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Tinubu Heads to China for Key Economic Talks

Tinubu Heads to China for Key Economic Talks

ThinkBusiness Africa Today - August 28th

Ogho Okiti
August 28, 2024

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Headlines

Tinubu Heads to China for Key Economic Talks - President Bola Tinubu will travel to Beijing, China, to meet with President Xi Jinping in the first week of September. The visit aims to strengthen Nigeria-China relations and boost economic growth. Presidential spokesman Ajuri Ngelale stated that Tinubu will engage in discussions with ten CEOs from major Chinese corporations managing over $3 trillion in assets, focusing on sectors like information technology and oil refining. A primary goal is completing the Abuja to Ibadan segment of the Lagos-Kaduna railway. The agenda includes signing several Memoranda of Understanding (MoUs) to enhance cooperation in the green economy, agriculture, and satellite technology, while also addressing national and regional security issues. Tinubu will also participate in the Forum on China-Africa Cooperation (FOCAC) Summit, representing the Economic Community of West African States (ECOWAS) as its Chairman. He plans to emphasize the need for tangible outcomes, ensuring that the trip yields significant benefits for the Nigerian economy and its citizens, rather than being a mere discussion forum.

N100bn Boost: FG, States Raise Funds for Meter Procurement - The Federal Government and states have raised N100 billion for the procurement of prepaid electricity meters through the Presidential Meter Initiative (PMI). Minister of Power Adebayo Adelabu announced this funding in Ibadan, highlighting efforts to close Nigeria's significant meter gap. Currently, only about five million of over 12 million electricity customers are metered, leading many to distrust power distribution companies due to estimated billing. Adelabu emphasized that proper metering is crucial for transparency. The PMI aims to install at least two million meters annually over the next five years, with support from the World Bank providing nearly two million meters through the Distribution Sector Recovery Programme. Adelabu confirmed that $200 million from a $500 million fund will be dedicated to meter procurement. The initiative includes both international and local sourcing to ensure competitiveness, while the sale of meters has been liberalized, allowing customers to buy directly from vendors. Adelabu noted that meter prices have risen due to exchange rate fluctuations but assured that deliveries will start by year-end, marking a significant advancement for the electricity sector.

Capital Market Town Hall Meeting Set for October 7th - ThinkBusiness Africa and the African Business Convention are hosting a special town hall meeting on 7^th of October, 2024 to discuss the future of Nigeria's capital market. The event will feature a keynote address by Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC). The meeting will bring together a distinguished audience of capital market leaders, practitioners, policymakers, regulators, and blockchain players. Attendees will have the opportunity to network with industry influencers, potential clients, and high-level decision-makers. The event will feature panel discussions on topics such as policy, regulation, banking consolidation, FinTech, cryptocurrencies, and investor education. These discussions will explore the challenges and opportunities facing the Nigerian capital market and discuss potential solutions.

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