Economy
Buhari Assures Chinese Special Envoy on Agreements
…President Jinping Urges APC to Adopt Communist Party’s Ideology
By Mathew Dadiya, Abuja
Flowing the bilateral agreement signed in 2018 during the China-Africa Business Forum, President Muhammadu Buhari has assured that Nigeria is ready to provide counterpart funding on all agreements reached with China for the provision of infrastructure that directly improves the livelihood of Nigerians.
The President said this on Thursday when he received Yang Jiechi, Special Envoy of the President of China, Xi Jinping, at State House, Abuja.
Buhari expressed deep appreciation for what he described as ”China’s sustained and genuine efforts” to improve Nigeria’s infrastructure development, especially in the sectors of road, railway, aviation, as well as power and water resources.
‘‘Now that we have a government in place (with the Ministers), we know the provision of infrastructure is very important. It (Infrastructure) provides job opportunities and economic sustainability which are very important for political stability,’’ the President said.
Underlining Nigeria and China’s cooperation at the international arena, President Buhari said: ‘‘At the international level, we appreciate the support we give to each other and very importantly this must be sustained.
‘‘Nigeria is determined to play its role wherever China’s interest is concerned,’’ the President said while appreciating China’s support for Nigeria’s presidency of the 74th UN General Assembly.
On Lake Chad, the President emphasised the need for sustained support from China on the recharging of The Lake, noting that Nigeria and countries in the region have a lot to benefit from Chinese expertise and technology on inter-basin water transfer.
‘‘China has the technology, the people and the resources to help Lake Chad Basin countries because not many people in the region appreciate our problem of being near the Sahara desert and its influence on our population and climate change, which is affecting over 20 million people living there,’’ he said.
President Buhari also welcomed the offer by the Special Envoy for close partnership between Nigeria’s governing party, the All Progressives Congress and the Communist Party of China.
Delivering the message of President Xi, the Special envoy, who led a high-powered Chinese delegation to the meeting, assured President Buhari of China’s readiness to improve strategic partnership with Nigeria and effectively implement the outcomes of the Forum on China-Africa Cooperation (FOCAC) Beijing Summit in 2018.
‘‘China firmly supports Nigeria in pursuing a development path that supports Nigeria’s national conditions. We have every confidence that under Your Excellency’s able leadership, Nigeria will achieve even greater success in its national development.
‘‘During Your Excellency’s trip to China for the FOCAC Beijing Summit, we had bilateral meetings and reached important agreements on our bilateral relations and issues of mutual interest.
‘‘I highly value China’s ties with Nigeria and stand ready to work with Your Excellency to enhance our political trust, jointly pursue Belt and Road Cooperation, effectively implement the outcomes of FOCAC and strengthen our coordination in regional and international affairs so as to further enrich the strategic partnership between both countries,’’ President Xi said.
The Chinese leader once again congratulated President Buhari on his re-election.
With President Buhari at the meeting were Ministers of Finance, Budget and National Planning, Power, Transport, Aviation, Industry, Trade and Investment and Foreign Affairs.
The meeting discussed the status and implementation of several on-going projects being undertaken by Chinese firms in the country including railways, free trade zones, Mambilla Hydro-Power plant and four airport terminals, among others.
Economy
Investors Gain N183bn on NGX
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)
Economy
Yuan Weakens to 7.1870 Against Dollar
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)Economy
Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL
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)