Business
AfCFTA: Nigeria submits Instruments of Ratification, becoming the 34th State Party
Nigeria has submitted its Instruments of Ratification of the AfCFTA, becoming the 34th African country fully do so.
Nigeria became the 34th African country to fully ratify and submit its Instrument of Ratification of the African Continental Free Trade Area (AfCFTA).
This was disclosed in a statement by the Ministry of Foreign Affairs on Saturday.
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On behalf of @NigeriaGov, Amb. Richard Adejola, Head of the Nigerian Mission to @_AfricanUnion deposited the Instrument of Ratification of the Agreement Establishing the AfCFTA with the African Union legal depository, today, 5th December, 2020. pic.twitter.com/zJwUPj0DA8
— Ministry of Foreign Affairs, Nigeria 🇳🇬 (@NigeriaMFA) December 5, 2020
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The African Continental Free Trade Area (AfCFTA) is expected to open up Nigerian businesses to a market of over 1.2 billion people and a GDP of $2.5 trillion.
The Ministry of Foreign Affairs said in a statement that, “Amb. Richard Adejola, Head of the Nigerian Mission to the African Union, deposited the Instrument of Ratification of the Agreement Establishing the AfCFTA with the African Union legal depository, today, 5th December, 2020.”
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The instrument of ratification was received by Amb. Albert Muchanga, AU Commissioner for Trade and Industry, representing the AUC Chairperson.
Amb. Muchanga while commenting on Nigeria’s submission of its instrument of ratification said: “Another great day for the AfCFTA with Nigeria becoming the 34th AfricanCFTA State Party! Very pleased to have received the instrument of ratification today from H.E. Richards Adejola, Head of Mission and Permanent Representative of Nigeria to the African Union”
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What you should know
- Nairametrics reported last month that 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.
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.
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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.
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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.
