Xi’an summit a new milestone in China-Central Asia relations

By He Yin, People’s Daily

Chinese President Xi Jinping on May 19 chaired the first China-Central Asia Summit and delivered a keynote speech in Xi’an, northwest China’s Shaanxi province. The summit was also attended by heads of state of the five Central Asian countries, namely Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.

The six heads of state reviewed the history of friendly exchanges between China and Central Asia, took stock of their cooperation outcomes, summed up successful experiences, and built new consensus, charting a blueprint for the future development of China-Central Asia relations.

Facing profound changes unseen in a century, and bearing in mind the fundamental interests and bright future of the peoples, the six countries are determined to foster an even closer China-Central Asia community with a shared future, which will bring more benefits to the peoples and make greater contributions to regional peace and development.

The China-Central Asia relationship is steeped in history, driven by broad actual needs, and built on solid popular support. The relations are brimming with vigor and vitality in the new era.

For millennia, the people of China and Central Asia have complemented and learned from each other, creating the glories of the ancient Silk Road. Since the two sides established diplomatic relations, they have always respected each other, enjoyed good neighborliness, and worked in partnership and solidarity for mutual benefit through thick and thin. Their state-to-state relations have grown from ones of good-neighborliness to strategic partnerships, and then to a community with a shared future, achieving historic leapfrog development.

In today’s world, transformations unseen in a century are accelerating; the international and regional situation is changing in profound and complex ways; both opportunities and challenges are unprecedented. At this critical historical juncture, the China-Central Asia Summit follows the trend of win-win cooperation, which is in line with the fundamental interests of the peoples and is conducive to the development and revitalization of the six countries.

In his keynote speech, Xi proposed four points on what Central Asia the world needs, four principles in building a China-Central Asia community with a shared future and eight points for good planning, development and progress of China-Central Asia cooperation.

It marked the first comprehensive and systematic exposition on China’s foreign policy toward Central Asia by China’s top leader in the new era. It has won high recognition and received warm responses from the heads of state of the five Central Asian countries, and offered fundamental guidance for building an even closer China-Central Asia community with a shared future.

Building an even closer China-Central Asia community with a shared future is the most important political outcome of the summit, which demonstrates to the world the determination of China and Central Asia to renew their millennia-old friendship and open up new vistas for the future.

Xi said in his keynote speech that the world needs a stable, prosperous, harmonious and interconnected Central Asia. He stressed the sovereignty, security, independence and territorial integrity of Central Asian countries must be upheld, their people’s choice of development paths must be respected, and their efforts for peace, harmony and tranquility must be supported.

His remarks strongly resonated with the leaders of Central Asian countries. During the summit, they voiced firm support for each other to choose a development path compatible with their national conditions, firmly uphold their core interests including sovereignty, independence, security and territorial integrity, and oppose interference in others’ internal affairs.

Central Asian countries fully recognize the significance of the Chinese path to modernization for the world’s development, and reiterate their firm commitment to the one-China principle. As forces for peace and justice, China and Central Asian countries, with mutual understanding and joint efforts, will surely inject more positive energy and stability into this complicated and volatile world.

During the summit, China and five Central Asian countries signed seven bilateral and multilateral documents as well as over 100 cooperation agreements in various fields. The achievements and impacts of the summit were unprecedented.

The China + Central Asia (C+C5) cooperation mechanism is a result of China and Central Asian countries moving in the same direction. It conforms to the development of the region, the trend of the times and the aspiration of the peoples, enjoying strong endogenous impetus and broad development prospects.

The summit established a comprehensive framework for the mechanism. Taking the opportunity of this summit, the six countries have officially inaugurated the China-Central Asia Summit Mechanism, with China and Central Asian countries taking turns to host the biennial summit.

Head-of-state diplomacy will keep offering strategic guidance on enhancing top-level planning and coordination for China-Central Asia relations.

The first China-Central Asia Summit was a grand meeting that blended history and the future. Xi’an, as the starting point of the ancient Silk Road, has once again become a starting point in the new era witnessing the joint efforts of China and Central Asian countries to create a brighter future.

The summit demonstrated unity, creativity and efficiency, creating a new platform and opening up new prospects for China-Central Asia cooperation. It marked a new milestone in the development of China-Central Asia relations.

