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Economy

Tinubu Goes to G20 Summit to Lure Investors for FDIs

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Tinubu G20 Summit

By Adedapo Adesanya

President Bola Tinubu is attending the G20 Summit scheduled to take place from September 9 to September 10, 2023, in New Delhi, India, to attract private capital for the development of the nation’s critical infrastructure.

Mr Ajuri Ngelale, Special Adviser to the President on Media and Publicity, disclosed this in Abuja, saying the summit was predicated on the urgent need to attract Foreign Direct Investments (FDIs) into the country.

According to the National Bureau of Statistics (NBS), in the first three months of this year, FDIs contributed just $47.60 million or 4.2 per cent of the capital inflows into the country, from $81.72 million in the last quarter of 2022.

Generally, total capital importation into Nigeria in the first three months of 2023 stood at $1.13 billion, a 28 per cent slide compared to $1.57 billion recorded in the same period of last year.

The Group of Twenty (G20) is the premier forum for international economic cooperation. It plays an important role in shaping and strengthening global architecture and governance on all major international economic issues.

Mr Ngelale said that the president would focus attention on meetings with business executives of the world’s most valuable companies to discuss investment in the critical sectors of the economy for the creation of employment.

“We are focused on engagements that will be dealing with critical sectors of the national economy, involving steel development, electricity generation, transmission and distribution, shipyard building capacity, and several other industries, which we know to be labour intensive.

“Mr President will be hosting a CEO roundtable, which will be made up of more than 20 chief executive officers of major industries across multiple sectors of the Indian economy to ensure that we leverage their interest in investing in the country.

“In addition, there will be at least five meetings with the CEOs of five major industries in India, including Jindal Steel and Power Company, among a few others that would have a very important impact on our ability to develop the steel sector in our country.’’

He said that Tinubu would also meet with the President of Brazil, President Lula da Silva, German Chancellor Olaf Schultz, Indian Prime Minister Mr Narendra Modi, South Korean President, Mr Yoon Suk Yeol, and a few other heads of state on the sidelines of the G20.

“The G20 is a major event for our country at this time, and we are going to ensure that we take maximum advantage of the opportunities presented to bring value to the country.

“To create jobs for our people and, ultimately, to generate and expand existing revenues in the country to ensure the government can effectively fund and sponsor its programmes and policies across sectors.

“When we arrive in India next week, there will be live updates from India, which I will be providing daily to ensure that Nigerians have full access to what our President is doing on their behalf,’’ he said.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Economy

Dangote Empowers Farmers With Tools to Improve Productivity, Livelihoods

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dangote Farmers improve productivity

By Modupe Gbadeyanka

To boost food security in Nigeria, Dangote Fertiliser Limited, a subsidiary of the Dangote Industries Limited, has empowered farmers in the country with the basic knowledge and tools needed to have bountiful harvests.

The company made this possible through a comprehensive training programme targeted at more than one million farmers across the country.

This is part of the organisation’s commitment to supporting small businesses, agriculture, and job creation in Nigeria.

“This programme, integral to our agricultural extension services, encompasses spot demonstrations, result demonstrations, field demonstrations, and soil sample collections.

“The training is designed to educate farmers on best practices in fertiliser application, aiming to enhance crop yields and promote sustainable farming techniques.

“By providing hands-on demonstrations and soil analysis, we strive to empower farmers with the knowledge and tools necessary to improve their productivity and livelihoods.

“This programme shows our dedication to fostering agricultural development and economic growth in Nigeria,” Ms Fatima Wali-Abdurrahman, the Senior Adviser to the president of Dangote Group, Mr Aliko Dangote, said at the 2025 Nasarawa Trade Fair Exhibition in Lafia recently.

Ms Wali-Abdurrahman, represented by the company’s National Assembly Liaison Lead, Mr Shuaibu Abdullahi, noted that partnership with the Nasarawa state chapter of the Nigeria Association of Small-Scale Industrialists (NASSI) will help create awareness and scale up small businesses.

“I am pleased to inform you that in alignment with theme of this year’s Trade Fair, the Aliko Dangote Foundation and the Bank of Industry (BoI) had entered a Memorandum of Understanding (MoU) and established a N5 billion fund dedicated to supporting micro, small, and medium enterprises (MSMEs) across Nigeria.

