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Breaking Naija News Today

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President Muhammadu Buhari yesterday in Guangzhou, China said his administration would take urgent steps to restructure Nigeria’s market by encouraging new investments in production, agriculture and mining.

The President, who stated this at a reception in his honour said Nigeria would welcome the support of foreign investors, the Chinese government and local companies for efforts to diversify the nation’s economy.

A statement issued in Abuja by his Senior Special Assistant on Media and Marketing, Mallam Garba Shehu, quoted the President as saying the diversification of the Nigerian economy was long overdue, as sustained reliance on crude oil exports had consistently made the economy vulnerable to shocks.

"This time we shall be more purposeful. The authorities and companies will be involved," Buhari said. In his remarks, the Secretary of the Communist Party, who's also the Governor of the Guangdong Province, Mr. Hu Chinhua, vowed that the area would support the implementation of all the bilateral agreements reached with the Chinese government during Buhari’s visit.

The statement added that Buhari also visited the Sino-Singapore Knowledge City in Guangzhou, "which showcases advancements by China in medical, science and technological creations."

The News Agency of Nigeria (NAN) reported Shehu as saying the President has expressed satisfaction with the results of his working visit to China, which he said given added investments to Nigeria exceeding $6billion.

Buhari said the several arrangements concluded with the Chinese would have a tremendous and positive impact on vital sectors of the Nigerian economy, including home, solid minerals, agriculture, power and rail transportation.

"In the solid minerals sector, Marble and Granite Nigeria Limited and Shanghai Shibang signed an agreement valued at 55 million dollars for the construction and equipping of granite mining plant in Nigeria."

According to the statement, a total of $1billion is always to be invested in the development of a greenfield expressway for Abuja-Ibadan-Lagos under an agreement reached Sinohydro Corporation Limited and by the Infrastructure Bank.

Other deals signed and declared during the visit, according to the statement, include a $1billion facility for the establishment of a Hi tech industrial park in Ogun-Guangdong Free Trade Zone in Igbesa, Ogun State.

The statement said that the Ogun-Guangdong Free Trade Zone and CNG (Nigeria) Investment Limited additionally signed an agreement valued at 200million dollars for the building of two 500MT/day float gasoline facilities.

It further said that the agreement, valued at downstream industrial park hot naija news in Kogi State and $363 million for the establishment of an extensive farm was also declared at the Nigeria-China company forum.

In addition, agreements experiencing dialogues comprise a $500 million project for the supply of television broadcast equipment and a $25 million facility for generation of pre paid smart meters between Mojec International Limited and Microstar Company Limited.

Based on the statement, 300 Chinese companies and about 100 Nigerian companies participated in the Nigeria-China business forum, which took place after his v isit was begun by Buhari to China.


Brewer made the disclosure at the opening of a fitness centre owned by the firm at Zone E, Apo Legislative Quarters, Abuja, and said that the enterprise was a franchise of a

She said "Curve Fitness Centre in Abuja creates a chance to strengthen a brand new fitness franchise industry in Nigeria and to promote wellness" and female fitness

She said that the center which began in Lagos in 2014 would be targeting to open about 200 added centers across the country.

According to the envoy, the fitness centre created by the company has 7,000 factory outlets in 94 countries of the world.

She identified balanced diet, personal hygiene and great wholesome lifestyle as panacea for longevity of life.

Guest Speaker Pastor Tunde Bakare, at the affair, lauded the initiative of the company for setting such center in Abuja.

He urged Nigerians to be more creative about what they could enhance the world’s economy and think apart from population.

In accordance with the cleric, it’s time for Nigerians to think of what they can package for the world’s economy rather what they are able to get from it.

Previously, Operations Supervisor of the centre, Mrs Peace Elimimian, had expressed optimism the center would influence on the lives of women.

She urged girls, irrespective of age, to tap into the immense health benefits of the centre.


Mr Ekpo Nta, Chairman Independent Corrupt Practices and other Related Offences Commission (ICPC), has said that Nigerians must conclude to reduce corruption to the barest minimum by eschewing and acting against it.

He stated this on Friday while speaking to participants of 21st session of Policy, Strategy and Leadership lessons of the National Institute of Policy and Strategic Studeis (NIPSS), Kuru, Jos, at the commission's headquarters in Abuja.



The course that was started eight years ago by NIPSS is directed at creating a crucial means of getting technocrats associated with policy making for national growth.

