Economy
Akufo-Addo Calls for Strong African Financial Institutions
President Nana Akufo-Addo of Ghana has called for strong development financial institutions to enable the African continent achieve its growth objectives.
A statement issued by Brandcomms Agency, a PR firm, in Abuja on Tuesday, said Akufo-Addo made the call during the opening of the 30th Annual General Meetings of the African Export-Import Bank (Afreximbank) in Accra.
The statement said that Akufo-Addo told participants at the meetings that Africa’s financial development institutions had remained highly undercapitalised.
He said the institutions needed to be properly capitalised and have coordination with the African Union (AU) to deliver effectively for the continent.
Akufo-Addo urged African countries and Africans to contribute to Afreximbank’s general capital initiative by subscribing to its allotted shares.
The president commended Afreximbank for its catalytic role in Africa and urged it to further improve its rating with credit rating agencies.
“This will enhance the bank’s operations and help it work consistently for Africa and the African Diaspora.”
Akufo-Addo pledged to work for Afreximbank to be admitted to a special status at the AU in recognition of its role and contributions to the continent.
He said the meetings was truly an intercontinental event with the participation of several Caribbean countries that had become full members of the bank following the signing of partnership agreements with the institution.
The president welcomed the bank’s support for Ghana, noting that its timely support through its Counter-Cyclical Liquidity Facility at a time when global financial institutions were exiting Africa.
“When dealing with powerful global financial institutions, it is important to have your own powerful financial institutions,” he said.
The statement also quoted Prof. Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank, as saying that the bank was delivering on the blueprint laid out by the pioneers for Africa’s socio-economic transformation.
“For sixty years, this well-articulated road map remained a map and gathered dust, but thanks to the vision of African leaders who founded Afreximbank 30 years ago.
“One by one, they are being delivered within the framework of Team Africa, comprising the African Union and its agencies, the African Continental Free Trade Area (AfCFTA) Secretariat, and Afreximbank as the underpinning banker.
“Today, the Pan-African Payment and Settlement System (PAPSS) is up and running, which will save the continent five billion dollars in intra-African transfer changes.
“It will also expedite and enable payments for intra-African trade in African currencies,” Oramah said.
He said that soonest, all intra-African payments would be domesticated and would also be extended to the Caribbean Community and Common Market (CARICOM).
He said the Association of CARICOM Central Banks adopted PAPSS a few days ago as its preferred payment infrastructure for a pilot project.
“By this singular move, we are one step closer to a full integration of African and CARICOM economies,” he said.
Oramah said because Africa had Afreximbank, an integrated regional transit guarantee scheme for the continent had been birthed to ease the movement of goods across the 110 borders that divide Africa.
He said that under the scheme, goods could move across multiple African borders under one transit bond, significantly reducing border delays and transit costs.
Oramah also said that Afreximbank’s existence would give the AfCFTA the best chance of success, which would fulfill another key aspiration of the continent’s founding leaders.
He said Afreximbank and the AfCFTA Secretariat had established the AfCFTA Adjustment Fund to, among others, compensate eligible countries for tariff revenue losses arising from the new trade regime.
Philip Davis, Prime Minister of The Bahamas and Chairman of CARICOM, said African countries and the Caribbean shared similar challenges but had not been maximising the hands dealt them by geography.
Davis said that the new linkages between Afreximbank and the Caribbean represented a strong testament to the shared goal of pan-African prosperity.
The Afreximbank Annual Meetings which holds from June 18 to June 21, is being attended by political and business leaders.
It is also attended by bankers and and trade finance practitioners from across Africa and beyond, including leaders of several member countries of the Caribbean Community.
NAN also reports that the Afreximbank Annual Meetings is also being held to celebrate the 30th anniversary of the establishment of the bank, which was founded in 1993. (NAN)
Investors’ sustained interest in MTN Nigeria, Zenith Bank, and FBN Holdings, among other key stocks, drove the Nigerian Exchange Ltd. (NGX) market capitalisation to a gain of N270 billion or 0.48 per cent.
Specifically, the market capitalisation, which opened at N55.708 trillion, closed at N55.
978 trillion.The All-Share Index also advanced by 0.
48 per cent, or 476 points, to settle at 98,592. 12, compared to 98,116.27 recorded on Thursday.As a result, the Year-To-Date (YTD) return rose to 31.87 per cent.
Market breadth closed positive with 38 gainers and 18 losers.
