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Naija News Nows

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

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

Other agreements signed and declared during the visit, based on 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 the Ogun-Guangdong Free Trade Zone and CNG (Nigeria) Investment Limited also signed an agreement valued at 200million dollars for the construction of two 500MT/day float gasoline facilities.

It further said that the agreement, valued at downstream industrial park in Kogi State and $363 million for the establishment of a comprehensive farm was also declared at the Nigeria-China business forum.

Additionally, agreements undergoing discussions include a $500 million project for the provision of television transmission equipment and a $25 million facility for creation of prepaid smart meters between Mojec International Limited and Microstar Company Limited.

"This time we will be more deliberate. The government and businesses will be involved," Buhari said.

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

The naija news update today Agency of Nigeria (NAN) reported Shehu as saying the President has expressed satisfaction with the result of his working visit to China, which he said given added investments to Nigeria surpassing $6billion.

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

"In the electricity sector, North South Power Company Limited and Sinohydro Corporation Limited signed an agreement valued at $478,657,941.28 million for the construction of 300 megawatts solar power in Shiriro, Niger State."

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

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

It further said that both firms additionally sealed a $250 million deal to develop an ultra modern 27-storey high-rise complex and a $2.5 billion agreement for the development of the Lagos Metro Rail Transit Red Line endeavor.

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


Maria Brewer, Deputy Chief of Mission, United State embassy in Nigeria, on Friday said Curve International, an U.S. firm, was targeting 2, 000 jobs for Nigerian women in the next five years.

Brewer said the venture was a franchise of a, and made the disclosure at the launch of a fitness centre owned by the company at Zone E, Apo Legislative Quarters, Abuja

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

She said that the centre which began in 2014 in Lagos would be targeting to start about 200 added centres across the country.

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

She identified good wholesome lifestyle, personal hygiene and balanced diet as panacea.

Guest Speaker at the occasion, Pastor Tunde Bakare, lauded the initiative of the business 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.



Earlier, Operations Supervisor of the centre, Mrs Peace Elimimian, had expressed confidence the centre would influence on the lives of women.

She encouraged girls, irrespective of age, to tap into the enormous health benefits of the center.


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



The class which was began eight years ago by NIPSS is directed at creating a vital means of getting technocrats involved with policy making for national growth.

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

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

He said that though public perception was the commission was merely engaged in prosecuting corrupt government officials on account of the sentiments it was focusing on other corrupt practices.

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

Nta said the commission was currently investigation a state where public capital have been transferred into three distinct bank accounts, including the details would be made public in due time.

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

He said the measure followed reported cases of pupil harassment in some universities in the country.

Nta included that ICPC was also reviewing the state’s primary health care strategy in collaboration to address its decay through the years.

He stressed that it was regrettable as the legislations appeared to not be helping the dilemmas, that in spite of the various legislations against corruption in the country, it remained.

The ICPC leader, hence, called on the legislature to review corruption laws in the nation to ensure greater naija news update operation, efficiency and deterrence.

He listed tolerance, societal 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 insufficient protection of threats and whistleblowers to officials were some other challenges confronting the commission.

The latest news on naija.com Agency of Nigeria (NAN) reports that the course participants were drawn from the military, the Police and other government agencies.

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


In a statement issued on Saturday, the observation was made by Adeosun at the continuing Spring Meetings of the IMF-World Bank in Washington DC in response to why the government has refused to apply for IMF loans.

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



Adeosun insisted because government was already using a "cocktail of measures to address the problem that what the country was passing through was surmountable.

"Nigeria isn't sick. The real susceptibility in the Nigerian market is over-reliance on one source of sales; petroleum.

"We have resolved to build resilience into the country’s economy to hedge against future oil shocks. The reason being reliance on oil brings about laziness and susceptibility.

"So, we are doing a mix of things to diversify our economy, with sales mobilisation to empower adequate investment in developing the non-oil sectors.

" We have excellent opportunities to reset the Nigerian economy and ensure that as we go forward, increase will be in a sustainable manner so that we wo’t be exposed to petroleum cost changes.’’

The persuasive business case in Nigeria is that the fundamentals remain very strong, youthful growing people, a teaming, rich in resources and with a government decided to finally get it right.

The amazing thing is that this is recognised by long term investors and understand the difference between short term and long term problems and the case for Nigeria convinces one to plan for the longer term opportunities,’’ the statement.


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


The Ekiti State Governor, Ayodele Fayose, has written to the Chinese government seeking the stoppage of the $2 billion loan.

President Muhammadu Buhari’s visit to China this week was to discuss the development of the country’s infrastructure, including a $2 billion loan for railway undertakings.

The letter reads in part: "I write as among the major stakeholders in the project Nigeria, and a governor of certainly one of the federating units making up Nigeria, to www.naija news update draw your attention to report that the Federal Government of Nigeria is on the verge 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 finance the 2016 budget, which is not yet been signed by the President, Muhammadu Buhari, owing to unending controversies between the Executive and Legislative arms of authorities."
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Guest Viernes, 22 Septiembre 2017