Connect with us

News

Renewal of Currency Swap with China, Landmark Achievement of Present Administration, Says Tegbe

Published

on

Renewal of Currency Swap with China, Landmark Achievement of Present Administration, Says Tegbe

By: Michael Mike

The Nigeria-China Strategic Partnership (NCSP) has said with the renewal of the currency swap arrangement with China valued at 15 billion yuan (about $2.2 billion), the present administration of President Bola Tinubu has secured a significant milestone in Nigeria’s economic development.

Director-General and global liaison for the Nigeria-China strategic partnership the Nigeria-China Strategic Partnership (NCSP),
Joseph Tegbe said on Sunday said this landmark deal strengthens economic ties between the two nations, facilitating bilateral trade and investment, reducing reliance on the US dollar, and mitigating financial risks.

He noted the agreement, worth NGN 3.28 trillion, is a testament to the growing relationship between Nigeria and China, with trade value hitting N7.38 trillion as of June 2024. This makes China Nigeria’s number one trading partner, and the partnership is expected to boost bilateral trade and investment, creating new opportunities for economic growth and development.

He said the currency swap agreement is a crucial step towards achieving these goals, and it signifies a deeper financial collaboration between the two central banks, enhancing financial market stability and providing businesses with more financing options and convenience, adding that by enabling direct settlement of transactions in CNY and NGN, Nigerian businesses will benefit from lower transaction costs and reduced exchange rate risks. This is a significant step towards achieving President Tinubu’s vision for a more prosperous and economically independent Nigeria, as outlined in his Renewed Hope Agenda.

He said the establishment of the Nigeria-China Strategic Partnership (NCSP) has been instrumental in fostering bilateral relations and promoting partnerships between the two nations. This development is a testament to President Tinubu’s commitment to expanding Nigeria’s foreign policy thrust. Specifically, it
underscores the importance which the President gives to the comprehensive strategic partnership with the People’s Republic of China.

He said overall, President Tinubu’s administration deserves commendation for this significant achievement, which is expected to contribute to a more prosperous and economically independent Nigeria.

Renewal of Currency Swap with China, Landmark Achievement of Present Administration, Says Tegbe

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

VP Shettima Attends Wedding Of APC Chairman’s Children In Kano

Published

on

VP Shettima Attends Wedding Of APC Chairman’s Children In Kano

By: Our Reporter

Vice President Kashim Shettima on Saturday attended the wedding Fatiha of the sons of Chairman of the Kano State chapter of the All progressives Congress (APC), Alhaji Abdullahi Abbas, in Kano.

The Vice President, who landed at Mallam Aminu Kano International Airport, was welcomed by Deputy Governor of the state, Aminu Abdussalam Gwarzo; Deputy Senate President Barau Jibril, and former Deputy Governor of Kano State, Alh. Nasir Yusuf Gawuna, among other dignitaries.

The couples, Abbas Abdullahi Abbas, with his bride, Arc. Khadija Attahire Buhari, and Muhammad Abdullahi Abbas with his bride, Zulaihat Nasir (Mimi), were joined in matrimony at the wedding ceremony officiated by Chief Imam, Dr. Bashir Aliyu Umar, at the Al-Furqan Jumma’at Mosque, Kano.

Vice President Shettima stood as Muhammad’s representative during the proceedings, while Deputy Senate President Jibril represented Abbas.

The ceremony concluded with prayers for the newly wedded couples.

VP Shettima Attends Wedding Of APC Chairman’s Children In Kano

Continue Reading

News

Zulum subsidises petrol at N600 for farmers in communities affected by insurgency

Published

on

Zulum subsidises petrol at N600 for farmers in communities affected by insurgency

… Distributes farm inputs to 5,000 returnees

By: Our Reporter

Borno State Governor, Babagana Umara Zulum, has announced that the state government will subsidise the cost of petrol to farmers in communities affected by Boko Haram insurgency.

Zulum announced the subsidy on Friday evening in Bama town when he flagged off the distribution of farm inputs to over 5,000 farmers hitherto displaced by Boko Haram insurgents.

According to the governor, a litre of petrol sold between N1,000 and N1,200 in Maiduguri will be subsidised to the farmers for N600. This is aimed at alleviating the financial burdens faced by farmers in communities that have suffered economic and infrastructural destruction due to years of conflict.

