Tag: china

  • 3,000 exhibitors from 60 countries to participate in trade fair

    Over 3,000 exhibitors from over sixty countries including Nigeria, Italy, China, Switzerland and the United States will gather at, Messe Dusseldorf , Germany between October 16, 2019 and October 23, 2019, to discuss current trends and set the future for the plastic and rubber industry for the K Fair international.

    According to a statement by the organisers, the trade fair will provide a robust platform for leading players and exhibitors in the sector to present and experience innovative developments that will shape their business.

    K  Fair, the statement said is held at tri-annual intervals and represents the plastics and rubber industry’s production chain in unparalleled depth and breadth.

    At the last K fair in 2016, 3,293 exhibitors gathered at Messe Dusseldorf, Germany, for eight activity-filled days of insights into the newest developments and technologies of the industry.

    This year, the focus at K Fair the statement added will be on plastics for sustainable development and circular economies, and will feature topics such as water management and renewable energy.

    In addition to this, K Fair 2019 will also focus on the digitalization of the value-added chain, system integration and promotion of young professionals for the industry.

    According to Global Portfolio Director for Plastics & Rubber at Messe Dusseldorf, Petra Cullmann, who spoke at the K 2019 press briefing, held in Lagos ,he  said “this year’s K trade fair will show an increased responsibility from the plastics and rubber industry’s dedication to designing machines that create products that are easily recyclable”.

    Read also: Lagos Trade Fair Complex not for sale, says BPE

    She also described the importance of “educating people around the globe about the value of plastics and how it should be used and re-used”.

    Sarsoli Industries, a Nigerian based plastics additive manufacturer, will be exhibiting at the K Fair for the third time. When asked about why Sarsoli Industries continues to exhibit at K, Managing Director of Sarsoli Industries, Jaiprakash Changrani, who also spoke at the press briefing said, “ K is a trade fair that attracts a high calibre of visitors and exhibitionists in the plastics and rubber industry. It is an honour to be placed within that category of the best”.

    He also hopes to see a rise in the number of African exhibitors at K, stating that Africa has a largely “untapped but valued market potential for plastics and rubber”.

    Visitors at K 2019 can expect an extensive line up of exhibitors and specially curated sections, such as the “Bioplastics Business Breakfast”, which focuses on the role and market potential for biopolymers, and the Science Campus, which encourages discourse between research and industry. They will also be able to visit one of the rubber hot spots at K 2019, the “Rubberstreet”, which is a window into the world of rubber and elastomers.

    K  Fair is the performance barometer for the entire plastics and rubber industry, and remains at the forefront for global innovations.

    It provides an indispensable networking community of industry leaders, producers and consumers. In the wake of current debates concerning the potential management of resources and efficient processing of plastics, K Fair  2019 promises to serve as an international platform for information, innovation and communication about the future of the industry.

  • Man City to play pre-season games in China

    Manchester City will play their pre-season matches in the Chinese cities of Nanjing and Shanghai in July as part of the Premier League Asia Trophy, the English champions said on Tuesday.

    City is part of a four-strong contingent at the tournament, along with Newcastle United, West Ham United and Wolverhampton Wanderers.

    City’s first match is a semi-final at Nanjing’s Olympic Sports Centre on July 17, which will determine whether they take part in the third-place playoff or final at Shanghai’s Hongkou Stadium on July 20.

    “We’re delighted to return to China and take part in the Premier League Asia Trophy,” City’s chief operating officer Omar Berrada said in a statement.

    READ ALSO: Man City faces two-window transfer ban

    “China is a special place for City – it’s where (manager) Pep Guardiola began his City tenure in 2016 and we have a huge number of passionate followers across the country.”

    Last month, City Football Group (CFG) announced it had jointly purchased China League Two side Sichuan Jiuniu FC.

    CFG is a holding company in which Abu Dhabi United Group own an 87 per cent stake with the remaining 13 per cent held by the China Media Capital consortium.

    City announced last month that they would play a pre-season match in Japan for the first time as part of their Asian Tour, and are set to take on J League side Yokohama F. Marinos, in which CFG owns a minority stake, on July 27.

