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AfCFTA: Nigeria securing approval to ratify agreement – Trade Minister

The Minister revealed that Nigeria has set up a National Action Committee on AfCFTA.

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FG clamps down on filling stations, others for faulty measuring and weighing equipment, AfCFTA: Nigeria securing approval to ratify agreement- Trade Minister, FG meets group to access AfCFTA's $650 billion market, UNIDO’s $60m investment programme to boost Nigeria’s industrialisation - FG, FG to strengthen economic ties with Turkey, FG moves to facilitate tax incentives for SMEs, Made-in-Nigeria vehicles gulp N364 billion from FG

Minister of Trade, Niyi Adebayo said Nigeria is currently in the process of securing approval to ratify the African Continental Free Trade Area (AfCFTA) agreement soon.

The Minister disclosed this during a meeting with the Secretary-General of the African Continental Free Trade Area(AfCFTA), Mene Wamkele on Monday.

Recall that Nairametrics reported last week Mr. Adebayo said that Nigeria is actively working to attract more foreign direct investments into key industries to meet the demands of the African Continental Free Trade Area (AfCFTA).

“As we gear up to meet the demands of the enlarged continental market which will be fostered by AfCFTA, we are actively working to attract more foreign direct investments into key industries,” the Minister said.

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In today’s meeting, The Minister told the delegation that Nigeria has set up a National Action Committee on AfCFTA, which would implement Nigeria’s roll-out strategy in a bid to take advantage of the agreement. He added, “Nigeria is currently in the process of securing approval to ratify the agreement within the shortest possible time”.

The African Union announced in August that the first commercial deal of AfCFTA will be taking off on January 1, 2021.

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Coronavirus

COVID-19 Update in Nigeria

On the 25th of October 2020, 62 new confirmed cases and 1 death was recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 61,992 confirmed cases.

On the 25th of October 2020, 62 new confirmed cases and 1 death was recorded in Nigeria, having carried out a total daily test of 3,824 samples across the country.

To date, 61,992 cases have been confirmed, 57,465 cases have been discharged and 1,130 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 607,435 tests have been carried out as of October 25th, 2020 compared to 603,611 tests a day earlier.

COVID-19 Case Updates- 25th October 2020,

  • Total Number of Cases – 61,992
  • Total Number Discharged – 57,465
  • Total Deaths – 1,1130
  • Total Tests Carried out – 607,435

According to the NCDC, the 62 new cases were reported from 11 states- Taraba (18), Ogun (15), FCT (6), Kaduna (6), Katsina (4), Ondo (4), Ekiti (3), Rivers (3), Kano (1), Osun (1), Sokoto (1)

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 20,807, followed by Abuja (5,967), Plateau (3,594), Oyo (3,423), Rivers (2,773), Edo (2,648), Kaduna (2,617), Ogun (2,010), Delta (1,812), Kano (1,742), Ondo (1,666), Enugu (1,314),  Kwara (1,067), Ebonyi (1,049), Katsina (952), Osun (923), Abia (898), Gombe (883).  Borno (745), and Bauchi (710).

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Imo State has recorded 614 cases, Benue (486), Nasarawa (478), Bayelsa (403),  Ekiti (332), Jigawa (325), Akwa Ibom (295), Anambra (277), Niger (274), Adamawa (257), Sokoto (165), Taraba (140), Kebbi (93), Cross River (87), Yobe (82), Zamfara (79), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

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The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

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ENDSARS

South-West Governors say attacks in Lagos were attempts to weaken the region’s economy

South West governors have they described the coordinated attacks in the state as an attempt to weaken the region’s economy.

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South-West Governors say attacks in Lagos were attempts to weaken the region's economy

Governors of the South-West states have pledged their supports to their Lagos State counterpart, as they described the coordinated attacks in the state as an attempt to weaken the region’s economy.

This was disclosed by the Chief Press Secretary of the state, Gboyega Akosile, during the visits of the Governors and the Federal Executive Council members from SouthWest to the public assets and private properties destroyed in last Wednesday’s arson in the state.

