Economy
AU Welcomes Nigeria Ahead of AfCFTA Kick-Off
The African Union Commissioner for Trade and Industry, Albert Muchanga, said in Addis Ababa on Friday that instruments signifying Nigeria’s entry into the African Continental Free Trade Area (AfCFTA) will be received at the commission’s headquarters shortly ahead of next year’s kick-off of trading.
Speaking during the AfCFTA Business Forum 2020 to discuss the status of preparations to launch the continental trading, Muchanga said the launch of trading will facilitate the growth of African enterprise and enhance the capacity of industries producing goods to a wider population.
Nigeria, which signed the AfCFTA agreement in 2019, officially ratified the agreement on 12 November.
The instruments of ratification are expected to be received at the AU on Sagurday, 5 December, the deadline for the ratification.“AfCFTA Business Forum 2020, whose main theme was to discuss the AfCFTA’s role in post coronavirus (COVID-19) Recovery, Resilience and Structural Transformation, involved various panel discussions on what is required to ensure trading kicks off in January 2021.
The Business Forum was attended by senior business leaders, including African heads of state and leaders of multinational firms operating across various borders.
According to the AU Commission, 1 January 2021 will mark the start of a landmark period during which African countries will start to really trade with themselves.
“It is a historic moment for our continent as the world’s largest free trade area opens its doors to traders both large and small,” said the AU in a statement circulated before the meeting on Friday.
Rwandan President Paul Kagame said the start of the continental trading should particularly involve the private sector.
The Rwandan president said constant communication should be intensified during the period in order to highlight the benefits of the new trading arrangement.
“We must be able to communicate the benefits of free trade,” President Kagame said.
The AfCFTA Business Forum is the African Union’s premier multi-stakeholder platform for heads of state and government, private sector leaders, SMEs, civil society and other stakeholders to explore how intra-Africa trade and the African Continental Free Trade Area can develop the continent, the AU Commission said.
This year’s session focused on what the start of trading could mean for Africa’s recovery from the impact of Covid-19; and what businesses needed to do to successfully position themselves in this vast, new market.
Currently, the percentage of trade that African countries do with each other is a mere 16 per cent. The bulk of the continent’s trade is with the rest of the world, and most African exports are in raw materials including extractive commodities like oil, gas and minerals which are vulnerable to market volatility.
The AfCFTA is set to transform the way business is conducted across Africa. Trade barriers will be drastically reduced and traders of all sizes will have access to a much bigger market than before.
The bigger market will spur producers to upscale and so support increased industrialization and value addition on the continent, the AU said.
The AfCFTA will be the platform for boosting manufacturing and mechanised farming. More employment opportunities will thus be generated for Africa’s burgeoning young population, according to the AU.
“We are stimulating the emergence of value addition in Africa,” Muchanga said during a panel debate. (PANA/NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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