Economy
Nigeria, China Deepen Economic Ties at Changsha Investment Dialogue
By Modupe Gbadeyanka
The recently concluded Nigeria-China Investment Dialogue in Changsha presented an opportunity for Nigeria and China to deepen economic ties.
The Director General of the Nigeria-China Strategic Partnership (NCSP), Mr Joseph Tegbe, said the platform allowed both countries to explore new pathways for bilateral engagement.
Referencing President Bola Tinubu’s renewed foreign policy vision, the DG described the evolving Nigeria-China relationship as a deliberate alignment of interests and values.
He urged both nations to move beyond transactional engagements toward deeper, trust-based collaboration, saying, “Let us build a bridge between the Dragon and the Eagle—not only for trade and technology—but for trust, shared values, and a collective commitment to prosperity.”
He outlined a bold and forward-looking vision for a long-term partnership anchored on shared values, strategic alignment, and mutual respect.
Describing Nigeria and China as nations bound by ambition, ingenuity, and a collective will to rise, he drew a compelling parallel between the Eagle and the Dragon—national icons symbolizing strength, vision, and global leadership, noting that Nigeria and China, standing side by side, are not merely emerging economies but purposeful partners shaping the future of global development.
He commended the selection of Changsha as the host city for the dialogue, calling it both symbolic and strategic.
Citing its revolutionary legacy and its transformation into a modern industrial hub, the Director-General drew comparisons with Nigeria’s own developmental trajectory.
Just as Changsha contributed to the rise of modern China, he said, Nigeria’s future is being driven by visionary leadership and a vibrant, youthful population determined to build a strong and prosperous nation.
Mr Tegbe emphasized that Nigeria is not just a land of untapped potentials but a country firmly grounded in purpose. With a population of over 220 million, a GDP exceeding $400 billion, and a median age of just 18, Nigeria is strategically positioned to lead Africa into a new era of digital innovation, agricultural transformation, and industrial growth.
In agriculture, he highlighted Nigeria’s vast comparative advantage, noting that while China feeds 19 per cent of the world’s population using only 7 per cent of global arable land, Nigeria possesses over 70 million hectares of cultivable land—much of it yet to be utilized.
As one of the world’s leading producers of cassava, yam, palm oil, and sorghum, Nigeria offers a robust platform for agribusiness investment that can respond to global food security challenges.
Turning to technology, the DG noted Nigeria’s emergence as Africa’s leading innovation hub. With more than 122 million internet users and a thriving start-up ecosystem, the country accounted for over a quarter of the continent’s venture capital funding in 2024.
Citing companies like Paystack, Flutterwave, and Opay, he underscored Nigeria’s growing influence in the global digital economy. He described the country as a strategic entry point for Chinese investors looking to engage with Africa’s rapidly evolving tech landscape, underpinned by a youthful, tech-savvy population.
Mr Tegbe also pointed to ongoing macroeconomic reforms aimed at creating a more competitive and investor-friendly environment.
Efforts to improve the ease of doing business, streamline regulatory processes, and offer targeted tax incentives have been complemented by focused investment in priority sectors such as healthcare, education, housing, and retail.
These reforms, he explained, are part of a broader strategy to ensure inclusive, long-term development.
“The Nigerian spirit does not falter in the face of adversity. It adapts. It endures. It triumphs,” he affirmed.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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