Connect with us

Business

China Tesla Rival BYD Signs $1bn Turkey Plant Deal

Published

on

China Tesla Rival BYD Signs $1bn Turkey Plant Deal

Chinese electric-car maker BYD has agreed a $1bn deal to set up a manufacturing plant in Turkey. The plant will be able to produce up to 150,000 vehicles a year and is expected to create around 5,000 jobs. The facility is expected to start production by the end of 2026.

The deal was signed at an event in Istanbul attended by Turkish President Recep Tayyip Erdogan and BYD’s chief executive Wang Chuanfu. The deal comes as Chinese electric vehicle makers face increasing pressure in the European Union and the US. Last week, the EU took action to protect the bloc’s motor industry by raising tariffs on Chinese electric vehicles. The decision saw BYD hit with an extra tariff of 17.4% on the vehicles it ships from China to the EU, which was on top of a 10% import duty.

Turkey is part of the EU’s Customs Union, which means vehicles made in the country and exported to the bloc can avoid the additional tariff. The Turkish government has also taken action to support the country’s car makers by putting an extra 40% tariff on imports of Chinese vehicles. In May, US President Joe Biden ramped up tariffs on Chinese-made electric cars, solar panels, steel and other goods.

BYD, which is backed by veteran US investor Warren Buffett, is the world’s second-largest electric vehicle company after Elon Musk’s Tesla. The company has been rapidly expanding its production facilities outside China. At the end of last year, BYD announced that it would build a manufacturing plant in EU member state Hungary. It will be the firm’s first passenger car factory in Europe and is expected to create thousands of jobs.

On Thursday, BYD opened an electric vehicle plant in Thailand – its first factory in South East Asia. BYD said the plant will have an annual capacity of 150,000 vehicles and is projected to generate 10,000 jobs. The company has also said it is planning to build a manufacturing plant in Mexico.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Foreign Investment Outflow from NGX Rises by 250.86% in Q1’25

Published

on

Foreign investment outflow from the Nigerian stock market (NGXchange) has risen by 250.86 percent, Quarter-on-Quarter, QoQ, to N420.37 billion in the first Quarter, Q1’25, from N119.81 billion in the corresponding period of 2024, Q1’24.

The Nigerian Exchange Limited, NGX, disclosed this in its foreign portfolio report.

According to the report, foreign investment outflow also exceeded inflow by 20 percent or N20.11 billion in Q1’25. Despite the outflow, foreign investment inflow rose by 275 percent, Year-on-Year, YoY, to N349.97 billion in Q1’25 from N93.37 billion in Q1’24.

The NGX also revealed that N2.23 trillion equity transactions were recorded by both domestic and foreign investors in Q1’25.

The figure surpassed the N1.54 trillion recorded in the same period of 2024, representing an increase of N690 billion or 44.8 percent.

In March 2025, foreign transactions outperformed domestic transactions by circa 26 percent.

According to the NGX, foreign transactions increased significantly by 1,541 percent to N699.89 billion in March 2025 from N42.65 billion in February 2025.

On the other hand, domestic transactions decreased by 10.98 percent Month-on-Month, MoM, to N415.62 billion in March 2025 from N466.82 billion in February 2025.

Domestic inflow and outflow also declined in the reviewed period.

Continue Reading

Business

Liberia Woos Investors at 2025 Investment Conference

Published

on

Liberia’s Minister of Commerce and Industry, Magdalene E. Dagoseh, has highlighted the country’s immense investment potential at the 2025 Liberia Investment Conference.

The two-day forum, which brought together investors, policymakers, and business leaders, aimed to explore investment opportunities in Liberia.

Minister Dagoseh emphasized Liberia’s commitment to creating a conducive business environment, citing minimal financial barriers and a welcoming regulatory framework.

“Liberia is a place of authority of opportunity, where transformation can take place at all levels,” she stated.

The conference showcased Liberia’s investment potential in various sectors, including agriculture, mining, infrastructure, and services.

The agriculture sector, for instance, offers opportunities for investment in crop production, livestock farming, and agro-processing.

She remarked that by investing in Liberia, companies can tap into the country’s growing market and contribute to its economic development.

Diaspora Watch reports that Liberia aims to attract foreign investment, stimulate economic growth, and reduce poverty by showcasing its investment potential.

With its strategic location, natural resources, and growing economy, Liberia is an attractive destination for investors.

The 2025 Liberia Investment Conference marked a significant step towards achieving these goals, highlighting Liberia’s investment potential to a global audience.

Liberia’s investment potential is enormous, and the country is committed to creating a conducive business environment to attract investors and drive economic growth.

Continue Reading

Business

$5 Billion African Energy Bank Enters Final Phase

Published

on

 

The Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has announced that preparations for the launch of the $5 billion African Energy Bank (AEB) have entered their final phase.

Lokpobiri made the disclosure after a high-level review meeting in Abuja with President of Afreximbank, Professor Benedict Oramah, and Secretary-General of African Petroleum Producers’ Organisation (APPO), Dr Farouk Ibrahim.

According to Lokpobiri, key legal and governance frameworks have been concluded, while capital mobilisation discussions have recorded encouraging commitments from both member nations and private investors.

The AEB, headquartered in Abuja, seeks to mobilise capital for energy infrastructure projects across Africa.

“The AEB is poised to become a transformative financing platform for energy projects across the continent,” Lokpobiri said.

“This review confirms that every critical milestone is either completed or on schedule, and we remain fully aligned with our continental partners.”

APPO’s Ibrahim commended Nigeria’s dedication to meeting the stringent requirements for bank establishment, while Afreximbank’s Oramah stated that the bank was ready to deploy its structuring expertise and capital base to ensure AEB’s successful launch.

A definitive launch timeline and inaugural board meeting date have been fixed and will be announced shortly.

The AEB has an initial capital target of $5 billion, with plans to scale up to $120 billion subsequently.

In a separate event, Lokpobiri flagged off construction of the permanent site for Bauchi Oil and Gas Academy, Alkaleri (BOGAA), saying the move will contribute to the federal government’s human capacity development plan in the energy sector.

The minister highlighted President Bola Tinubu’s broader agenda to harness the full potential of Nigeria’s energy sector in driving economic prosperity, creating jobs, and enhancing national revenue.

Continue Reading

Trending