It is believed that with joint efforts, China’s relations with Central Asian countries will forge ahead like a ship braving all winds and waves, offer new vitality to the development and revitalization of the six countries, inject strong, positive energy to peace and stability of the region, and make new contributions to building a community with a shared future for mankind.

Animal husbandry sees broad prospects in digitalization

By Meng Haiying, People’s Daily

In a breeding base of Haoyue Group, a leading beef product company, 800 fattening cattle are eating, pacing or enjoying massage therapies with the melodious sound of the piano.

Big data plays a key role in the operation of this clean tech-ish breeding base, which covers 15,000 square meters in Changchun, northeast China’s Jilin province. Every cattle has a QR code that shows its age, vaccination record, and even how much forage it has consumed and how much weight it has put on during each stage of its growth.

These cattle, known as Woking black cattle, are a patented breed of Haoyue Group, which differ from normal beef cattle in terms of both breeding techniques and environment.

According to an executive of Haoyue Group, each of the cattle weighs about 750 to 850 kilograms and results in beef of approximately 450 kilograms on average. The beef is sold in five grades in accordance with quality, with the price ranging from 90 yuan ($12.84) to 2,600 yuan per kilogram, which means the beef part of a cattle is worth over 130,000 yuan, equivalent to the price of a regular passenger car.

Technology and human resource are key to agricultural modernization. Haoyue Group has improved the quality of cattle breeds and secured germplasm resources with sci-tech innovation, as well as reformed its breeding structures and optimized the breeding process with big data.

Supported by agricultural mechanization and intelligence, the company has developed the traditional cattle beef industry into an industrial chain that involves breeding, cattle farming, beef processing and sales.

This exactly mirrors the high-quality, high-production and low-consumption characteristics of precision agriculture, and is a miniature of modern agricultural development. It has significance for the application of technologies in other fields of agriculture.

Animal husbandry supported by digital technology is able to better satisfy people’s needs and thus embraces a huge market.

Despite the impact of multiple factors, the output value of Haoyue Group bucked the trend over recent years. The beef bred and produced in its breeding base, assisted by digitalization, is now highly recognized by the market. It is a result of higher demands from consumers for healthy and quality products.

In recent years, Chinese consumers have improved their living standards, upgraded consumption concepts and optimized their dietary structure. Driven by digital opportunities, industrial development and product improvement will certainly create a more prosperous market.

The animal husbandry industry, upon upgrading, would accelerate low-carbon circulation and green development, and enjoys huge development potential.

The “No. 1 central document” for 2023 released by China’s central authorities urged more vigorous development of silage and accelerated utilization of straws in animal husbandry.

Jilin has launched a program that encourages farmers to take eco-friendly corn straws as cattle feed and guides them to breed cattle with technology. The province has developed an intelligent and digital platform for animal husbandry. As a result, more farmers and breeders have changed their methods and improved farming efficiency, embracing a green development path.

Every part of a cow or bull is profitable. Apart from beef, cow leather can be made into valuable shoes, bags and jackets, and also be sold to automakers for automotive interiors. The bones and cartilage of the animal are a source of calcium powder and chondroitin sulfate, and heparin sodium can be extracted from the lungs and small intestines. Besides, biological valves processed from bovine pericardium can also simulate human valve functions.

Today, empowered by industrialization and big data thinking, Jilin has developed a complete industrial chain involving cattle breeding, ruminant feed, food processing, biomedicine, leather making and organic fertilizer industries.

The prosperity of the cattle industrial chain reflects the vitality of agricultural modernization and the broad space of diversified intensive processing in the animal husbandry sector. The province will embrace longer industrial chains and bigger industrial clusters by promoting integrated development of the primary, secondary and tertiary industries, collaborating all sectors along the chain and expanding the development paths with digital technologies.

Japan undermines regional interests by provoking bloc confrontation

By Zhong Sheng, People’s Daily

To hype the so-called “China threat” is a “script” written by Japan, the rotating presidency of the Group of Seven (G7), for the G7 summit in Hiroshima.

Recently, the leader of Japan once again made irresponsible remarks during an interview, saying China is seeking unilateral changes to the status quo by force.

Making use of the G7 Hiroshima summit, the Japanese side has repeatedly fanned up the so-called “China threat” to demonstrate its “leadership” and the “solidarity” of the G7, which is indeed facing a number of problems.

