BUSINESS
ACCI Advocates Stronger Economic Ties Between Nigeria, Russia
By Tony Obiechina, Abuja
Abuja Chamber of Commerce and Industry (ACCI), has called for deepened
economic ties between Russia and Nigeria.
The Director General of ACCI, Victoria Akai stated this at a business
conference organised by Moscow Chamber of Commerce and Industry and
NIDO Russia in Abuja on Thursday.
According to a statement by Media/Strategy Officer, Olayemi John-
Mensah on Friday, the DG said, an established Economic and Scientific
Technical cooperation between Nigeria and Russia makes for an
excellent opportunity to deepen economic ties by upscaling economic
activities between both countries for mutually beneficial relations.
She urged the Russian investors to take advantage of the opportunities
of attendant impact on the global economy that has opened new
frontiers for investment in e-commerce, e-learning e-medicine;
logistics and shipping, pharmaceuticals, housing and agriculture as a
result of the outbreak of the Covid-19 to trade in Nigeria and
establish worldwide, partnerships with local entrepreneurs as a sure
way for them to commence and adapt to new conditions and realities.
While enumerating Nigeria’s economic prospects and potentials within
the West African region and in Africa, Akai assured the investors of
the chamber’s sustained efforts in advocating and collaborating with
government at all levels in developing friendly policies and
initiatives that will foster ease of doing business and create an
enabling environment for investors both locally and internationally.
In her presentation titled, “Discovering the African Market: Nigeria
as a Gateway to Africa, Prospect of the Nigerian Market for Russian
business”, she was hopeful that the outcomes of the deliberations
would be concretised by all stakeholders with implementable actions.
“Permit me to use this opportunity to invite Russian Companies who are
into the Halal, Agric and food packaging sectors to take a stand at
the Halal Expo Nigeria holding from 14th to 16th September, 2021, in
Abuja”, she said.
The DG also stated the areas of business opportunities to include; ICT
and telecommunications, Agric and Agro allied sector, Solid minerals,
Security, Energy, oil and gas, Healthcare, Transport Marine
exploration, Aerospace.
“These are opportunities to boost bilateral business cooperation
across sectors; Take Housing and Construction for instance: Nigeria
currently has a housing deficit of over 17 Million homes, with the
current and projected annual population growth rate of 2.6%, there
will be a housing deficit by 2050 unless we increase investment in
housing and real estate. This presents a huge opportunity for Russian
investors.
“The Rail and Transport system is a viable sector to consider
particularly in this period when Africa is in dire need of transport
connectivity to facilitate movement under the Africa Continental Free
Trade Area Agreement. improving Nigeria’ rail and transport system
will go a long way to enhancing movement of persons and goods within
Nigeria and between Nigeria and its neighbouring countries”, she
pointed out.
She further said since Nigeria already serves as a hub that feeds
other West African markets with products such as Building and
Construction materials, Electronics, Autoparts, Clothing and Textile,
Machinery tools and hardware amongst other products, Russian companies
may consider establishing manufacturing companies in Nigeria to serve
the West African market.
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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