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Nigerian Pres Mohamadu Buhari and China Pres Xi Jinping
agos, Nigeria (CNN)Africa's largest economy has moved to boost trade with China.
Mena: the $2.4 billion Chinese currency swap is a good news for the bilateral trade between China and Nigeria. Last week Nigerian Pres Buhari was the first African President to visit the Trump administration and there was no financial deal between Nigeria and the USA. USA Pres Trump just complained that they gave Nigeria $1 billion in aide and he want the Nigerian market to be open for USA products.
Nigeria, China have announced they will conduct a currency swap amounting to nearly $2.4 billion, making trade between the two countries less reliant on the US dollar. Ethiopia is now Africa's fastest growing economy Ethiopia is now Africa's fastest growing economy In a statement released by the People's Bank of China (PBoC), the deal was signed on agreement with the Central Bank of Nigeria (CBN) on April 27 and aims to facilitate "bilateral trade and direct investment, and safeguarding financial market stability in both countries." View image on Twitter View image on Twitter
tolu ogunlesi ✔ @toluogunlesi It has taken longer than anticipated, but FINALLY the Chinese Renminbi Swap Deal is here! 🙌 Signed April 27, 2018, between @cenbank & the People's Bank of China. The Swap Facility is worth RMB 15 billion/NGN 720 billion; valid for three years, renewable.http://www.pbc.gov.cn/english/130721/3532678/index.html
7:13 AM - May 3, 2018 483 603 people are talking about this Twitter Ads info and privacy In local currencies the deal is worth 15 billion Renminbi or 720 billion Naira. The currency swap is valid for three years and can be renewed following the approval of both countries. Emerging, emerging markets The East African nation is predicted to grow by 6.4% this year. The country has sustained strong economic growth in the last decade, averaging between 6 to 7% according to the <a href="http://www.worldbank.org/en/country/tanzania/overview" target="_blank">World Bank</a>. Photos: Africa's fastest growing economies Tanzania The East African nation is predicted to grow by 6.4% this year. The country has sustained strong economic growth in the last decade, averaging between 6 to 7% according to the World Bank. Hide Caption 5 of 8 Ghana was previously the fastest growing economy in Sub-Saharan Africa, but has slowed. Although, a sharp increase in oil production has helped support economic growth in the country. Photos: Africa's fastest growing economies Ghana Ghana was previously the fastest growing economy in Sub-Saharan Africa, but has slowed. Although, a sharp increase in oil production has helped support economic growth in the country. Hide Caption 6 of 8 The West African country, Benin, is expected to have economic growth of around 6%. Photos: Africa's fastest growing economies Benin The West African country, Benin, is expected to have economic growth of around 6%. Hide Caption 7 of 8 The landlocked West African country is also expected to experience economic growth of 6% this year. Photos: Africa's fastest growing economies Burkina Faso The landlocked West African country is also expected to experience economic growth of 6% this year. Hide Caption 8 of 8 A view of the capital of Ethiopia, Addis Ababa. The country has experienced fast economic growth in the last decade, averaging around 10% a year. Economists cite the country's manufacturing industry as a key element in the country's success. Photos: Africa's fastest growing economies Ethiopia A view of the capital of Ethiopia, Addis Ababa. The country has experienced fast economic growth in the last decade, averaging around 10% a year. Economists cite the country's manufacturing industry as a key element in the country's success. Hide Caption 1 of 8 According to the IMF, Ivory Coast's economy is expected to grow by 7.4%. According to the <a href="http://www.worldbank.org/en/country/cotedivoire" target="_blank">World Bank</a>, the country is world's top exporter of cocoa and raw cashew nuts. Photos: Africa's fastest growing economies Ivory Coast According to the IMF, Ivory Coast's economy is expected to grow by 7.4%. According to the World Bank, the country is world's top exporter of cocoa and raw cashew nuts. Hide Caption 2 of 8 The small and landlocked country Rwanda is predicted to grow by 7.2%. The aim of their "Vision 2020" plan is to transform the country into a service and knowledge-based economy. Photos: Africa's fastest growing economies Rwanda The small and landlocked country Rwanda is predicted to grow by 7.2%. The aim of their "Vision 2020" plan is to transform the country into a service and knowledge-based economy. Hide Caption 3 of 8 Senegal's economy is based on fishing, mining and agriculture. Its economy is expected to expand by 7% in 2018. Photos: Africa's fastest growing economies Senegal Senegal's economy is based on fishing, mining and agriculture. Its economy is expected to expand by 7% in 2018. Hide Caption 4 of 8 The East African nation is predicted to grow by 6.4% this year. The country has sustained strong economic growth in the last decade, averaging between 6 to 7% according to the <a href="http://www.worldbank.org/en/country/tanzania/overview" target="_blank">World Bank</a>. Photos: Africa's fastest growing economies Tanzania The East African nation is predicted to grow by 6.4% this year. The country has sustained strong economic growth in the last decade, averaging between 6 to 7% according to the World Bank. Hide Caption 5 of 8 Ghana was previously the fastest growing economy in Sub-Saharan Africa, but has slowed. Although, a sharp increase in oil production has helped support economic growth in the country. Photos: Africa's fastest growing economies Ghana Ghana was previously the fastest growing economy in