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Nigeria has been ranked the third-largest recipient of foreign direct investment in Africa, data from Ernst & Young has shown.
The EY Africa Attractiveness Survey 2019 Report, which was launched in Lagos on Wednesday, showed that FDI inflow into Nigeria stood at $8bn in 2018. Egypt was the largest recipient of FDI in 2018 at $12bn, while Algeria was second largest at $9bn. The data showed that the $8bn invested in Nigeria was in 85 projects, which created 10,000 jobs… More details through: https://punchng.com/nigeria-third-largest-recipient-of-fdi-in-africa/
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The United Kingdom-Nigeria Economic Development Forum has said it is committed to the economic and trade cooperation between the two countries.
The pledge was made in a communiqué jointly signed by Nigeria’s Minister of Industry, Trade and Investment, Adeniyi Adebayo, and the United Kingdom’s Minister of State for International Trade, Conor Burns, shortly after a bilateral meeting in London on Thursday. According to a statement signed by the Special Assistant to the Minister on Media, Julius Toba-Jegede, the two countries promised to work together to promote positive actions in the areas of trade standards, exchange of national goods and services in their respective markets… More details through: https://punchng.com/nigeria-uk-agree-to-boost-trade-economic-cooperation/ The Ministry of Science and Technology said the European Union (EU) and German Society for International Cooperation (GIZ) through the Nigeria Competitiveness Project (NICOP) are willing to partner in the implementation of Nigeria’s leather products policy.
The draft strategic Implementation plan for leather and leather products policy which is waiting for implementation, the ministry said will diversify the economy. Minister of Science and Technology, Dr. Ogbonnaya Onu said it has been projected that the leather industry stands between 40 to 50 million skins annually, generating between $600 million to $800 million annually… More details through: https://thenationonlineng.net/eu-germany-to-partner-on-nigerias-leather-industry/ The Federal Government on Friday sealed a €70m economic cooperation agreement with the government of Germany. The pact would enable the government of Germany provides assistance to the country in key areas of the economy.
The Minister of State for Finance, Budget and National Planning, Clem Agba, signed for the Federal Government while the Head of German Delegation to Nigeria, Christoph Rauh, signed for his government… More details through: https://punchng.com/fg-seals-e70m-economic-cooperation-agreement-with-germany-2/ The signing of the agreements is coming weeks after a wave of violence against Nigerians and other African nationals in Johannesburg and Pretoria had strained relations between the continent’s top two economies.
The dozens of accords will enable the two countries to leverage on the recently agreed African Continental Free Trade Area (AfCFTA) agreement, and also boost Nigeria’s efforts to diversify its economy which relies on oil to generate two-thirds of government revenue and more than 90 percent of export income… More details through: https://www.vanguardngr.com/2019/10/nigeria-south-africa-seal-32-trade-pacts/ Nigeria and China recorded $8.6bn bilateral trade between January and June 2019.
There had also been an increase in the projects undertaken by China in the country. The Consul General, Chu Maoming, said this in his speech at the reception to mark the 70th anniversary of the founding of the People’s Republic of China in Lagos. He said, “Because of our joint efforts, the practical cooperation in all fields between our two countries has bore rich fruit. The bilateral trade reached $8.6bn from January to June 2019 with 20.7 per cent year-on-year growth… More details through: https://punchng.com/nigeria-chinas-bilateral-trade-hits-8-6bn/ India, through her companies operating in the country has invested $15billion in Nigeria, its High Commissioner to Nigeria, Mr Abhay Thakur on Tuesday.
The envoy also said India companies were among the highest employer of labour with about 35,000 under its direct employment in Lagos State alone. He spoke during the unveiling of a new showroom by Simba Group and TVS Company in Abuja… More details through: https://thenationonlineng.net/indias-investments-in-nigeria-hit-15b/ The Nigerian Institute of Building and the Australian Institute of Building have signed a memorandum of understanding to improve on the methodology and technology of building construction.
The MoU, which was signed in Sydney, Australia, is aimed at making both institutes to have a shared commitment to become stronger in the profession. The National President of NIOB, Mr Kunle Awobodu, said in a statement that the collaboration would promote research in the field of construction and encourage greater participation of members in jointly organised construction events for valuable continuing professional development… More details through: https://punchng.com/nigerian-australian-builders-sign-pact-on-building-technology/ As China marks 70 years of its establishment as a nation, and 48 years of diplomatic relations with Nigeria, the Chinese Chamber of Commerce in Nigeria has said that its country’s investments in Nigeria’s manufacturing sector have risen to $3bn cumulatively.
The Vice President of China Chamber of Commerce in Nigeria, Mr Li Yuau, said this on Monday in Abuja at the 70th anniversary of China as a nation celebration… More details through: https://www.dailytrust.com.ng/chinese-investments-in-nigerias-real-sector-hit-3bn.html The Minister of Industry, Trade and Investment, Mr. Niyi Adebayo has urged foreign firms seeking to invest in the country to make job creation one of their key focus.
This is as Datasonic Group Berhard, a technology coy from Malaysia, said it planned to invest $100 million in ICT solution services in the country. Adeniyi, at separate meetings with top management of Samsung Heavy Industries (SHI), Korea and Datasonic expressed his excitement that foreign firms were seeking investment opportunities in the country… More details through: https://www.thisdaylive.com/index.php/2019/09/17/minister-harps-on-job-creation-malaysian-firm-plans-100m-investment/ |
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