Such practice of instigating bloc confrontation for private interests will only make Japan’s neighboring countries in Asia more vigilant and further reveal to the international community the disgraceful role played by Japan.

Taiwan’s return to China is a component of the post-war international order. It is written in black and white in the Cairo Declaration and the Potsdam Proclamation.

Japan, as a country whose militarists once launched wars of aggression, should have exercised caution in its words and deeds. However, for some time, some forces in Japan have vigorously advocated that “Any contingency for Taiwan is a contingency for Japan,” and even erroneously identified Taiwan as “important for Japan’s security and the stability of the international community,” trying to make the Taiwan question an international issue.

By provoking China on issues concerning the country’s core interests, Japan has grossly interfered in China’s domestic affairs and blatantly challenged the post-war international order.

Despite the remarks by the leader of a European country that Europe should not get involved in the Taiwan question, Japan is trying to kidnap all other members of the G7 with the Taiwan question, which is a disrespect to them.

By hyping the so-called “China threat,” Japan hopes to find excuses to break free from the military restrictions imposed on it over crimes of aggression committed by Japanese militarism in history.

Its written in the Potsdam Proclamation released in 1945 that Japan will eliminate militarism and establish a peaceful government.

Following the exclusively defense-oriented strategy, the ban on the right to collective self-defense and giving up the right to launch wars are promises made by Japan to the rest of the world.

However, the country has been revising its defense strategy over the recent years to break free from the Peace Constitution.

In December last year, Japan updated three security and defense-related documents including the National Security Strategy, the National Defense Strategy and the Defense Buildup Program, declaring that it has acquired the “counterstrike capability,” or “enemy base strike capabilities.” This meant that Japan abandoned the “exclusively defense-oriented” strategy and deviated from the Peace Constitution.

By taking China as an “unprecedented strategic challenge” and fanning up the so-called “China threat,” Japan is trying to get rid of the restrictions from the Peace Constitution and find excuses to expand its military strength.

As an Asian country, Japan is passionate about being a “pioneer” in protecting American hegemony in the Asia-Pacific region, which seriously threatens regional peace and stability. The United States announced that it will “shape the strategic environment in which China operates,” and Japan just fell into line with the United States and did the United States’ bidding.

Japan has completely forgot the humiliation of being forced to accept the Plaza Accord and turned a deaf ear to the rational voices in the country to oppose the constitutional revision and military build-up.

Japan intends to spearhead NATO’s foray into the Asia-Pacific. Last year, the country took part in a NATO summit for the first time, and now it is planning to open an NATO office in Tokyo, which clearly reveals its intention to introduce the alliance to the Asia-Pacific.

Asia is one of the most peaceful and stable regions in the world and a promising land for cooperation and development. It’s not an arena for geopolitical contest. Japan’s remarks and practices have alerted the international community, especially countries in the Asia-Pacific.

Japan has ulterior motives by roping in other G7 members. It is eager to shake off the institutional restrictions formed after the World War II and become a “normal” country. Hosting the G7 summit is considered an opportunity for the country to demonstrate its “big-country ambition.”

However, as a Japanese media outlet analyzed, the global influence of the G7 today is not as big as it used to be. It’s ill-conceived for Japan to embolden itself by roping in other G7 members.

If Japan really wants to become a responsible member of the international society as it has claimed, it should take concrete actions to win trust from its neighboring countries in Asia and the rest of the international community, rather than giving empty slogans.

Japan also has the intension to have other G7 members endorse its plan to discharge nuclear-contaminated water into the sea.

During a press conference of the G7 Ministers’ Meeting on Climate, Energy and Environment held last month, the Japanese side claimed that the steady decommissioning progress including the release of treated water into the ocean “will be welcomed.” However, Steffi Lemke, Germany’s Minister for the Environment, Nature Conservation, Nuclear Safety and Consumer Protection, slammed the claim, saying she “cannot welcome the release of the treated water.”

The Japanese plan to discharge nuclear-contaminated water into the sea violates the international obligations of Japan. The country will only make itself more distrusted if it keeps asking for endorsement from other countries.

