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Business

AfCFTA: African Finance Ministers to discuss on industralization policy

Ministers of Finance from AU member-states are set to meet to discuss Industrialisation under the AfCFTA agreement.

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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

Finance Ministers in the African Union have announced that they will meet to discuss how industrialization can drive economic capacity in Africa under the African Continental Free Trade Agreement (AfCFTA).

This was disclosed in a report by the Economic Commission for Africa (ECA) on Wednesday. The Conference will be a virtual event from 17-23 March 2021, themed  “Africa’s sustainable industrialization and diversification in the digital era in the context of coronavirus pandemic (COVID-19).”

UN ECA Director of Regional Integration and Trade, Stephen Karingi, stated that an industrial policy was necessary to maximize the AfCFTA, citing that African finance ministers would also discuss digital policies that could be integrated with the AfCFTA industrial drive.

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

“It is crucial that our governments establish institutional arrangements for cooperation on the digital economy, and provisions to support digital capacities and industrialization and connect African businesses,” Karingi said.

“Industrialisation and digitalisation recognize Africa’s desire to industrialize and create jobs for the millions of its populace, in particular the youth joining the labour market annually,” the ECA said.

The ECA added that Africa needed to implement policies that required inclusive growth in all capacities, factoring in better use of natural resources and climate change, citing that an eco-friendly solution towards industrialization would create 170 million new jobs in Africa between 2020 and 2030.

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

What you should know

  • Recall Nairametrics reported in November 2020, that African Finance Ministers in partnership with the  Specialised Committee on Finance, Monetary Affairs, Economic Planning and Integration discussed the launch of a payment system for the African Continental Free Trade Area (AfCFTA).
  • The Minister of State for Industry, Trade and Investments, Amb. Mariam Katagum, also disclosed last year that the Federal Government was committed to Nigeria’s manufacturing sector, and said AfCFTA would provide the platform for Nigeria’s diversification dreams, with a robust focus and support for the manufacturing sector.
  • Meanwhile, the Minister of Industry, Trade and Investment, Adeniyi Adebayo stated that a new Automotive Industry Bill would help place Nigeria in its rightful position, as the manufacturing hub of Africa under the AfCFTA.

READ: AfCFTA: Promoting non-oil revenue will maximize agreement for Nigeria – NESG

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Business

Bandits kidnap students at Girls Secondary School in Zamfara State

Armed bandits have attacked and abducted students of a secondary school in Zamfara State.

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Armed bandits have kidnapped an unspecified number of students at the Girls Secondary School, Talata Mafara Local Government Area of Zamfara State.

This was disclosed by the state media agency, NTA in a statement on Friday morning.

“Armed bandits kidnapped an unspecified number of Students at Government Girls Secondary School, Jangebe in Talata Mafara Local Government Area of Zamfara State,” they said.

More details shortly…

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Business

Border trade: Onion marketers commence land exports to West Africa

Nigerian onion marketers have commenced documented exports to West Africa.

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The Onion Producers and Marketers Association of Nigeria (OPMAN) has inaugurated the launch of documented onion exports to West Africa through the Illela land border in Sokoto State.

This was launched by Mr Abdulrahameed Ma’aji, the Area Controller of Nigerian Customs Service (NCS), for Sokoto and Zamfara states on Thursday, as he urged the onion traders to maximize the opportunity for enhanced production and trade with the continent.

He added that the Customs Service had implemented laws and guidelines to improve Nigerian trade and encourage businesses to export to Africa.

“Despite COVID-19 Pandemic, NCS provided proactive solutions to the public that will aid continued reliable and quality service delivery for sustenance of global trade,” Ma’aji said.

National President of OPMAN, Aliyu Maitasamu, stated that the union was working with sister agencies to develop a recovery plan to boost production by 20% each year until 2026.

“In line with the Federal Government’s plan to diversify the economy and create jobs, the union in conjunction with sister bodies in West and Central Africa, developed an onion recovery plan which will target an average steady growth of 20 per cent each year, from 2020 to 2026,” he said.

“Nigeria is among the 10 top onion exporting countries in the world, and with competitive advantage of production, the largest onion producing country in sub-Saharan Africa, with annual 1.4 million metric tonnes in output.

“With the present arrangement, Nigeria will continuously export onions to Niger Republic, Ghana, Burkina Faso, Benin Republic, Mali, Cote D’ Ivoire, and others, with more expanding opportunities,” Maitasamu added.

In case you missed: Nairametrics reported on December 16, 2020 that President Muhammadu Buhari had ordered the immediate reopening of four of Nigeria’s land borders, over a year after they were all shut.

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