He said that the threat was a global phenomenon which was not confined to Nigeria.

According to him, corruption is more prevalent where there's systemic failure, bad governance and poor value orientation.

He stressed that it was regrettable as the legislations appeared to not be helping the issues that it persisted.

The ICPC chief, hence, called to review corruption laws in the nation to ensure efficacy, greater operation and deterrence.

He said that though public perception was that the commission was simply engaged in prosecuting corrupt government officials due to the thoughts it was focusing on other corrupt practices.

These, he said, included land management in the Federal Capital Territory (FCT) and the observation and implementation of specific government policies.

Nta said that the commission was currently investigation a state where public capital were transferred into three different bank accounts, adding that the details would be made public in due time.

He further said the commission had so far recovered billions of naira in cash and forfeited assets, stressing that it was www. naijanews. com also running systemic study in some states in some universities.

He said the measure followed reported instances of student harassment in some universities in the nation.

Nta added that ICPC was also reviewing the state’s primary health care process in collaboration to address its decay over the years.

He listed tolerance, social principles, political and socio economic policies, weak government institutions and limitation of ICPC prosecution to State High Courts as some of the challenges confronting the commission.

He also said that inadequate protection of risks and whistleblowers to officials were some other challenges confronting the commission.

The m naija news Agency of Nigeria (NAN) reports that the class participants were drawn in the military, the Authorities and other government agencies.

The 21st session of the class focused on corruption in the nation and the indices driving it.


In a statement issued on Saturday in Abuja, Adeosun made the observation at the ongoing Spring Meetings of the IMF-World Bank to the government has refused to apply for IMF loans.

Signed by the Special Adviser to the Minister on Media, Mr. Festus Akanbi, the statement said the minister expressed confidence that sound fiscal policies and investments would boost Nigeria’s market by 2017.

The statement quoted the minister as saying by implementing fiscal policies to direct the country back on course for secure growth with a diversified economy that Nigeria was adjusting to its new realities.

Adeosun insisted that what the state was passing through was surmountable because government was already employing a "cocktail of measures to address the issue.

"Nigeria is not sick. The actual vulnerability in the Nigerian economy is over-reliance on a single supply of earnings; oil.

"We have concluded to build resilience into the country’s market to hedge against future oil shocks. It is because reliance on oil brings about laziness and susceptibility.

"So, we're doing a combination of things to diversify our economy, with earnings mobilisation to enable adequate investment in developing the non-oil sectors.

" we've fantastic chances to reset the Nigerian economy and ensure that as we go forward, growth will be in a sustainable manner so that we wo’t be exposed to oil cost fluctuations.’’

Adeosun said with a truly diversified market the authorities would have empowered opportunities for wealth creation that would have flown down to every Nigerian.

"The compelling business case in Nigeria is that the principles remain very strong, a teaming, young growing population, rich in resources and with a government decided to finally get it right.

"The wonderful thing is that long term investors recognise this and understand the difference between short term and long term issues and the case for Nigeria gets one to plan for the longer term opportunities,’’ the statement quoted her as saying.


Fayose urges China to not allow Nigeria’s $2b loan


The Ekiti State Governor, Ayodele Fayose, has written to the Chinese government seeking the stoppage of the $2 billion loan being sought by the Federal Government of Nigeria.

President Muhammadu Buhari’s visit to China this week was to discuss the development of the nation’s infrastructure.

In the letter dated April 12, 2016, with reference number: EK/GOV/28/10, addressed to President Jinping and delivered by Fayose’s Chief of Staff, Mr. Dipo Anisulowo, in Abuja yesterday through the Chinese Ambassador to Nigeria, Gu Xiaojie, the governor said some of the jobs for which the loan was being sought weren't captured in the contentious 2016 budget, which has been sent to President Buhari by the National Assembly for his assent.

The letter reads in part: "I write as one of the leading stakeholders in the endeavor Nigeria, and a governor of one among the federating units making up Nigeria, to draw your attention to report the Federal Government of Nigeria is on the brink of getting a $2 billion loan from the Export-Import Bank of China.

"This $2 billion loan a part of the N1.84 trillion the Federal Government of Nigeria has proposed to borrow to fund the 2016 budget, which will be not yet been signed by the President, Muhammadu Buhari, owing to unending controversies between the Executive and Legislative arms of government."
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Guest Domingo, 24 Septiembre 2017