Business
China Eyeing Electric Vehicle Manufacturing in Nigeria
In response, Alake acknowledged China’s longstanding support for Nigeria’s economic development, noting that most Chinese companies comply with legal and regulatory frameworks.
The Chinese Ambassador to Nigeria, Yu Dunhai, has reaffirmed China’s commitment to deepening bilateral cooperation with Nigeria, particularly in the solid minerals sector, through the establishment of electric vehicle (EV) factories and increased industrial collaboration.
Ambassador Dunhai disclosed this yesterday during a courtesy visit to the Minister of Solid Minerals Development, Dele Alake.
Ambassador Dunhai emphasised the strategic importance of Nigeria in China’s foreign policy.
“Nigeria is a great country blessed with tremendous natural resources. Chinese companies are already deeply involved in Nigeria’s mining sector, from exploration to processing.
“We aim to deepen this collaboration, especially in line with President Tinubu’s eight priority areas, notably economic diversification through solid minerals,” he said.
Ambassador Dunhai recalled the recent high-level engagement between President Bola Tinubu and President Xi Jinping during the Nigerian leader’s state visit to China.
In response, Alake acknowledged China’s longstanding support for Nigeria’s economic development, noting that most Chinese companies comply with legal and regulatory frameworks.
However, he expressed concern over the activities of a few operators tarnishing China’s image, referencing a recent viral video involving a Chinese national allegedly bribing local security officials.
“We’ve taken action against illegal operators, including some Chinese nationals. While isolated, such incidents undermine the good work of many compliant Chinese firms. We need your cooperation in ensuring that such culprits are brought to justice,” the minister stated.
Business
We didn’t shutdown Tummy Tummy noodles factory – NAFDAC
In a statement released on Wednesday, the Director-General of NAFDAC, Prof. Mojisola Adeyeye, clarified that the viral recording was not only misleading but also a recycled falsehood.
The National Agency for Food and Drug Administration and Control (NAFDAC) has issued a formal disclaimer concerning an audio recording circulating on social media.
The audio recording falsely claims the agency shut down the Tummy Tummy noodles manufacturing facility in Anambra State.
In a statement released on Wednesday, the Director-General of NAFDAC, Prof. Mojisola Adeyeye, clarified that the viral recording was not only misleading but also a recycled falsehood.
According to her, the same audio first appeared in Oct. 2023 and was thoroughly investigated at the time.
“The claims made in the recording are entirely false.
“The Tummy Tummy noodles facility in Anambra State was not sealed,” she stated.
Business
Illicit Financial Flows Draining National Resources – Adedeji
He emphasized the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.
•Chairman of FIRS, Zacch Adedeji
On July 22, 2025, the Executive Chairman of FIRS, Zacch Adedeji, delivered the welcome address at the National Conference on Illicit Financial Flows in Abuja.
He emphasizied the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.
He cited the recent tax reforms as a major step forward and highlighted the following as key points in his welcome address:
* Illicit Financial Flows through tax evasion, profit shifting and money laundering are draining national resources and threatening fiscal stability.
- The recent signing of four tax reform bills marks a critical step toward transparency, system overhaul, and stronger institutions.
- FIRS is responding with a multi-dimensional strategy: promoting voluntary compliance, embracing digital intelligence and enhancing enforcement under the Proceeds of Crime Act.
- * A need for unified, data-driven, and globally coordinated action to close fiscal gaps and protect Nigeria’s economic future.
Business
Just in: CBN Retains July Interest Rate at 27.5% , Says 8 banks meet recapitalisation target
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
The Central Bank of Nigeria (CBN) has maintained the July Monetary Policy Rate (MPR) of 27.5 percent with all policy parameters.
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
Mr Cardoso explained that the asymmetric corridor was retained at +500/-100 basis points around the MPR, leaving the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and a general Liquidity Ratio of 30 percent.
He said that the decision to maintain the current MPR was premised on the need to continue to ensure the ongoing inflation reduction while vigorously ensuring declining prices.
The CBN boss revealed that as of July 18, the nation’s foreign reserve stood at 40.1 billion, which could provide import cover of nine and a half months.
He also disclosed that eight banks had achieved the new recapitalisation requirements.
The governor said the monetary and fiscal authorities would continue to work together to reduce the nation’s inflation rate to a single digit.
We didn’t shutdown Tummy Tummy noodles factory – NAFDAC
Canal+ acquires MultiChoice Group for $3bn
Joint Security Forces Nab 12 Kidnap Suspects, Rescue Victims in Kogi/Kwara Operation (Photos)
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
News2 days agoBREAKING: Natasha arrives at the National Assembly to resume duty
-
News3 days agoAgain, Court Refuses Yahaya Bello’s Travel Request for Medical Treatment
-
News2 days agoUPDATE: Drama as security prevents Natasha from entering N’Assembly
-
Business3 days agoGenCos Oppose Enugu’s Band A tariff cut to N160/kWh
-
Business2 days agoJust in: CBN Retains July Interest Rate at 27.5% , Says 8 banks meet recapitalisation target
-
News2 days agoRULAAC Commends DSS DG’s Human Rights Reforms, Tasks IGP to Emulate Same in the Nigeria Police Force
-
Business2 days agoNCS Replacing 4% import charges with 1% CISS import levy
-
Entertainment2 days agoMalcolm-Jamal Warner, Cosby Show Star, Dead at 54