NEWS
China, Nigeria Trade Value Hit N7.4trn as at June– V-P Shettima
Vice-President Kashim Shettima says Nigeria-China trade value has hit N7.
38 trillion as at June.Shettima said this at the China-Africa Interbank Association Forum (CAIBA) 2024 in Abuja on Wednesday organised by First Bank Plc.
The vice-president, represented by Dr Aliyu Modibbo, the Special Adviser to the President, General Duty, said that China remained the country’s number one trading partner.
According to him, this underscores the importance of deepening our bilateral relationship with China, especially within the realm of financial and banking systems.
”Nigeria remains committed to its alliances with those who have our best interests at heart and are willing to support our growth and development in a transparent and systematic manner.
”I am especially delighted that our financial institutions are at the forefront of this intervention for development.
”I would like to commend First Bank of Nigeria Limited for leading the charge in fostering stronger banking and financial collaborations between African banks and the China Development Bank.
”The promise shown by all stakeholders is highly encouraging, and we are determined to ensure that this collaboration continues to thrive,” he said.
Mr Olusegun Alebiosu, the Chief Executive Officer (CEO) of First Bank Plc, said the CAIBA journey began in Sept. 2018 when the China Development Bank and 15 African Banks entered into a strategic partnership to deepen the China-Africa cooperation.
Alebiosu said that CAIBA platform was one that emerged in recognition of the growing trade, investments and developmental ties between China and the African Continent.
The CEO said the theme of this year’s forum: ‘Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialisation and Economic Diversification’, underscored the need for stronger partnership between Africa and China.
He said the partnership would help to drive further improvements in trade and the overall socio-economic transformation of the two regions.
”I urge all participants, especially members of CAIBA to rededicate ourselves to the ideals and goals that the association seeks to achieve.
”This can be done by exploring innovative ways to reduce and eliminate existing barriers to the flow of trade and investments between Africa and China.
”At First Bank, we are also poised to double-down on our coverage of the Chinese market through expansion of our business presence beyond Beijing to other important commercial centres in China, including Guangdong and Shanghai,” he said.
Mr Wang Weidong, the Vice-President of China Development Bank (CDB), said the bank would continue to utilise a special loan from African Small and Medium Enterprises (SMEs).
The aim according to him, is to enhance knowledge sharing and technology transport to promote Africa’s industrialisation and economic diversification.
Weidong said the bank would use various ways, including significant loans, on-demand equity investments, and tripartite cooperation to support Africa’s industrialisation.
Mr Joseph Tegbe, the Director-General of the Nigeria-China Strategic Partnership said that economic diversification was key to development.
Tegbe said that African countries should prioritise the processing of their raw materials to sustainable development.
Dr Adetona Adedeji, the Director, Bank Supervision, Central Bank of Nigeria (CBN), said the Bank would support the banks in making the collaboration between Africa-China to work better.
The forum attracted bank executives from across Africa. (NAN)
The Pension Fund Operators Association of Nigeria (PenOp) has assured the National Pension Commission (PenCom) that its members will comply with the recent directive to settle all pension benefits within three working days.
The Report says that the National Pension Commission has mandated Pension Fund Administrators (PFAs) and Fund Custodians to approve and pay pension benefits to eligible applicants within three working days of receiving complete applications. Mr Oguche Agudah, Chief Executive Officer, PenOp, speaking with newsmen in Lagos, said that the directive was positive and capable of fostering accountability. Agudah said that PenOp members were fully aligned with PenCom’s efforts to enhance the efficiency and effectiveness of the pension system in Nigeria.He said, “This is a good development for pensioners, Pension Fund Administrators (PFAs), and the entire system.“PFAs are going to comply with this new directive, which is set to begin in June. We will ensure servicelevels are maintained, and we will also ensure people get their money as and when due.“We recognise the importance of timely payment of pension benefits to retirees, and we are committed to working with PenCom to achieve this goal.” (NAN)
The Benue State Government is partnering with the Federation of Agricultural Commodity Associations of Nigeria (FACAN) on pricing of agricultural commodities in the state.
Mr Donald Akule, Managing Director and Chief Executive Officer (MD/CEO), Agricultural Development Company (ADC), who made the disclosure on Monday in Makurdi, said that the partnership would enhance food security. Akule restated the state government’s willingness to work with FACAN to mediate between the farmers and the government on the prices of commodities. The MD said that the aim was to ensure that all farmers get value for their produce and also ensure food availability. “We have declared a state of emergency on food insecurity. We want to make sure that every farmer gets value for what they produce. “In the coming days we are going to roll out a template of how this produce can be bought or mopped by the ADC and to make sure that we fill up our silos and food banks,” he said. Akule advised farmers to form cooperatives or groups for easy transactions, adding that the government would not work with individual farmers. “Agriculture business is a collective business; it is a collaborative business. We are going to liaise with FACAN to make sure that we regulate the prices of grains. “We will not recognise any person that is working in isolation. Any farmer that is not part of an organised working group would not be accepted,” he said. FACAN State Coordinator, Mr Vitalis Tarnongu, said Benue farmers were ready to partner with government in the regulation of prices enable them get value for their produce. Tarnongu said that their mandate was to ensure that the prices of commodities are set in such a way that both farmers and government make gains. The new state coordinator assured government of FACAN’s commitment with ADC to boost agricultural production.“We are ready to work closely with ADC to ensure food sufficiency.“We solicit your support and cooperation for the association to succeed in its assignment,” he added.(NAN)
A Shari’a Court sitting at Magajin Gari, Kaduna State on Monday ordered one Bilya Isah to pay the sum of N140,000 as feeding allowance for his child.
The Judge, Malam Kabir Muhammad made the ruling after one Rabi Musa, an ex wife to the defendant prayed the court to grant her custody of her one year and seven months old son. The Judge granted her custody and ordered Isah to pay N140, 000 as feeding allowance for the seven months he failed to provide and to continue paying N10, 000 monthly. Earlier the complainant said through her counsel, A. Badamasi that her ex husband had neglected their child for seven months and prayed the court to order him to pay N1 million as compensation for the months he missed.She also prayed the court to order the defendant to pay N30, 000 monthly feeding allowances.Meanwhile the defendant on his part said he can only afford N3, 000 monthly allowance.(NAN)
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