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Nigeria, China Strengthen Economic Ties with $3.3 Billion deal

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Wale Edun

In a historic trade conference, Nigeria and China have solidified their economic partnership with a landmark agreement worth $3.3 billion.
The event, chaired by Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, marks a significant step toward enhancing bilateral relations and fostering sustainable development.
Director of Information and Public Relations Mohammed Manga in a statement said the agreement signifies a commitment to deepening economic cooperation between the two nations, paving the way for future collaborations aimed at mutual growth.
According to the statement, the gathering was attended by key stakeholders, reflecting both countries’ dedication to establishing unbreakable bonds in trade and investment.
The statement explained that as Nigeria and China embark on this new era of economic collaboration, the focus will be on creating opportunities that benefit both economies and promote long-term development.
In his keynote address, the Honourable Minister underscored the significance of South-South cooperation, highlighting its pivotal role in Nigeria’s sustainable development goals as chair of the event, he also guided discussions that focused on critical areas of collaboration between the two nations.
Edun reiterated President Bola Ahmed Tinubu’s dedication to fostering a business-friendly environment that attracts increased investment, particularly in key sectors such as infrastructure, energy, and industry.
One of the conference’s standout outcomes was the signing of a $3.3 billion agreement to develop the Brass Industrial Park and Methanol Complex, a transformative project expected to significantly boost Nigeria’s industrial output and generate vital employment opportunities.

Infrastructure development—a cornerstone of the China-Nigeria partnership—was a major focus of the discussions.
Both nations reiterated their commitment to joint infrastructure projects, including roads, bridges, and energy systems, aimed at accelerating industrialization and driving long-term economic growth in Nigeria.

Financial and security cooperation also took center stage, with both countries agreeing to enhance intelligence sharing to combat money laundering and financial crimes. This marked a critical step toward ensuring a secure and transparent financial environment, laying the groundwork for continued economic collaboration.

As chair of the event, the Minister also highlighted President Tinubu’s bold economic reforms, designed to steer the country toward a sustainable growth path. He stressed the importance of leveraging both domestic resources and international partnerships, such as those with China, to ensure that these collaborations deliver tangible benefits to the Nigerian people.

Key infrastructure and security initiatives are seen as pivotal to achieving Nigeria’s economic objectives under the Renewed Hope Agenda, while also advancing China’s Belt and Road Initiative.

As the curtains close on the groundbreaking conference, Nigeria and China emerge as beacons of hope for a brighter economic future, especially as the conference concluded with a strong mutual commitment to ongoing engagement, open dialogue, and reinforced cooperation.
With the signing of the $3.3 billion Brass Industrial Park and Methanol Complex agreement, the stage is set for transformative growth, job creation, and sustainable development.

This historic partnership will undoubtedly propel Nigeria’s economic agenda forward while reinforcing China’s Belt and Road Initiative. As both nations embark on this extraordinary journey together, the world watches with bated breath, eager to witness the remarkable achievements that will unfold from this unbreakable bond.

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Alaafin Oyo Throne: Makinde Seals Royal Transition Amid Kingmakers’ Rift

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Alaafin of Oyo, Prince Abimbola Owoade, receiving staff of office from Governor Seyi Makinde

Governor Seyi Makinde of Oyo State has officially presented the staff of office to Prince Abimbola Owoade as the new Alaafin of Oyo, solidifying a royal transition that has sparked controversy among the Oyomesi, the traditional kingmakers of Oyo.
The ceremony, held on Monday, comes nearly three years after the passing of the late Alaafin, Oba Lamidi Olayiwola Adeyemi III, and despite resistance from five members of the Oyomesi, who argued that Prince Owoade’s selection was not legally sanctioned.
In a letter addressed to Governor Makinde, the dissenting kingmakers, represented by Adekunle Sobaloju (SAN), maintained that Prince Luqman Gbadegesin was their preferred candidate. The letter was signed by prominent Oyomesi members, including High Chief Yusuf Akínade (Bashorun of Oyo) and others acting as stand-ins for key traditional roles.
However, the state government defended its decision, with Commissioner for Information and Orientation, Prince Dotun Oyelade, stating that Owoade’s selection followed rigorous consultations and divinations, aligning with royal traditions.
The new Alaafin hails from the Owoade-Agunloye royal family and brings a distinguished academic and professional background to the throne. He holds degrees in Mechanical Engineering from both the University of Sunderland and Northumbria University in the UK and has served in key engineering roles, including his current position as a Project Coordinator at Manitoba Hydro, Canada.
This historic moment signifies a fresh chapter for the Oyo monarchy, even as it stirs discussions on the balance of power between the government and traditional authorities. As Prince Abimbola Owoade ascends the throne, the state looks forward to a reign that fosters unity and development for the Oyo Kingdom.