    Guardiola’s team are currently second in the Premier League table, two points behind Liverpool who have played one game more.

  • Osun, China to collaborate on mining, agric, others

    China has pledged to assist in lifting the socio-economic growth of Osun State through collaboration in infrastructural growth, education, agriculture, mining and commerce.

    Chinese Ambassador to Nigeria Dr. Zhou Pingjian gave the indication of his country’s readiness to work with the state government during his visit to Governor Gboyega Oyetola at the weekend in Osogbo.

    Members of the Chinese delegation on the visit are: Counsellor of the Chinese Embassy in Nigeria Mr. Zhou Xikang; Chinese Embassy Political Officer Mr. Huang Shumsing and officials of the CCECC Construction Firm, Mr. Zhao Kang and Mr. Zhao Sicong.

    Officials of the state government, who joined the governor to receive the visitors include Deputy Governor Benedict Alabi, Secretary to the State Government Mr. Oluwole Oyebamiji, Head of Service Dr. Olowogboyega Oyebade, Chief of Staff Dr. Charles Diji Akinola, Supervisor for Finance Mr. Bola Oyebamiji and Deputy Chief of Staff Mr. Abdullah Adeyanju Binuyo.

    Oyetola noted that the partnership with the Chinese government would help the state to actualise her dreams on Public Private Partnership (PPP) and open windows of opportunities for investors to thrive.

    The governor said the state is endowed with mineral resources available for investment, adding that the climate is conducive for investors, especially the friendly government policies and stable power supply of up to 18 hours daily.

    He also spoke of the reign of peace in the state, the availability of arable land and the policy on land bank, which enables investors to access land with ease for their operations.

    He appealed to the Chinese Embassy to collaborate with the state to facilitate the completion of the MKO Abiola International Airport in Ido-Osun.

    Oyetola hailed the Republic of China for being a reliable partner to the Federal Government.

    Oyetola said: “We are satisfied with the cooperation that China is extending to Nigeria. China has become an economic power

    “China is always the best in the area of construction and infrastructure development. Since government has no business in business, our administration is ready to partner with you to drive our investment in all sectors.

    “We have specific interest in mining, Information and Communication Technology, education, agriculture, infrastructure development among others.”

    Chinese Ambassador Pingjian said: “The visit to Osun is intended to strengthen the existing cordial relations between China and Nigeria and promote cooperation and exchanges at sub-national level.

    “Osun is doing well in all areas of the economy, particular in the education sector. I have seen the quality of the schools built around the state and I have seen so many reasons to invest in this state.”

  • Six Nigerians to represent Africa at ICT contest in China

    A team of Nigerian students will represent Africa at a global ICT title in Huawei Technologies’ flagship ICT development programme in China in May. The team emerged first place beating Tanzania, Kenya and Angola in an ICT contest this month.

    The Nigerian team ranked number one leading with a dominant score of 790.4, followed by Tanzania with 745.6, then Kenya with 737 and Angola with 700.8. The regional competition finals consisted of 14 teams (with 42 students) from 11 countries in Africa which participated in theory and practical examinations on cloud computing, artificial intelligence, mobile networks and big data.

    The Nigerian students, Abdulqadir Babagana Musa, Muhammad Mustafa Maihaja, Fahad Danladi, Shuaibu Abbas Usman, Kamaludeen Umar, Abdulqudus Adebayo Temidayo all from Ahmadu Bello University (ABU) first emerged winners of the Huawei ICT national competition which involved a participation of 13, 600 students from 30 universities across Nigeria before proceeding to represent Nigeria at the just-concluded Sub-Saharan regional finals held in Johannesburg, South Africa. The regional finals consisting of 42 African students divided into 14 teams participated in theory and practical examinations on cloud computing, artificial intelligence, mobile networks and big data. Together with second prize winners, Angola and Kenya, the four teams will travel to China for the global finals which will see 40 teams from around the world compete for the championship title. The 6 Nigerian students have also been offered job opportunities in Huawei Technologies Co. Nigeria Limited to further improve their skills and experience.

