New trade policy will help diversify Nigeria’s economy

The Head, Trade Policy and Facilitation, German Development Cooperation (GIZ), Mr Alexander Werth, said on Thursday that Nigeria was on the verge of diversifying its economy with new trade policy.

Werth told the News Agency of Nigeria (NAN) on Thursday in Abuja that Nigeria would overcome dependency on oil to earn foreign exchange as it diversified into industry and agribusiness.

According to him, the new trade policy is trying to ensure that Nigeria moves away from oil to non-oil sectors.

“This dependency on oil revenue can be reduced by diversifying the Nigerian economy and I think this is what the trade policy is trying to do. To move away from oil to the

China uncovers $10bn fake trades

China has uncovered $10bn (£6.1bn) worth of fake trades as part of a nationwide crackdown on companies.

The currency regulator said 15 fraud cases had been handed over to the police for prosecution.

Companies sometimes falsify transactions as a way of GETTING MONEY in and out of China.

"Fake trade deals can do severe harm to ...the overall economy" said Wu Ruilin, deputy head of the State Administration of Foreign Exchange (SAFE).

"They not only increase the pressure of hot money inflows, but also provide illegal channels for cross-border capital flows," he added.

Blame has also been placed on