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FG to strengthen economic ties with Turkey

The Federal Government (FG) has reemphasised its plan to strengthen economic relations with the Turkish government to boost trade and investment.

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FG to strengthen economic ties with Turkey

The Federal Government (FG) has reemphasised its plan to strengthen economic relations with the Turkish government to boost trade and investment.

The Minister of Industry, Trade and Investment, Adeniyi Adebayo made this known on Tuesday in Abuja at the Nigeria-Turkey Business Forum organised by Foreign Economic Relations Board (DEIK), a leading business organisation in Turkey.

FG to strengthen economic ties with Turkey

Ruhsar Pekcan

The business forum was organised to pave way for both countries’ private sector entrepreneurs to transact business and enable Turkish cooperation to invest in Nigeria.

Adebayo said the event underscored the need for both political and economic cooperation between the two countries, adding that the relationship between Nigeria and Turkey dated back to 1957.

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He said that the bilateral relationship had witnessed significant improvement in recent times and Turkey had become a destination and home for many Nigerians.

[READ MORE: Nigeria to have 11 oil & gas pipelines operational by 2023)

According to the minister, the forum has a future full of possibilities in the areas of agriculture, mining, oil and gas, textile, manufacturing, Micro, Small and Medium Enterprises (MSMEs) and special economic zones development.

“The present administration understands the role of the private sector as the key driver of the economy and is committed to making Nigeria one of the most attractive countries in terms of Ease of Doing business in the world.

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“Some policies have also been introduced to remove some bottlenecks in the economic development in the government’s quest to diversify the economy.

“Executive Order 001 was signed on the Ease of Doing Business with the aim of promoting transparency, accountability in the business environment,” the minister added.

He said that its implementation had positioned Nigeria as a performing country in the Ease of Doing Business tracking.

Adebayo also said that the ministry developed the Nigerian Industrial Master Plan, a strategic plan for industrialisation and also endeavoured to find where Nigeria had comparative advantage.

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Earlier, Prince Adetokunbo Kayode, the President, Abuja Chamber of Commerce and Industry (ACCI) in an opening speech emphasised on how best to advance cooperations between the two countries.

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Speaking on “What A Turkish-Nigerian Strategic Partnership Should Look Like,” he said that Turkey was a major defence item producer, a major shipbuilding country, and an all-round growing industrial power.

He said that Nigeria, on the other hand, required massive amounts of infrastructure development in road and rail transport, power generation, transmission and distribution, health and education.

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He said Nigeria also needed technological assistance, skills development and investments in developing its oil and gas sector, particularly in petroleum refining and gas liquefaction value chain.

“The Nigerian Armed Forces requires access to modern weapons systems, especially those relevant to the new war, asymmetric warfare, counter-insurgency campaigns, trans-border banditry and tactical support for internal security forces.

“These can be purchased from Turkey for immediate and strategic supplies when needed to build a strategic relationship.

“A Turkish-Nigerian Strategic Partnership should see both countries leveraging on each other’s strengths to fortify their own vulnerabilities and preserve their independence of action,” he said.

He urged the DEIK led Turkish- Nigeria Business Council as well as the Nigeria-Turkish Business Council to create continuous links between Turkish industry, exporters and investors, and their Nigerian counterparts.

This, he said could be achieved through organising regular exhibitions, Expos, Trade Fairs, and matchmaking for Turkish concerns in Nigeria, organising tours of Turkey and Turkish industrial concerns for Nigerian industrialists.

FG to strengthen economic ties with Turkey

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Furthermore, he tasked the DEIK, Turkish Central Bank, Turkish Export Credit Bank to work with Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA), Central Bank of Nigeria (CBN), Nigerian Export-Import Bank, and organised private sector.

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He said that the partnership would foster necessary financial instruments for large scale Turkish investment in Nigeria and vice versa.

ACCI president equally called for industrial cooperation, adding that Nigeria had large and growing need for steel, aluminum and glass, but with a very weak steel and metallurgy industrial base and production capacity.

He said that the weak industrial base made it difficult for the country to meet its needs in spite ofbsignificant potential for expansion.

The Turkish Minister of Trade, Ruhsar Pekcan in an address described Nigeria as one of its largest trading partner in the African continent.

[READ ALSO: Nigeria can do better with Sovereign Wealth Fund)

Pekcan noted that the relations between Nigeria and Turkey was based on the trade agreement signed in 1982,  while liquefied natural gas was being imported from Nigeria to Turkey since 1999.

According to Pekcan, Turkey also imports from Nigeria cocoa, cola nuts, metal, tin ore, rubber, zinc, crude petroleum and coal products while it exports construction materials, Agriculture machineries, steel and electronic products to Nigeria.

“Turkish Airline fly to Nigeria in three different points, namely, Lagos, Abuja and Port Harcourt to contribute to enhancing bilateral and economic relations,” she said.

