NEWS
LCCI, CFTC Partner for 137th Canton Fair
The Lagos Chamber of Commerce and Industry (LCCI) has partnered with the China Foreign Trade Centre (CFTC) for the 137th Canton Fair to strengthen trade relations and explore new markets.
LCCI President, Mr Gabriel Idahosa, announced this during a news conference on Monday in Lagos.
He stated that the fair, scheduled from April 15 to May 4 in Guangzhou, China, would connect Nigerian businesses, manufacturers, and producers with their Chinese counterparts.
Idahosa expressed confidence that the partnership would create new market opportunities and foster stronger economic ties.
President of the Manufacturers Association of Nigeria (MAN), Francis Meshioye, highlighted the positive impact of international business collaborations in fostering growth and innovation.
He noted that Nigeria remains China’s largest trading partner in Africa, although the trade balance currently favours China.
“I am, however, optimistic that this will balance out as Nigeria enhances local manufacturing and adds value to export items,” he said.
Amb. Bolaji Akinremi, Director of Economic Trade at the Federal Ministry of Foreign Affairs, acknowledged the longstanding strategic relationship between Nigeria and China.
He noted that in 2024, both countries agreed to elevate their relationship to a comprehensive strategic partnership.
Akinremi added that the fair would support Nigeria’s non-oil trade ambitions, align policies, boost local enterprises, and strengthen economic diversification.
He revealed that the House of Representatives would soon pass a legislative agenda to further deepen China-Nigeria trade relations.
“More Nigerians are learning Chinese, while many Chinese are also learning Nigerian languages, strengthening trade ties in the near future,” he said.
He emphasised that the fair, as a global trade hub, would benefit Nigerian businesses by providing industry diversity and extensive networking opportunities.
“It will facilitate market expansion, bilateral economic growth, and partnership development,” he added.
Akinremi also announced that visa processes had been simplified for Nigerian business owners attending the fair.
CFTC Operations Director, Xu Jiansheng, commended Nigerian businesses for their support, noting that the fair had been held twice yearly for the past 68 years.
He stated that many companies had grown significantly through their participation, earning the fair the reputation of ‘a bond of friendship, a bridge for trade.’
Describing the Canton Fair as the world’s largest exhibition, he noted that Nigeria consistently ranked first among African nations in buyer attendance, both online and onsite.
“The advantages of China’s large market and industrial system are evident, and the fair reflects China’s strong manufacturing capacity and willingness to trade with Nigeria,” he said.
He added that, beyond Chinese manufacturing, the fair provided a gateway for Nigerian products to access Chinese and global markets.
Xu Jiansheng revealed that this year’s fair would be held in three phases, featuring 55 exhibition sections and over 30,000 exhibitors.
Phase one will showcase advanced manufacturing, phase two will highlight quality home furnishings, and phase three will present China’s latest technology, smart products, and consumer goods. (NAN)
President Bola Tinubu has requested the Senate’s approval for the issuance of a N757 billion Federal Government bond to settle outstanding pension liabilities accrued as of Dec. 2023.Report says that Tinubu made the request in a letter addressed to the President of the Senate, Godswill Akpabio, which was read at plenary on Tuesday.
In the letter, the president stated: “I write to request the approval of the National Assembly for the issuance of a Federal Government of Nigeria bond in the domestic debt market by the Debt Management Office (DMO). ”The bond is intended to settle pension liabilities under the Contributory Pension Scheme (CPS) as of Dec. 2023.Tinubu explained that the Pension Reform Act 2014 mandated setting aside five per cent of the nation’s monthly wage bill to clear past pension liabilities before the commencement of the CPS.“However, due to revenue challenges, Nigeria has struggled to comply fully with this provision, leading to an accumulation of pension arrears.“To address this, the government has decided to raise funds by issuing the bond in the domestic debt market.“The Federal Executive Council approved the bond issuance during its meeting on Feb. 4.”The president said the request aligned with Section 44(1)(2) of the Fiscal Responsibility Act 2007, which required National Assembly approval for all new federal government borrowings.He described the proposed bond as a vital investment in human capital development.“It will enable the federal government to meet its obligations under the CPS, restore confidence in the pension industry, and improve retirees’ welfare,” Tinubu said.He added that settling pension arrears would help retirees meet basic needs such as medication, rent, school fees, and other family expenses, thereby improving their health and reducing premature deaths.The president also noted that clearing pension liabilities would boost productivity, improve morale among public servants, and demonstrate the government’s commitment to fulfilling pension obligations.Furthermore, Tinubu said the settlement could stimulate aggregate demand, spur economic growth, and enhance liquidity in the economy.He acknowledged, however, that the bond issuance would increase Nigeria’s public debt stock and raise debt servicing costs.(NAN)
The Enugu State Commissioner for Education, Prof Ndubueze Mbah We will Capture Out-of-school Children in Our Education Programmes – Enugu Govt says the state government will redouble efforts to capture out-of-school children in its programme.
