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Business

AfCFTA: African Finance Ministers to discuss payments system for trade bloc

The African Union is set to discuss the launch of a payment system for the African Continental Free Trade Area (AfCFTA).

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Take-off of Africa Free Trade Zone (AFCFTA) suffers set back
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The African Union has announced that its Specialised Committee on Finance, Monetary Affairs, Economic Planning and Integration will discuss the launch of a payment system for the African Continental Free Trade Area (AfCFTA) from the 1st to the 3rd of December.

The African Union disclosed this on Tuesday evening, the meeting will be 2 days before the planned deadline on the ratification of the agreement.

READ: CBN provides guidelines to address credit, liquidity risks, others  

What you should know 

The African Continental Free Trade Area (AfCFTA) is one of the  biggest free-trade agreements in the world right now with a potential market of 1.2 billion people and a combined gross domestic product of $2.5 trillion

The Federal Government announced that it has ratified Nigeria’s membership to the African Continental Free Trade Area (AfCFTA), ahead of the December 5, 2020 deadline. The agreement goes into effect from the 1st of January 2021.

READ: Afreximbank invests over $500m in the maritime industry in 3 years 

Mr. Francis Anatogu, Secretary, National Action Committee on AfCFTA, stated that the agreement would reduce the erosion of the naira, which has suffered nearly 90% devaluation since 2016, through exports of Nigerian-made goods and services, and give exposure of the naira to other currencies.

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The African Union is building a Continental Payment System that would help ease payment integration in AfCFTA countries. The theme of the meeting will be “Securing Africa’s Taxing Rights, Stemming Illicit Financial Flows and developing payment system for AfCFTA”.

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READ: AfDB rewards winners of AgriPitch competition with $120,000

The AU disclosed that it would be a major step towards the Agenda 2063 for Africa. They also added that the meeting will discuss implementations of “Aspiration1”, which aims for continental inclusive growth and development.

They will also discuss how to prevent illegal capital flight and tax challenges surrounding the agreement due to the rising African Digital Economy.

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Business

FG launches National Gender Steering Committee for Gender Policy in the agricultural sector

The policy document is a developmental strategy for poverty reduction and it is expected to empower small scale holder farmers who are predominately women.

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FG moves to reduce gender inequality in agriculture, De-risking the agricultural sector
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The Federal Government has announced its inauguration of a National Gender Steering Committee for the Implementation of the Gender Policy in the Agricultural sector, in a bid to offer equal access and gender-sensitive approaches towards food production.

This was disclosed by Permanent Secretary, Federal Ministry of Agriculture and Rural Development, Dr Ernest Umakhihe, who inaugurated the Committee on Wednesday in Abuja.

“The initiative will promote and ensure the adoption of gender-sensitive responsive approaches, plans and programmes in such a way that men and women will have equal access and control of productive resources,” he said.

He added that availability of the policy document was expected to address the vulnerability of women to biases in the Agriculture sector, integrate gender perspectives in National Planning, create more jobs and financial empowerment for women, citing that the National Gender Policy in Agriculture was consistent with the Global 2030 Agenda for Sustainable Development adopted by World Leaders at the United Nations Summit in New York, USA, in September 2015.

Director, Special Duties in the Ministry, Mrs Fausat Lawal also stated that “Women, small scale holder farmers constitute about 70-80% of the agriculture labour force and they produced the bulk of food for domestic consumption.”

She added that the policy document is a developmental strategy for poverty reduction and it is expected to empower small scale holder farmers who are predominately women.

What you should know 

  • Female unemployment rate in Nigeria as of Q4 2020 increased to 35.2% from 31.6% recorded in Q2 2020. This is according to the recent labour force report released by the National Bureau of Statistics (NBS).
  • A total of 61.63 million women were in the working population (15 – 64 years of age) as of Q4 2020 accounting for 50.5% of the total working population. Only 30.15 million of these women were willing and able to work, which represents about 43.3% of the total labour force in the period under review.

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CAC discloses email addresses for manual submission of registration applications

The CAC disclosed that submissions through email would be pended till the deployment of the interface for submission on the CRP.

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CAC, Corporate Affairs Commission selects NIPOST as official courier partner
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The Corporate Affairs Commission (CAC) has announced the email address for customers and the public for manual submissions, despite closing the window of submission for some post-incorporation applications earlier this month.

The CAC disclosed this in a statement on Wednesday evening, adding that submission through emails would be pended till the deployment of the interface for submission on the CRP.

“The Commission wishes to inform the General Public and its Esteemed Customer that it shall in addition, continue to accept manual submission of the following post-incorporation application through the respective email address,” they said.

READ: CAC to register companies within 48 hours, approve business name same day

READ: CAC registration: 100,000 business names registered for free so far

What you should know

Nairametrics reported earlier this month that the CAC had stated that it would continue to accept manual submissions in respect of some specific processes, despite the closure of the window on manual submission of registration applications, which took place on March 31, 2021.

They said, “The Commission shall continue to accept Manual Submission in respect of the processes listed below pending the conclusion of the interface for online submission under the Company Registration Portal. The processes are:

  1. Alteration of Memorandum & Article of Association
  2. Schedule 14 (Form of Statement to be filed by Banks, Insurance and deposit Finance Institution)
  3. Amendment of Constitution
  4. Bi-annual Statement for Incorporated Trustees.

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