    A statement said: “This ICT competition developed by Huawei Technologies comprising of a national preliminary contest, regional semi-final and Global final was first launched in 2015. It will be recalled that in October 2018, Huawei launched the ICT competition in Nigeria in partnership with local universities aiming at cultivating local ICT talents, promoting a greater understanding of and interest in ICT, and developing a healthy ecosystem for the sustainable growth of ICT sector. The launch ceremony was graced with the presence of the Honorable Minister of Communications, Dr. Abdul-Raheem Adebayo Shittu who commended Huawei Technologies for partnering with the Nigerian government to achieve a great feat in the history of the country’s ICT sector. The Chairman of the Nigerian University Management Committee Prof. Abubakar Rasheed; and presidents of participating universities, and the representative of Ministry of Education also attended that ceremony.

    “Through this competition, Huawei Technologies seeks to improve comprehensive capabilities of students, transfer cutting-edge technologies information and explore the business requirement of the industry. Participating students cut across nationalities such as China, U.K, Spain, Italy, Egypt, Nigeria, Tanzania, Angola, Kenya, Singapore, Mexico, India, etc.”

    The representative of the Nigerian students’ team, Muhammad Mustafa Maihaja, said: “We owe our commitment to Ahmadu Bello University (ABU) and Huawei Technologies. This has been a great opportunity to learn new cutting edge technology and to prove ourselves as capable to represent Africa.

    Speaking at the award giving presentation Mr. Xue Man, Vice President of Huawei Technologies, said: “Huawei understands the value of a good talent ecosystem which is the foundation for a smart future. This ICT Competition is part of our innovative initiatives to support that and promote ICT skills. We believe that this event will inspire more students’ interest in ICT learning in Africa; it provides them with a world-class stage to showcase themselves and consolidate the vital ICT needed for Africa’s development.”

  • US, UK, China, Turkey congratulate Buhari on reelection

    THE United States Government as well as the leaders of the United Kingdom (UK) China and Turkey have congratulated President Muhammadu Buhari and Nigeria on the success of the presidential election that granted Buhari a second term.

    A statement issued by the President Buhari’s Special Adviser on Media and publicity, Femi Adesina, said Chinese President Xi Jinping yesterday congratulated President Buhari on his decisive win in the February 23 presidential election.

    In his congratulatory message, President Xi said: ‘‘On the occasion of your re-election as the President of the Federal Republic of Nigeria, I would like to, on behalf of the government and people of China and in my own name, extend to Your Excellency warmest congratulations and best wishes. I wish you continued success in fulfilling the lofty mission.’’ President Xi said through joints efforts with President Buhari, Nigeria and China in recent years have significantly enhanced political mutual trust and secured fruitful outcomes in practical cooperation, which have delivered tangible benefits to both countries. ‘‘

    I highly value China’s relations with Nigeria and stand ready to join hands with you to follow through on the outcome of the Beijing Summit of the Forum on China-Africa Cooperation and take the China-Nigeria strategic partnership to a new height, to the greater benefits of the two countries and two peoples,’’ President Xi said. In a statement made available to The Nation and titled ‘Nigerian Election  Results,’  the US Secretary of State, Michael Pompeo, praised “Nigerians who participated peacefully in the election.”

    The US also condemned “those whose acts of violence harmed Nigerians and the electoral process.” The statement added: “We note the assessments of international and domestic observer missions affirming the overall credibility of the election despite localised violence and irregularities.

    “We also congratulate all the other candidates for their peaceful participation in the electoral process. We call on all Nigerians to ensure successful state elections next week. “Going forward, the United States remains committed to working together with Nigeria to achieve greater peace and prosperity for both our nations. President Buhari also received separate telephone calls from UK Prime Minister Theresa May and Turkish President Tayyip Erdogan, congratulating him on his re-election and wishing the Nigerian people progress and prosperity. President Buhari, according to a statement issued by Adesina, thanked the two leaders for their unflinching support to Nigeria and her people.