“This initiative aimed to create at least one million direct jobs by providing financial support to entrepreneurs engaged in manufacturing, agro-processing, and the merchandising of goods made wholly in Nigeria,” she disclosed.

According to her, the deal has benefitted cassava processors, aluminium artisans, poultry farmers, calabash carving groups, small traders, cattle rearing groups, vegetable sellers, market women and artisan groups, among others.

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Economy

China Plans Duty-Free Access to Nigeria, Others

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chinese goods

By Adedapo Adesanya

The Chinese government has announced plans to grant Nigeria and 52 other African nations full duty-free access to its vast consumer market, as part of its policy shift set to reshape Africa-China trade relations.

The new trade initiative, disclosed by President Xi Jinping in a letter to African foreign ministers, will extend zero-tariff treatment to 100 per cent of tariff lines for all African countries maintaining diplomatic ties with the Asian giant.

The move builds on a previous policy that benefited only 33 least-developed African nations and is part of China’s broader strategy to deepen economic cooperation with the continent amid intensifying trade tensions with the United States.

The results are already being felt as Chinese exports to Africa surged 12.4 per cent in the first five months of the year, reaching a record 963 billion Yuan ($134 billion), according to China’s Foreign Ministry.

The implementation of this policy could allow all Nigerian goods, from agricultural produce and manufactured items to solid minerals, enter the Chinese market without the burden of import duties. It could also help drive Nigeria’s exports higher and drive revenue for the country.

The announcement comes at a critical time, as over 30 African countries, including Nigeria, face the risk of being excluded from the United States’ African Growth and Opportunity Act, a preferential trade agreement that once allowed eligible nations to export goods to the US duty-free.

For Nigeria, the proposed duty-free access could significantly boost non-oil exports, especially in sectors like agriculture, textiles, solid minerals, and manufactured goods, areas where the country has long sought to diversify.

China is also trying to boost its partnership with other regions as it faces increased scrutiny and a tariff war with President Donald Trump of the United States, who has alleged unfair trade practices. This led to hikes in tariffs between both countries until they were paused recently to allow for more negotiations.

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Economy

Sterling Bank Launches N2bn Scholarship for Private University Students

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Sterling Bank

By Aduragbemi Omiyale

An initiative to provide funding support to young Nigerians studying at private universities in Nigeria has been introduced by Sterling Bank.

The financial institution is offering N2 billion under a scheme known as Beyond Education.

Sterling Bank explained that it came up with this programme to build the country’s future leaders by dismantling the barriers that keep millions of Nigerians from accessing quality, future-focused learning.

It reflects the lender’s advocacy for organisations to shift from short-term philanthropy to long-term ecosystem development.

The Sterling Beyond Education programme will fully sponsor 600 students to study high-impact fields such as Technology, Finance, Sales, and Public Health.

It is open to young Nigerians from all 36 states and the FCT, with a merit-based and inclusive admissions process.

Candidates can nominate themselves or be nominated by others, and final selection will be determined through a public voting process open exclusively to Sterling account holders.

The pilot scheme is in partnership with Miva University, founded by renowned tech entrepreneur, Mr Sim Shagaya.

Fully accredited by the National Universities Commission, Miva is redefining higher education in Africa with scalable, affordable, and flexible programs tailored to the demands of the digital economy.

The chief executive of Sterling Bank, Mr Abubakar Suleiman, said, “Progress is not a spectator sport. While others talk about Nigeria’s potential, we are actively investing in it.

“These scholarships are direct investments in the architects of our future. We are funding the education of future leaders who will build the companies, systems, institutions and solutions Nigeria needs to thrive.”

“We’re moving beyond charity. This is about building systems that last and it is much bigger than hundreds of scholarships. It’s about the future those brilliant young minds will build for our country,” he added.

Also commenting, the Growth Executive for Retail and Consumer Banking Directorate at Sterling Bank, Obinna Ukachukwu, said, “This is what inclusive investment looks like.

“This initiative goes beyond access to education, it’s access to a future. Education remains the most valuable asset anyone can have, and we’re proud to stand behind young Nigerians as they claim it.”

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