Business
AfCFTA: Implementation will fulfill dreams of a united and prosperous Africa – Buhari
President Buhari has announced that Nigeria will throw its full support on the commencement of the AfCFTA.
President Muhammadu Buhari says the commencement of the African Continental Free Trade Area (AfCFTA) on January 2021 will fulfill the dreams of post-Colonial African founders for a prosperous and united Africa through the continental integration of goods, services and people.
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Buhari disclosed this at the 13th Extra-Ordinary Summit of the African Union Assembly of Heads of State and Government held virtually on Saturday. The President was represented by the Minister of Foreign Affairs, Mr Geoffrey Onyeama.
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President Buhari, during Saturday’s virtual meeting, announced that Nigeria will throw its full support to the commencement of the trade agreement from the 1st of January, 2021.
“In view of Nigeria’s strategic role in our collective efforts to build the Africa we want, the Nigerian government has taken bold steps to ratify the AfCFTA.
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“It is, however, pertinent to remind us of the need to preserve the agreed rule we are putting in place, to ensure that there is no breakdown or abuse of the rules based continental free trade framework.
“We must, therefore, work assiduously to encourage probity, transparency, and promote a shared and inclusive prosperity for all Africans,” President Buhari said.
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Buhari added that Nigeria’s role is to support continental integration and also be on the lookout for actions that could derail the agreement, citing acts that could undermine Nigeria’s borders through illegal dumping.
He also added that the ratification and implementation of the deal is a dream of Africa’s founding fathers in order to achieve peace and unity in the continent.
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“To deepen Continental Integration through the free movement of goods, natural and legal persons across the continent we must remain strident and committed in our support for the instrument while timeously addressing actions that could lead to breakdown of rules-based African Continental Free Trade Area.
“The successful commencement of trade in January 2021 is indeed the fulfillment of the collective dreams of our founding fathers, for a better, united, peaceful and prosperous Africa.
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“Let us, therefore, keep in mind that any form of abuse of the rules that undermine our borders and affect our markets could be a recipe for strained trade relations, disorder regional and geopolitical tensions and reduces economic growth,” Buhari said.
He urged that the mechanism put in place to support the deal will provide an environment for fair trade.
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“In this regard, we are further assured that the mechanism will provide the essential balance previously lacking in our trade relations
“Importantly, this agreement is strategic and relevant to the establishment of an economic and legal framework for intra-Africa trade relations and further serves as a platform for deepening Africa’s integration into the global economy,” he said.
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What you should know
- Nairametrics reported last month that The Federal Government announced that it had 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.
- 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.
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Business
Lagos State seeks investors in aquatic and livestock agriculture value chain
The Commissioner revealed that the scheme was in line with the State’s five-year strategic agriculture roadmap.
The Lagos State Government announced it is seeking private sector collaboration for Agriculture sector value chain development in livestock feed mills, fisheries and red meat.
This was disclosed by the State Commissioner for Agriculture, Ms Abisola Olusanya, in a statement on Sunday in Lagos.
The Commissioner revealed that the scheme was in line with the State’s five-year strategic agriculture roadmap, as the State identified the 3 main sectors for value chain disruption.
She also added that investment in the sectors would also develop jobs for the industry and boost the State’s GDP growth, through Private Sector collaboration as Lagos residents consume over N5 trillion worth of food annually.
“The objective is to stimulate and encourage more public-private partnerships in the three value chains,” she said.
“When you consider this pool of transactions happening in Lagos, it shows that we are the market. For instance, we demand over 400,000 metric tons of fish on an annual basis.
“But our fishermen and our aquaculture farmers are only able to produce just about 174,000 metric tons with deficit of 200,000 metric tons,” she added.
She also disclosed that the state has 9,000 artisanal fishermen, and bringing more youths into the space will increase the level of fish and seafood being harnessed from our water bodies. Looking at the transactional value on an annual basis, the fisheries sector is worth well over N120billion according to her.
In case you missed it: Nigeria exported agricultural products worth N321.5 billion in 2020, representing a 19.16% increase when compared to N269.8 billion recorded in 2019 and a 6.27% increase compared to N302.28 billion recorded in 2018.
Business
#DigitalSkillsTraining: FG announces conclusion of selection process
Only successful applicants that are contacted by the Ministry are to report at the training venue.