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Mambilla Power Saga: Nigeria’s Cross-Examination Debacle Looms at ICC Arbitration

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****Obasanjo, Buhari, Others Set to Testify as Mambilla’s 52-Year Legacy Hangs by a Thread

The International Court of Arbitration in Paris is set to witness high-profile legal drama as Nigeria faces potential disgrace in its decade-long battle over the $6 billion Mambilla Hydroelectric Power Project. The landmark case, initiated by Sunrise Power and Transmission Company against the Federal Government of Nigeria, reaches its climax this January.

Once a beacon of hope for Nigeria’s energy independence, the Mambilla project, conceived in 1972, now symbolizes decades of political interference, corruption, and bureaucratic bungling.
With the final arbitration hearing on the horizon, Nigeria’s chances of escaping liability appear grim, especially as key witnesses, including former ministers Abubakar Malami and Mamman Saleh, are conspicuously absent.
First awarded in 2003 under a Build-Operate-Transfer (BOT) model, the project has been dogged by abrupt policy reversals, contract cancellations, and re-awards.
The most controversial pivot came under President Olusegun Obasanjo, who shifted from BOT agreements to procurement contracts, fracturing the initial plan. Successive administrations, including those of Presidents Yar’Adua, Jonathan, and Buhari, oscillated between reviving the original agreement and renegotiating settlements.
The hearing promises explosive revelations as former Presidents Obasanjo and Buhari testify alongside ex-ministers and experts. Buhari is expected to defend his administration’s controversial 2017 re-award of the project, while Obasanjo faces scrutiny for altering its trajectory during his tenure.
Both are set for rigorous cross-examination, with Obasanjo’s testimony particularly fraught with detours into past scandals, including his BBC HARDTalk interview where he was labeled “the grandfather of corruption in Nigeria.”
The absence of Malami and Saleh, pivotal to the government’s defense, casts a long shadow over Nigeria’s case. Their negotiated settlement agreements with Sunrise in 2020—a $400 million compensation deal—remain critical but controversial elements of the dispute. Meanwhile, Sunrise’s star witness, former Attorney General Michael Aondoakaa, is poised to dismantle Nigeria’s counterclaims with damning insights into governmental lapses.
Beyond the courtroom drama, the stakes for Nigeria are monumental. A protracted legal battle and possible adverse judgment could further delay the project by six years, exacerbating the country’s energy crisis. With less than 4,000 MW of electricity shared among 240 million citizens, Mambilla’s delay perpetuates a cycle of economic stagnation, industrial decline, and social unrest.
President Bola Tinubu’s administration inheritd a quagmire of broken promises and unmet potential. While hopes for transformative leadership remain, the arbitration outcome will test Nigeria’s resolve to break free from decades of mismanagement.
Without decisive action, the Mambilla dream could remain just that—a dream, leaving millions of Nigerians in darkness.

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Lawmakers Raise Concerns Over Perceived Fraud in Ministry’s 2024 Budget

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Jumoke Oduwole

Nigerian lawmakers have flagged discrepancies in the Ministry of Trade and Investment’s 2024 budget execution, raising concerns over an unapproved addition of ₦9 million to a project originally allocated ₦50 million.
The irregularity was exposed during a budget defense session at the National Assembly, where Minister Jumoke Oduwole presented the Ministry’s ₦3.8 billion capital budget proposal for 2025.
Abubakar Yahaya Kusada, a House of Representatives member from Katsina State, drew attention to the issue in a cotton and garment project. He revealed that the project, budgeted for ₦50 million, was reported as costing ₦59 million, sparking allegations of unauthorized spending.
Minister Oduwole addressed other concerns, such as border closures and trade facilitation, but avoided commenting on the discrepancy.
This prompted further scrutiny from Mark Esset, another lawmaker, who demanded an explanation.
In response, the Ministry’s Director of Finance attributed the issue to a “typographical error,” claiming the project’s actual cost was ₦49 million, not ₦59 million.
Lawmakers were not convinced. Some alleged potential fraud, calling for stricter oversight of budget execution.
The Joint Committee on Trade and Appropriations directed the Minister to revise the figures and resubmit the 2024 budget performance report.
This incident highlights persistent concerns about transparency and fiscal discipline in Nigeria’s budgetary processes.
Lawmakers emphasized the need for accountability to curb financial irregularities and safeguard public funds.
A House of Representatives member from Katsina State, Abubakar Yahaya Kusada, highlighted the irregularity in a cotton and garment project. He pointed out that the project, budgeted for ₦50 million, was executed at ₦59 million, sparking suspicions of unapproved expenditure.
The Minister initially addressed other concerns raised during the session, including border closures and trade facilitation issues, but avoided responding to the discrepancy.
This prompted further questioning from another lawmaker, Mark Esset, who demanded clarity on the additional spending.

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