Connect with us
nairametrics

Business News

President Buhari makes U-turn on Free Trade Area

President Muhammadu Buhari has changed his deciion to sign the African Continental Free Trade Area (AFCFTA) act.

Published

on

African Development Bank, Process and Industrial Development, P&ID court case against Nigeria, President Muhammadu Buhari | Federal government, external debt serving

President Muhammadu Buhari has made an about turn regarding the signing of the African Continental Free Trade Area (AFCFTA) act. The President expressed his willingness to sign the act while receiving his South African counterpart Cyril Ramaphosa.

“I am very careful about what I sign, whether it is my cheque book or agreements especially when it involves nation states.  I didn’t read it fast enough before my officials saw that it was all right for signature. I kept it on my table. I will soon sign it.”

In addition, he also stated that he had been hesitant in signing the law, so as to protect infant industries in the country.

“We are so populated and have so many young unemployed citizens and our industries are just coming up. So, in trying to guarantee employment, goods and services in our country, we have to be careful with agreements that will compete, maybe successfully, against our upcoming industries.”

Finance Minister, Kemi Adeosun during the opening session of the Africa Export-Import bank (AFREXIM) Annual Meeting in Abuja had stated that the President had withheld his signature to enable widespread consultation.

The Federal Executive Council (FEC) in March this year, approved the signing of the Act, but the President at the last minute declined to attend the African Union (AU) meeting in Kigali, Rwanda where this was to take place. 44 countries of the 55 that make up the AU have signed.

The Manufacturers Association of Nigeria (MAN) had also expressed opposition to the agreement, as the issues that they had were not adequately addressed.

GTBank 728 x 90

Objectives of the AFCFTA

The objectives of the Act include:

  • To create a single Market for Goods, Services, and Movement of Persons in order to deepen the economic integration of the African Continent.
  • Create a liberalised market for goods and services through successive rounds of negotiations, contribute to the movement of capital and natural persons and facilitate investments building on the initiatives and developments in the State Parties and RECs.
  • Lay the foundations for the establishment, at a later stage, a Continental Customs Union.
  • Promote and attain sustainable and inclusive social and economic development and structural transformation of the State Parties.
  • Enhance the competitiveness of the economies of State Parties within the continent and at the global market.
  • Promote industrial development through diversification and regional value chain development, Agricultural Development and Food Security.
  • Resolve the challenges of multiple and overlapping memberships and expedite the regional and continental integration processes.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via [email protected]

1 Comment

1 Comment

  1. anodebenze

    July 12, 2018 at 3:23 pm

    Hi my folks,i think the American president Jackson of the 40 arces and one mule is the 7th president of America,so this event that happened after the civil war did happen earlier.as I am trying to rushes my comment.so i am making a general statement,,if this comment interests you,you uses your soul to seeks this information or knowledge for your betterment,you can also ignore my spelling.
    I think why the govt objects to this kagali aggrement(,Nigeria should should think as a leader and be generous,also nigerian economy is the biggest in africa,was because the African union h/q at ethopia) are for several reasons I think, a free trade in Africa is a done deal in about starting from 2025.Dangote have a factory in Tanzania,also the AU should aims for free movement of African people throughout Africa,then I am with them.
    The AU official should formulate strategic aim for more integration of Africa countries,in trades,financial services,capital market or money market.Is there incentives for more Africans to invest in other African ?.is this a job for Godwin,my best friend ?.Do the cbn gives special lending to Nigerian manufacturing companies, to establishes new factories in other African countries.this is nothing new as the American fed.resv. are buying debts and bond since 2008..they enables tthose americans companies buys companies overseas

Leave a Reply

Your email address will not be published.

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

Coronavirus

Covid-19: Africa prepared for possible second wave – Africa CDC

Africa CDC has confirmed its preparedness for the possibility of a second wave of COVID-19 pandemic in Africa.

Published

on

Covid-19: African Union in talks with China and Russia over vaccine

The Africa Centres for Disease Control and Prevention has confirmed its preparedness for the possibility of a second wave of COVID-19 pandemic in Africa, especially with the current upsurge of active cases.

This disclosure was made by the Director, Africa CDC, Dr. John Nkengasong, during the teleconference Weekly Press Briefing on #COVID-19 on November 26, 2020.

According to him, Africa CDC has started to distribute 2.7 million rapid antigen tests with the hope that by mid-2021, the health officials would have been able to vaccinate about 60% of the continent’s population with one of the several promising new vaccines — it all depends on the cooperation and support of the continent’s leaders.

