Nation
Nigeria Records N270bn Trade Deficit With China -Minister
The trade volume between Nigeria and China stood at over N1 trillion in 2012 with a deficit of N270 billion against Nigeria.
Mr Samuel Ortom, the Minister of State for Industry, Trade and Investment, who disclosed this to newsmen on Thursday in Abuja, said the Federal Government was working hard to close the gap.
Our correspondent reports that Ortom spoke when a trade delegation from China, led by Mr Wonming Wang, the President of Africa Investment Network, visited him in his office.
Ortom said the delegation’s visit was in response to his visit to China to shop for more investors as part of efforts to correct the deficit.
“We are working round the clock to close the gap and this is why this Chinese delegation is here today.
“This is directly the result of my trade fair visit to China, specifically to Guangshou, where I met Mr Wang and these investors you are seeing here today.
“I told them about the potentials we have in our country. I am happy that they are here today to see things for themselves, and they have confirmed it.
“One of the challenges they have had are the over-exaggerated negative media reports that portray Nigeria as a horrible place to come.
“But they have come and seen things for themselves. Now, they have positive things to talk about and when they get back to China, I am sure they will tell their other colleagues.’’
Ortom said that Nigeria remained the first investment destination in Africa, citing the latest World Investment Report by the United Nations Conference on Trade and Development (UNCTAD).
According to the report, released on Wednesday, Nigeria recorded a Foreign Direct Investment (FDI) inflow of 7.03 dollars in 2012 to retain its number one position for the second time in two years.
South Africa, Ghana and Egypt followed with FDI inflows of 4.572, 3.295 and 2.798 dollars respectively.
“The opportunities are there, and I keep saying that today we have a president who is willing to overcome the country’s unemployment challenges.
“The only way we can do it is when we are able to establish businesses and industries that will give massive employment to our people,’’ Ortom said.
Wonming said that the delegation was in Nigeria to seek the minister’s assistance on behalf of Chinese companies and businesses, who have indicated interest to invest in the country.
He identified the areas of interest as auto mobile, marble, medical equipment, solar energy, building materials and housing construction, among others.
“I am here to ask for the assistance of the minister to bring Chinese investments to Nigeria because you are the top investment destination in Africa for investment.
“In China there are thousands of factories and companies that want to come to Nigeria.
“The areas of investment are many, and we consider the assistance of this esteemed ministry as very crucial.’’
Nation
HYPREP Marks 15 Years Of UNEP Report, Highlights Major Cleanup Milestones
The Hydrocarbon Pollution Remediation Project (HYPREP) has commemorated the 15th anniversary of the release of the United Nations Environment Programme (UNEP) Environmental Assessment Report on Ogoniland, reaffirming its commitment to restoring the environment and improving the livelihoods of affected communities.
In a statement signed by the Project Coordinator, Prof Nenibarini Zabbey, to commemorate the anniversary, HYPREP described the anniversary as a significant milestone in Nigeria’s environmental restoration efforts, noting that the project has made remarkable progress in implementing the recommendations of the landmark UNEP report released on August 4, 2011.
The UNEP report had revealed extensive oil pollution across Ogoniland, severe environmental degradation, and serious public health risks resulting from decades of petroleum operations. It also recommended an initial $1 billion fund to commence the cleanup of the affected communities.
According to HYPREP, the Federal Government formally launched the Ogoni clean-up in 2016, while the Project Coordination Office was established in 2017 to drive the implementation of UNEP’s recommendations.
Zabbey said the current administration has continued to prioritise the project under the Renewed Hope Agenda.
Providing an update on the cleanup, the Project Coordinator disclosed that 30 of the 65 contaminated sites identified by UNEP have been fully remediated, while work is ongoing at several medium- and high-risk locations. It also stated that more than 1.5 million mangrove seedlings have been planted as part of what it described as the world’s largest restoration of oil-degraded mangroves, with over 1,000 hectares of shoreline already rehabilitated.
Zabbey further revealed that 49 Ogoni communities have been connected to potable water schemes through multiple water projects and booster stations aimed at providing safe drinking water across the region.
In the health sector, he said the 100-bed Ogoni Specialist Hospital in Kpite and the 43-bed Cottage Hospital in Buan are nearing completion, adding that several existing health facilities have been upgraded with modern medical equipment, while five ambulances have been donated to improve emergency healthcare services. The Project Coordinator also disclosed that a three-year human health biomonitoring study is being conducted in collaboration with the World Health Organization’s International Agency for Research on Cancer (IARC).
On economic empowerment, Zabbey stated that the Project has created more than 8,000 direct jobs and trained thousands of Ogoni youths and women in various vocational and technical skills, including software development, cybersecurity, aviation, commercial diving, seafaring, mechatronics, and creative arts. The project also reported awarding scholarships to more than 1,000 students, providing grants to small businesses, and supporting persons living with special needs through skills acquisition programmes.
The statement further highlighted ongoing legacy projects, including the Ogoni Power Project and the Centre of Excellence for Environmental Restoration, which it said is about 96 per cent complete. HYPREP also welcomed the recent designation of the Ogoni Wetland as a Ramsar Site of International Importance and pledged to continue promoting biodiversity conservation and sustainable management of the ecosystem.
Marking the anniversary, Zabbey said the progress achieved over the past 15 years demonstrates the collective commitment of government, development partners, stakeholders, and local communities to restoring Ogoniland. He called for renewed collaboration to sustain the cleanup effort, promote environmental sustainability, and support the long-term development of the region. 3
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