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China Woos Nigeria To Join WAICO Memberships For Technology Advantages

African countries on the memberships list include South Africa, Kenya, Cameroon, Sudan, Ethiopia, Senegal, Zambia and Algeria.

Published

1 month ago

September 24, 2026

OCHEFA

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The Chinese Ambassador to Nigeria, Yu Dunhai, has emphasised the need for Nigeria to join the World Artificial Intelligence Cooperation Organisation (WAICO) to share in global tech development.

The World Artificial Intelligence Cooperation Organization (WAICO) is an international organization focused on artificial intelligence (AI) established in July 2026. Proposed by China before its 2026 World Artificial Intelligence Conference, it is headquartered in Shanghai and oriented toward the Global South.

Twenty-nine countries signed the founding agreement on 16 July 2026 in Shanghai, followed by eight additional signatories later that month, bringing the total membership to 37 countries.

African countries on the memberships list include South Africa, Kenya, Cameroon, Sudan, Ethiopia, Senegal, Zambia and Algeria.

WAICO is believed to have been set up to rival the US-led Pax Silica initiative, aiming to counterbalance Western influence across global supply chains for rare-earth elements, semiconductors, and AI governance.

Ambassador Yu made the call on Wednesday in Abuja during an event celebrating the 77th anniversary of the founding of the People’s Republic of China, which shares its October 1st National Day with Nigeria.

Speaking at the evening reception, Ambassador Yu said, ” Those who walk the same path go far. Let us empower development through innovation, openness, and sincere cooperation to continuously enrich China-Nigeria friendship and write a new chapter in China-Africa relations.”

Regarding 55 years of diplomatic ties with Nigeria, Yu noted that both nations have grown closer through mutual respect and shared success.

“Under the strategic leadership of President Xi Jinping and President Bola Ahmed Tinubu, our relationship has entered the fast lane,” he said.

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Business

Naira Exchange Rates Thursday, 5 Nov 2026

Published

1 day ago

November 5, 2026

OCHEFA

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BLACK/ PARALLEL MARKET RATES

₦1400DOLLAR (USD)

₦1830POUND (GBP)

₦1515 EURO (EUR)

₦950 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED

₦190 Chinese YUAN (CNY)

₦100 Ghanaian CEDI (GHS)

West African CFA ₦2240 (XOF)

Central African CFA ₦2180 (XAF)

₦820 Australian Dollar AUSSIE (AUD)

Business

NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

2 days ago

November 4, 2026

OCHEFA

139 Views

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.