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Afreximbank urges Nigeria to sign AfCFTA amidst rising concern among local manufacturers

Nigeria should endorse the initiative in order to maximise its economic potentials. He said the AfCFTA has renewed the hope of Africa in its potentials and is ready to change the narrative about Africa.

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African Export-Import Bank, Afreximbank, AfCFTA, Nigeria and AfCFTA, Countries that signed AfCFTA

The President of the African Export-Import Bank (Afreximbank), Benedict Oramah, has advised the Federal Government of Nigeria  to sign the African Continental Free Trade Agreement (AfCFTA).

The advice comes in spite of growing concerns among Nigerian manufacturers, over the actual possibility of them exporting their products to other African countries if Nigeria signs the treaty.

Oramah gave the suggestion during his speech at the 2019 edition of the annual Bullion Lecture organised by the Centre for Financial Journalism (CFJ Nigeria). He was  speaking on the topic “Leveraging the African Continental Free Trade Agreement to Boost Nigeria’s Economic Development.”

Why Oramah wants Nigeria to sign the AfCFTA: Oramah said it’s surprising that Nigeria, who hosted the first treaty that prompted the AfCFTA initiative, is yet to sign the deal.

Nigeria had hosted the Abuja Treaty of 1991 which was aimed at defining clear plans for Africa’s economic integration.

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According to Oramah, Nigeria should endorse the initiative in order to maximise its economic potentials. He said the AfCFTA has renewed the hope of Africa in its potentials and is ready to change the narrative about Africa.

“The AfCFTA, which was signed in Kigali, Rwanda on March 21, 2018, was in line with the Abuja Treaty expectations. So … the child that was conceived in Nigeria was born in Rwanda. And with the emergence of that child, Africa sees a renewed hope, a reinvigoration to chart a new course.

“the AfCFTA offers opportunity for African countries to begin to create and nurture infant industries.

“The AfCFTA creates opportunities for African economies, including Nigeria, to take over from China as the World’s manufacturing hub.

“China exports $45 billion of light manufacturers into Africa. Nigeria and other African countries can expect to fill that void if they take advantage of the tariff and non-tariff reductions in the AfCFTA.” -Oramah

In addition, Oramah said the AfCFTA will increase Nigeria’s Foreign Direct Investment (FDI) inflows due to Nigeria’s position as the largest economy and the most populous nation in Africa.

The concern delaying Nigeria’s signature on AfCFTA

The Chairman of BUA Group, Abdulsamad Rabiu, recently disclosed the possible reason why Nigeria is stalling to sign the African Continental Free Trade Agreement (AfCFTA).

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While Rabiu believes immense opportunities await Nigeria if the Government agrees to the trade agreement, he said there are various factors that need to be considered and resolved before such agreement is signed.

In his assertion, some African countries have failed to keep to previous trade treaty, rejecting Nigerian made goods. He mentioned countries like Burkina Faso and Benin Republic, who prefer to import from China, Turkey and many other countries than patronising Nigerian manufacturers in certain businesses.

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Energy

NNPC signs gas development and commercialization deal with SEEPCO

NNPC and SEEPCO have signed a gas development and commercialization deal.

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FG to give up majority stakes in its 4 refineries, to be privately managed, NNPC, Pipeline Vandalism: Stakeholder collaboration, critical to tame menace - Kyari, Nigeria explains when it will fully comply with OPEC+ output cut

The state oil giant, Nigerian National Petroleum Corporation (NNPC) has signed a gas development deal with Sterling Exploration and Energy Production Company (SEEPCO).

The agreement between the 2 oil firm is for the development and commercialization of gas from Oil Mining Lease (OML) 143 that could help reduce gas flaring in the country.

The disclosure was contained in a press statement that was issued by the Group General Manager, Group Public Affairs Division of NNPC, Dr Kennie Obateru, on Saturday, September 26, 2020, in Abuja.

According to the statement, the Group Managing Director of NNPC, Malam Mele Kyari, while speaking at the agreement-signing ceremony which held at the NNPC Towers, described the execution of the deal as a great milestone as well as a testament to NNPC’s commitment to facilitating the nation’s transformation into a gas-powered economy.

Kyari disclosed that the deal would not only help reduce gas flaring and its environmental hazards but would also promote gas production and utilization in the domestic market.

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The NNPC boss also commended SEEPCO for its unwavering commitment to gas development and commercialization in the country which has led to the establishment of a Special Purpose Vehicle that will help expand gas utilization in the country as a cleaner, cheaper and more reliable alternative form of energy.

