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Tinubu meets world leaders on investment at G20

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Tinubu meets world leaders on investment at G20

PRESIDENT Bola Tinubu has met with three major world leaders at the G20 summit in an economic development diplomacy.

Presidential spokesman, Ajuri Ngelale disclosed in a statement on Sunday in Abuja that Tinubu met with German Chancellor, South Korean President as well as the Indian Prime Minister.

The News Agency of Nigeria (NAN) reports that this was part of Tinubu’s diplomatic moves at the summit towards enhancing practical steps in bilateral relations.

The Heads of State of these three nations have been identified as key partners in Tinubu’s economic development diplomacy drive for local investment and wealth creation.

The president’s meeting with German Chancellor Olaf Scholz presented a unique opportunity to expand ties of prosperity for the people of Nigeria, but with a pragmatic approach toward ensuring the effective execution of agreements struck.

“It is not, for us, only a matter of designing the financial architecture for an expanded economic partnership.

‘’It is also about the practicality of aligning the perspectives of your large-scale manufacturers, such as Volkswagen and others, with the reality of the new incentives my government is putting in place for them to come and prosper across multiple value chains and sectors inside of our country,” he said.

Scholz responded by acknowledging the mutually-beneficial nature of an escalation in the scale of economic ties with Africa’s largest economy.

“Thank you for this important discussion, Mr President. I can appreciate this opportunity to advance our economic relations. Your market is unique and our companies have history in Nigeria.

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‘’We acknowledge the business friendly reforms you have put in place. I am happy to inform you of my desire to visit you in Nigeria in October, which will allow us to carry forward these initiatives,” the German leader said.

The president accepted the German Chancellor’s request to visit Nigeria for more talks.

The president proceeded to also meet with the leader of Asia’s fourth largest economy, South Korea, during which its president, Yoon Suk Yeol, commended Tinubu’s regional leadership in upholding democratic tenets and norms.

“I wish to commend your strong leadership, following the peaceful transfer of power to you from your predecessor and we see a stable country in West Africa that is growing in stature,” he said.

Tinubu explained his economic focus to the South Korean leaders and advanced proposals for an enhanced South Korean presence in Nigeria’s local manufacturing sector.

“We will work point by point with you to secure rapidly implementable MoUs across sectors of partnership that will involve the active presence of your biggest firms, not just in terms of Nigerian consumption, but in local Nigerian production, from telecommunications to technology, and oil and gas,” Tinubu said.

The South Korean President told Tinubu that Nigeria’s education, technology and energy sectors are of interest to South Korean investors and that he will mobilize his business community to take advantage of new Nigerian incentives for local industry.

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The president also met with the Indian Prime Minister, Narendra Modi, who had invited Nigeria to the G-20 Summit.

“There are many lessons our nation can learn from the rapid progress that India has made under your leadership.

‘’We see fantastic opportunity between our nations across sectors, such as agricultural development, but specifically, there is more we can do to advance ICT innovation and the emergence of Blue-Chip FinTech growth in Africa.

‘’Nigeria has the local players who can drive it from the front,” the Nigerian leader said.

Modi applauded Tinubu for the economic partnership proposal, even as he expressed gratitude for the Nigerian leader’s invitation to visit.

“Our teams must now stay close in touch to detail our priority areas of upscale cooperation with respect to agriculture, defence industries capacity building, and even FinTech growth.

‘’I see your commitment. We believe there are immense prospects for Nigeria in the UPI (Unified Payments Interface) and we will ensure that we come together and make progress on these fronts very rapidly,” the Indian leader said.

During the G-20 sideline meetings, Tinubu also had informal exchanges of views with U.S. President Joe Biden; European Commission President, Ursula von der Leyen; and World Bank President, Ajay Banga, among many others.

Tinubu meets world leaders on investment at G20

(NAN)

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PH refinery: 200 trucks will load petroleum products daily, says Presidency

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Port Harcourt Refinery

PH refinery: 200 trucks will load petroleum products daily, says Presidency

No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.

A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.

Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.

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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”

He added that “the Port Harcourt refinery has two wings.

“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”

 

PH refinery: 200 trucks will load petroleum products daily, says Presidency

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Breaking: CBN increases interest rate to 27.50%

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Breaking: CBN increases interest rate to 27.50%

 

The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.

This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.

The Monetary Policy Rate measures the benchmark interest rate.

The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.

He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.

The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.

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Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

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Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

 

Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.

The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.

The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.

“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.

“The unemployment rate among males was 3.4% and 5.1% among females.

“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”

Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.

Employment rate – 76%

The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.

“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.

Self-employment – 85.6%

The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.

It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”

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