Nation

Nigeria Records N270bn Trade Deficit With China -Minister

Published

13 years ago

June 28, 2013

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

Rivers Deputy Governor Hails PH City One Love For Humanitarian Gesture

Published

15 hours ago

May 13, 2026

The Tide

Rivers state Deputy Governor Professor Ngozi Nma Odu has commended “The Port Harcourt City One Love,”a Port Harcourt based humanitarian orgnisation For it’s commitment towards alleviating the sufferings of the poor and vulnerable in the society.

Professor Ngozi Nma Odu said this while speaking at this year’s edition of “operation feed the needy” a yearly outreach program of “The Port Harcourt City One Love ” in Port Harcourt.
The Deputy Governor said by feeding more than sixty thousands hungry people within the past six years, the Port Harcourt City One Love Movement has distinguished itself as a club that cares for the less privilege in the society.

She commended the , organization for listing eleven thousand persons to be fed in the current exercise.

Meanwhile The Port Harcourt City One Love has planned a permanent solution to the problem of feeding the poor in the state.

The leader of the group Mr Idaere Gogo Ogan who said this in an interview with newsmen during the distribution of food items to the poor and vulnerables in Port Harcourt said the organization is planning a permanent food kitchen where poor and vulnerable persons can work in anytime and get fed.

Idaere Gogo Ogan said more than sixty thousands poor and vulnerable persons across Port Harcourt City and environs have been fed since the inception of “The operation feed the needy” program six years ago,adding that so far sixty thousands poor and vulnerable persons have beneffited.

He described the group as a platform to promote friendship, brotherhood, community development empathy and feeding the less privilege and hungry people
“That’s what we are doing today here,so we started the exercise six years ago”.he said.

Ogan said the effort was a private sector driven initiative but added “it also involves people in Government because the platform does not recognize any division,we bring everybody together in unity , friendship and brotherhood”he said.

He said the effort will go along way in alleviating hunger especially following the prevailing hunger in the country.

According to him “you know the country is very tough, people are hungry people are starving, there is a whole lot of economic hardship,so for us, this is just our own way of reaching out, our own social contribution to what is very difficult”he said.

Over eleven thousand persons were fed in the just concluded exercise.
Areas of coverage include, Isaac Boro park, Port Harcourt prison/Macoba, Borokiri/Enugu waterside Bundu areas Waterlines and others.

Some of the beneficiaries including an 80 years old widow commended the movement for the annual programm and urged other organizations to emulate them

John Bibor,/Esuuk Oyet/Suotor Memoye /Jeremiah Hannah

Nation

We’ll Partner Private Sector to Industrialize Rivers State – Fubara …Hints Revitalization of Ahoada, Trans Amadi Industrial layout

Published

15 hours ago

May 13, 2026

The Tide

Rivers State Governor , Sir Siminialayi Fubara says the industrialization of the state remains a key drive of his administration.

Speaking through Director General of the Rivers State Investment Promotion Agency, Dr. Chamberlain Peterside at the Shell Gas Limited and Manufacturers Association of Nigeria(MAN) Investors Forum held in Port Harcourt, Fubara stressed that public /private partnership is key to revive production in the state.

“We are ready to partner Shell Gas Limited to revive manufacturing in Rivers State at Ahoada Industrial Park, and the new Port City project, including the proposed Bonny Industrial Park which will grow industries along the Bonny corridor” he declared.

Part of the scheme, he further stated is to collaborate with Shell Gas Limited and the private sector to transform Rivers State into a major manufacturing hub in the South of Nigeria.

Commending Shell and MAN for leading the frontline, Sir. Fubara said,” the time to act is now and thank God Shell is taking the lead to prioritize gas.”

The governor opined that the gas sector provides huge investment opportunities to drive the state economy as the world is gradually shifting towards gas and other environment friendly energy, while urging stakeholders to evolve an actionable gas policy for the state.

Earlier in his remarks, Shell Gas Limited Head of Gas Distribution, Mr. Chukwuka Amos-Ejesi said it is high time the state utilized its huge gas resource.

“Today gas offers investors opportunities and raises the value chain as it boosts production for industry users,” Amos-Ejesi said.

The Shell Gas Distribution executive said the company seeks to support manufacturing by adopting a user friendly approach that allows manufacturers to grow profitably with affordable cheaper energy.

He explained that natural gas provides huge potentials and aligns with federal government policy of gas utilization.

Chairman of MAN Rivers and Bayelsa Branch, Elder Vincent Okugu described gas as the backbone of manufacturing.

He said the forum has become timely and key to address the pressing energy provision to boost production in the sector, as he lamented the high costs borne by manufacturers in sourcing energy alternatives.

In her remarks, Chairperson of the Port Harcourt Chamber of Commerce Industry Mines and Agriculture, Dr. Chinyere Ngozi Nwoga commended Shell for the forum which she described as a bridge to reduce gap of energy provision for manufacturers.

Ngozi Nwoga said the transition to natural gas has become imperative, stressing that pipeline gas offers cheaper and smooth energy provision for industries.

Former MAN chairperson for Rivers and Bayelsa States, Mrs Emilia Akpan was of the view that the quest to provide cheap energy should be driven with technical manpower, as she emphasized need for Rivers State to recreate its economy.

By Kevin Nengia

Nation

SheVentures Open Zero-interest Loan Applications for Women Entrepreneurs

Published

15 hours ago

May 13, 2026

The Tide

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to N10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from N500,000 to N5 million under a general category, and N5 million to N10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

Managing Director and Chief Executive of First City Monument Bank (FCMB), Yemisi Edun, said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively. Women-led enterprises are critical to economic activity, yet they face structural barriers.

“This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs”, Edun said.

Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB), Nnenna Jacob-Ogogo said access to affordable finance remains a major constraint for women entrepreneurs.