In history, Hiroshima once shouldered huge trauma as a result of the war of aggression waged by Japanese militarists. Today, Japan is turning a blind eye to history and playing dangerous geopolitical games when the world is facing challenges, which is extremely irresponsible for the Japanese people and the international community.

The Japanese government should listen carefully to the voices of justice from its people. They don’t want Hiroshima, a city once took an atomic bomb, to be utilized politically, and don’t want Japan to be an accomplice of war.

Digital technologies expand China’s foreign trade

By Wu Huimin

China’s consumption scenarios of foreign trade have been constantly widened thanks to the development of digital technologies, such as AI-assisted real-time translation, remote equipment trouble-shooting and traceable technology in production, packaging, shipping and sales processes.

Experts believe that digital trade, as a new form in the trade sector, is expanding new space for foreign trade upgrading

In an exhibition area of an intelligent international freight system of Cainiao, the logistics arm of Chinese e-commerce giant Alibaba, a batch of digital services is displayed.

Visitors can get a clear path of an express parcel from China to its overseas destination by just typing a few parameters into the system. All important logistics nodes are marked along the path on the screen.

An employee of Cainiao told People’s Daily that with this system, every logistics link has become traceable, from domestic warehouses to ports and overseas warehouses, and in end-range delivery.

The 133rd China Import and Export Fair, also known as the Canton Fair, was recently held in south China’s Guangdong province. Apart from arranging offline booths, many exhibitors also set up live broadcasts in the venue, interacting with their clients via livestreaming.

“We have opened online business on international trade sites including Alibaba, and promoted our operations on overseas social media platforms. Thanks to these efforts, our business is constantly expanding,” said Wang Li, founder of exhibitor Shenzhen Maiqijia Home Co., Ltd., an early player in the e-commerce sector.

Over recent years, digital technologies have opened up new arenas, constantly contributing to the high-quality development of China’s foreign trade.

Sun Yuning, vice minister of the General Administration of Customs of China, noted that cross-border e-commerce has become a new engine of the country’s foreign trade development and an important part of China’s high-quality development, with its volume doubling from 1 trillion yuan ($142.12 billion) in 2018 to 2.11 trillion yuan in 2022.

While expanding its volume, the sector has also witnessed a huge improvement in its quality, with more and more commodities manufactured in China entering the global consumer market through cross-border e-commerce, Sun added.

Regions across China are actively engaging in the development of digital technologies, embracing new business forms of foreign trade.

Hangzhou in east China’s Zhejiang province has built an AI innovative development pilot zone, a national financial technology innovation and development pilot zone and a world-class demonstration center for cross-border e-commerce.

Jiangsu province, which neighbors Zhejiang, launched measures to promote digital trade, vowing to establish a digital trade sector for its international trade single-window system and build a statistical system for digital trade.

Today, more and more foreign products are entering Chinese families thanks to the application of digital technologies.

A number of ambassadors, consuls and counselors to China have joined livestream marketing activities in the country since 2020, recommending products from their countries to Chinese consumers.

The transformation and upgrading of China’s foreign trade not only benefits the country itself, but also brings opportunities to the rest of the world.

So far, China has signed the Digital Silk Road memorandums of understanding for cooperation with over 10 countries and advanced the Silk Road E-commerce bilateral cooperation mechanism with more than 20 countries. This indicates the deepening cooperation on digital trade between China and other countries and regions along the Belt and Road Initiative.

China is the world’s largest market of digital consumption. The digital economy has profoundly changed the ways of work and life of the Chinese people, and introduced new visions to the rest of the world.

Experts believe that the implementation of the Digital Silk Road will promote the development of cross-border e-commerce and is conducive to making employment more diversified and flexible in relevant countries.

China’s development in digital trade has brought dividends to many countries around the world. More and more countries are expecting to cooperate with China in the sector.

An official with the Shanghai Cooperation Organization (SCO) noted that China enjoys huge potential in e-commerce development, and cross-border e-commerce is able to further improve the openness and inclusiveness of the market.

The SCO hopes to strengthen cooperation among its members, especially in the fields of e-commerce and digital economy, by sharing China’s practical experiences, the official added.

AVIATION: BUHARI APPROVES NEW APPOINTMENTS, REORGANISATION IN AGENCIES

President Muhammadu Buhari has approved the reorganisation of Agencies under the Ministry of Aviation in line with the new Acts of the National Assembly which he assented to, and were gazetted recently.

