China trade data well below expectations

Trade data from the world's second largest economy, China, came in well below expectations on Monday, heightening fears of a sharper slowdown.

China's exports rose 4.7% in November from a year ago, compared to market forecasts of  8.2% jump.

Imports fell 6.7% in the same period against predictions of a 3.9% rise.

The surprise slump in imports led the trade surplus to hit a

Moscow to Follow OPEC Decision Maintain Output Level

The Organisation of Petroleum Exporting Countries’ (OPEC's) decision to abstain from cuts in oil production has forced Russia not to proceed with its own cuts, Russian First Deputy Prime Minister Igor Shuvalov, according to TASS news agency.

The OPEC agreed on Thursday to roll over the ceiling of 30 million barrels per day, at least 1 million above OPEC's own estimates of demand for its oil next year.

Oil prices have dived after the decision, reaching a new four-year low. North Sea Brent fell by $2.43, or 3.3 percent on the day, to $70.15 on Friday.

Russia is

Ghana indicts Nigeria for breach of gas supply contract

Ghana, yesterday, accused Nigeria of breaching the agreement between both countries to supply gas to Ghana, a situation that has worsened the country’s power supply.

Mr. Edward Bawa, Communications Consultant at Ghana’s Energy Ministry told a Ghanaian news medium that since the inception of the West African Gas Pipeline Project, Nigeria, which is responsible for supplying Ghana, Togo and Benin with natural gas, has proven to be unreliable.

“Since gas started flowing through the West African Gas Pipeline, Nigeria has demonstrated that they can’t be relied upon to give us gas,” he maintained.

According to him, Nigeria was supposed to send

Nigeria's Export to China Rises by 117.9%

The Consul General of the Peoples Republic of China, Mr. Liu Kan, yesterday placed the trade volume between Nigeria and China in the first six months of 2014 at $11.76 billion.

Kan who spoke in Lagos at the 65th anniversary of the founding of his country, also noted that Nigeria's export to China during the period rose by a significant 117.9 per cent, higher than all the export from Nigeria to China in the whole of the previous year, 2013.

"In the first half of the year, the trade volume between China and Nigeria reached $11.76 billion, among which the import from Nigeria to China increased by 117.9 per cent, which surpassed the total for last year," Kan stated.

Noting that Nigeria now is the biggest export market for China, and the third largest partner in Africa, the envoy said, the advantages of the Nigeria economy attract more

AFD Offers €400m Grant to Nigeria

The French Agency for Development (AFD), a public development finance institution has said it recently approved €400 million as grant to finance transport and energy projects in Nigeria.

The Country Director, AFD, Mr. Hubert Dognin stated this at the European Union (EU)- Nigeria business forum held in Lagos.

He said his agency needed to identify projects with Nigeria which would need financing.

According to him, the facility for Nigeria, under the infrastructure trust fund and the regional indicative program is an EU facility.

“At the regional level, we have €400 million available for transport and energy and at the national level, for the national indicative program, we have $150 available to finance the energy sector,” he added.

Also commenting on the improved bilateral relationship trade between the EU and Nigeria, the EU Ambassador to Nigeria and the Economic Community of West African States (ECOWAS), Mr. Michael Arrion said:  “EU Foreign Direct Investment (FDI) stock in Nigeria grew from €25.3 billion (N5.3trillion) in 2011 to €27.2 billion (N5.7 trillion) in 2012.

“The EU is also Nigeria's most important

Cameroon robusta coffee exports 15,650 tonnes at end-August

Robusta coffee exports from Cameroon by end-August had reached 15,650 tonnes since the season began on December 1, up from 13,536 tonnes for the same period a year earlier, according to the National Cocoa and Coffee Board (NCCB) on Wednesday.

Data showed there were eight exporters of robusta in August who shipped 1,556 tonnes, down from 3,625 tonnes in July. Local company UTI topped the chart with 612 tonnes, followed by Nealiko with 288 tonnes.

The NCCB said only three companies exported arabic in August, for a total of 296 tonnes versus 391 tonnes the previous month. Olam Cam, the local unit of Singapore’s Olam International, topped the chart with 224 tonnes, followed by UCCAO with 54 tonnes.

August’s shipment brought arabica exports in the 2013/2014 season to 1,949 tonnes, down from 2,513 tonnes a year earlier. The Arabica season runs from

UBA, ATI Collaborate to Boost Trade

The United Bank for Africa (UBA) Plc has announced a partnership with the African Trade Insurance Agency (ATI) to ease the flow of credit to clients engaging in regional and international trade.

A statement from the bank yesterday revealed that the partnership was sealed in Kenya on Monday, after officials of both institutions led by the Chief Executive Officer, UBA Africa, Mr. Kennedy Uzoka and ATI’s Chief Executive Officer, George Otieno signed the agreement to formalise the deal.

Under the agreement, ATI would provide insurance cover for eligible UBA Group transactions with its political risk and trade credit insurance products. The risk mitigation services would provide an alternative to collateral for