Business

China’s Imports From Nigeria Rise 22.5% In Q3’23 – Chinese Consul General

Published

1 year ago

December 27, 2023

Editor

Chinese Consul General in Lagos, Ms. Yan Yuqing

The People’s Republic of China imports from Nigeria rose by 25 percent in the third quarter of 2023.

This according to stakeholders is an indication of positive bilateral trade between both countries.

This came even as the Chinese Consul General in Lagos, Ms. Yan Yuqing, reinstated that China’s firmly supports African countries in exploring development paths, and cooperation in poverty reduction, and promotion of modernization of agriculture.

In a statement made available to Vanguard, Yuqing said: “China and Nigeria have built nice cooperation mechanism, broad cooperation platform, while practical cooperation in various fields are deepening and expanding.

Exciting results have been achieved in economic and trade cooperation.

“In the first three quarters of 2023, China-Nigeria bilateral trade reached USD 17.25 billion, and China’s imports from Nigeria increased by 22.5 per cent.

“With the opening of Lekki Deep Sea Port and the first phase of Lagos Blue Line Light Railway constructed by Chinese enterprises, economic and social development in Nigeria is being promoted.”

She noted that the Consulate General of the People’s Republic of China in Lagos, would like to extend sincere New Year wishes to friends from all walks of life in the consular area at this wonderful moment.

She said: “I would like to express my heartfelt thanks to you all for great contributions to the development of China-Africa, and China-Nigeria relations!

“2023 bears historical significance for the development of China-Africa relations, marking the 10th anniversary of President Xi Jinping’s proposal to promote the concept of building a Global Community of Shared Future, the Belt and Road Initiative (BRI), and the principles guiding China’s Africa policy, including sincerity, real results, amity and good faith.

“We work together with our African friends and draw strength from the China-Africa friendship and cooperation.

“Since 2013, China has helped construct more than 6,000 km of railways, 6,000km of roads and 80 large-scale power facilities in Africa. A series of landmark projects keep emerging one after another, such as the Mombasa–Nairobi Railway, Nigeria’s Lekki Deep Sea Port and the headquarters of the African Center for Disease Control and Prevention (CDC).

“Chinese enterprises have built more than half of the wireless stations and high-speed mobile broadband networks in Africa, laying more than 200,000 km of optical fiber and serving more than 900 million African people.

“China is Africa’s largest trading partner, contributing more than 20 percent to Africa’s economic growth, by 2022, China-Africa trade reached $282 billion, accounting for 20 percent of Africa’s total foreign trade.

“China’s FDI stock in Africa exceeds $47 billion, 1.8 times the 2013 figure.

“China firmly supports African countries in exploring development paths suited to their own conditions, cooperates with African countries in poverty reduction, and promotes the modernization of African agriculture. China has built more than a dozen of Luban workshops in Africa, vigorously promoting the development and innovation of vocational education in Africa.

“China has built 25 economic and trade cooperation zones with Nigeria and other African countries to promote industrialization in Africa. China also supports Africa in implementing the United Nations 2030 Agenda for Sustainable Development, works for a synergy between the BRI and Agenda 2063 of the African Union and the development strategies of various countries.

“These efforts bring us into a new phase of building a high-level China-Africa community with a shared future. 2023 is a year of in-depth development of China-Nigeria relationship.”

Business

Naira Appreciates At Official Market

Published

3 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

4 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

4 weeks ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.