Connect with us
nairametrics

The ECOWAS Trade Liberalization Scheme – Myth or Reality?

Published

on

Deloitte| In 1979, the Heads of State and Governments of the Member States of the Economic Community of West African States (ECOWAS) established the ECOWAS Trade Liberalization Scheme (ETLS) pursuant to the overarching objective of promoting co-operation and integration among Member States.

The aim of the ETLS was to establish a free trade area where enterprises of Member States may move goods within the ECOWAS bloc without paying duties and levies. However for so long, the operational effectiveness of the ETLS has been called to question.

The ETLS is not a myth but an operational tool for duty and quota free trade within the ECOWAS bloc, regardless of some severe challenges that still exist. Whilst a big part of the blame for the uncertainties around the scheme rests with the ECOWAS Commission and Member States, it is believed that some blame must be placed squarely on the private sector. In particular, it is noted that many intending users of the scheme either do not understand the technical requirements of the scheme or do not understand their rights when challenged by customs agencies at the various borders within the ECOWAS bloc.

It is therefore imperative that those responsible for designing and implementing the supply chain strategies within their businesses – small or large, must take urgent steps to understand the provisions of the ETLS and perhaps seek expert help when in doubt.

Furthermore, businesses who are yet to leverage the ETLS (and can do so) must begin to consider their comparative advantage over those businesses (from member States or third countries) who cannot leverage the ETLS.

GTBank 728 x 90

Click HERE to read the full article.

 

GTBank 728 x 90

Visit our blog to keep yourself abreast of business alerts, subject matter expert perspectives and so on. This publication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively, the “Deloitte Network”) is, by means of this publication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this publication.

1 Comment

1 Comment

  1. Joseph

    April 12, 2017 at 8:18 pm

    It would remain a myth if the French does not have a good piece of the bargain as we have more Francophone countries in West Africa. And their headquarters remains in Paris.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Company Results

UACN Property Development Company Plc: Decrease in sale of property stock, others depletes revenue

UACN Property Development Company Plc recorded decreased revenues from its four revenue-generating units, as total revenues dipped.

Published

on

UACN Property Development Company Plc

UACN Property Development Company Plc recorded decreased revenues from its four revenue-generating units, as total revenues dipped. The company reported revenues of N458.26million in 2020 (9months) – 75.81% decrease compared to N1.90billion in the corresponding period of 2019. 

What you should know 

Key highlights from its 2020 (9months) results are:

  • Revenues decreased by 75.81% from N1.90billion to N458.26million YoY. 
  • Revenues from sale of property stock decreased to N137.51million, -89.69% YoY. 
  • Revenues from share of James Pinnock sale of property stock decreased to N45.39million, -82.75% YoY.
  • Revenues from rental and management fee on rent decreased to N78.11 million, 25.71% YoY. 
  • Revenues from project and management surcharge decreased to N192.25 million, –0.26% YoY. 
  • Gross profit decreased to N107.94 million, -71.61% YoY. 
  • Operating loss decreased to N378.72 million, -1.85% YoY. 
  • Finance cost decreased to N1.30 billion, -41.03% YoY. 
  • Pre-tax loss increased to N2.46 billion, +34.65% YoY.
  • Post-tax loss decreased to N3.38 billion, -76.96% YoY. 
  • Earnings Per Share decreased to N29 kobo, -94.90% YoY. 
  • Total assets decreased to N26.93 billion, -14.53% YoY. 
  • Total liabilities decreased to N12.56 billion, -55.33% YoY. 
  • Total equity increased to N14.38 billion, +322.37% YoY. 

Bottomline 

UACN Property Development Company Plc recorded decreased revenues from its four revenue-generating units, as total revenues dipped.

GTBank 728 x 90

Companies have generally recorded decreased revenues in the last three quarters, mostly due to COVID-19. UACN Property Development Company Plc was unable to increase its total revenues and pre-tax profits in the period under consideration.