She also expressed Turkish government’s readiness to strengthen economic and bilateral partnership with Nigeria. (NAN)

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Economy & Politics

Uganda Elections: Museveni re-elected for 6th term with 58.6% of the votes

Uganda’s President Museveni has won a 6th term in office as the opposition alleges wide-scale rigging.

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The President of Uganda, Yoweri Museveni, has been re-elected as President, gathering 5.85 million votes compared to 3.48 million votes by main opposition leader, Robert Kyagulanyi, a.k.a Bobi Wine.

According to Reuters, this victory represents 58.6% of the vote cast while Bobi Wine got 34.8%

Bobi Wine announced that the election results show this is the most fraudulent election in the history of Uganda and urged his followers to reject the result.

What you should know

  • Yoweri Museveni, aged 76, has been President of the East African nation since 1986.
  • Bobi Wine claimed via his official Twitter handle that military men jumped over his fence and took control of his home yesterday.

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Coronavirus

Combined Vaccine Manufacturing capacity to hit 6.8 billion doses in 2021

COVID-19 vaccine manufacturing capacity is expected to hit 6.8 billion doses in 2021.

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Covid-19: First world nations oppose waiving intellectual rights for vaccine development

Meristem Group disclosed that the combined effort in manufacturing COVID-19 vaccines for global use is expected to yield about 6.8 billion doses in 2021.

This was revealed in the Annual Outlook 2021 report presented by Meristem Group, titled Bracing for a different future.”

According to the report, the existing manufacturing capacity will only be sufficient enough to immunize about 44% of the global population, which would create obvious vaccination gap and make the pandemic last longer than necessary.

The report states,

  • The cold temperature requirements for vaccine storage pose major logistics concern particularly in Sub-Saharan Africa and other low-income countries. WHO estimates that about 50% of vaccines are wasted every year, largely due to a lack of temperature control.”

According to the report, the estimated 6.8billion doses are expected to be collaboratively manufactured as follows:  CanSino – 0.2billion, AstraZeneca – 3.0 billion, Gamaleya – 0.3billion, Moderna – 0.4billion, Pfizer-BioNtech – 1.3billion, SinoPharm – 1billion, and SinoVac – 0.6billion.

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What you should know

  • The global population as of 2020 is 7.8billion and 70% is required to achieve herd immunity (otherwise called herd protection)
  • Herd Immunity or herd protection is achieved when you have most of the population immunized against an infectious disease.
  • 2 doses of the vaccines are required for each person for immunity.
  • It is expected that between 11 and 15 billion doses would be required to achieve the desired herd immunity, globally.
  • From all indications, herd immunity may not be achieved until mid or late 2022, with the subsisting 100% vaccine production capacity utilization in 2021 – with neither production nor distribution losses.
  • To achieve regulatory approval, a vaccine must undergo a three-stage clinical development process after the exploratory and pre-clinical stages and the U.S Food and Drug Administration (FDA) sets a phase 3 efficacy benchmark of 50%.

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Coronavirus

Covid-19: Global deaths surpass 2 million

Global casualty record for the Covid-19 pandemic surpassed 2 million deaths on Friday.

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Nigeria blows past 40,000 COVID-19 cases

The Global casualty record for the Covid-19 pandemic surpassed 2 million deaths on Friday, with the United States accounting for 1 in every 5 deaths, as it has recorded over 386,000 casualties so far.

This was disclosed in a report by Reuters in its Covid-19 tally reported on Friday evening.

After the United States, Brazil, Mexico, India and the U.K contribute nearly 50% of the combined casualties.

The report also disclosed that an average of 11,900 casualties are recorded per day in year 2021, despite the fact that it took 9 months for the world to record 1 million casualties.

United Nations Secretary-General, Antonio Guterres, said the 2 million death count was “a heart-wrenching milestone.”

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  • “Behind this staggering number are names and faces: the smile now only a memory, the seat forever empty at the dinner table, the room that echoes with the silence of a loved one,” he added.

The WHO warned that 2021 could be tougher due to the nature of new variants which transmit the disease faster.

  • “We are going into a second year of this. It could even be tougher given the transmission dynamics and some of the issues that we are seeing,” WHO Chief, Mike Ryan, said.

Analysts expect the global death toll to surpass 3 million by April 2021.

What you should know 

  • Nairametrics reported that the total number of covid-19 cases in Nigeria had surpassed the 100,000 mark on Sunday 10th January 2021, according to the Nigeria Centre for Disease Control.
  • The African Union stated that it secured 270 million Covid-19 vaccine doses for the continent from drug manufacturers to supplement the COVAX programme, a step towards the commencement of the complex task of vaccinating over 1.2 billion people with limited financial resources.
  • The Nigeria Centre for Disease Control on Friday 15th January 2021, announced that 1,867 new cases of the covid-19 virus were recorded across 24 states in the country. This represents the highest number of cases recorded in a single day.

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