Sub-Saharan Africa, but has slowed. Although, a sharp increase in oil production has helped support economic growth in the country. Hide Caption 6 of 8 The West African country, Benin, is expected to have economic growth of around 6%. Photos: Africa's fastest growing economies Benin The West African country, Benin, is expected to have economic growth of around 6%. Hide Caption 7 of 8 The landlocked West African country is also expected to experience economic growth of 6% this year. Photos: Africa's fastest growing economies Burkina Faso The landlocked West African country is also expected to experience economic growth of 6% this year. Hide Caption 8 of 8 A view of the capital of Ethiopia, Addis Ababa. The country has experienced fast economic growth in the last decade, averaging around 10% a year. Economists cite the country's manufacturing industry as a key element in the country's success. Photos: Africa's fastest growing economies Ethiopia A view of the capital of Ethiopia, Addis Ababa. The country has experienced fast economic growth in the last decade, averaging around 10% a year. Economists cite the country's manufacturing industry as a key element in the country's success. Hide Caption 1 of 8 According to the IMF, Ivory Coast's economy is expected to grow by 7.4%. According to the <a href="http://www.worldbank.org/en/country/cotedivoire" target="_blank">World Bank</a>, the country is world's top exporter of cocoa and raw cashew nuts. Photos: Africa's fastest growing economies Ivory Coast According to the IMF, Ivory Coast's economy is expected to grow by 7.4%. According to the World Bank, the country is world's top exporter of cocoa and raw cashew nuts. Hide Caption 2 of 8 The small and landlocked country Rwanda is predicted to grow by 7.2%. The aim of their "Vision 2020" plan is to transform the country into a service and knowledge-based economy. Photos: Africa's fastest growing economies Rwanda The small and landlocked country Rwanda is predicted to grow by 7.2%. The aim of their "Vision 2020" plan is to transform the country into a service and knowledge-based economy. Hide Caption 3 of 8 Senegal's economy is based on fishing, mining and agriculture. Its economy is expected to expand by 7% in 2018. Photos: Africa's fastest growing economies Senegal Senegal's economy is based on fishing, mining and agriculture. Its economy is expected to expand by 7% in 2018. Hide Caption 4 of 8 africa's fastest growing cities (Addis Ababa)abidjan ivory coastKigali Rwanda Capital Skyline PHIL MOORE AFP Getty Imagessenegal fishafrica's fastest growing cities (Dar es Salaam)Accra beachbenin countryburkina faso economy Nigeria is looking to improve its trading relationship with the world's second largest economy. According to data by Bloomberg in 2017, after the US, China is Nigeria's top trading partner. China's imports from Nigeria include mostly gas, oil and rough wood, and amounted to $953 million in 2016, the Observatory of Economic Complexity (OEC) reported. Why China's footprint in Africa worries the US Why China's footprint in Africa worries the US Perhaps more crucially, though, are China's exports to Nigeria which amounted to $13 billion in 2016. The two countries will hope the currency swap will mitigate the need for outside currencies, adding more stability to their bilateral trade. "Any arrangement that Nigeria can make to ease access to foreign exchange is positive for the country," said Ayo Teriba, CEO of Economic Associates. "$2.4 billion dollars is not a big amount but for Nigeria the situation will make a difference." Bilateral trade The two countries have reportedly been working on the deal for for more than two years. The talks began not long after the oil price plunge in 2014 which put Nigeria into recession until 2017, and created a dollar shortage that hit imports. 44 African countries agree free trade agreement, Nigeria yet to sign 44 African countries agree free trade agreement, Nigeria yet to sign However, moving forward Teriba questioned the significance of China for Nigeria's economic growth. "I don't think the relationship with China is the right way for Nigeria to grow. Nigeria should be encouraging businesses to invest in Nigeria," said Teriba. "The relationship between Nigeria and China is already lopsided." It's not the first time China has agreed currency swaps with an African country. In 2015, the country signed a $4.8 billion deal with South Africa. It marks another step in China's much talked about presence in Africa. Last month they also announced a $31 million grant to build a new headquarters for the Economic Community of West African States (ECOWAS) in Abuja, Nigeria. Free gift? China extends influence in Africa with $32M grant for regional HQ Free gift? China extends influence in Africa with $32M grant for regional HQ The deal also follows the UK government's announcement this year that it will add Naira to its list of pre-approved currencies, signalling an effort to foster trade with Nigeria. Nigerian President Buhari was the first sub-Saharan African leader to meet US President Trump at the White House earlier this week, with promoting economic growth on the agenda. While Nigeria pursues bilateral agreements, the government has been resistant to regional and continental trade deals. The Nigerian government refused to sign the African Continental Free Trade Area -- which aims to bring together the African Union's 55 member states into a common market -- and the Economic Partnership Agreement between West African countries and the European Union.
Posts: 5374 | From: sepedat/sirius | Registered: Jul 2012
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"Growth" by itself is just deceptive capitalist talk. It should be "balanced growth" not just "growth".
Posts: 5492 | Registered: Nov 2004
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