NEWS AGENCY OF NIGERIA
Türkiye working to increase bn African trade volume —Envoy
Foreign

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

198 total views today

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

277 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

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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

Compliance with tyre standards will enhance global trade – SON
Economy/Business

Compliance with tyre standards will enhance global trade – SON

326 total views today

By Lucy Ogalue

The Standards Organisation of Nigeria (SON) says compliance with tyre standards will ensure road safety and position Nigerian businesses for global trade under the African Continental Free Trade Area (AfCFTA).

The Director-General of SON, Dr Ifeanyi Okeke, said this at a sensitisation programme for tyre dealers at the Apo Mechanic Village on Thursday in Abuja.

Okeke, represented by the Director, North Central, Dr Marline Waziri, also known as “Mama Africa,” emphasised that substandard tyres posed serious risks to lives and the economy.

According to him, AfCFTA presents an opportunity for Nigerian businesses to access a larger market but failure to comply with standards can leave local products in the country uncompetitive.

“This meeting is of international interest. With AfCFTA, we are working towards a single market in Africa.

“If we continue selling substandard tyres while other countries maintain high-quality standards, our products will be pushed out of the market,” he said.

He noted that more than 50 African countries had ratified the AfCFTA agreement, making it imperative for Nigerian businesses to align with international best practices.

“As a regulatory body for standardisation, inspection and certification, SON is taking this initiative seriously.

“There is a campaign going on now by SON and what we are saying is that you should ‘arrive alive’. And how do you arrive alive? It is only when you go for standard tyres.

“Tyre retailers must ensure they sell only quality products. Enough of substandard tyres,” he said.

The Chairman of the Abuja Automobile Tyre Dealers Association, Mr Samuel Nwangwu, welcomed the initiative and commended SON for engaging with stakeholders.

“I appreciate the Director-General of SON and his representative, our Mama Africa, for coming to enlighten us on this important issue. We are law-abiding and ready to learn,” Nwangwu said.

Representing the Corps Marshal of the Federal Road Safety Corps (FRSC), Corps Commander Kunle Oguntoyinbo, stressed that improper tyre usage and storage are major causes of road crashes.

“If tyres are not properly stored, even if they have not expired, they can fail. Tyre bursts often lead to severe accidents, which is why enforcement and compliance are necessary,” he said.

He urged tyre dealers to collaborate with regulators and enforcement agencies to improve road safety.

SON’s FCT Coordinator, Mr Gamagira Mohammed, also highlighted the dangers posed by substandard tyres, describing them as life-threatening.

“The DG and his management team are deeply concerned about the influx of substandard tyres. We are here to educate, not to carry out enforcement actions.

“SON encourages businesses to do the right thing to protect lives,” Mohammed said.

The event ended with a commitment from SON and the tyre dealers to continue sensitisation programmes and establish a committee for continuous engagement on quality assurance. (NAN)

Edited by Francis Onyeukwu/Chinyere Joel-Nwokeoma

FG moves to cut trade, transport costs
Economy/Business

FG moves to cut trade, transport costs

313 total views today

Costs

By Vivian Emoni

The Federal Government has reaffirmed its commitment to reducing the cost of transporting goods and services by air, land, and sea to boost production across the country.

Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, made this known during a ministerial briefing organised by the Ministry of Information and Cultural Orientation on Tuesday in Abuja.

She stated that these efforts would ensure faster delivery of goods and services, reduce costs, and expand the country’s global trade reach.

“We are exploring direct cargo freight across Africa for our traders because Nigerians engage in significant trade. This will help bring them together.

“We aim to lower cargo freight costs. That is one of the key initiatives the ministry is undertaking to fulfil our mandate,” Oduwole said.

She added, “As we can see, the cost of production is gradually decreasing, and we will continue working to strengthen our economy.”

The minister noted that the ministry was collaborating with Independent Power Producers (IPP) nationwide.

“This partnership with the private sector aims to enhance power supply, which will significantly boost the country’s economic growth,” she said.

Oduwole also confirmed ongoing efforts to improve tariff schedules, ensuring that products can move freely across different payment systems.

She said the ministry was working with the Nigeria Customs Service and the Nigeria Immigration Service to streamline procedures, rules, and value chains for trade facilitation.

According to her, the ministry is also focused on making Nigeria an attractive investment destination, which requires a conducive environment and favourable tariffs.

“That is why we continue to engage with the fiscal and monetary arms of government.

“Our goal is to champion trade and industry, ensuring policies support business growth and economic expansion,” she stated.

She highlighted collaborations with more than 50 federal agencies to improve business processes and transparency.

“My team and I are dedicated to simplifying processes and enhancing transparency, which is a priority for me.

“We continuously seek new pathways to prevent unintended consequences in our policies and ensure they support businesses and traders,” Oduwole said.

She emphasised that Nigerian businesses were already expanding across Africa, moving ahead of government-led initiatives.

To achieve its objectives, the ministry has partnered with key ministries, strengthening collaboration to drive investment, trade, and industry.

“We are working closely with the Ministry of Agriculture and Food Security, the Ministry of Arts, Culture, Tourism and Creative Economy, and the Ministry of Communication, Innovation and Digital Economy.

“Through these partnerships, we aim to create an environment where investment, industry, and trade can thrive within Nigeria’s economy,” she said. (NAN)

Edited by Abdulfatai Beki / Kamal Tayo Oropo

Special economic zones at heart of Nigeria’s economic resurgence – FG
Economy/Business

Special economic zones at heart of Nigeria’s economic resurgence – FG

375 total views today

By Rukayat Moisemhe

Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, says under the current administration, Special Economic Zones (SEZ) are being prioritised and positioned at the heart of Nigeria’s economic resurgence.