Highlights of the reorganisation include the creation of new Directorates in some of the Agencies prominent amongst which are the Public Affairs and Consumer Protection, Corporate Services and Aviation Security Directorates.
According to a statement signed by Head, Press & Public Affairs, Ministry of Aviation and Aerospace, Odatayo Oluseyi, the creation of the Public Affairs and Consumer Protection Directorate is to put the Agencies on their toes in terms of adequately addressing complaints by their respective stakeholders and oversee the Public Affairs / Protocol, Consumer Protection, SERVICOM and Anti-Corruption Departments while the Aviation Security Directorate in the NCAA will regulate the activities of the AVSEC personnel, especially with their recent arms-bearing status. The Corporate Services Directorates are to oversee the Procurement and Planning, Research and Departments.

In line with the above, the President has approved the appointment of Kabir Yusuf Mohammed as the new Managing Director/Chief Executive Officer of the Federal Airports Authority of Nigeria (FAAN).

Until his appointment, Kabir Yusuf Mohammed was the Regional General Manager, Central Region Airports, Federal Airports Authority of Nigeria (FAAN) and Chairman of the Aviation Roadmap Implementation Committee.

Similarly, Engr Tayib Odunowo has been appointed the substantive Managing Director of the Nigerian Airspace Management Agency (NAMA) to take over from Mr Matthew Lawrence Pwajok who reverts to his substantive position as Director of Operations of the Agency.

The Directors-General of the Nigerian Safety Investigation Bureau (NSIB), Engr Akin Olateru the Nigerian Meteorological Agency (NiMet), Prof Mansur Matazu and Nigerian Civil Aviation Authority (NCAA), Captain Musa Nuhu are to run the remaining course of their tenures in line with the Acts setting up their respective Agencies, while the Rector of the Nigerian College of Aviation Technology Zaria, Captain Alkali Modibo has been granted a one-year extension, also in line with the Act setting up the College.

In order to reposition the Agencies to perform their statutory duties as enshrined in the Acts, the Minister of Aviation has also approved the appointment of some new Directors. This is to address the requirements of the Acts for appropriate placements, Federal character requirements etc

The appointments::
FAAN:

  1. Managing Director – Mr Kabir Yusuf Mohammed –
  2. Human Resources and Admin. – Shehu D. Mohammed
  3. Commercial and Business Management – Olumuyiwa Femi-Pearse
  4. Corporate Services – Barr. Azubuike Okorie
  5. General Manager (Statistics) – Kingsley Uchechukwu Okunji
  6. General Manager (Special Duties) – Jemilu Abdulrahman

NCAA:

  1. Director General/CEO – Capt Musa S. Nuhu
  2. Director, Airworthiness Standards – Engr Gbolahan Abatan
  3. Director, Aerodrome and Airspace Standards – Engr. Godwin Balang
  4. Director, Operations – Capt. Ibrahim Danbazau
  5. Director, Air Transport Regulations – Mr Olaniyi Saraku
  6. Director, Public Affairs and Consumer Protection – Capt. Chris Najomo
  7. Director, Aviation Security – Air Cdr Hambali Tukur
  8. Director, Corporate Services – R. M. Daku (Mrs)
  9. Company Secretary/Legal Adviser – Mrs Mary Tufano
  10. General Manager (Audit) – Mrs Dawa Gyaks
  11. General Manager (Accounts) – Mr Aminu Tasi’u

NSIB

  1. Director General/CEO – Engr Akin Olateru
  2. Director, Finance and Accounts – Mr Ori Bassey
  3. Director, Public Affairs and Consumer Protection – Dr James A. Odaudu
  4. Director, Corporate Services – Oliobi Godfrey Ikemefuna
  5. Transport Investigation – Capt Tosin Odulaja
  6. Company Secretary/Legal Adviser – Barr. Illitrus Ahmadu

NIMET:

  1. Director General/CEO – Prof Mansur Bako Matazu
  2. Human Resources and Admin. – Saleh Tukur Yusuf
  3. Director , Weather Forecasting Services – Daniel Okafor Chibueze
  4. Public Affairs and Consumer Protection – Ahmed A. Sanusi
  5. Director, Research and Training, Prof Effiong Essien Oku

NAMA:

  1. Director General/CEO – Engr A. Tayib Odunowo
  2. Director , Operations – Matthew Lawrence Pwajok
  3. Director, Public Affairs and Consumer Protection – Khalid Emele
  4. Corporate Services – Mr Uchendu Chibuzo Oji
  5. General Manager, Public Affairs – Amaka Ude Walker (Mrs)
    All the appointments are with immediate effect.