Continue Reading

Business News

Nascon Allied Industries Plc: Increase in sale of goods boosts revenues

Nascon Allied Industries Plc recorded a boost from an increase in the sale of goods revenue-generating unit

Published

on

Nascon Allied Industries Plc recorded a boost from an increase in the sale of goods revenue-generating units, as total revenues increased slightly. The company reported revenues of N21.87 billion in 2020 (9months) – 4.01% increase compared to N21.03 billion in the corresponding period of 2019.

What you should know

Key highlights from 2020 (9months) results

  • Revenues increased by 4.01% from N21.03 billion to N21.87 billion YoY.
  • Revenues from sale of edible, refined, bulk grade salt; seasoning and vegetable oil, increased to N21.87 billion, +22.53% YoY.
  • Other income increased to N12.81 million, +27.43% YoY.
  • No revenue was recorded for freight income on the deliveries of salt and seasoning income-generating unit.
  • Gross profit increased to N8.96 billion, +74.56% YoY.
  • Operating profit increased to N3.64 billion +18.60% YoY.
  • Pre-tax profits increased to N3.47 billion, +16.63% YoY.
  • Post-tax profits increased to N2.29 billion, +13.27% YoY.
  • Earnings Per Share increased to 115 kobo, +12.75% YoY
  • Total assets increased to N44.36 billion, +45.79% YoY.
  • Total liabilities increased to N32.04 billion, +67.21% YoY.
  • Total equity increased to N12.32 billion, +9.35% YoY.

(READ MORE:Dangote’s NASCON Allied Industries Plc moves operation from Apapa)

Bottomline

GTBank 728 x 90

Nascon Allied Industries Plc recorded a boost from increase in sale of goods revenue-generating unit, but no revenue was recorded for its freight income on the deliveries of salt and seasoning revenue generating-unit.

Though companies have generally recorded decreased revenues in the last three quarters, mostly due to COVID-19; Nascon Allied Industries Plc was able to increase its total revenues and pre-tax profits in the period under consideration.

 

GTBank 728 x 90

 

Continue Reading

Tech News

Instagram disables its “Recent” feature

Instagram has announced it remove the “recent” tab from hashtag pages on a temporary basis.

Published

on

COVID-19: Instagram cracks down on coronavirus AR effects, Instagram Tenders apology for fagging #EndSARS fake, Instagram has disabled the “Recent” feature for the forthcoming U.S election,

Instagram disclosed that it would remove the “Recent” tab from its hashtag pages for people in the United States of America.

The social networking and video sharing service stated this on its official Twitter handle. It said it is “doing this to reduce the real-time spread of potentially harmful content that could pop up around the election.”

What you should know

Nairametrics had reported on Instagram’s apology for its algorithm malfunction that led to the flagging of #EndSARS posts as fake.

GTBank 728 x 90

Instagram has also taken the following measures to ensure a successful November election.

  • The registration of 4.4 million votes this year through its flagship platform – Instagram and Messenger.
  • Serving as a means of information and tool to people in the US on the electoral process
  • The ban of any content that can thwart the success of the election.

(READ MORE:U.S dollar stable amid U.S holiday)

Mark Zuckerberg, the CEO of Facebook, said he was perturbed about the high risks for civil unrest in the US due to the upcoming presidential election.

GTBank 728 x 90

“I’m worried that with our nation so divided and election results potentially taking days or weeks to be finalized, there is a risk of civil unrest across the country.”

Furthermore, he disclosed on a call while discussing Facebook’s Q3 earnings, that “given this, companies like ours need to go well beyond what we’ve done before.”

Why this matters

The aim of the short-term decision is to decrease the spread of misinformation in the forthcoming US election.

Jaiz bank ads
Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Advertisement
Patricia
act markets
Advertisement
FCMB ads
Advertisement
IZIKJON
Advertisement
Fidelity ads
act markets
Advertisement
first bank
Advertisement
bitad
Advertisement
Stallion ads
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement