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Business News

UAE moves to strengthen ties with Nigeria, as trade volume hits $1.5 billion 

UAE has expressed its readiness to strengthen ties with Nigeria, as trade volume between the two countries rose to $1.5 billion.

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UAE moves to strengthen ties with Nigeria, as trade volume hits $1.5 billion 

United Arab Emirates (UAE) has expressed its readiness to strengthen ties with Nigeria in a bilateral trade relation, as trade volume between the two countries rose to $1.5 billion.

According to The Nation, the UAE Ambassador to Nigeria, Fahad Al-Taffaq, disclosed this at an event to mark the 48 independence anniversary of the UAE held in Abuja.

The details: Speaking at the event, Al-Taffaq noted that both countries enjoyed excellent bilateral relations across all sectors. He further noted that the volume of trade between both countries stood at 1.5 billion dollars in the non-oil sector as at 2018.

UAE moves to strengthen ties with Nigeria, as trade volume hits $1.5 billion 

“This is set to increase with the recent opening of a consulate office in Nigeria’s commercial capital, Lagos, in June 2019.

“We are proud today to see that connectivity is improving, bilateral non-oil trade is improving, the flow of tourism especially medical and conventional tourism between the UAE and Nigeria is also increasing.

“We at the UAE are also looking forward for the participation of Nigeria in the Expo 2020 in Dubai, which is the greatest show the world has ever seen. We look forward also to welcome another 200 countries in this event to showcase human development and human genius and to connect to each other and to learn the opportunities that humanity presents now and in the future.”

[READ MORE: Korea expresses desire to deepen trade ties with Nigeria]

In an earlier reportit was disclosed that UAE had constructed a 300-megawatt (MW) renewable energy plant in Lagos to aid power distribution. Al-Taffaq made this announcement during a courtesy visit to the Minister of Power, Sale Mamman in Abuja.

Al Taffaq told the minister that the energy plant was ready for use in Lagos and was expected to support power being supplied through the national grid. The Ambassador said the plant was constructed by a member of the emirate royal family, Ahmed Al-maktum, adding that the plant has the capacity to expand to about 1,000 MW in a few months.

Boosting SMEs:  Also, Nigeria is reportedly in talks with the UAE for a collaboration to help boost Small and Medium Scale Enterprises (SMEs) in the country. UAE’s Consul General in Lagos, Abdulla Al Mandoos recently disclosed his country’s interest in helping SMEs grow and to aid Nigeria develop its infrastructure and human capital.

UAE moves to strengthen ties with Nigeria, as trade volume hits $1.5 billion 

Fahad Al-Taffaq and the Senate Preseidnt

Al Mandoos also disclosed that there were plans to establish a trade zone for SMEs to showcase their products and services. He said the process had commenced and that letters had been exchanged between Lagos and Abu Dhabi.

“We are interested in the economy and infrastructure; we are looking at how we can come in and one of the things we came up with is to start a trade hub. Soon it will come up. The idea is to support the SMEs and enable them to take advantage of the hub which will be easy, safe and innovative. It will serve as a think-tank for the SMEs.”

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Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

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Corporate Press Releases

DISCLAIMER: Ex-Cavendish MD distances self from alleged statement on OML 110

Alhaji Ibrahim Mai Deribe, a former MD of Cavendish Petroleum Limited, has dissociated himself from an alleged statement on OML 110.

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PUBLIC DISCLAIMER

My attention has been drawn to a statement with respect to OML110 and published online. This libelous statement purportedly originated from Cavendish Petroleum Limited and was allegedly authored by me whilst also falsely claiming that I, Alhaji Ibrahim Mai Deribe signed in the capacity of Managing Director.

I, Alhaji Ibrahim Mai Deribe, wish to state the following:

  • i. I have not authored any such statement in any capacity – personal or otherwise. I have also not caused another to write on my behalf neither have I had any just or probable cause to author such false, misleading and malicious statements with respect to the revoked OML110.
  • ii. I had also ceased to be the Managing Director of Cavendish Petroleum for a long time so to attribute a statement from me in that capacity or otherwise should be seen for what it is – a disdainful, calculated attempt by unscrupulous agents to mislead, malign and impugn on my integrity and that of others so mentioned for whatever sinister reasons.
  • iii. I completely dissociate myself from the false statement attributed to me and subsequent malicious report published on some faceless online sites without any proof to back it up whatsoever. The statement is highly libelous in its entirety.
  • iv. As far as I am aware, these malicious statements and report are not reflective of my opinion, thoughts or the true state of things based on the facts available.
  • v. Further, to the best of my knowledge, neither Cavendish Petroleum or anyone associated with the company has authorized or caused the publication of the said false statements.

I therefore wish to inform the public and other stakeholders that the purported statement is malicious against the persons mentioned, false, misleading and did not originate from me in any capacity. I fully dissociate myself from the purported, false and malicious report and urge the unsuspecting public and all stakeholders to disregard the statement in its entirety as I will not hesitate to pursue all legal means to prevent and protect my name and reputation from any further misuse and/or misrepresentation – in any capacity.

 

SIGNED:

_____________________________

Alhaji Ibrahim Mai Deribe

Former Managing Director, Cavendish Petroleum

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Financial Services

Growing performances demands have necessitated Bank’s Balance Sheet Management practices – CWG Plc

Balance Sheet Management practices Is needed to embrace advanced platforms and technologies.

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CWG Plc

CWG Plc has stated that the growing demand by banks to improve performances, increase transparency and comply with complex regulations has necessitated Balance Sheet Management practices to embrace advanced platforms and technologies.

The platforms are expected to provide greater data navigation and analytic capabilities to manage Risk, Returns & Capital.

This was disclosed by Business Director, FSI, Abayomi Olomu, in a statement issued by CWG Plc ahead of its Balance Sheet of the Future: Risk-Data-Analytics Conference on Wednesday.

READ: How the CBN sourced the $25 billion (N10 trillion) it lent the FG

According to him, the conference, which is organised in partnership with Surya software, a global Financial Control & Risk Management solution provider, will host key players in the Banking and Financial Services industry.

He said, “There is need to explore the role of Balance Sheet Management and Asset Liability Management in future considering the volatile and dynamic markets and how technology can be leveraged to manage these areas.  

”Banks have increased demands to improve performance, increase transparency and comply with newer and complex regulations. 

“These growing demands have necessitated Bank’s Balance Sheet Management practices to embrace advanced platforms and technologies that provide greater data navigation and analytic capabilities to manage its Risk, Returns & Capital.” 

READ: What banks can do to improve Real Sector Lending in 2021

He added that the ‘Balance Sheet of the Future’ conference amplifies CWG and Surya software’s commitment to deploy versatile solutions and technology platforms within the Nigerian and Ghanaian Financial Services market.

What you should know

The keynote address of the event will be delivered by Her Excellency, Zainab S. Ahmed, Honourable Minister of Finance, Budget & National Planning. There will be a guest address from Mr Pravat Dash, Senior VP – Head of Market Risk, Axis Bank which is one of the top private sector banks in India.

Some of the thought leaders from the Nigerian Banking and Financial Industry will also participate in the conference to discuss and share their views on the subject matter.

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