The delegation from President Biden attending Tinubu’s inauguration.

A total of 65 global leaders, including Heads of State, have received invitations to attend and honor Tinubu’s inauguration.

Biden’s Delegation for Tinubu’s Inauguration on May 23, 2023
President Joe Biden has officially announced the members of his delegation who will be attending the upcoming inauguration of President-elect Bola Tinubu. The ceremony will take place at Eagle Square in Abuja, where Tinubu will be sworn in as the 16th President of Nigeria.
The prestigious event has garnered international attention, with invitations extended to 65 world leaders, including Heads of State. Notable attendees will include past presidents, diplomats, representatives from international organizations, prominent Nigerians, and dignitaries from foreign governments and agencies.
The inauguration festivities will commence on Thursday, starting with the conferment of the Grand Commander of the Order of the Federal Republic to Tinubu, as well as the bestowing of the Grand Commander of the Order of the Niger upon Vice-President-elect Kashim Shettima.
The occasion will witness the presence of representatives from Nigeria’s traditional allies, such as the United States, the United Kingdom, Canada, France, Saudi Arabia, United Arab Emirates, Pakistan, China, Germany, Finland, Jamaica, Japan, Israel, Turkey, and numerous others.
In preparation for the inauguration, President Biden released a statement on the White House website on Monday night, unveiling a nine-member delegation that will be attending the event.


Delegation from the United States for Tinubu’s Inauguration
Leading the delegation is Marcia L. Fudge, Secretary of the United States Department of Housing and Urban Development. The Presidential Delegation includes the following members:


1. Mr. David Greene: Chargé d’Affaires, a.i., U.S. Embassy Abuja
2. The Honorable Sydney Kamlager-Dove: United States Representative (D), California
3. Honorable Marisa Lago: Under Secretary of Commerce for International Trade, U.S. Department of commerce
4. General Michael E. Langley: Commander of U.S. Africa Command
5. The Honorable Enoh T. Ebong: Director, U.S. Trade and Development Agency
6. The Honorable Mary Catherine Phee: Assistant Secretary of State for the Bureau of African Affairs, U.S. Department of State
7. The Honorable Judd Devermont: Special Assistant to the President and Senior Director for African Affairs, National Security Council
8. The Honorable Monde Muyangwa: Assistant Administrator for the Bureau for Africa, U.S. Agency for International Development.

Various events have been scheduled for the inauguration, including a lecture titled “Deepening Democracy for Integration and Development,” which will be delivered by former President of Kenya, Uhuru Kenyatta, on May 27.
Additional activities include the Regimental Dinner in honor of the Commander-in-Chief at the Armed Forces Officers Mess on May 23, the Valedictory Federal Executive Council Meeting at the Council Chambers inside the Presidential Villa on May 24, a Public Lecture and Juma’at prayer at the National Mosque on May 26, a Children’s Day Parade and Party on May 27, and an Inter-denominational Church Service at the National Christian Centre on May 28.
Furthermore, an Inauguration Dinner/Gala Night is scheduled for May 28 at the State House Conference Centre. The inauguration and swearing-in of the president-elect and vice president-elect will take place on May 29, accompanied by an inauguration parade at the Eagle Square.
Following the ceremony, a post-inauguration luncheon exclusively for the President, fellow Presidents, Heads of Government, and distinguished guests will be held at the State House Banquet Hall.




Jonathan Calls on IoD to Champion Good Governance

During a recent event, Jonathan emphasized the importance of upholding ethical standards and ensuring effective leadership across various sectors. His call to action was directed at the IoD, urging the institute to take the lead in advocating for transparent and accountable practices in governance.

Enshrining integrity as a cultural norm and integral part of corporate life within numerous organizations can greatly alleviate issues such as corruption, dishonesty, inadequate governance, and even electoral irregularities.
“We have the ability to envision a transformed governance landscape in our nation by embracing an ethical and principled work culture. This transformation must commence with leaders like yourselves who hold positions as directors, senior business executives, and entrepreneurs across various organizations.”

