Business
AfCFTA: Ratification demonstrates Nigeria’s economic leadership position in Africa – Trade Minister
The Minister stated that the ratification of the AfCFTA demonstrates Nigeria’s leadership position as an economic powerhouse in Africa.
The Minister of Industry, Trade and Investment announced that the FEC’s ratification of the African Continental Free Trade Area (AfCFTA) is a sign of Nigeria’s economic leadership position on the African continent.
This Minister disclosed this in a statement on Wednesday after reports of the Federal Executive Council’s ratification of the agreement. Member nations were given a December 5 deadline to ratify the agreement.
READ: AFCFTA is a powerful tool for Africa’s economic integration – ECA
The Minister stated on Wednesday that Nigeria joins other African economies in the ratification, which will ensure Nigeria’s place as a trade party in the AfCFTA area and also demonstrates Nigeria’s leadership position as an economic powerhouse in Africa.
“With the approval of the agreement, Nigeria joins other African nations who have already ratified the agreement to become a State Party to the agreement.
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“With this ratification, Nigeria is on course to participate in trading under the AfCFTA region.
“This is a huge step forward for the nation, and further demonstrates to the world of Nigeria’s economic leadership position on the African continent,” he said.
The Minister added that the instrument of ratification will be set by the Attorney General of the Federation for President Muhammadu Buhari’s approval and passed on to the African Union.
READ: AfCFTA: Nigeria not ready for restrictive Rule of Origin
Breaking News: The FEC just approved the AFCFTA ratification. #AfCFTA creates a single continental market for goods and services, free movement of business persons and investments, expands intra-African trade & aims to enhance competitiveness for our industries and #MSMEs pic.twitter.com/VbEDo3yI6c
— Otunba Niyi Adebayo (@NiyiAdebayo_) November 11, 2020
What you should know: Nairametrics reported in September that the 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.
The Minister also disclosed in September 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).
READ: AfCFTA: Improving guidance on standards can make Nigeria a beneficiary – Trade Minister
Business
Exited N-Power beneficiaries to apply for CBN empowerment options
A portal to enable Exited N-Power beneficiaries apply for CBN empowerment options has been launched by the Ministry of Humanitarian Affairs.
Business
Nigeria’s University lecturers union, ASUU, calls off 8-month strike
ASUU called off its eight-month long strike that has grounded academic activities in the public universities.
The Academic Staff Union of Universities (ASUU) has called off its eight-month-long strike that has grounded academic activities in the public universities. The union took the decision after it agreed to accept government’s total payment of N70 billion.
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The was disclosed by ASUU via its Twitter handle on Friday after its meeting with the Federal Government’s team led by the Minister of Labour and Employment, Dr. Chris Ngige.
It tweeted, “The Academic Staff Union of Universities, ASUU, has shifted ground on FG’s offer. The Union insisted that payment of outstanding salaries must not be done as through the IPPIS platform as promised, if strike would be suspended.”
Explore Data on the Nairametrics Research Website
#JUST IN: The Academic Staff Union of Universities, ASUU, has shifted ground on FG's offer.
The Union insisted that payment of outstanding salaries must not be done as through IPPIS platform as promised, if strike would be suspended.
Wait for more details#ASUUANDFG— Official_ASUU (@ASUUNGR) November 27, 2020
This is a developing story….
READ: FG offers N65 billion to ASUU, N15 billion revitalization fund to end strike
Business
Terrorism: Nigeria records 39.1% reduction in deaths – GTI Report
Nigeria has recorded a 39.1% reduction in terror-related deaths, according to the 2020 Global Terrorism Index (GTI) report.
The 2020 Global Terrorism Index (GTI) report, published annually by the Institute for Economics and Peace (IEP), based in the United States, indicates that terrorism incidents in Nigeria fell by 27% in 2019.
This represents the lowest level of terrorism in Nigeria since 2011, with terrorism deaths in Nigeria reduced to 1,245 last year – a 39.1% dip from the 2,043 deaths recorded in 2018.
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Despite the overall decline in terrorism in Nigeria last year, the country is still ranked as the third most impacted country in the world by terrorism, a position it has maintained for five consecutive years since 2015.
According to the latest annual GTI report, Afghanistan and Iraq are respectively the first and second most affected countries by terrorism.
READ: U.S companies in Nigeria created over 3 million jobs, generate N1.4 trillion revenue- ABC
Highlights of the report
- The decline in both terrorism incidents and deaths in Nigeria is attributed to a significant reduction in violence by armed Fulani herdsmen.
- The armed herdsmen are being held accountable for majority of terror-related deaths in 2018, with the latest GTI report showing a 72% decline in fatalities attributed to the herdsmen last year.
- Terror-related deaths and incidents attributed to Boko Haram in Nigeria increased by 25% and 30% respectively from the prior year.
- Over the past year, Boko Haram increased attacks on military targets, with deaths rising from 26 in 2018 to 148 in 2019.
- Globally, deaths from terrorism fell in 2019 to 13,826. This represents a 15% dip from the previous year and the fifth consecutive year of decline since peaking in 2014.
- Conflict remains the primary driver of terrorism, with over 96% of deaths from terrorism in 2019 occurring in countries that are already in conflict.
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What you should know
- GTI report is published annually by the Institute for Economics and Peace (IEP) based in the United States.
- The GTI report, now in its eighth year, ranks 135 countries according to how they are impacted by terrorism. The indicators used by the GTI include the number of terrorist incidents, fatalities, injuries and property damage.
- Boko Haram, the deadliest terrorist group in Nigeria ranks second in the world, behind the Taliban in Afghanistan.
- There are 63 countries in 2019 that recorded at least one death from a terrorist attack and 17 countries that recorded over 100 deaths from terrorism. However, only Afghanistan and Nigeria recorded over 1,000 deaths and both countries had significant reductions in the number of people killed in 2019.
- Globally, the report estimates the economic impact of violence, including military, homicide, incarceration and terrorism to be $14.5 trillion in 2019. This is the equivalent of 10.6% of global GDP. The global economic impact of terrorism alone was estimated to be $26.4 billion last year.
- There are emerging new threats of politically-induced terrorism in North America, Western Europe, and Oceania, though with minimal fatalities.
READ: Six Nigerians convicted in UAE for funding Boko Haram in 2019
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Terrorism: Nigeria records 39.1% reduction in deaths – GTI Report
