Business
Mutfwang Hosts Chinese Ambassador, Investors to Boost Plateau Economy
The Plateau State Government has intensified its strategic partnership with China as part of efforts to attract foreign investment, transform agriculture, and accelerate infrastructure development, positioning the state as a competitive destination for business and industrial growth.
Governor Caleb Manasseh Mutfwang disclosed this on Monday while receiving the Ambassador of the People’s Republic of China to Nigeria, Yu Dunhai, alongside a delegation of Chinese investors and business executives at the Government House in Jos.
The visit is part of the state’s broader strategy to strengthen international partnerships and attract foreign direct investment into critical sectors such as agriculture, mining, healthcare, tourism, infrastructure, and industrial development.
Speaking during the meeting, Governor Mutfwang described the relationship between Plateau State and China as one that has steadily evolved over the years, stressing the importance of expanding cooperation beyond national engagements through direct partnerships with Chinese provinces.
He said his administration is committed to leveraging investment, technology transfer, innovation, and knowledge exchange to unlock the state’s vast economic potential.
Agriculture at the Centre of Partnership
Governor Mutfwang identified agriculture as a key area for collaboration, noting that Plateau State has long been recognized as Nigeria’s food basket and a historic mining hub.
He explained that the government is pursuing an ambitious agricultural modernization agenda focused on mechanization, increased productivity, cold-chain infrastructure, livestock development, and agro-processing.
As part of the initiative, the governor unveiled plans for a 500-hectare Special Agro-Processing Zone near the Yakubu Gowon International Cargo Airport, designed to serve as a major export hub for agricultural products while improving value addition for farmers and agribusinesses.
He also highlighted investment opportunities in poultry, dairy farming, fisheries, and animal feed production, emphasizing the need to reduce Nigeria’s dependence on imported dairy products by building a competitive local livestock industry.
Sustainable Mining and Industrial Growth
On mining, Governor Mutfwang advocated responsible and environmentally sustainable practices that promote local value addition and community development.
He also called for closer collaboration with Chinese authorities in tackling illegal mining activities and ensuring that mineral resources contribute meaningfully to the state’s economic development.
China Reaffirms Commitment
In his remarks, Ambassador Yu described Plateau State as a strategic investment destination due to its abundant natural resources, favorable climate, and enormous agricultural potential.
He commended Governor Mutfwang’s leadership and ongoing reforms in infrastructure, agriculture, education, and governance, assuring the state of continued support from both the Chinese Government and the Chinese Embassy in Nigeria.
The ambassador disclosed that the visiting delegation comprised executives from four internationally recognized Chinese companies with extensive operational experience in Nigeria, expressing confidence that the engagement would unlock new opportunities in transportation, infrastructure, agriculture, and industrial development.
New Export Opportunities
Ambassador Yu highlighted the growing economic ties between China and Nigeria, revealing that bilateral trade between the two countries is valued at several billions of dollars annually, while Chinese direct investment in Nigeria reached approximately $700 million in the previous year.
He also announced that China’s recently introduced 100 percent zero-tariff policy on Nigerian exports presents a significant opportunity for Plateau State’s agricultural products to gain access to one of the world’s largest consumer markets.
Drawing from China’s development experience, Yu noted that agricultural reforms had lifted more than 800 million people out of poverty, pledging China’s support in improving agricultural productivity, expanding processing capacity, strengthening livestock production, and developing agricultural value chains in Plateau State.
Addressing concerns over illegal mining, the ambassador reiterated China’s zero-tolerance policy against unlawful mining activities and assured the state government of cooperation in identifying and prosecuting offenders while encouraging legitimate investors to comply with established regulations.
Both leaders expressed optimism that the renewed engagement would usher in a new era of mutually beneficial cooperation, delivering increased investment, job creation, economic growth, and sustainable development for Plateau State.
GCR Ratings has upgraded Fidelity Bank Plc‘s national-scale long-term issuer rating to A Plus (NG) from A (NG), while affirming its short-term issuer rating at A1 (NG). The outlook remains stable.
The upgrade reflects Fidelity Bank’s significantly strengthened capital position following the addition of NGN227.0 billion to its total core capital. GCR also recognised the bank’s strong domestic market position, stable funding base and healthy liquidity profile.
Fidelity Bank’s competitive position remains a key rating strength, supported by its strong domestic franchise and nearly four decades of operating experience. With total assets of NGN10.5 trillion and an estimated 8.0 per cent share of the banking industry’s gross loans as of December 2025, the bank ranks as Nigeria’s sixth-largest bank.
The bank also plans to leverage its international banking licence to enter three additional African markets over the medium term. The expansion is expected to diversify its country exposure and further strengthen its competitiveness among rated peers.
Fidelity Bank raised NGN227.0 billion in additional equity capital in 2025, enabling it to fully comply with the revised capital requirement for its licence category. The capital was officially recognised as the core capital in 2026.
Consequently, the bank’s GCR core capital ratio increased substantially to 29.4 per cent at the end of March 2026, from 17.2 per cent in December 2025. Its stage three loan loss reserve coverage also remained strong at more than 100.0 per cent.
GCR expects the bank’s core capital ratio to remain above 20.0 per cent over the outlook period, supported by good earnings retention. The rating agency also noted that Fidelity Bank’s exposure to the oil and gas sector is diversified across the upstream, downstream and services segments. Foreign currency exposure is further moderated through natural hedging.
Fidelity Bank’s funding profile remains positive, underpinned by a large and stable deposit base. Customer deposits grew by 16.1 per cent as of December 2025 and by a further 7.1 per cent as of March 2026, reaching NGN7.4 trillion.
Customer deposits accounted for 89.5 per cent of the bank’s total funding base in March 2026. Approximately 90 per cent of these deposits were held in relatively inexpensive current and savings accounts, providing a strong foundation for sustainable funding.
READ ALSO: Fidelity Bank gets extension to publish H1 2026 audited results
The bank also maintained a robust liquidity position, supported by a substantial portfolio of liquid assets. Its liquid assets-to-customer deposits ratio stood at 56.9 per cent in March 2026, while liquid assets covered wholesale funding by 4.8 times.
The stable outlook reflects GCR’s expectation that Fidelity Bank will maintain a strong financial profile, with its core capital ratio remaining above 20.0 per cent, supported by stable funding, strong liquidity and resilient asset quality indicators.
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