witnessed significant growth in 2024, with the total volume of trade exchange reaching U.S.$15.98 billion, official data released by the Saudi Ministry of Investment indicated.

This figure represents a 29 per cent increase compared to the previous year, as reported by Sada El-Balad, a partner of TV BRICS.

The Kingdom continues to advance its efforts to stimulate investment by developing five new Special Economic Zones, focusing on key non-oil sectors, according to the official report.

These zones, the report added, are dedicated to industries such as cloud computing, logistics, automotive manufacturing, shipbuilding, food production, mining, and pharmaceuticals.

Furthermore, the Saudi officials reported that 7,000 investment licences were granted to Egyptian investors, contributing to the creation of 80,000 job opportunities in Saudi Arabia. (TV BRICS/NAN)

Edited by Emmanuel Yashim

Nigeria, India seek stronger trade ties
Economy/Business

Nigeria, India seek stronger trade ties

488 total views today

By Rukayat Moisemhe

Representatives from Nigeria and India have explored ways to strengthen their long-standing friendship and bilateral trade partnership while identifying new areas of cooperation.

This was the focus of the Nigeria-India Bilateral Business Meeting held in Lagos on Thursday.

Mr Gabriel Idahosa, President of the Lagos Chamber of Commerce and Industry (LCCI), stated that Nigeria and India share a rich history of economic and cultural ties that have developed over decades.

Idahosa, who was represented by Mr Leye Kupoluyi, Deputy President of the LCCI, stated that as both countries navigate a rapidly changing global economic landscape, it is essential to strengthen and diversify their bilateral engagements.

He noted that in the fourth quarter of 2024, Nigeria’s total merchandise trade stood at N36.6 trillion, reflecting a significant increase of 68.32 per cent compared to the same period in 2023.

Idahosa added that this growth reflects the resilience and potential of the Nigerian economy, driven by strong demand for foreign goods and services across various sectors.

“India has consistently been one of Nigeria’s top trading partners, reflecting the deep economic interlinkages between our nations.

“In Q4 2024, India emerged as Nigeria’s fourth-largest export destination, with exports valued at N1.60 trillion, accounting for 7.98 per cent of Nigeria’s total exports.

“On the import side, India was Nigeria’s second-largest source of imports, with goods worth N1.90 trillion, representing 11.43 per cent of Nigeria’s total imports.

“This bilateral trade relationship is characterised by the exchange of vital commodities and services that are essential to the growth and development of both economies,” he said.

The LCCI president said the energy, agricultural, pharmaceutical and machinery sectors are strong components of the trade dynamics of both countries.

Idahosa, however, noted that in spite of the strong bilateral trade, there were significant opportunities for enhanced collaboration.

He said diversifying trade beyond crude oil and raw agricultural products to include manufactured goods, technology services, and value-added products would foster a more sustainable economic relationship.

“Furthermore, Indian investment in Nigeria’s industrialisation, particularly in manufacturing, agro-processing and technology, can generate employment and boost economic development.

“Joint knowledge exchange programmes in education, research and technology transfer, renewable energy and biotechnology will further strengthen bilateral cooperation.

“As we look ahead, it is evident that the Nigeria-India bilateral business relationship holds immense promise.

“By leveraging our respective strengths, addressing existing challenges, and fostering a spirit of collaboration, we can unlock new opportunities that will benefit our economies and societies,” he said.

Ms Vartika Rawat, Acting Indian High Commissioner to Nigeria, noted that India and Nigeria had achieved significant milestones since establishing diplomatic relations in 1958.

Rawat stated that India, in its development journey, not only focused on itself but also opened its growth story for the global good, extending assistance to its neighbours and friends around the world.

She said that the country, currently at the forefront of fighting climate change, also provided capacity-building assistance under ITEC/e-ITEC (Indian Technical and Economic Cooperation) to over 160 countries.

Rawat noted that since both countries established diplomatic ties in 1958, education and capacity building had been the focus areas of the relationship.

“One of the major requirements for developing relations between two countries is direct connectivity to ease the movement of people and goods.

“While Air Peace started operating direct flights from Lagos to Mumbai in March 2023, I understand that it has been suspended due to logistical reasons.

“Indian airlines have also requested permission from Nigerian Authorities for starting direct and code share flights from India to Nigeria.

“I am sure these developments will give a new impetus to our relationship and increase the people-to-people contact,” she said.

She stressed the need for both countries to drive development partnerships and cultural cooperation, while opening new vistas in trade and economic relationships.

Rawat said that while there was a tendency to follow known paths and traditional methods of doing business, Nigerian companies should look at the strengths of India in various futuristic fields.

She said areas like financial technology, Artificial Intelligence, health – including vaccine manufacturing, digital and green growth were critical to be adapted to the needs and requirements of Nigeria. (NAN)

Edited by Okeoghene Akubuike/Christiana Fadare

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