Report: Nestle’s Loans Soar to N155 Billion


During Nestle’s recent Annual General Meeting held in Lagos, stakeholders expressed concerns regarding this substantial rise in the company’s liabilities.

Concerns Raised Over Nestle Nigeria’s Liabilities and Intercompany Loans

During the release of Nestle Nigeria’s annual report, a shareholder expressed concerns regarding the company’s liabilities and the accumulated interest on its loans. Specifically, attention was drawn to the intercompany loans taken by Nestle Nigeria.

According to the annual report, Nestle Nigeria disclosed that its unsecured bank loans as of December 31, 2022, amounted to N8.293bn, a significant increase from N431.943m in 2021. Additionally, loans from related parties rose to N147.006bn from N76.432bn in 2021.

Nestle provided further details about these loans, mentioning that the bank loans and borrowings were secured by a negative pledge on the company’s assets, aligning with their respective exposures. The loan contracts did not specify a fixed payment period, and repayment was contingent upon the availability of foreign exchange.

Among the loans, a $100m facility was approved for Nestle Nigeria by Nestle S.A. in April 2020, with a seven-year tenor inclusive of a two-year moratorium period for interest payments only. Furthermore, an additional $100m was received from Nestle S.A. in September 2020.

Moreover, as of December 31, 2022, the import trade obligations for Letters of Credit raised under import finance facilities from banks totaled NGN 8.293bn.


Nestle Nigeria’s Interest-Bearing Liabilities Surge to N155bn, Raising Stakeholder Concerns

According to the 2022 annual report and accounts of Nestle Nigeria Plc, the consumer goods manufacturer experienced a significant increase in its total interest-bearing liabilities. The liabilities rose from N76.864bn in 2021 to N155bn by the end of the 2022 financial year, indicating a growth rate of 102.05%.

During Nestle’s recent Annual General Meeting in Lagos, stakeholders expressed concerns regarding the company’s liabilities and the accumulated interest on its loans. One shareholder specifically highlighted the intercompany loans taken by Nestle Nigeria.

In the annual report, Nestle Nigeria provided details about its loans. The company stated that its unsecured bank loans as of December 31, 2022, amounted to N8.293bn, a substantial increase from N431.943m in 2021. Additionally, loans from related parties rose to N147.006bn from N76.432bn in 2021.

Nestle clarified that the bank loans and borrowings were secured by a negative pledge on the company’s assets, aligning with their respective exposures. The loan contracts did not specify a fixed payment period, and repayment was contingent upon the availability of foreign exchange.

Among the loans mentioned, Nestle received a $100m facility approved by Nestle S.A. in April 2020, with a seven-year tenor inclusive of a two-year moratorium period for interest payments only. Furthermore, an additional $100m was received from Nestle S.A. in September 2020.

Moreover, as of December 31, 2022, the import trade obligations for Letters of Credit raised under import finance facilities from banks totaled NGN 8.293bn.

In response to shareholder concerns, the former Chairman of Nestle, David Ifezulike, attributed the borrowings to forex requirements. He explained that the company needed forex for machinery and parts, as they are not produced locally in Nigeria. Nestle relies on loans from banks and forex support from the parent company to meet these needs.

While Nestle strives to use local raw materials for most of its products, Ifezulike acknowledged that certain products still require forex. He emphasized the importance of developing a robust dairy industry in Nigeria, stating that the country needs a concentrated approach to dairy farming to enhance milk production.

Focusing on Nestle’s involvement in the dairy business, he expressed the company’s commitment to supporting the sector. He highlighted the significance of the Central Bank of Nigeria’s initiative to promote the dairy industry and expressed optimism that Nigeria’s dairy industry would grow, reducing the need for imports.

According to the NITDA, Nigeria receives a significant portion of Africa’s foreign direct investment, amounting to 30%.

Kashifu Inuwa, the Director General of the National Information Technology Development Agency, has stated that Nigeria captures nearly 30% of Africa’s Foreign Direct Investment. In addition, he highlighted that the Nigerian tech ecosystem received a combined investment of approximately $4.4 billion between 2015, 2019, and 2020. Furthermore, the Information and Communications Technology sector contributed around 18.5% to Nigeria’s Gross Domestic Product.