Oduwole said this at the Third SEZ Annual Meeting on Thursday in Lagos.

The meeting had the theme: “Fostering Strategic Synergies for Enhanced Special Economic Zones Operations and Sustainable Economic Growth”.

The minister said that SEZs were powerful engines of economic growth proven to be effective in attracting Foreign Direct Investment, enhancing industrialisation, and generating employment and value-added exports, among others benefits.

The minister said that Free Trade Zones (FTZs) in Nigeria had attracted over $300 billion in investments and contributed over N650 billion to government revenue.

“In January 2025, the ministry released an outlook document detailing its industry, trade, and investment priorities,” Oduwole said.

The minister said that the ministry recognised that every zone and enterprise was an investment hub, producing goods and services that were  traded.

“The ministry is championing a co-ordinated strategy to boost exports, expand access to financing and drive regulatory reforms to strengthen investment in SEZs.

“We have engaged key stakeholders, the Federal Inland Revenue Service and the Presidential Committee on Fiscal Policy and Tax Reforms, to ensure the alignment of SEZ incentives with national economic priorities,” the minister said.

Gov. Babajide Sanwo-Olu of Lagos State said at the event that navigating the rapidly-evolving global economic terrain would require that SEZs remained crucial instruments for driving industrialisation.

The governor was represented by Mrs Folashade Ambrose-Medebem, the state Commissioner for Commerce, Cooperatives, Trade and Investment,

Sanwo-Olu said that the impact of the previous SEZ annual meeting was significant as it led to increased investor confidence and signing of multiple memoranda of understanding for infrastructure development within the economic zones.

Sanwo-Olu said that several businesses that participated in the meeting had since begun operations, bringing in substantial investments and generating employment opportunities.

He said that collaboration among Nigeria Export Processing Zones Authority, Oil and Gas Free Zones Authority, and the Nigeria Economic Zones Association was essential.

According to him, it will enhance efficiency and effectiveness of the special economic zones and boost government’s vision of transforming Nigeria into a hub of industrial excellence and global competitiveness.

“Discussions and resolutions from the last meeting paved the way for policy reforms that have streamlined regulatory processes and improved the ease of doing business in Lagos State.

“However, as we discuss the future of Special Economic Zones in Nigeria, we must address critical issues that could hinder their growth.

“These include the need for improved infrastructure, ease of access to financing for investors, regulatory harmonisation and the imperative to ensure that our policies remain competitive on a global scale.

“It is imperative that we implement policies that provide clear incentives to investors while ensuring that these zones serve as catalysts for inclusive and sustainable development,” he said.

Sanwo-Olu added that continuity of the annual meeting was essential to sustaining the progress that had been made in advancing the Special Economic Zones agenda in Nigeria.

He said that regular engagements among stakeholders fostered policy consistency, strengthened investor confidence, and ensured that emerging challenges were swiftly addressed.

The governor urged the public sector, private sector leaders and investors to work hand-in-hand to build a thriving economic ecosystem. (NAN)(www.nannews.ng)

Edited by Ijeoma Popoola

Trade, investment ministry to go fully digital by December – Oduwole
Economy/Business

Trade, investment ministry to go fully digital by December – Oduwole

338 total views today

By Lucy Ogalue

The Minister of Trade and Investment, Dr Jumoke Oduwole, says the ministry will fully digitise its operations by the end of 2025 to enhance efficiency.

Oduwole said this at the signing of a Memorandum of Understanding (MoU) between the ministry and the AIG Imoukhuede Foundation on Tuesday in Abuja.

The ceremony took place on the sideline of the Top Management Retreat of the ministry and its agencies.

The minister emphasised the urgency for the digital transition.

According to her, the ministry is just about to start that journey, and the deadline is the end 2025.

“I believe that this ministry is poised to serve Nigeria in a very special way.

“This effort underscores the government’s commitment to enhancing efficiency and streamlining operations within the ministry.”

The minister commended all heads of agencies and parastatals under the ministry for their  contributions towards driving and ensuring a digitised and effective ministry.

The Co-Founder, AIG Imoukhuede Foundation, Ofovwe Aig-Imoukhuede, expressed the commitment of the foundation to ensure the success of the initiative.

“We firmly believe that the future of Nigeria’s socio-economic development depends strongly on you, the public sector. You are the engine room of growth and development,” she said.

According to her, the foundation has previously played a pivotal role in digitalising the Office of the Head of the Civil Service of the Federation, turning it into a fully automated institution.

Aig-Imoukhuede said that the partnership would focus on three key pillars: digitalisation, capacity building and performance management.

“The first pillar will move the ministry from manual to automated processes, bringing it in line with 21st-century standards.

“We picked your ministry, because we firmly believe in the work that you are doing.

“Our support will ensure that key trade and industrial policies are executed with greater efficiency,” she said.

She said that capacity building remained a crucial component of the initiative, with efforts geared toward equipping civil servants with the necessary skills to leverage emerging technologies.

“Additionally, performance management systems will be developed to track progress and ensure that the reform efforts yield tangible results.

“We want to help to develop a robust performance management system because that will help to drive the reform efforts,” she said.

Highlight of the event was the signing of a performance bond between the ministry, heads of agencies under its supervision and AIG Imoukhuede foundation.

The News Agency of Nigeria (NAN) reports that the event was part of activities to mark Oduwole’s 100 days in office.(NAN)

Edited by Francis Onyeukwu/Kadiri Abdulrahman

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