Business

China offers Africa $51 bln in fresh funding, promises a million jobs

Published

2 years ago

September 5, 2024

365 Views

President Xi Jinping pledged on Thursday to step up China’s support to the world’s fastest-growing continent with funding of nearly $51 billion, backing for more infrastructure initiatives and a promise to create at least 1 million jobs.

The world’s biggest two-way lender, Beijing showed a desire to move away from funding big-ticket infrastructure and focus instead on selling to developing economies the advanced and green technologies in which Chinese firms have invested heavily.

Still, Xi told delegates from more than 50 African nations that the world’s second-largest economy would carry out 30 infrastructure projects across the resource-rich continent, and offer 360 billion yuan ($50.70 billion) in financial assistance.

“China is ready to deepen cooperation with Africa in industry, agriculture, infrastructure, trade and investment,” Xi told delegates at a major China-Africa summit in Beijing.

He called for “a China-Africa network featuring land-sea links and co-ordinated development,” as he told Chinese contractors to return to the 1-billion-strong continent, after the lifting of COVID-19 curbs that disrupted its schemes.

Last year, China approved loans worth $4.61 billion to Africa, in the first annual increase since 2016.

Xi said 210 billion yuan of the financing pledge would be disbursed through credit lines and at least 70 billion in fresh investment by Chinese companies, with smaller amounts provided through military aid and other projects.

The Forum on China-Africa Cooperation Summit, held this year in the Chinese capital, chalks out a three-year programme for China and every African state bar Eswatini, which retains ties to Taiwan.

Besides 30 infrastructure connectivity projects, Xi added, “China is ready to launch 30 clean energy projects in Africa,” offering to co-operate on nuclear technology and tackle a power deficit that has delayed industrialisation efforts.

But the Chinese leader did not reiterate his pledge at the 2021 forum in Dakar for the Asian giant to buy $300 billion worth of African goods, pledging only to unilaterally expand market access.

Analysts say Beijing’s phytosanitary rules for market access are too strict, making China unable to meet that promise.

“We are ready to assist in the development of the African Continental Free Trade Area, and deepen logistics and financial co-operation for the benefit of trans-regional development in Africa,” Xi added.

Related Topics:Africa China Featured World Bank

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Naira Exchange Rates Friday, 3 July 2026

Published

1 day ago

July 3, 2026

OCHEFA

29 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 397 Sell ₦1,405

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,370.15

GREAT BRITISH POUND (GBP) ₦1,832.17

EURO (EUR) ₦1,568.28

SWISS FRANC (CHF) ₦1,1705.44

JAPANESE YEN (JPN) ₦8. 51

CHINESE YUAN (CNY) ₦201. 80

WEST AFRICAN CFA (XOF) ₦2.38

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 98

SAUDI RIYAL (SAR) ₦364.91

SOUTH AFRICAN RAND (ZAR) ₦84. 32

Business

Issue: Cloning Nigerian Investment Promotion Commission (NIPC)

Published

2 days ago

July 2, 2026

OCHEFA

53 Views

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.

The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.

The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.

The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.

The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.

Current status

The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.

As the case is pending before the court, the allegations remain subject to judicial determination.