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Business

AfCFTA: Nigerian Commodities Exchange prepared for agreement – MD

The Managing Director of the Nigerian Commodities Exchange has stated that the agency is fully prepared to take advantage of the AfCFTA.

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Q1 2020, AfCFTA, African Continental Free Trade Area, Africa Free Trade Agreement, Business new, Nairametrics news, AfCFTA: Promoting Non -Oil revenue will maximize agreement for Nigeria - NESG

The Nigeria Commodity Exchange (NCX) is well-positioned to take advantage of the African Continental Free Trade Agreement (AfCFTA), through the implementations of several measures to ensure smooth export operations of Nigerian Commodities.

This was disclosed by the Managing Director of the Commodities Exchange, Mrs. Zaheera Baba-Ari, in an interview on Sunday in Abuja.

  • “The establishment of the continental trade bloc will be beneficial to African countries if properly managed.”

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

She added that the NCX had an established network of 20 warehouses across major production areas in the six geo-political zones of the country for efficient receipt and storage of agro-commodities to be traded on the exchange.

The warehouses, located in Zamfara, Kano, Kaduna, Nasarawa, Benue, Bauchi, Sokoto, Plateau, Ebonyi, Ekiti and Kogi, have a combined capacity to store 50 trillion tonnes of goods. She added that warehouses in Adamawa, Gombe, Taraba, Jigawa, Edo, Cross River and Ondo States would be ready within the year.

The NCX boss said that AfCFTA would help Africa fight challenges that were caused by the pandemic in the continent’s economies through trade.

  • “The NCX has acquired robust Trading Application System for seamless buying and selling of commodity to ensure market integrity, price transparency and the facilitation of cross border trades.
  • “It has also acquired a Warehouse Management System that assures an efficient management of warehouse inventories. We have perfected Memorandum of Understanding with relevant foreign and Nigerian Commodity Associations like the Ethiopia Commodity Exchange and the Export Merchants Association of Sudan to trade in selected agro-commodities.”

READ: AfCFTA: The state of the manufacturing sector in Nigeria and its ability to capitalize on open borders

She added that the NCX has also launched Quality Assurance Laboratories in each of the delivery warehouses, stating that the labs would be used for testing the quality of commodities such as paddy rice, cocoa, sesame seed, soya beans, maize, sorghum and cashew nuts that would be traded on the exchange.

The NCX Chief said the labs were certified to ISO22000 certification which combines ISO 9001 with Food Safety Management and Hazard Analysis, including Critical Control Point System (HACCP).

  • “The HACCP identifies specific hazards and proffers measures for the control of identified impurities in the food processing sector. The issue of tariff on agro-commodity exports from Nigeria should be addressed to increase efficiency of trade flows.
  • “There is also the need for Nigeria to improve its position on the World Bank’s Ease of Doing Business Ranking from its current 131st rung of the ladder.”

READ: AfCFTA: Trade Ministry should develop a synthesis to summarise all items negotiated – NANTS

What you should know 

  • Nigeria was the 34th African country to fully ratify and submit its Instrument of Ratification of the African Continental Free Trade Area (AfCFTA).
  • Mr. Bismarck Rewane, Chief Executive Officer of Financial Derivatives Company Limited said that the African Continental Free Trade Area would create the desired impetus to stimulate the economic growth of Nigeria in 2021.
  • Customs officials in the continent agreed to draft continental guidelines to enable the movement of goods, services and people for the agreement.

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Business

Nigeria signs pact with Morocco’s OCP Group to aid fertilizer production

The pact is expected to utilize Nigerian gas and Moroccan phosphate to produce 750,000 tons of ammonia and one million tons of phosphate fertilizers.

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Nigeria has signed a pact with OCP Africa to aid the second phase of the Nigerian Presidential Fertilizer Initiative in Morocco. The pact was signed by the Nigerian delegation led by the Minister of State for Petroleum, Timipre Sylva and officials of Nigeria Sovereign Investment Authority (NSIA).

This was disclosed in a statement issued by NSIA and seen by Nairametrics on Tuesday.

This is expected to utilize Nigerian gas and Moroccan phosphate to produce 750,000 tons of ammonia and one million tons of phosphate fertilizers annually by 2025.

To achieve the 750,000 tons target, a number of agreements were signed between OCP Africa, the Fertilizer Producers and Suppliers Association of Nigeria, and the NSIA in order to commit to the second phase of the Nigerian Presidential Fertilizer Initiative.

Similarly, a Shareholders’ Agreement was also signed between OCP Africa and the NSIA for the creation of the Joint Venture Company. This agreement would oversee the development of a versatile industrial platform that will produce ammonia and fertilizers in Nigeria.

It stated, “a Memorandum of Understanding between OCP Africa, the Nigerian National Petroleum Corporation, and NSIA was sealed. The objective of this pact is to evaluate the opportunity of an equity investment by the NNPC in the JVC and for its support on gas.”

What you should know

  • The business visit is a follow up to the industrial project which was officially launched in June 2018 following the success of the first phase of the Presidential Fertilizer Initiative supported by OCP.
  • Through these agreements, the OCP Group has confirmed its commitment to the development of sustainable and inclusive agriculture in Nigeria.
  • The project was first announced during the official visit to Morocco of President Muhammadu Buhari and it is aimed at developing a versatile industrial platform in Nigeria.
  • Recall that in 2016, OCP Group first partnered with the Fertilizer Producers and Suppliers Association of Nigeria under the Presidential Fertilizer Initiative, supported by the Nigerian Sovereign Investment Authority.
  • This collaboration stretched across the entire agricultural value chain, from the introduction of customized fertilizers adapted to local soils and crops to improving the availability of fertilizers in the local market at competitive prices.
  • The partnership also included farmer support initiatives, supply chain development projects along with the strengthening of a close distribution system.
  • These joint efforts have led to the renovation of 13 blending units and packaging for fertilizers and installation by private operators of more than 14 new factories.

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Business

FG declares ‘no-fly zone’ in Zamfara, bans mining activities in the State

The imposition and enforcement of a ban on all mining activities in Zamfara with immediate effect is until further notice.

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President Muhammadu Buhari has banned mining activities in Zamfara State, as it declared a ‘no-fly zone’ in the northern state.

This was disclosed by the National Security Adviser (NSO), retired Maj. Gen. Babagana Monguno, during the State House briefing at the end of the meeting of the National Security Council on Tuesday.

At the meeting, which was presided by President Buhari, he said;

“The President has approved, based on our recommendations, the imposition and enforcement of a ban on all mining activities in Zamfara with immediate effect until further notice.

“He has directed the Minister of Defence and the National Security Adviser to deploy massive military and intelligence assets to restore normalcy to that part of the country.

“He has also approved that Zamfara State should be declared ‘a no fly zone’ with immediate effect.”

 

President Buhari said, “I join the affected families and the people of Zamfara State in welcoming and celebrating the release of the abducted students of GGSS Jangebe. This news bring overwhelming joy. I am pleased that their ordeal has come to a happy end without any incident.

“We are working hard to bring an end to these grim and heartbreaking incidents of kidnapping. The Military and the Police will continue to go after kidnappers. They need the support of local communities in terms of human intelligence that can help nip criminal plans in the bud.”

 

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