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

Foreign national found dead in Lagos hotel room, investigation ongoing

Published

on

Foreign national found dead in Lagos hotel room, investigation ongoing

By: Zagazola Makama

The Police in Lagos has launched an investigation into the sudden and unnatural death of an 80-year-old Colombian national, Quesada Vanegas Ricardo Alfonso, whose lifeless body was discovered at the Golden Tulip Hotel in Festac Town.

According to a Police Sources, a distress call was received on May 1, alerting authorities to the discovery of the deceased at around 3:45 p.m. in his hotel room (No. C85) on the 8th floor of the hotel. The police team, including homicide detectives, was dispatched to the scene to examine the situation.

Preliminary investigations revealed that the victim had been staying at the hotel for more than four months before his death. No signs of violence or foul play were found on his body.

“The corpse was evacuated and transported to Mainland General Hospital morgue in Yaba, where it has been preserved for autopsy. The coroner’s inquest and other necessary procedures have been initiated, with the investigation ongoing.

“Furthermore, some hotel management staff were briefly taken into custody for failing to maintain proper records of their guests. They have since been released as part of the investigation.

“The police assured that thorough investigation will continue to determine the cause of death,”said the sources.

Foreign national found dead in Lagos hotel room, investigation ongoing

Continue Reading

Crime

Published

on

Man kills replacement herder in Niger over job loss

By Zagazola Makama

The Niger State Police Command has arrested a man for allegedly killing his replacement over a dispute linked to job loss in Malale village, Borgu Local Government Area.

According to a Police Sources, the incident occurred on April 30 at about 12:30 p.m. and was reported to the Malale Police Outstation by the village head, Mallam Musa Abubakar, and one Usman Iliyasu of Tungan-Sule.

Usman Iliyasu told police that he had employed Usman Mohammed as a cattle herder two years ago but sacked him in February 2025 after accusing him of stealing money while he was away on pilgrimage to Mecca.

Subsequently, Iliyasu hired one Ibrahim Salisu, 40, of the same address to replace him.

“The sacked herder, Usman Mohammed, reportedly attacked Ibrahim Salisu with a cutlass, inflicting fatal injuries and accusing him of taking over his job. The victim died on the spot,” said the police sources.

He said Police officers from the New-Bussa Division visited the scene, photographed the corpse, and evacuated it to the General Hospital, New-Bussa, for autopsy.

The suspect was immediately arrested, and an investigation is currently ongoing to establish the full circumstances of the incident.

Man kills replacement herder in Niger over job loss

Continue Reading

Crime

Bandits kill 11 in Sokoto, joint security forces launch manhunt

Published

on

Bandits kill 11 in Sokoto, joint security forces launch manhunt

By: Zagazola Makama

Armed bandits have killed 11 persons in coordinated attacks across three communities in Gwadabawa and Sabon Birni Local Government Areas of Sokoto State, sources confirmed on Saturday that the attacks occurred on May 2 at about 7:30 p.m.

Intelligence sources told Zagazola Makama that the assailants, in large numbers, stormed Satiru Village and killed five people. They then proceeded to Kunkurus Village, where they killed one person, and later attacked Shadawa community in Sabon Birni LGA, where they shot five more victims dead.

In response to the attacks, troops of Operation FANSAN YANMA in collaboration with the Nigeria Police Force, Nigeria Security and Civil Defence Corps (NSCDC), and Sokoto Community Guards jointly responded to the attacks in the affected areas.

On their arrival, the terrorists had already fled.
The troops are currently trailing the terrorists

Bandits kill 11 in Sokoto, joint security forces launch manhunt

Continue Reading

Trending

Verified by MonsterInsights