Inuwa said this at the Leaders Without Borders Annual Business Summit and International Honours 2023 in London with the theme: “Business Beyond Borders, Global Partnerships and Sustainable Investments”, a global event that brings together business leaders, entrepreneurs, and thought leaders from around the world to promote collaboration and innovation in the business world.
The DG recalled that NITDA as a government agency established in 2001 to help Nigerians in the use of information technology had supported about 753 startups in different ways through training, seed funding and grants.

It added that through the agency’s efforts, 120 million Nigerians currently have access to the internet not just computer.
He noted that the digital economy had created a pathway for emerging technologies, providing opportunities for talented youths in Africa to emerge as global leaders, through harnessing their potential.
According to the NITDA boss, fintech companies in the country are almost twice bigger than its biggest bank.

He claimed that the biggest bank in the country was valued at about $1.6bn, while Flutterwave was almost $3.6bn.

Nigeria gets 30% of Africa’s foreign direct investment – NITDA
23rd May 2023


The Director General of National Information Technology Development Agency, Kashifu Inuwa, has said that almost 30 per cent of Africa’s Foreign Direct Investment ends in Nigeria.
According to him, the Nigeria tech ecosystem has attracted about $4.4bn investment in 2015, 2019 and 2020 commutatively, and ICT contributed about 18.5 per cent to country’s Gross Domestic Product.


Inuwa said this at the Leaders Without Borders Annual Business Summit and International Honours 2023 in London with the theme: “Business Beyond Borders, Global Partnerships and Sustainable Investments”, a global event that brings together business leaders, entrepreneurs, and thought leaders from around the world to promote collaboration and innovation in the business world.
The DG recalled that NITDA as a government agency established in 2001 to help Nigerians in the use of information technology had supported about 753 startups in different ways through training, seed funding and grants.

It added that through the agency’s efforts, 120 million Nigerians currently have access to the internet not just computer.
He noted that the digital economy had created a pathway for emerging technologies, providing opportunities for talented youths in Africa to emerge as global leaders, through harnessing their potential.
According to the NITDA boss, fintech companies in the country are almost twice bigger than its biggest bank.

He claimed that the biggest bank in the country was valued at about $1.6bn, while Flutterwave was almost $3.6bn.

“Nigeria is thriving and has the most vibrant tech ecosystem in Africa. Recently, we took some startups to Riyadh for competition, and two of them emerged as global winners and won $150,000 each.
“In addition to making an effort in IT development as well as enhancing the capacity of the citizenry, hundreds of IT Hubs, IT Parks, and community ICT centres were established, furnished and equipped with worlds class facilities across the states of the federation.
“The agency through its strategic relations with techpreneurs, supported startups, and IT ecosystem builders through Nigeria ICT Innovation and Entrepreneurship Vision (NIIEV) which have created employment for Nigerian youths,” he explained.
Inuwa noted that the agency had been doing a lot in the area of digital literacy, using local languages to enable every Nigerian to be able to use digital devices and consume digital services.
“We have trained over 3.3 million Nigerians on digital literacy to boost the economy.
“NITDA embarked on the development of many regulatory frameworks for the Information Technology development in government establishments. The projects are to give rise to digital skills in educational institutions and rural areas and cities, to develop human capital and provide universal access to digital services with the aim of creating a knowledge-based economy,” the NITDA DG said.

Inuwa further revealed that under the IT project clearance, the agency had saved the country money from duplication of projects by ministries, departments and agencies.
According to him from 2019 to date, NITDA through the project has saved the country over N305bn from IT project implementation in MDAs towards improving effectiveness and efficiency in executing government IT projects across the country.

Hilda Baci firmly believes that cooking is her divine calling from God.

On Monday of last week, Baci received immense support from Nigerians and individuals in the diaspora when she successfully cooked for 100 consecutive hours, surpassing the previous record of 87 hours and 45 minutes held by Indian chef Lata Tondon.
Baci experienced overwhelming support from both Nigerians and individuals in the diaspora last Monday as she accomplished the remarkable feat of cooking for 100 consecutive hours. This achievement surpassed the previous record of 87 hours and 45 minutes set by Indian chef Lata Tondon.