<< Back             Poser >> Chinese foreign minister pledges military aid for Africa Chinaese Foreign Minister Wang Yi on Thursday pledged Beijing's full support and military aid for the world's poorest continent as he wrapped up his Africa tour in Nigeria. Wang began an Africa tour on January 6, visiting Namibia, the Republic of Congo and Chad before winding up his tour in Nigeria, where he held talks with Nigerian President Bola Ahmed Tinubu and Foreign Minister Yusuf Tuggar in the capital Abuja. "China will firmly support Africans in addressing African issues in the African way, African people are the real masters of this continent," Wang said after talks with Tinubu. He pledged one billion yuan ($136 million) in military aid to Africa and said China would help train 6,000 troops and 1,000 police officers across the continent. "China supports Nigeria in rallying countries in the region to achieve strength through unity, to build synergy through reconciliation, and to promote security through cooperation," Wang said Thursday. Wang on Wednesday visited the Chadian capital N'Djamena just hours before two dozen armed assailants tried to storm the presidential palace in a failed bid that left 20 dead. One of China's key trade partners in sub-Saharan Africa, Nigeria exports gas and oil to Beijing and imports manufactured products from the country. Trade trade between the two nations amounted to $22.6 billion in 2023, according to Abuja. Geopolitical rivalry The geopolitical rivalry that has played out in Africa between former colonial rulers and nations like China, Russia and Turkey, has intensified since a wave of military coups toppled leaders in multiple West African countries in recent years. Many former French colonies have severed ties with Paris and looked increasingly towards Moscow, Beijing, Ankara and Tehran. China is Africa's top business partner, with $167.8 billion worth of trade in the first quarter of 2024, official Chinese media reported. Beijing has sent hundreds of thousands of workers and engineers to Africa and gained strategic access to its vast mineral riches including copper, gold and lithium. Chinese public bank loans have helped African nations finance construction projects and build infrastructure but the funds have led to deepening debt in some countries. Chinese President Xi Jinping in September met with about 50 African leaders, including Nigeria's head of state, in a China-Africa cooperation summit during which he promised the continent $50 billion in aid over three years. Analysts say Beijing's largesse towards Africa is being recalibrated in the face of economic trouble at home and that geopolitical concerns over a growing tussle with the United States may increasingly be driving policy. YEN	GRA Sets D23 Billion Target after Exceeding 2024 Revenue Milestone By Mustapha Jallow The Gambia Revenue Authority (GRA) has set out to collect D23 billion in 2025, following a historic achievement of D20.83 billion in 2024, surpassing its D19.2 billion target by over D1.6 billion. This remarkable feat marks a 32% increase from the D15.79 billion collected in 2023. Yankuba Darboe, Commissioner General (CG) of Govt budgets 53% more allocations to military retirees The Federal Government has proposed a 53 per cent increase in the 2025 budget allocations for military retirees following a series of protests over unpaid entitlements. Findings by The PUNCH showed that the total allocation for military pensions is set to rise from N221.66bn in 2024 to N338.90bn in 2025, reflecting an effort to address Read Marketers, oil firms sign deal to build 50,000bpd refinery Nigeria’s effort to boost its refining capacity seems to be paying off, as petroleum product retailers signed a deal with three oil companies to establish a 50,000 barrels per day capacity refinery. On Wednesday, the Petroleum Products Retail Outlet Owners Association of Nigeria signed an agreement with Claridge Petroleum Company Ltd, Oasis Petrochemical Products Limited, Read Nigeria’s beverage, food industries hit N10.84tn market cap Nigeria’s beverage and food sectors have collectively achieved a total market capitalisation of N10.84tn, according to end-of-Wednesday trading data on the Nigerian Exchange Limited. The beverage sector, comprising breweries and distilleries, recorded a combined market capitalisation of N2.06tn. Industry giants like Nigerian Breweries Plc. and International Breweries Plc. drove the numbers, contributing N997.65bn and N908.77bn, Read Inflation, bond selloff trigger global stock market slump Global stock markets faced downward pressure on Thursday, as the recent surge in inflation and a widespread bond selloff continued to affect investor sentiment, Reuters reported. The U.S. dollar remained near its highest levels in over a year, while U.S. Treasury yields saw an uptick following recent signs of resilience in the U.S. economy, which Read Power stagnates at 4,500MW despite $3.23bn loans Nigeria’s electricity generation has continued to hover around an average of 4,500 megawatts despite the country securing loans totalling over $3.23bn in about four years from international financial institutions. Global institutions such as the World Bank, the African Development Bank, and the Japan International Cooperation Agency have supported the power sector with billions of dollars Read