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Business

AfCFTA to boost Africa’s economy to $29 trillion by 2050 – FDC Report

AfCFTA would boost Africa’s economy to $29trillion by 2050 if properly implemented and executed across the continent.

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Take-off of Africa Free Trade Zone (AFCFTA) suffers set back

The African Continental Free Trade Area (AfCFTA) is capable of boosting Africa’s economy to $29 trillion by 2050 from the current size of $2.6trn if properly implemented and executed across the continent.

This was disclosed in “The FDC Afriscope Volume 2, Issue 6, December 23, 2020” published by the Financial Derivatives Company Limited.

READ: Buhari expresses displeasure with Francophone West Africa over adoption of Eco currency

READ ALSO: How AfCFTA affects every Nigerian Business

According to the report,

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  • The agreement has a huge potential as it would create the world’s largest single market of about 1.2billion consumers and workers, thereby increasing opportunities for African manufacturers and businesses, especially those constrained by the size of their domestic markets.
  • “Integrating Africa into one trade area provides significant opportunities for entrepreneurs, businesses and consumers across the continent. It could also rapidly support sustainable development in the world’s least developed region.”

READ: AfCFTA: Nigeria not ready for restrictive Rule of Origin

READ: The opportunities in Africa’s $100 billion infrastructure deficit

What you should know

  • The African Continental Free Trade Area (AfCFTA) is expected to commence in January 2021.
  • AfCFTA was established in 2018 with the sole aim of creating a single market for goods and services in Africa – removing hurdles and obstacles militating against free flow of goods and services in the continent.
  • It is expected that the Intra-African trade would increase by over 50% as it currently accounts for less than 20% of exports in Africa, compared with about 60% in Asia and 70% in Europe.
  • AfCFTA would create the impetus for developing better policy frameworks, fostering specialization and boosting industrialization across Africa while creating an enlarged regional market that could lead to an increase in FDI inflows for several countries as well as strengthening the regional and inter-state cooperation.
  • There would be an increased employment and investment opportunities, as well as technological development and exchanges of ideas, with increased real wages for both skilled and unskilled workers, especially the manufacturing and agricultural sectors

READ: AfCFTA: African Customs Officials to draft free trade continental guidelines

Johnson is a risk management professional and banker with unbridled passion for research and writing. He graduated top of the class with B.sc Statistics from the University of Nigeria and an MBA degree with specialization in Finance from Ambrose Alli University Ekpoma, with fellowships from the Association of Enterprise Risk management Professionals(FERP) and Institute of Credit and Collections management of Nigeria (FICCM). He is currently pursuing his PhD in Risk management in one of the top-rated universities in the UK.

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Business

NIMC says it has licensed telecommunication companies to provide NIN

The NIMC has said the agency has licensed telecommunications companies to register applicants who do not have NIN.

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FG invalidates SIM integration using BVN generated NIN, applicants must visit NIMC offices

The Nigerian Identity Management Commission (NIMC) has said the agency has licensed telecommunications companies to register applicants who do not have National Identity Numbers (NIN).

This measure is to help reduce the large crowd that besieges NIMC offices across the country for registration with the risk of contracting the Covid-19 disease.

According to a report from Punch, this disclosure was made by the Director-General, NIMC, Aliyu Aziz, while responding to an inquiry with respect to measures taken by NIMC to address the complaints made by citizens and the crowds at the commission’s offices.

Aziz pointed out that mobile network operators had been empowered to also give identity numbers. This is in addition to the licensing of the private and public organization by the commission to provide NIN.

The NIMC boss said, “We have licensed private and public sector organisations including telcos (telecommunications companies) so as to create more centres.’’

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What you should know

  • It can be recalled that the Federal Government had directed that telecommunication companies should block from their network, any SIM that is not registered with valid NINs with effect from December 30, 2020.
  • However, following public outcry, the government gave 6 weeks extension to subscribers without NIN from December 30, 2020, to February 9, 2021, and 3 weeks extension for subscribers with NIN from December 30, 2020, to January 19, 2020.
  • However, many Nigerians and organisations had called for a further deadline extension or outright suspension of the NIN registration process due to the large crowds who had yet to have their NINs.

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Business

CBN disburses N106.96 billion to 27,956 AGSMEIS beneficiaries

The CBN has disbursed a total of N106.96 billion to 27,956 beneficiaries of AGSMEIS.

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CBN releases new guidelines for OFIs, orders inclusion of NUBAN code or face sanctions

The Central Bank of Nigeria has revealed that it disbursed a total of N106.96 billion to 27,956 beneficiaries of Agri-Business Small and Medium Enterprise Investment Scheme (AGSMEIS).

This information is contained in a recent communique from the last MPC report of the CBN.