(READ MORE: Reps Committee warns MDAs against failure to render accounts to Auditor-General)

What they are saying

GTBank 728 x 90

According to Dr. Nkengasong: To achieve 60% vaccination, we will need to mobilise up to about $10 to $12 billion, including the cost of buying the vaccines and the cost of delivering the vaccines. So, that is the 60% mark that we really want to achieve. And I just really want everyone on this platform and our partners to understand that as a continent, that is our aspiration and goal.”

As the end-of-year holidays are around the corner, Dr. Nkengasong advised: “Do not relent in wearing masks. One message that is emerging across the visits we are conducting across the continent is that people are not masking enough. And in some settings, absolutely it seems like they are not masking at all. And that is extremely dangerous.”

What you should know

Coronation ads
  • As of November 26, 2020, Africa had 2,106,931 confirmed caseloads, with a death toll of 50,628 and 1,781,744 persons recovered.
  • The Southern African region is the worst hit both in terms of the number of confirmed positive cases and deaths.
  • South Africa, Morocco, Egypt, and Ethiopia are the most affected countries in terms of number of positive cases.
  • South Africa is presently the worst hit with active cases of 775,502.

Continue Reading

Corporate Press Releases

elev8 launches new Nigeria Academy, to host event series on Nigeria’s digital future

The event will bring together experts in business, digital technology and economic development to amplify Nigeria’s digital dialogue.

Published

on

Global technology training company elev8 is delighted to announce the launch of its new academy in Lagos with a series of online events focused on digital transformation in Nigeria.

The Knowledge-based Economy – A Pathway to Nigeria’s Digitally Enabled Future is an opportunity for business leaders to participate in Nigeria’s digital dialogue with industry experts, technology trailblazers and government leaders.

C-suite executives and digital leaders across the country are invited to join elev8 for a special series of events exploring the impact of new technologies and digitalization, as well as the potential risks to economic growth, such as Covid-19.

Digital enablement is increasingly becoming a hot topic for global businesses. In the next few years, the digital economy is projected to be responsible for a quarter of global GDP.

Across the world, businesses are accelerating digital adoption to establish a competitive edge, drive growth and ensure efficiency. For Nigeria to compete on the world stage, investment in new technologies and skills is essential in supporting a transition to a knowledge-based economy.

GTBank 728 x 90

Digital Event: The Knowledge-based Economy – A Pathway to Nigeria’s Digitally Enabled Future

30 November – 3 December

The event will commence with the release of a cutting-edge research report on November 30. Produced in conjunction with BusinessDay Research and Intelligence Unit.

Coronation ads

The report examines the impact of digital transformation on Nigeria’s economic growth over the next three years.

On December 1, participants will gain valuable insight on the digital strategies and tactics deployed by leading market players in an exclusive masterclass, Digitize or Die, hosted by award-winning technology and digital innovator, Sabine VanderLinden.

The event will close on Thursday, December 3 with a live digital dialogue, featuring an expert panel of digital specialists, government figures, and business leaders, looking at the ways that digitization will impact Nigeria’s economic development.

To find out more, or register for the event, please visit: www.elev8me.com/nigeria20

Jaiz bank ads
Continue Reading

Companies

ValuAlliance distributes value fund of N10 per unit for H1, 2020

ValuAlliance Value Fund has declared the distribution to unit holders, the sum of N10.00/unit for the financial year ended June 30, 2020. 

Published

on

ValuAlliance distributes value fund of N10 per unit for H1, 2020

ValuAlliance Value Fund (“Value Fund” or the “Fund”), formerly called the SIM Capital Alliance Value Fund, has declared the distribution to unit holders, the sum of N10.00/unit for the financial year ended June 30, 2020.

This is according to a notification by the firm, sent to the Nigerian Stock Exchange market and seen by Nairametrics.

The latest distribution indicates a decline of N1/unit when compared to its distribution in the corresponding period last year.

READ MORE: SEC reinstates DEAP Capital’s Board

The key highlights of the recent notification include:

GTBank 728 x 90
  • Annual General Meeting Date: 21st December 2020
  • AGM Venue: 33A Alfred Rewane (Kingsway) Road, Ikoyi, Lagos, Nigeria
  • Proposed Distribution: ₦10/unit
  • Qualification Date: 9th December 2020
  • Closure of Register Date: 10th December 2020
  • Payment Date: 23rd December 2020

READ: Exxon Mobil to cut 14,000 jobs as pandemic hit oil demand, prices

What you should know

  • The Value Fund is a closed-end Fund registered and regulated by the Securities and Exchange Commission (SEC), whose units are listed on the main board of the NSE.
  • The Value Fund for the year ended June 30, 2020 achieved a growth of 2.83% Year-on-Year, with a cumulative return of 125.32% since inception, which translates to a 9-year Internal Rate of Return (IRR) of 12.06%.

Explore Data on the Nairametrics Research Website

Deal book 300 x 250
Coronation ads

Continue Reading