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Tag: AFCFTA

AfCFTA To Give Nigerian Firms Access To $666.17bn Market — Emefiele

AfCFTA To Give Nigerian Firms Access To $666.17bn Market — Emefiele

Business
Godwin Emefiele, governor, Cen­tral Bank of Nigeria (CBN), said on Tuesday that full implementation of African Continental Free Trade Agreement (AfCFTA) is expected to give Nigerian firms preferential access to markets in Africa worth $504.17 billion in goods and $162 bil­lion in services. He said AfCFTA has the potential of offering significant opportunities for the Nigerian private sector to ex­pand into new markets and seek new export opportunities, particularly in the area of manufacturing, ICT, ag­riculture and financial services, giv­en Nigeria’s growing advantage in these areas relative to counterparts in other parts of Africa. Emefiele disclosed this at Zenith Bank’s 2021 Export Seminar which was held vir­tually on Tuesday. “I believe that we should seize this op...
AfCFTA: Nigerian Commodities Exchange prepared for agreement – MD

AfCFTA: Nigerian Commodities Exchange prepared for agreement – MD

Business
The Managing Director of the Nigerian Commodities Exchange has stated that the agency is fully prepared to take advantage of the AfCFTA. 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.” She added that the NCX had an established network of 20 warehouses across major production areas in the six geo-po...
After months of COVID delays, African free trade bloc launches

After months of COVID delays, African free trade bloc launches

Economy
African countries began officially trading under a new continent-wide free trade area on Friday, after months of delays caused by the global coronavirus pandemic. But experts view the New Year’s Day launch as largely symbolic with full implementation of the deal expected to take years. The African Continental Free Trade Area (AfCFTA) aims to bring together 1.3 billion people in a $3.4 trillion economic bloc that will be the largest free trade area since the establishment of the World Trade Organization. Backers say it will boost trade among African neighbours while allowing the continent to develop its own value chains. The World Bank estimates it could lift tens of millions out of poverty by 2035. “There is a new Africa emerging with a sense of urgency and purpose and an asp...
Hope for single African market in 2021 as borders open for AfCFTA

Hope for single African market in 2021 as borders open for AfCFTA

Capital Market
As expectations are high about the reopening of more land borders to regional trade this week, the country would address hiccups in its trade policies to optimize the benefits of the African Continental Free Trade Area (AfCFTA) scheduled to take off January 1, 2021.   The Federal Government recently reopened four borders – Seme border in the South West, Illela and Maigatari border in the North West and Mfun in the South South with optimism that others would be reopened on December 31. This action would enable Africa’s largest economy to participate fully in the long-awaited Africa’s single market. The border closure, which lasted for 16 months, posed different challenges to cross-border traders, corporate entities and private engagements around the regional line. On No...
Customs agents describe PAAR illegal, seek review

Customs agents describe PAAR illegal, seek review

Business
The National Council of Managing Directors of Licensed Customs Agents (NCMDLCA), has said that the Pre-Arrival Assessment Report (PAAR) on cargoes is not backed by any existing law. Therefore, its component is strange and not recognized for the treatment of valuation and other Customs matters, and aligned with the international valuation process. President, NCMDLCA, Lucky Amiwero, in a letter to the Presidency, which was obtained by The Guardian, said: “We hereby bring to the attention of the Federal Government, the process of Pre-Arrival Assessment Report (PAAR) that is not procedurally backed by law and its treatment. “PAAR has no legal relevance with regards to pre-assessment procedures and treatment of imports, as such goods are not pre-assessed before arrival and not inspect...
‘AfCFTA, best stimulus for Nigeria, others to overcome coronavirus crisis’

‘AfCFTA, best stimulus for Nigeria, others to overcome coronavirus crisis’

Business
If implemented, Africa does not need a Marshall Plan to ride out the ongoing coronavirus crisis, as it has a more powerful tool in the African Continental Free Trade Area (AfCFTA), to use in accelerating regional and economic integration and prepare for uncertain times, the United Nations Economic Commission for Africa (UNECA), has said. According to UNECA’s Executive Secretary, Ms. Vera Songwe, during a virtual panel discussion to mark the inaugural Africa Integration Day that was set aside by the African Union to mark its implementation, with the AfCFTA, Africa had collectively penned its own blueprint for growth. “We need to talk about Africa and the AfCFTA. Our Marshall Plan is the AfCFTA. The AfCFTA is our plan so let us take it and run with it,” she said. “The Marshall Plan ...
UN warns against lopsided trade rules, climate change, others

UN warns against lopsided trade rules, climate change, others

Business
Sequel to global leaders moves to assess the intricate supply chain vulnerabilities of essential goods due to COVID-19-related trade restrictions, the United Nations, yesterday, insisted that there was a need to realign structure and substance of trade rules to respond to rising inequalities, climate change, and frustrations with trade’s role in development. While G20 governments continue to impose trade-restrictive measures, the UN noted that these come when the World Trade Organisation (WTO) reforms are on the table, as its negotiation and adjudication functions have been weakened by the ongoing U.S.-China trade wars. This was contained in a report authored by Chief of United Nations Conference on Trade and Development (UNCTAD), New York Office, Chantal Carpentier, and Visiting Pro...