Zulum emphasised that a similar initiative implemented in Damasak, Mobar Local Government Area, last year has significantly increased food production and improved livelihoods.

“One of the major challenges that are facing the farming communities here as regards irrigation farming is the increasing cost of fuel, as a result, I want to announce to the general public that government will procure petroleum products and sell to the farmers at a subsided rate, a litre of petrol is being sold in Maiduguri at the cost of about N1,200 but in’shAllah, henceforth for irrigation farmers this season a litre of petrol will be sold at the rate of N600,” Zulum said.

The governor also said, “The Commissioner for Agriculture will work with the Brigade Commander to ensure the delivery of the petroleum products to farmers in Bama town as soon as possible.”

In addition to the petrol subsidy, Zulum distributed farm inputs, including 2000 bags of blended NPK fertiliser, 1000 units of water pumps, and 620 units of gasoline pumps.

Other materials include 380 units of solar water pumps, 1000 units of sprayers, 800 rolls of 2-inch flexible hose, and 1000 litres of pesticides and seeds, among other items.

According to him, his administration has constructed over 100 tube wells for use by irrigation farmers while also announcing the approval for the construction of an additional 250.

Meanwhile, Governor Babagana Umara Zulum has also visited Darajama and Goniri villages under Bama Local Government to assess the ongoing reconstruction work.

Zulum expressed satisfaction with the quality of the project but also reiterated that his administration will not allow anyone to sabotage its resettlement drive.

The governor expressed gratitude to the federal government for the tremendous support of his administration’s reconstruction and resettlement of communities affected by insurgency.

Zulum subsidises petrol at N600 for farmers in communities affected by insurgency

Continue Reading

News

Borno to send petrol to farmers in communities affected by insurgency at N600

Published

on

Borno to send petrol to farmers in communities affected by insurgency at N600

By: Michael Mike

Borno State Governor, Prof. Babagana Zulum has announced that the state government will subsidise the cost of petrol to farmers in communities affected by Boko Haram insurgency.

Zulum made the announcement on Friday evening in Bama town when he flagged off the distribution of farm inputs to over 5,000 farmers hitherto displaced by Boko Haram insurgents.

The governor said a litre of petrol sold between N1,000 and N1,200 in Maiduguri will be subsidised to the farmers for N600, noting that this is aimed at alleviating the financial burdens faced by farmers in communities that have suffered economic and infrastructural destruction due to years of conflict.

Zulum emphasised that a similar initiative implemented in Damasak, Mobar Local Government Area, last year has significantly increased food production and improved livelihoods.

He said: “One of the major challenges that are facing the farming communities here as regards irrigation farming is the increasing cost of fuel, as a result, I want to announce to the general public that government will procure petroleum products and sell to the farmers at a subsided rate, a litre of petrol is being sold in Maiduguri at the cost of about N1,200 but in’shAllah, henceforth for irrigation farmers this season a litre of petrol will be sold at the rate of N600.”

The governor also said: “The Commissioner for Agriculture will work with the Brigade Commander to ensure the delivery of the petroleum products to farmers in Bama town as soon as possible.”

In addition to the petrol subsidy, Zulum distributed farm inputs, including 2000 bags of blended NPK fertiliser, 1000 units of water pumps, and 620 units of gasoline pumps.

Other materials include 380 units of solar water pumps, 1000 units of sprayers, 800 rolls of 2-inch flexible hose, and 1000 litres of pesticides and seeds, among other items.

He said his administration has constructed over 100 tube wells for use by irrigation farmers while also announcing the approval for the construction of an additional 250.

Meanwhile, Governor Babagana Umara Zulum has also visited Darajama and Goniri villages under Bama Local Government to assess the ongoing reconstruction work.

Zulum expressed satisfaction with the quality of the project but also reiterated that his administration will not allow anyone to sabotage its resettlement drive.

The governor expressed gratitude to the federal government for the tremendous support of his administration’s reconstruction and resettlement of communities affected by insurgency.

Borno to send petrol to farmers in communities affected by insurgency at N600

Continue Reading

Trending

Verified by MonsterInsights