Tag: Nigeria

Nigeria’s Exports to South Africa Reaches 552.2 Billion Naira in 2016

South Africa’s Minister of Trade and Industry, Rob Davies, said that Nigeria’s exports to South Africa hit 552.2 billion Naira (R23 billion) in 2016.

According to a statement from the country’s Department of Trade and Industry on Thursday, Mr. Davies said South Africa’s exports to Nigeria slightly declined to about 153.7 billion Naira (R6.4 billion) in 2016.

He said the two countries “continuously traded goods at high capacity and Nigeria maintained the trade surplus of R23 billion (552.2 billion Naira) in 2016”.

According to the Minister, the Department would lead a business delegation on a trade and investment mission to Nigeria and Ghana from March 20 to 25 [2017] to identify and create export markets for South African value-added products and services.

“It will also serve to promote South African products, and service offerings, whilst creating business partnerships between business communities of the respective countries,” he said.

Mr. Davies noted that the trade mission sought to advance Ghana, Nigeria and South Africa’s trade and investment relations.

2016 Chinese Investment Total: $13 Billion

The Chinese Deputy Ambassador to Nigeria, Mr. Lin Jing, has declared Chinese investments in Nigeria to have hit over $13 billion at the end of 2016.

Mr. Lin Jing  said China was also demonstrating its commitment to Nigeria’s friendship and development through the $1.3billion Lagos-Ibadan Railway Project.

He added that the $326 million 30 rice mills projects slated for the various parts of the country, the China EXIM Bank funded $984 Zungeru Hydro-Electricity Project and the $450 million loan for the construction of Keffi Road, all point to his country’s commitment to the growth of the nation’s economy.

Nigeria Signs International Energy Charter

The Federal Government of Nigeria has signed the International Energy Charter to enhance energy security, provide employment and reduce poverty in Nigeria.

The government consequently launched a National Energy Summit, a framework to monitor collaboration with the Charter which is not a legally-binding obligation to strengthen international energy co-operation between countries.

With this, Nigeria has joined 10 other African countries and 80 signatories globally to underpin a sustainable path towards energy efficiency, technology transfer, as well as sustainable and clean energy.