  • US, China congratulate Buhari

    The United States of America and China have sent congratulatory messages to President Muhammadu Buhari for winning the 2019 Presidential election.

    A statement by the Special Adviser on Media and Publicity, Femi Adesina, said that Chinese President Xi Jinping on Friday extended congratulations to President Muhammadu Buhari on his decisive win in the February 23 presidential election in Nigeria.

    In his congratulatory message, President Xi said: ‘‘On the occasion, of your re-election as the President of the Federal Republic of Nigeria, I would like to, on behalf of the government and people of China and in my own name, extend to Your Excellency warmest congratulations and best wishes. I wish you continued success in fulfilling the lofty mission.’’

    President Xi said, through joints efforts with President Buhari, Nigeria and China in recent years have significantly enhanced political mutual trust and secured fruitful outcomes in practical cooperation, which have delivered tangible benefits to both countries.

    ‘‘I highly value China’s relations with Nigeria and stand ready to join hands with you to follow through on the outcome of the Beijing Summit of the Forum on China-Africa Cooperation and take the China-Nigeria strategic partnership to a new height, to the greater benefits of the two countries and two peoples,’’ President Xi said.

    In another statement, the U.S. Secretary of State Michael Pompeo congratulated the people of Nigeria on a successful presidential election, and President Buhari on his re-election.

    Secretary Pompeo commended all Nigerians who participated peacefully in the February 23 Presidential and National Assembly elections and condemned those whose acts of violence harmed Nigerians and the electoral process.

    ‘‘We note the assessments of international and domestic observer missions affirming the overall credibility of the election, despite localized violence and irregularities.

    ‘‘We also congratulate all the other candidates for their peaceful participation in the electoral process.

    “We call on all Nigerians to ensure successful state elections next week. Going forward, the United States remains committed to working together with Nigeria to achieve greater peace and prosperity for both our nations,’’ Secretary Pompeo said.

  • Russia, China back nuclear as clean-power fix for Africa

    In a damp office at Ethiopia’s Addis Ababa University, doctoral student Hailu Geremew fantasizes about working on the nuclear reactor his country is now pondering building.

    “Oh that is my dream, my dream, my dream,” said the nuclear physicist, 32, wearing rectangular glasses and a cardigan.

    Geremew is part of a new generation of African scientists whose prospects are expanding as their governments team up with foreign powers on a potential fast-track to electrification.

    For now, South Africa is the only country on the continent operating a nuclear power plant.

    But in recent years, at least seven other sub-Saharan African states have signed agreements to deploy nuclear power with backing from Russia, according to public announcements and the World Nuclear Association (WNA), an industry body.

    Geremew first heard about the ambitious nuclear deal Ethiopia had struck with Moscow on the television news two years ago. The next day, his university department was buzzing with talk about it.

    Ethiopia’s memorandum of understanding on nuclear cooperation with Russia paves the way for the construction of a nuclear power plant and a research reactor in the long term, said Frehiwot Woldehanna, Ethiopia’s state minister for the energy sector.

    The East African country has been electrifying rapidly to meet rising energy demand and its own goal to become the biggest power exporter on the continent, while sticking to pledges to remain a low emitter of planet-warming greenhouse gases.

    Under a 2015-2020 development plan, Addis Ababa wants to raise power generation to more than 17,000 megawatts (Mw) from current capacity of just over 4,200 MW, mainly by harnessing hydro, wind and geothermal sources.

    Its most ambitious project under construction is the Grand Renaissance Dam on the Nile river that will churn out 6,000 MW at full capacity when completed within the next four years, according to Ethiopian Electric Power, the state-owned utility.

    But Woldehanna worries about betting on an abundance of water for the country’s main source of electricity, as droughts become more frequent.

    With rivers sometimes drying up, “you cannot fully rely on hydropower”, he said, adding that nuclear technologies have “environmental” advantages over others.

    Plans for a nuclear power plant in Ethiopia remain at the “pre-feasibility stage”, but the country is serious about building one, he emphasized.

