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Yuan Devaluation: Experts Foresee More Influx Of Chinese Goods

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10 years ago

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The Editor-in-Chief, News Agency of Nigeria (NAN), Mr Lawal Ado (left), welcoming Director-General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Alhaji Bature Masari, to NAN Headquarters in Abuja on Tuesday.

The Editor-in-Chief, News Agency of Nigeria (NAN), Mr Lawal Ado (left), welcoming Director-General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Alhaji Bature Masari, to NAN Headquarters in Abuja on Tuesday.

Some financial experts have
said that the devaluation of Chinese Yuan would lead to more influx of Chinese goods and discourage manufacturing and patronage of locally made goods.
They said in Lagos that the development would worsen the challenges faced by the manufacturing industry in the country.
Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd. Lagos, said the development would pose more threat to the local manufacturing industry due to high interest rate and unfriendly economic environment.
President, Fund Managers Association of Nigeria (FMAN), Mr Michael Oyebola, however, said the devaluation would make exports from China cheaper.
Oyebola said that government should map out blueprint aimed at tackling the nation’s infrastructure challenges to boost local industries.
China on August 11, devalued the yuan by about two per cent after a run of poor economic data.
The central bank said the devaluation was due to its official guidance rate, which was down nearly 2 per cent to 6.2298 yuan per dollar – its lowest point in almost three year.
To revamp the Chinese economy, Beijing has redirected its focus on the tourism sector.
The government said it was aiming to double leisure spending to 5.5 trillion yuan ($886 billion) by 2020.
It said 10 new ports for cruise ships would be constructed by 2020 and state companies would be encouraged to build vacation boats to spur tourism growth.
In addition, around 1,000 camp grounds for recreational vehicles will be developed by 2020 and 57,000 toilet facilities for tourists will be built or renovated in the next three years.
“Wireless networks will be installed at top tourist spots to give visitors free Internet access at some 10,000 destinations.
“To pay for the new construction, funds will be created and private investors will be encouraged to become partners in projects,’’ the cabinet said.
Mr Olaleye Williams, the Managing Director, GlobalView Consult & Investments Ltd., Lagos, said that Nigeria should learn from the boldness of the Chinese in tackling its pressing issues.
Williams said that a blueprint was necessary because of China’s strategic importance to the nation’s foreign trade relations.

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Kenyan Runners Dominate Berlin Marathons

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3 days ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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3 days ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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3 days ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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