READ: How to access new N75 billion Nigerian Youth Investment Fund

He tweeted, “Shock! This was the expression on the faces of the Federal Executive Council (FEC) members from Southwest and Governors as they toured the public assets and private properties destroyed in Wednesday’s coordinated arson in Lagos State.

“The delegation of Governors and Ministers was personally received by Sanwo-Olu at the State House in Marina, where the Lagos helmsman showed them the pictorial evidence of the violence before visiting some of the torched assets.”

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READ: President Buhari approves N13.3 billion for Community Policing in Nigeria

At a joint press conference held after the tour, Chairman of Southwest Governors’ Forum and Ondo State Governor, Arakunrin Rotimi Akeredolu, SAN, compared the scenes to a war zone, given the extent of the destruction.

According to him, the violence that resulted from the EndSARS protest left much to be desired, stressing that there was an agenda beyond the youth demonstration against police brutality.

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READ: FEC approves $40 oil benchmark for 2021 budget

He said, “We are deeply concerned with the ease with which public buildings, utilities, police stations, and investment of our people have been burnt despite the proximity of security agencies in those areas.

READ: FG suit may lead to delay in Shell’s Bonga project

What this means: From all indications, it is obvious that the South-West Governors believed that the said attack, which were rumoured to have been carried out by suspected hoodlums, were sponsored by some people to deliberately disorganize the region’s economy.

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Business

#EndSARS Protest: 80 BRT buses worth N3.9 billion were destroyed by hoodlums – LASG 

The Lagos State Government disclosed that the 84 BRT vehicles destroyed by the hoodlums cost a total of about N3.9 billion.

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#EndSARS Protest: 80 BRT buses worth N3.9 billion were destroyed by hoodlums - LASG 

The Lagos State Government has revealed that 27 of the burnt Bus Rapid Transit (BRT) vehicles in the Oyingbo and Ojodu Berger areas of the state cost $200,000 each, while 57 of them cost $100,000 each, all totaling about N3.9 billion.

This statement was made by the Lagos State Government on Friday, after evaluating the extent of damage made to the Bus Rapid Transit (BRT) vehicles.

READ: Arik, Dana Airlines to resume flight operations after curfew

What you should know

Few days ago, hoodlums hiding under the cover of #EndSARS protests allegedly attacked and razed the Oyingbo BRT terminal, with several buses burnt. Nairametrics reported that Primero Transport Services Ltd (PRT), the owners of BRT buses said they have lost over N100 million in 6 days due to the #EndSARS protests.

READ: Lagos Bus Service records 10 million passengers in 10 months

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The State’s Commissioner for Information, Mr. Gbenga Omotosho, in an exclusive interview with Punch, disclosed that:

  • 23 big BRT buses were razed down, while 57 medium-size BRT buses were affected by the violence, which brings the total of the BRT vehicles destroyed to 80. 
  • 23 of the 80 BRT buses burnt by the hoodlums were at Ojodu, while the remaining  57 were at the Oyingbo area.  
  • The big buses cost around $200,000 each, while the medium-size ones cost around $100,000 each.

READ: #EndSARS: Lagos orders investigation of Lekki Toll Plaza shooting

What they are saying 

Mr. Omotosho said, “As I speak, the Governor and some of us are going around the state from one facility to the other. We are also visiting private facilities. Some of the places were the Oregun Vehicle Inspection Service office, the BRT park at Oyingbo, and the terminus at Ojodu Berger. 

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“I don’t know how they planned it; the hoodlums left the old buses and went for the new ones. The new ones were worth billions of naira. 

READ: Operators of BRT suspend operations on Ikorodu-TBS route

“However, the cumulative losses incurred by the state are not ready yet. But it will be mind-boggling. It came on a scale beyond belief. We know that the police have apprehended suspects.”

What this means

The vehicles were purchased in dollars; So, the consistent decrease in the value of Naira is expected to edge the cost of these buses up, when denominated in Naira. 

The Lagos State Commissioner for Information, Mr Gbenga Omotosho explained that with the current foreign exchange rate, the 80 destroyed BRT buses are now valued at N3.929 billion.

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