    Atoms for Africa

    With sub-Saharan Africa’s 48 countries generating the same amount of power as Spain, despite a population 18 times larger, the option to bring electricity access to their people on a bigger scale using nuclear energy is gaining momentum.

    Nearly six out of 10 sub-Saharan Africans still lack access to electricity, according to World Bank data.

    Like Ethiopia, emerging nuclear states Sudan, Kenya, Uganda, Nigeria, Rwanda, Zambia and Ghana have signed agreements with Russia’s state nuclear corporation, ROSATOM – most since 2016.

    Their content ranges from language on the construction of nuclear reactors to assistance with feasibility studies and personnel training, press statements show.

    ROSATOM’s solutions for managing spent fuel and radioactive waste vary from country to country, but are normally worked out at the later stages of a nuclear new-build program “in the strictest compliance with international law”, a spokeswoman told the Thomson Reuters Foundation.

    Chinese state-owned nuclear firms have also taken the lead in the region, sealing deals with Kenya, Sudan and Uganda, WNA data shows.

    South African student Masamaki Masanja, 23, won a ROSATOM competition for young people to make videos about Africa’s nuclear potential, and got to visit the Novovoronezh nuclear power plant in western Russia in 2017.

    “It was mind-blowing,” said the second-year mechanical engineering student, via Skype.

    The experience left him with a strong sense that nuclear power should be adapted quickly for Africa’s needs.

    Sub-Saharan African nations have shown an interest in nuclear because coal is scarce, while large volumes of natural gas in Nigeria and Tanzania tend to be exported for profit, said Jessica Lovering, co-author of a 2018 report, “Atoms for Africa”, from the U.S.-based Center for Global Development.

    Booming populations and international pressure to curb greenhouse gas emissions also play a role, she added.

    Ethiopia, for instance, has pledged under the Paris Agreement on climate change to curb its already meager emissions by two-thirds from business-as-usual projections by 2030.

    The Paris accord, agreed in 2015 by about 195 nations, seeks to wean the global economy off fossil fuels in the second half of this century, limiting the rise in average temperatures to “well below” 2 degrees Celsius (3.6 Fahrenheit) above pre-industrial times.

    Ramping up nuclear power may be a carbon-neutral option, but presents dilemmas such as the high cost of building a plant and setting up supporting infrastructure, including safe management of nuclear fuel, said Lovering.

    Yet gaining access to large amounts of cheap electricity from nuclear plants that run 24/7 could boost domestic manufacturing, as well as lighting up homes, she said.

    Risk

    Some political observers, however, are concerned about the prospect of nuclear reactors backed by Russia in some countries with rebel groups and weak government institutions.

    An Africa-based Western diplomat, who asked to remain anonymous, doubted Russia’s assurances it would collect nuclear waste from projects it helped establish.

    “You could end up with very unfortunate situations in parts of Africa … if you have a decaying nuclear power plant overrun by rebels, with waste that’s not going away,” he said.

    Multiple requests for an interview with Russia’s ambassador in Ethiopia were declined.

    So-called dirty bombs can combine conventional explosives like dynamite with radioactive material such as nuclear waste.

    Noel Stott, a South Africa-based researcher with VERTIC, a non-profit that tracks the implementation of international treaties, highlighted an array of agreements in place to control the weaponization of nuclear technology.

    The Treaty on the Non-Proliferation of Nuclear Weapons, to which all African countries but South Sudan are party, mandates safeguards to secure nuclear material, for example.

    And 40 nations have joined the Treaty of Pelindaba that creates a nuclear-weapon-free zone in Africa.

    Half-baked

    At family-run cookie factory Mo-Ya, which towers over surrounding homes in Addis Ababa, chief executive officer Sara Zemui said Ethiopia’s plans to grow and modernize its energy production would mean better-powered businesses – and more jobs.

    Frequent electricity cuts have long disrupted baking at the factory, spoiling batches of the cookies whose sugary scent perfumes Sunday mass at a nearby church.

