Nigeria’s Exports to South Africa Reaches 552.2 Billion Naira in 2016

South Africa’s Minister of Trade and Industry, Rob Davies, said that Nigeria’s exports to South Africa hit 552.2 billion Naira (R23 billion) in 2016.

According to a statement from the country’s Department of Trade and Industry on Thursday, Mr. Davies said South Africa’s exports to Nigeria slightly declined to about 153.7 billion Naira (R6.4 billion) in 2016.

He said the two countries “continuously traded goods at high capacity and Nigeria maintained the trade surplus of R23 billion (552.2 billion Naira) in 2016”.

According to the Minister, the Department would lead a business delegation on a trade and investment mission to Nigeria and Ghana from March 20 to 25 [2017] to identify and create export markets for South African value-added products and services.

“It will also serve to promote South African products, and service offerings, whilst creating business partnerships between business communities of the respective countries,” he said.

Mr. Davies noted that the trade mission sought to advance Ghana, Nigeria and South Africa’s trade and investment relations.

ACBF Approves $1.4 Million for Finance Capacity-Building in West Africa

The African Capacity Building Foundation (ACBF), an agency of African Union (AU) has approved a grant of $1.4 million for the West African Institute for Financial and Economic Management (WAIFEM) to help it improve the training of financial and economic professionals in Nigeria and West Africa.

According to ACBF’s Executive Secretary Prof. Emmanuel Nnadozie,

“The grant will help the Institute to train a new cadre of experts locally, thereby saving the amount previously spent on sending them overseas. The grant will also enable WAIFEM to conduct research in critical areas, including infrastructure and trade financing.”

The latest assistance brings to $8.4 million the total amount WAIFEM has received from ACBF since 2005.

UNIDO Launches $3 Million Entrepreneurship Curriculum Project for Secondary Schools

The United Nations Industrial Development Organization (UNIDO) has launched a new project worth $3 million for Senior Secondary schools in Nigeria. This project is aimed at developing entrepreneurship curriculum which will help young minds create their own employment.

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The project partly funded by the Government of Japan, will be carried out within the next five years and will target education processes in nine states knowingly Anambra, Bauchi, Benue, Cross River, Delta, Katsina, Ogun, Ondo, and Oyo.