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featured Finance

World Bank to phase out lending to China by 2031

The World Bank on Thursday confirmed that it plans to phase out its lending to China by 2031, according to the organization’s new country partnership framework for the world’s second-largest economy. AFP first reported that the multilateral lender would be making the move last month. “IBRD lending will continue to phase down during the CPF […]

featured Investment

Lagos partners Chinese firm for lagoon water pipeline to Lekki

The Lagos State Government is planning to install a water transmission pipeline beneath the Lagos Lagoon into the Lekki Concession Area. The initiative is part of efforts to improve potable water supply in the fast-growing corridor. The disclosure was made by the Lagos State Commissioner for the Environment and Water Resources, Tokunbo Wahab. This followed […]

featured Finance

World Bank to end loans to China by 2031

The World Bank will phase out its lending to China by 2031 under its new Country Partnership Framework, marking a significant shift in its relationship with the world’s second-largest economy. Financial Times reported that according to a World Bank official who spoke on condition of anonymity, the decision reflects China’s economic progress over the past […]

Oil and Gas

IPMAN urges NNPCL to fast-track refinery deal with Chinese firms

Oil marketers under the Independent Petroleum Marketers Association of Nigeria have urged the Nigerian National Petroleum Company Limited to fast-track the proposed Technical Equity Partnership with two Chinese companies for the completion and operation of the Warri and Port Harcourt refineries. They expressed concern that the conclusion of the agreement with the Chinese firms is […]

Tech

Chinese supercomputer tops global rankings for first time since 2017

A newly unveiled supercomputer in China has overtaken its American rivals to become the world’s most powerful computing system, marking the first time since 2017 that a Chinese machine has claimed the top spot in the global Top500 rankings, a benchmark often regarded as a measure of national technological strength. Known as LineShine and located […]

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China imposes new trade restrictions on dozens of US firms

China has introduced new trade restrictions targeting dozens of U.S. firms, in response to Washington’s latest move to expand a Pentagon blacklist of companies accused of supporting China’s military. On Monday, China’s Ministry of Commerce added 10 American industrial suppliers to its export control list. The firms include rare earth producers MP Materials Corp and […]

Policy and Regulations

US blacklists Alibaba, Baidu over alleged military links to China

The United States issued an updated list on Monday of Chinese companies that it believes are aiding the country’s military — including e-commerce giant Alibaba, search engine provider Baidu and electric vehicle maker BYD. The United States Defense Department unveiled the designations just weeks after President Donald Trump met Chinese leader Xi Jinping in Beijing, […]

Business

China cracks down on ‘ghost kitchens’ amid food safety concerns

China has introduced new rules requiring food delivery platforms to verify the licences and physical addresses of restaurants, as regulators move to clamp down on thousands of “ghost kitchens” linked to growing food safety concerns. “Ghost kitchens” are takeaway-only food vendors listed on delivery apps that operate without a physical storefront. Many have recently come […]

featured Oil and Gas

Chinese firms to gain 51% stake in PH, Warri refineries

The Nigerian National Petroleum Company Limited is considering an NLNG-style equity partnership that could hand Chinese investors a majority stake of about 51 per cent in the Port Harcourt and Warri refineries as part of a broader plan to rehabilitate and commercially reposition the facilities. Details of the arrangement emerged after NNPC signed a Memorandum […]

Opinion

NECA queries NNPC refinery deal with chinese firms

The Nigeria Employers’ Consultative Association has raised serious concerns over the recent Memorandum of Understanding signed between the Nigerian National Petroleum Company Limited and Chinese firms for the “restart, completion and expansion” of the Port Harcourt and Warri refineries. It also warned that Nigeria could not afford another failed refinery rehabilitation project. Vanguard reported that […]

featured Opinion

Atiku faults NNPCL, China deal on Port Harcourt refineries

Former Vice President Atiku Abubakar has urged the Federal Government to halt the Nigerian National Petroleum Company Limited’s refinery partnership arrangement with two Chinese firms, describing the deal as lacking transparency and raising concerns over the technical capacity of the companies involved. In a statement released on Friday through his Senior Special Assistant on Public […]

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