Tag Archives: TRADE

Malaysia’s Bilateral Trade With Nigeria Hits $766.8m In 2015 — Envoy

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Malaysian High Commissioner to Nigeria, Datuk Lim Juay Jin, said his country’s bilateral trade with Nigeria in 2015 stood at 766.8 million dollars.

Datuk Lim, who made the disclosure in an interview with the News Agency of Nigeria (NAN) in Abuja on Wednesday said that trade value was a 14.6 per cent increase from 2014.

“The total trade between the two countries was valued at 766.8 million U.S. dollars in the year of 2015 and this was an increase of 14.9 per cent from the previous year.

“The trade was in Malaysia’s favour.

“Malaysia’s main export to Nigeria included petroleum products, palm oil and palm based products, machineries and also processed food.

“Malaysia’s main import from Nigeria was Liquefied Natural Gas, iron ore, metal scrap and agricultural goods.

“And of course, it is our sincere hope that the bilateral trade between the two countries will continue to increase; I am sure Nigeria has a lot of things to offer to Malaysia too.”

Datuk Lim said that both countries had bilateral relations since 1965, adding that 2016 marked the 51st year of this relationship that waxed stronger in spite of the dormancy of the Joint Commission of Cooperation.

He said although the joint commission had been inactive for more than a decade, efforts were made to revive it.

“As far as the joint commission meeting is concerned, it is dormant for the time being due to some reasons that have prevented this mechanism to be conducted on a more regular basis.

“This is either due to unavailability of commonly accepted dates and unavailability of officials or members of the commission.

“But both countries have on numerous occasions expressed interest in reviving this Joint Commission of Cooperation because we agree and recognise that this is an important platform to propel bilateral relations.

“I also must stress that even without the joint commission, our relations have been moving on in so many areas without putting special impetus to it and the momentum has picked up, but of course, the joint commission is an official mechanism.”

The high commissioner also explained that the Malaysia-Nigeria Business Council served as an umbrella under which the business communities of both countries explored investment opportunities.

He added that the business council coordinated its activities with the Malaysia-Nigeria Trade Commission.

Datuk Lim further explained that the commission was aimed at spearheading commercial activities between the two countries.

“The activities of this business council is geared towards investment promotion between Nigeria and Malaysia.

“We have, last year, established a trade office in Lagos to spearhead the commercial activities between the two countries and the Nigeria-Malaysia Business Council is working hand-in-hand with the trade office.

“The trade office is manned by a trade commissioner; from here you can also see that Malaysia actually puts a lot of emphasis on Nigeria’s future; we see the business potential in Nigeria.

“Out of the many West African countries we chose Lagos as the destination for the trade office; that speaks volumes.”

According to Datuk Lim, both countries have bilateral relations in the areas of economy, science and technology, culture and capacity building.

US House Of Reps Grants Obama Power To Negotiate Trade Deals

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The United States House of Representatives on Thursday approved a bill granting President Barack Obama wide-ranging authority to negotiate trade deals.

The 218-208 vote on so-called fast track trade authority came as part of an agreement among lawmakers to revive Obama’s trade agenda, after part of his trade package failed to pass the lower chamber of Congress last week.

The vote should clear the way for completion of trade deals under negotiation with Pacific Rim countries and the European Union.

The House on Friday had passed the same measure, also known as Trade Promotion Authority (TPA), but had failed to approve a companion bill that would renew a programme to compensate workers who lose their jobs to free trade initiatives.

House rules had tied the measures together, keeping TPA from becoming law without the related worker assistance package.

However an agreement reached by House and Senate leaders on Wednesday allowed lawmakers to decouple the measures.

Meanwhile, lawmakers have vowed to take up the worker protections separately.

Nigeria Urged To Explore ECOWAS Trading Opportunities

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The Nigerian government has been advised to tap into the gains of the establishment of the Economic Community Of West African States (ECOWAS) as a single large trading bloc.

At an event to commemorate 40 years anniversary of the ECOWAS in Abuja, Nigeria’s Federal Capital Territory, a former Nigeria’s Minister of Foreign Affairs, Professor Bolaji Akinyemi, expressed worries that in spite of the commission’s achievements, Nigeria still grapples with industrial and trade growth among other West African countries.

One of the co-founders of ECOWAS and a former Nigerian Head of State, General Yakubu Gowon, also joined Professor Akinyemi to implore future leaders to retain the credible flag of an economically viable Africa.

General Gowon also retained an analysis that Nigeria had attained some level of maturity that could only be fostered by an economically strong Africa.

In May 1975, the Leaders of 15 West African countries established the ECOWAS, to advance regional co-operation and self-sufficiency.

Forty years after, a common currency and dismantling of trade barriers remain elusive.

Celebrating the anniversary in Nigeria are diplomatic corps led by the Minister of Foreign Affairs, Ambassador Aminu Wali.

Naira Drops as Central Bank Controls Choke Trading

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The naira weakened a second day and Nigerian stocks headed for biggest drop since 2010 as central bank measures to protect the currency of Africa’s largest crude producer from falling oil prices stifled trading.

There were nine trades in the naira between 9 a.m. and 12:30 p.m. in Lagos, compared with 122 in the same period four weeks ago, according to data compiled by Bloomberg from at least 39 local and international banks. The naira weakened 0.8 percent to 185 per dollar, extending losses over the past three months to 11 percent, the most of 24 African currencies tracked by Bloomberg.

The Abuja-based regulator last month told banks to clear foreign exchange positions daily, having previously allowed them net-open positions of 1 percent of shareholder funds. The move has made it difficult for non-Nigerian investors to exit their holdings, according to Samir Gadio, head of African strategy at Standard Chartered Plc.

“For those who remain in Nigeria, it’s become virtually impossible to get out,” he said by phone from London. “There’s a risk that these measures last as long as the central bank feels it doesn’t have the ability to control the exchange rate.”

Calls to the mobile phones of Ibrahim Mu’azu, a spokesman for the central bank, weren’t picked up and he didn’t immediately respond to e-mailed questions. The steps are short-term measures to stabilize the market, he said last month.

Credit: bloomberg.com

New N100 notes, Wasteful, Ill-Timed — TUC

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TRADE Union Congress of Nigeria, TUC, weekend, faulted the introduction of new N100 bank notes by the Central Bank of Nigeria, CBN, to commemorate Nigeria’s centenary celebration, saying it was ill-timed and wasteful.

In a statement by its President and Secretary General, Mr. Bobboi Kaigama and Musa Lawal respectively, TUC said “printing of new currency is usually a capital-intensive venture, and raises questions as to how the CBN hopes to grapple with the economic implications of redesigning and printing the new bank notes.

“Even the timing of the project is inappropriate, coming so late in the year when the economic hustle and bustle associated with Christmas and New Year are nigh.

“These, together with the heightened state of insecurity in parts of the country, the frenzy of political activities and electioneering campaigns towards the forthcoming 2015 elections, and the current slump in global oil prices make this the worst possible time for such drastic fiscal policy.”