President Donald Trump said that the US would extend economic support for African countries “committed to self reliance” and foster mutual job creation in a speech to African leaders on the sidelines of the UN General Assembly. Trump invoked wealthy friends investing in the continent and added that Africa has “tremendous business potential …for American firms. It’s really become a place that they have to go”.
Source: African Business, October 2017
China and Nigeria have agreed to put in place measures to tackle importation of substandard products into the country.
China and Nigeria Chamber of Commerce (CCCN) President, Ye Shuijin, stated this yesterday, while addressing reporters in Abuja. He insisted that most of the imported fake products were not made in China.
He said the Chamber and Standards Organisation of Nigeria (SON) have some agreements to check influx of substandard products into the country.
“Most of the substandard products that came to Nigeria are not from China because the Chinese government has well structured standards in place for its products.
“China products are of high quality, nonetheless the Chinese government is already cooperating with Nigeria to promote importation of quality products to Nigeria,” he said.
The quality of imported products, such as iron rods, bulbs, sockets, cables and fittings have always been allegedly traced to China.
SON raised an alarm last year that 40 per cent of electrical and electronic appliances imported into Nigeria “are substandard and have caused disasters with destruction to lives and property.”
It was also observed that all manner of uncertified food items are dumped in the country.
The National Bureau of Statistics (NBS), also said Nigeria spent N212.73 billion to import agricultural products in the last quarter of last year.
The Chamber chief therefor stressed the need to guide importers to do the right thing and not to import substandard products to Nigeria.
Shuijin urged the importers and the consumers to be vigilant and reject any noticed substandard products for the development of the economy.
The president said the chamber and the Chinese government always encourage investors from China to invest in the manufacturing sector and help in the development of the economy.
He said Nigeria, because of its population, has the market which he said was an added advantage to attract investors into the country.
Shuijin assured that more Chinese investors would be willing to invest in Nigeria.
Source: The Nation, 24th August 2017
President to address nation following more than three months of absence spent in London for ailment.
Nigerian President Muhammadu Buhari has returned to the country on Saturday after more than three months in the UK for medical treatment for an undisclosed “health challenge”.
The 74-year-old left for London on May 7.
His prolonged absence caused tensions back home where calls have grown for him to either return or resign.
“President Buhari is expected to speak to Nigerians in a broadcast by 7am on Monday,” his office said.
In recent weeks, the office has been releasing photos of officials meeting with the rail-thin but smiling president in the hope of reassuring people back home.
His main opponents in the 2015 election that brought him to power claimed he had prostate cancer. He has denied that claim. Buhari’s four-year term ends in 2019.
Challenges facing Nigeria
Nigeria’s ongoing challenges include deadly Boko Haram attacks, a weak economy and one of the world’s worst humanitarian crises, with millions malnourished in the northeast.
With Buhari away, Nigeria has been led by acting president and Vice President Yemi Osinbajo, who met the president in London in mid-July and announced that Buhari would return to Nigeria “very shortly”.
Observers fear that political unrest could erupt in Nigeria, particularly in the predominantly Muslim north, should Buhari not finish his term in office. The previous president was a Christian from the south, as is Osinbajo. The health of Nigeria’s Musa Yar’Adua after months of treatment abroad leaders has been a sensitive issue since the 2010 death in office of President Umaru Ardua.
Source: Al Jazeera, 19th August 2017
$57bn – The record amount of credit the World Bank has just made available to sub-Saharan Africa over the next three years.
$5.9bn – The value of bond issuances by African governments this year according to Dealogic data – more than the total for 2016.
Source: African Business, May 2017
First, increased investment in Africa’s infrastructure is critically needed. The substantial an rapidly increasing amount of capital being allocated to this sector provides a great growth opportunity.
Second, there are compelling opportunities across the continent for consumer goods and services, particularly given limited growth opportunities in much of the developed world. This opportunity for investment in consumer growth across Africa is underprimed by three trends: a growing population, rapid urbanisation and an emerging middle class.
However, it’s important not to discount commodities, which will remain the most obvious opportunity. Africa holds a large proportion of the world’s mineral reserves, and the continent’s significant reserves of oil and gas make it well poised to play a key role in the supply of the world’s energy needs, particularly as other emerging economies grow and the demand for precious metals follow suit.
Free movement of people and goods will also be a major driver of growth in Africa in the coming years.
Source: African Businees, May 2017
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