Recall that Nairametrics had earlier reported the expansion of AGSMEIS beneficiaries to 14,638. In lieu of this, the recent figures show a remarkable improvement of an additional 13,318 beneficiaries.

The apex also revealed that it has disbursed a total of N2.0 trillion as at January 2021. Other key disbursements are;

  • The disbursement of N192.64 billion to 426,016 households and small businesses under the COVID-19 Targeted Credit Facility (TCF).
  • The disbursement of N72.96 billion to the Health Care Support Intervention Facility, directly impacting about 73 projects which comprises of 26 pharmaceutical projects and 47 hospitals and health care services projects in the country.
  • In a bid to support the provision of employment opportunities, the apex bank provided financial support of N3.12 billion to 320 beneficiaries under the Creative Industry Financing Initiatives and N268 million to 395 beneficiaries under the Nigerian Youth Investment Fund.
  • The apex bank also provided N18.58 billion for the procurement of 347,853 electricity reading meters to Discos, in a bid to support the National Mass Metering Programme.

What you should know

  • The Agri-Business/Small and Medium Enterprise Investment Scheme is a Federal Government initiative aimed at supporting efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) in Nigeria, with the long-run goal of achieving sustainable economic development and employment generation.
  • With the CBN AGSMEIS Loan, one can access up to N10M at 5% per year without collateral.

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President Buhari approves local production of helicopters by NASENI

President Buhari has directed NASENI, to collaborate with Dynali Company for the local production of helicopters.

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Travel portal, FG to release 30,000 tons of maize to poultry farmers after import ban, President submits 2021-2023 MTEF to National Assembly, public holiday, inflation, President Buhari reappoints Ben Akabueze as DG Budget office,, #EndSARS Protest: FG denies plans of monitoring calls and social media

President Muhammadu Buhari has directed the National Agency for Science and Engineering Infrastructure (NASENI), to collaborate with Dynali Company, a Belgian Helicopter Manufacturing Company, for the local production of helicopters.

According to a report from the News Agency of Nigeria (NAN), this directive was given by the President at the maiden edition of the meeting of the Governing Board of NASENI at the State House, Abuja, on Tuesday, January 26, 2021.

While presiding over the meeting, President Buhari, who is also the Chairman of NASENI, directed the agency to work towards bridging the gaps in research and technology that keeps Nigeria waiting on other countries for supplies and solutions, especially in tackling challenges like the Covid-19 pandemic.

What President Buhari is saying

Buhari said the agency should play a more pivotal role in equipping the country during emergencies, while encouraging research, upgrading local skills, fabrication and international collaborations that would provoke growth in science and technology.

The President said, “The uniqueness of the mandate of NASENI as enshrined in its enabling law towards the actualisation and realisation of our development programmes such as the creation of Ten Million jobs; Economic Recovery and Growth Programme (ERGP) and Post COVID-19 sustainability Plan.

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“It is only deliberate deployment of Engineering, Science, Technology and Innovation (ESTI) using technology domestication and reverse engineering of capital goods.

“Making them available in Nigeria that can fast-track the realisation of our collective will to build capacity and reduce poverty among our teeming populace. The countries that are at the forefront of economic recovery have only one thing in common: investment and sustained research and development work in knowledge economy.

“Covid-19   pandemic   has exposed the Technology and innovation gap between us and the developed World, which NASENI is strategically positioned to fill.’’

Going further, the President said in order to achieve its full potential, NASENI must be empowered through the provision of adequate financial, human and material resources and be given the autonomy and independence to engage in international partnerships to acquire the relevant technologies for socio-economic and industrial advancement of the country.

He said, ‘’In this regard, I have directed the Honourable Minister of Finance, Budget and National Planning and Federal Inland Revenue Service to commence remittance of funds approved by Law of the Agency.’’

‘’It is important to for members of the NASENI Governing Board to note that Agencies of Governments with a similar mandate as NASENI in many countries are directly under the supervision of their respective Heads of State and Government.’’

While making his own remark, the Executive Vice Chairman of NASENI, Prof. Mohammed Haruna, revealed that the agency had constructed electronic voting systems and was already working on locally produced jet engines and assemblage of passenger and military helicopters.

What you should know

  • It can be recalled that President Buhari had earlier approved the reconstitution and inauguration of the Governing Board of NASENI on March 8, 2018, with a clear mandate to develop local capacity in machine building and fabrication, which would be critical to Nigeria’s industrial development.
  • NASENI was established in 1992 by the Federal Government following the recommendations of the White Paper Committee on the 1991 Report of a 150-member National Committee on Engineering Infrastructure comprising scientists, engineers, administrators, federal and state civil servants, economists, lawyers, bankers and industrialists.

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