    A few months ago, Mo-Ya forked out more than $100,000 to purchase equipment that, in a blackout, enables a seamless transition to generator power, Zemui said.

    Here, as in the nearly two-thirds of Ethiopia with access to an electricity connection, power cuts – and associated costs – are caused mainly by overloads on the ageing grid, said Tilahun Legesse, a director at the Ethiopian Electric Utility.

    In other parts of Africa, however, similar daily outages are due to insufficient power production, said Lovering.

    At Addis Ababa University, assistant professor Tilahun Tesfaye cannot wait for his country to reap the benefits of a nuclear reactor.

    “It’s long, long overdue,” he said. “The need is very high.”

    But the road will be a long one, he said, pointing to out-of-order machinery in his nuclear physics laboratory, the largest such facility in this country of 105 million people.

    It could take 20 years for Ethiopia to build a nuclear power plant, estimated Hong-Jun Ahn, a Korean electrical engineer who advises the Ethiopian government on its nuclear plans.

    Yonas Gebru, director of Addis Ababa-based advocacy group Forum for Environment, said green activists could prove another hurdle amid debate over whether nuclear power is “clean” energy.

    “It would be good, and it would be wise also … to better capitalize on already started initiatives such as hydropower, wind energy (and) solar energy,” said Gebru.

     

    Courtesy: Thomson Reuters Foundation

  • Ekiti woos China, business community for development

    The Ekiti State government has canvassed the partnership of the government and people of China to achieve sustainable development in the key sectors and delivery of its four-point agenda.

    The Deputy Governor, Otunba Bisi Egbeyemi, made the call while addressing the representatives of the Chinese government and business community at the celebration of the Chinese Lunar Year in Lagos.

    The Lunar Year celebration also featured a discussion on China’s Belt and Road Initiative (BRI) and production capacity cooperation between China and Nigeria.

    According to a statement on Tuesday signed by his Special Assistant (Media), Odunayo Ogunmola, Egbeyemi spoke on business and economic opportunities available in Ekiti for potential Chinese investors and business community.

    Egbeyemi listed areas Ekiti would need China’s support to include training and retraining of workers, mechanized and commercial agriculture, healthcare delivery, development of educational institutions and establishment of industries to absorb unemployed youths.

    The forum was attended by Ambassador of China to Nigeria, Mr. Zhou Pingjan; Edo State Governor, Mr. Godwin Obaseki; Director General of Lagos Chamber of Commerce, Industry, Mines and Agriculture, Mr. Muda
    Yusuf, Director General of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr. Ayoola Olukanmi, among others.

    Read Also: Vote against return of treasury looters, Osinbajo tells Ekiti electorate

    The deputy governor said the state has both human and inherent natural resources for the development and sustenance of capital investment in the State.

    Revealing the intention of the Fayemi administration on mechanized and commercial farming, Egbeyemi, explained that Ekiti State was blessed with vast virgin land and yet to be accessed natural resources that
    could boost the economy of the country if properly harnessed.

    Egbeyemi sought the intervention of the Chinese government in provision of vaccine for immunization and equipment for its hospital to enhance health service accessibility to the people especially those at the
    grassroots.

    This, he said, would reduce infant mortality rate, morbidity and the spread of infectious diseases.

    Egbeyemi who revealed plans to partner Chinese government on development of its educational institutions in the State said such development would help produce self-dependent graduates and reduce
    unemployment in the State.

    The deputy governor charged the Chinese government who he claimed had benefitted from award of contracts from Ekiti State government to allow the people of the State feel its presence by establishing companies and investing in the economy of the State.

    The four-point agenda on which the Fayemi administration anchors its economic revival plan are social investment, knowledge economy, agricultural and rural development and infrastructural development.

    In his address, the Chinese envoy to Nigeria, Ambassador Pingjian revealed that the initiative would focus on industrial promotion, infrastructural connectivity, trade facility, green development, capacity building, health care, people to people exchange and security initiative.

    Pingjian expressed confident and readiness of China to deepen and sustain cooperation with Nigeria in the realization of the joint construction of the Belt and Road initiative.

