Business News
AfCFTA: Nigeria is more ready than most African economies – Yewande Sadiku
Discussing on the AfCFTA Sensitization Seminar, Yewande Sadiku addressed issues concern Nigeria’s compliance to the agreement.
Yewande Sadiku, CEO of Nigerian Investment Promotion Council (NIPC) says Nigeria is more ready for the African Continental Free Trade Area (AfCFTA) due to Nigeria’s domestic market manufacturing value addition capacity which is 7 times the average of the top 20 economies in Africa and other.
She disclosed this on Thursday at the AfCFTA Sensitization Seminar organized by the National Action Committee of the implementation of the agreement.
She addressed challenges facing the continent such as competition for capital flow, which was already under pressure before the pandemic. “Africa accounts for 3% of global FDI, and FDI flow post-COVID will be worse,” she said.
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She said that countries that were the top 5 sources of FDI in 2019 were also part of the highest destinations of FDI in 2019. Citing that Africa is also a source of FDI to others but Southern Africa accounts for 66% of Africa’s outflows compared to just West Africa’s 1%.
“AfCFTA will help balance intra-African investments,” she said while highlighting that the highest periods of recorded FDI inflows into Nigeria was a result of government policies through reforms that increased FDI.
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Sadiku said Nigeria only captures less than 10% of investment announcements to Nigeria, citing data on 2017-2018 with investment announcements of $66 billion and $90 billion, but only realized $3.5 billion and $2 billion in actual investments.
On the implications of AfCFTA for Nigeria, she said Nigeria is more ready than most African nations. She also added that Nigeria’s large domestic market makes Nigeria an ideal gateway economy. She mentioned companies like UBA, Dangote, GTBank, Interswitch and Paga as Nigerian companies with significant presence in other African nations plus Nigeria’s entertainment production which is consumed all over Africa.
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On the Impact of the pandemic on FDI, she said the slowdown of implementation of ongoing projects due to closures of sites was a roadblock as global FDI is expected to drop by 30-40% in 2020/2021, the lowest level in almost 20 years.
“Many countries will be focused on investment-driven recovery, there would be more intense competition for FDI from developed economies,” Sadiku said as she mentions that economies that provide the most comfort to investors will win.
READ: Ghana, South Africa ahead of Nigeria on top FDI inflows in Africa – Fitch
On policy recommendations, she urges that Nigeria must become an easier place to do business by aggressively encouraging Domestic Direct investments and aggregate social capital. She added that there must be a coordinated effort by MDAs to manage investor concerns, minimize job losses and restore confidence to investors.
Business News
Why Emirates airline is yet to resume international flights to Lagos, Abuja
The Federal Government directed the immediate suspension of outbound flights of Emirates Airlines on February 4.
Some reports have suggested the reason why Emirates Airlines has not gotten approval to resume flight operations to Abuja and Lagos.
According to a report from Thisday, the alleged insistence by the United Arab Emirates (UAE) that only Emirates Airlines would be allowed to operate to Dubai from Nigeria has prompted the Minister of Aviation, Hadi Sirika, to deny the Middle East airline the approval to resume flights to Abuja and Lagos.
The report says that Sirika may not allow Emirates to resume flight operations to Nigeria until the UAE carrier drops the condition that it should be the only carrier operating from Nigeria. Emirates condition would mean that Air Peace and other carriers such as Ethiopia Airlines, Egypt Air and RwandAir would stop airlifting passengers to Dubai from Nigeria.
According to the report, the Regional Terminal Manager, South West, in charge of the Murtala Muhammed International Airport, Lagos, Mrs Victoria Shin-Aba, confirmed that Emirates was yet to resume flights in Nigeria.
She said that until the Presidential Task Force (PTF) on Covid-19 provides the infrastructure that would be needed for the rapid test, Emirates Airlines would not resume operations in Nigeria.
She also disclosed that other international airlines have started flight operations and things have normalized, although the passenger traffic has not increased.
Travel agency operators have expressed their full support of the decision of the Federal Government not to allow only Emirates Airline to operate from Nigeria to Dubai as the travel agents would not make money and the airfares would be outrageously high if the airline was allowed to enjoy such monopoly.
This would also shut the door against Nigeria’s indigenous carrier, Air Peace that operates to Sharjah in the United Arab Emirates.
What you should know
It can be recalled that the Federal Government had directed the immediate suspension of outbound flights of Emirates Airlines for 72 hours with effect from February 4, until when the needed infrastructure and logistics were put in place for the Rapid Antigen Test (RDT) test by the Nigerian Government.
This follows accusations against the airline, that it was airlifting passengers from Nigeria using RDT done in laboratories that were not approved by regulatory authorities.
Emirates had insisted that it must conduct Rapid Antigens Test (RDT) for Nigerian passengers travelling to Dubai four hours before they board their flights and in addition to the accepted PCR test made compulsory by the federal government.
Coronavirus
Facebook launches social media drive to boost Covid-19 acceptance in Nigeria
This initiative is coming at a time when a good number of Nigerians are yet to accept the Covid-19 vaccine and promised not to take them.
Facebook has announced the launch of a new social media drive allowing people to add frames and graphics to their profiles on Facebook and Instagram, saying they have either had the Covid-19 vaccine or plan to do so.
The American Technology conglomerate is collaborating with the National Primary Health Care Development Agency (NPHCDA) and other key regulatory bodies within the Health Sector in the country in driving this initiative.
According to Punch, this disclosure was made known through a statement issued by Facebook on Friday, saying it would use its scale and speed to reach people faster and help them get credible information, get vaccinated and come back together safely.
This initiative is coming at a time when a good number of Nigerians are yet to accept the Covid-19 vaccine and promised not to take them.
Facebook said that the new range of Facebook frames and Instagram GIPHY stickers allow people to share their support for getting vaccinated with their family and friends, as the access to Covid-19 vaccines intensify across Nigeria.
The frames and stickers include banners that say ‘Let’s Get Vaccinated’ or ‘I Got My Covid-19 Vaccine’ which would appear overlaid on the edge of their profile picture next to a blue bubble that reads ‘We Can Do This.’
Facebook, pointed out that due to the reluctance of millions of people to accept the vaccine, it was launching the profile frames with research showing how social norms could have a major impact on people’s attitude and behaviour when it comes to their health.
Facebook’s Head of Public Policy for Anglophone West Africa, Adaora Ikenze, said, “We’re promoting these unique profile frames and GIFs to all Nigerian Facebook and Instagram users to raise vital vaccine confidence.’’
The new frames and GIPHY stickers let you share your support for COVID-19 vaccines, and see that others you respect and care about are doing the same.”
On his part, the Executive Director and Chief Executive Officer of the NPHCDA, Faisal Shuaib, said partnerships like the one secured with Facebook demonstrated the resilience of the human spirit to endure, innovate and reemerge with the promise of hope that COVID-19 vaccination offered to everyone.
What you should know
Facebook has in recent times, have been taking aggressive measures to do away with vaccine misinformation across the globe.
A top executive of Facebook had said that the company has fact-checkers in dozens of countries around the world, who are really working round the clock to look at misinformation about vaccines, as it sees it as absolutely imperative to try to get misinformation off the platform and redirect people to accurate information.
Facebook said that it started removing false information about Covid-19 vaccines in December, and expanded the list of offending vaccine-related claims two months later.