The commissioner gave the assurance on Tuesday in Enugu during the celebration of the 2025 Children’s Day held at the Nnamdi Azikiwe Stadium, Enugu.
Mbah said that the state was working in collaboration with community and faith- based institutions to ensure that no child was neglected or forgotten.
He encouraged them to be calm as they were not forgotten noting that they would be remembered through inclusive education programmes.
Mbah said that education was their right adding that the present administration was committed to making it a reality for them.
He, however, said that every child irrespective of status, gender, location or ability was valued and their welfare would be taken into consideration.
He said that they deserved to grow in a safe, nurturing environment with opportunities to dream and become successful as this administration would continue to protect their rights, well-being, and empower them through education, healthcare, and innovation.
“As we celebrate international children’s day today, remember that you are the leaders of tomorrow.
“Let your voices be heard, your talents be seen, and your dreams shall come through.
“To our school children, we commend your efforts, resilience, and passion for learning. You are the builders of the Enugu State.
“Government investments in smart schools, teacher training, digital tools, and innovation are for you to be equipped with skills for a future that has already begun,” he said.
In the same vein, the Secretary to Enugu State Government, Prof. Chidiebere Onyia, encouraged every child in the state to remain focused and work hard to attain their desired goal.
Onyia said that with the introduction of Smart Schools in 260 political wards of the state, every child in the state would soon compete with their counterparts globally.
He emphasised that the administration had investment heavily in education sector to ensure that both privileged and non privileged children are equipped with basic skills and knowledge.
The event featured march past by various public and private primary and secondary schools in the state. (NAN)
National Agency for Food and Drug Administration and Control (NAFDAC) has bursted a fake drug factory in an uncompleted three storey building at Azagba Ogwashi in Aniocha LGA in Delta.The NAFDAC Director, South – East Zone, Dr Martins Iluyomade disclosed this at a press briefing in Asaba on Tuesday.
He said that the agency would consider the option of seizing any building used for illicit drug manufacturing and relabelling of expired drugs. ”I feel very sad for our country, and the kind of things that are playing out.“Only God knows how many people have died from consumption of the illicit drugs produced by these merchants who are looking for money at all cost.” They are perpetrating these heinous crimes using all manners of avenue including inciting the public against what NAFDAC is doing.“They are even using their ill gotten money after killing a lot of people. Nigerians need to be very vigilant.”According to Iluyomade, the prime suspect, one Ekene Igwe, now at large is one of the major traders at Ogbo-Ogu at Bridge Head drug market in Onitsha, Anambra.He said the suspect and his wife, one Blessing Igwe had been together in this illicit drug business.“What these drug merchants have done since they knew that Ogbo- Ogu market is no longer safe for their illicit drug business, they have moved out to neighbouring places like Asaba in uncompleted buildings, relabelling injectable that expired far back seven years ago.“This issue of illicit drug business has been on for several years, and there has not been any solution. This time, NAFDAC is coming forward with solution to make sure that Nigerians are safe, and we are able to safeguard the health of the public,” Iluyomade said.While displaying the drugs, Mr Babatunji Omoyeni, Deputy Director, NAFDAC Investigation and Enforcement, Federal Taskforce, South-South and South-East, said the agency successfully tracked a drug shop at Ogbo-Ogu, where illicit drugs produced are sold to unsuspecting buyers.According to Omoyeni, the seizures at the illicit drug factory included a big drum containing vials soaked in liquid substance and adulterated drugs.“They are rebranding expired drugs including large quantity of chloroquine phosphate 322 mg/5ml, petazine injection 50mg/2ml, gentamycin injection 280mg/2ml and many other contraband injectable with new labelling.”He said the agency recorded the breakthrough following a tip off from concerned members of the publicOmoyeni, said efforts were being intensified to track the prime suspect, adding that his wife has been apprehended and arraigned before a competent court for trial and prosecution over her level of involvement in the illicit drug business.Report says that NAFDAC displayed the fake drugs and printed packs of drugs-injections while journalists were taken to the building housing the fake drug factory in Azagba-Ogwashi in Asaba Capital Territory.According to NAFDAC, the injectables recovered from the three storey building include eight packs of expired chloroquine phosphate which expired August 2018. “35 amps of engometrin that expired in July 2020, 30 amps of petazine, 70 amps of gentamycine, 200 packs of unexpired chloroquine phosphate, 35 amps of engometrin.“Also displayed were 50 amps of promethazine, 3000 amps of unidentified injection wrapped with papers, 1300 printed packs of drugs ( injection), 2 sets of generator and 1 drum containing nails soaked in liquid substances.(NAN)
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