  • Oil prices drop as China economic slowdown threatens to spread

    Oil prices fell on Tuesday over signs that an economic slowdown in China, the world’s second-largest economy and oil consumer, was spreading, stoking concerns over future fuel demand.

    The gloomy economic news has pulled down financial markets across Asia, including crude oil futures.

    International Brent oil futures were at 62.26 dollars per barrel at 0736 GMT, down 48 cents, or 0.8 per cent from their previous close.

    U.S. West Texas Intermediate (WTI) crude futures were at 53.43 dollars per barrel, down 0.7 per cent, or 37 cents.

    China’s state planner on Tuesday warned that the downward pressure on the economy will affect China’s job market as falling factory orders point to a further drop in activity in coming months and more job shedding.

    On Monday, China reported its lowest annual economic growth since 1990.

    China’s oil imports have so far defied the economic slowdown, hitting a record above 10 million barrels per day (bpd) in late 2018, but many analysts believe the country to be at peak energy growth, with its thirst set to wane as the slowdown bites.

    Read Also: Sino-Nigeria relations: China honours Afe Babalola, Obaseki, 46 other Nigerians

    “Slowing manufacturing activity in China is likely weighing on demand,” said Singapore-based tanker brokerage Eastport, adding that industrial slowdowns tended to be leading indicators that fed gradually into lower demand for shipped oil products.

    In a sign of spreading economic weakness, South Korea’s export-oriented economy slowed to a six-year low growth rate of 2.7 per cent in 2018, official data showed on Tuesday.

    This came after the International Monetary Fund on Monday trimmed its 2019 global growth forecast to 3.5 per cent, down from 3.7 per cent in last October’s outlook.

    There is a high correlation between economic growth and oil demand growth.

    “This was the second downturn revision in three months, and we can still see further downgrades in near future if trade tensions escalate.

    “The UK exits with a no-deal from the EU, or China’s economic growth drops more sharply,” said Hussein Sayed, chief market strategist at futures brokerage FXTM.

    In spite of the darkening outlook, oil prices have been getting some support from supply cuts started in late 2018 by the Organisation of the Petroleum Exporting Countries (OPEC).

    “The effects of OPEC-led cuts will undoubtedly place a price floor under crude oil,” said Singapore-based brokerage Phillip Futures on Tuesday.

  • Sino-Nigeria relations: China honours Afe Babalola, Obaseki, 46 other Nigerians

    THE Chinese government yesterday honoured the founder of Afe Babalola University, Chief Afe Babalola SAN, Edo State Governor Godwin Obaseki and 46 other Nigerians for their role in deepening China-Nigeria relations.Chinese Ambassador to Nigeria Dr. Zhou Pingjian awarded certificates of recognition and N4.8 million cash to the recipients at a ceremony in Lagos to mark the 2019 Chinese Lunar New Year, tagged Year of the Pig.

    Other honourees included Ekiti State Deputy Governor Chief Bisi Egbeyemi and former Director-General, Nigerian Institute of International Affairs (NIIA) Prof. Bola Akinterinwa.

    Pingjian said his country’s relations with Nigeria are at their peak.

    “China-Nigeria relations are at their best in history – you can feel it, I can feel it,” he told a packed gathering of his countrymen, Nigerian and international participants at the Oriental Hotel in Lekki.

    He pledged his country’s commitment to increased trade and other socio-economic partnerships with Nigeria, especially following the Memorandum of Understanding (MOU) on the Belt and Road cooperation signed by President Xi Jinping and President Muhammadu Buhari.

    The Chinese Consulate-General in Lagos noted that 2018 witnessed “tangible progress” in China-Nigeria relations.

    He said: “The bilateral trade between the two countries reached $13.53 billion from January to November 2018 with a 9.3 per cent year-on-year growth.

    “A large number of cooperative projects are vigorously promoted by both sides, such as Mambila Power Project, Lekki Deep Seaport, Lagos-Calabar Coastal Railway line, etc.”

    Obaseki praised the Chinese for their ability to blend in with Nigerians.