On his part, the Chairman of SEEPCO, Mr Tony Chukwueke, described the deal as an essential partnership that would help the company fulfil the pledge it made to support the efforts of the Nigerian government to eliminate gas flaring by monetizing it.

He commended NNPC and the Group Managing Director for ensuring the execution of the agreement which he described central to the achievement of the company’s cardinal objective of boosting the production of Liquefied Petroleum Gas (LPG), condensate and dry gas for the Nigerian market, adding that the company has invested about $600 million for that purpose.

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This is coming at a time when the Federal Government is shifting focus to gas utilization as an alternative source of energy especially with the increase in the retail pump price of petrol. This is one of the various initiatives by the government as represented by the NNPC towards providing alternative sources of energy.

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Energy

Buhari reappoints 3 Chief Executives of agencies under Federal Ministry of Petroleum

3 Chief Executive Officers of agencies under the Federal Ministry of Petroleum Resources have been reappointed.

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BREAKING: President Buhari retains portfolio as Petroleum Minister

President Muhammadu Buhari has renewed the appointment of 3 Chief Executive Officers of parastatals under the Federal Ministry of Petroleum Resources with immediate effect.

The appointments that were renewed by the president include that of Dr Bello Aliyu Gusau as the Executive Secretary of Petroleum Technology Development Fund (PTDF), Ahmed Bobboi as the Executive Secretary/Chief Executive Officer of Petroleum Equalization Fund (PEF) and Simbi Wabote as Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB).

The disclosure was made through a series of tweet posts by the presidency on its official Twitter handle on Friday, September 25, 2020.

The statement disclosed that the renewal of the appointments followed recommendations to the President by the Minister of State Petroleum Resources, Timipre Syla.

It stated that Dr Aliyu Gusau was credited to have run the PTDF successfully in the past four years, keeping faith with the Seven Strategic Priorities he had introduced in January 2017.

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These are Domestication, Cost cutting, Sustainable funding, Efficient internal processes, Linkages with the industry, Utilization of centres of excellence, and Pursuit of home-grown research.

It also stated that Bobboi got his reappointment for having run PEF in a way that made it a key and strategic player in the administration’s oil and gas reforms, especially in stabilizing the supply and distribution of petroleum products across the country, among others.

Going further, it stated that the NCDMB boss, Wabote, won his pips for managing the NCDMB and completing its headquarters building. Wabote was also credited to have initiated many landmark projects that were widely commended by industry players.

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Corporate Press Releases

UBA launches new online entertainment platform, ‘RED Radio’ with Wizkid interview

UBA’s RED Radio launches with an exclusive interview with its brand ambassador, Wizkid.

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Pan- African financial institution, United Bank for Africa, (UBA Plc), continues to lead in innovation with the launch of its dynamic and creative Online Radio channel – RED Radio.

RED Radio, powered by UBA is a lifestyle web platform that has been set up to inform, educate, entertain and to bring to the fore, the best of Africa. Much like its sister platform, REDTV, RED Radio is expected to showcase the best in lifestyle, entertainment, music, news, comedy and fashion.

Speaking on the launch of RED Radio, Group Chairman of UBA, Tony O. Elumelu applauded the creative initiative, emphasising that UBA is a financial institution always ready to support creativity and entrepreneurship. The 2020 Time 100 most influential person in the world who has committed USD100 million to empowering young entrepreneurs across Africa said about RED Radio, “Creativity and innovation are a powerful combination and every detail in an art piece is important and meaningful. This applies to growing businesses and budding entrepreneurs. You will encounter challenges, like I did, but each experience is a lesson that brings you closer to your goal. That is the beauty of creativity.”

Continuing, Elumelu remarked, “There are many ways to make something beautiful, to make a sound interesting or to bring a story to life. You can define your expression, and today, as UBA’s RED Radio launches, I wish Bola Atta and her enterprising team many successes through this beautiful medium of expression.”

In appreciation of the support of UBA Group Chairman for the exciting creative initiative, UBA’s Group Head, Corporate Communications, Bola Atta, said ‘just like, REDTV which is Africa’s leading online entertainment network, RED Radio is positioned to fast become the foremost online radio platform in Africa’.

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Also expressing his delight, UBA’s Brand Ambassador and star boy, Wizkid, said, “I am never too busy for my UBA family,” as he granted an exclusive interview on one of the station’s flagship shows ‘On the Street’ where he spoke extensively about his upcoming album and what his fans should expect from him in the coming weeks.

RED Radio promises to bring rich and engaging content that will keep its audience coming back constantly for vibrant and robust entertainment. Listeners can tune in to www.itsredio.com 24/7.

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