On the gainers table, ABC Transport, Eterna Plc, Julius Berger, and United Capital led by 10 per cent each to close at 77k, N19.
80, N110 and N15.95 per share respectively.Mecure followed closely with 9.94 per cent to close at N8.52 per share.
On the other hand, Union Dicon Salt led the losers’ table by 9.88 per cent to close at N7.30, UPL trailed by 8.97 per cent to close at N2.18 per share.
Custodian dropped 8.59 per cent to close at N11.70, Omatek lost 7.14 per cent to close at 65k and Axa Mansard declined by 6.85 per cent to close at N5.03 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 46 per cent.
A total of 477.44 million shares valued at N8.17 billion were exchanged in 9,529 deals, against 791.78 million shares valued at N15.13 billion exchanged in 9,059 deals posted in the previous session.
Veritas Kapital led the activity table in volume with 103.24 million shares valued at N125.59 million, while Oando led the table in value with 52.39 million shares worth N2.13 billion. (NAN)
The Nigerian Exchange Ltd. (NGX) market capitalisation declined further on Wednesday by 0.12 per cent or N68 billion, following selloffs in Tier-one banking stocks.
The market capitalisation, which opened at N56.898 trillion, closed at N56.830 trillion.
The All-Share Index also shed 0.
12 per cent or 121 points to settle at 100,365. 17, compared to 100,486.12 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return declined to 34.
23 per cent.Sell pressure in FBN Holdings, Guaranty Trust Holding Company (GTCO), United Bank of Africa (UBA), Access Corporation, Fidelity, among other declined equities, were the main drivers of the negative performance.
Meanwhile, the market breadth closed negative with 21 losers and 18 gainers on the floor of the Exchange.
Secure Electronic Technology Plc led the losers’ chart by 9.43 per cent to close at 48k, RT Briscoe followed by 8.22 per cent to close at 67k per share.
UBA lost 5.07 per cent to close at N21.22, Livestock shed 4.56 per cent to close N2.30, United Capital dropped 4.27 per cent to close at N37 per share.
On the other hand, International Breweries and Sovereign Trust Insurance led the gainers’ chart by 10 per cent each to close at N4.07 and 55k per share respectively.
Deap Capital Management and Trust Plc gained 9.80 per cent to close at 56k, The Initiative Plc rose by 7.50 per cent to close at N2.15.
FCMB appreciated by 5.26 per cent to close at eight Naira per share.
On market activities, trade turnover settled higher relative to the previous session, with the value of transactions up by 137.35 per cent.
A total of 497.84 million shares valued at N8.61 billion were exchanged in 8,412 deals, against, 280.92 million shares valued at N3.63 billion exchanged in 8,403 deals posted in the previous session.
First City Monument Bank(FCMB) led the activity chart in volume with 133.92 million shares valued at N1.4 billion, Access Corporation followed by 72.82 million shares worth N1.41 billion.
Zenith Bank sold 60.06 million shares worth N2.19 billion to lead the chart in value, UBA transacted 29.08 million shares valued at N639.55 million and Universal Insurance traded 22.92 million shares worth N7.68 million. (NAN)
The Speaker of the House of Representatives, Rep. Tajudeen Abbas, says Nigeria can empower youth and women in Agriculture with the development and implementation of bankable business proposals.
Abbas said this at the Second Interactive Session and Workshop on Developing Bankable Business Proposals/Business Plans for Youths and women in Agriculture on Monday in Abuja.
The Speaker, who was represented by his Deputy, Rep.
Benjamin Kalu, said youth and women are the most vital demographics in the society.The event was organised by the African Development Bank (AfDB) Group.
While acknowledging the bank and its partners for their contribution and interventions in the sector, Abbas said the need to diversify Nigeria’s economy could not be over emphasised.
According to him, our over-reliance on oil as primary resource has become neither sustainable nor profitable as the global community shifts towards greener, more sustainable energy sources.
“This reality makes it not just necessary, but urgent for us to explore and invest in alternative sectors.
“By focusing on developing and implementation of bankable business proposals, we can empower our youth and our women, to become key players in these sectors.
“Their active participation is not only essential for economic diversification, but also for ensuring food security and sustainable development through agriculture and technological advancements through high safety,” he said.
Abbas recognised AfDB’s hi-5 priorities to empower, feed, industrialise, integrate and improve the quality of life for the people of Africa.
He expressed the commitment of the legislators to support youth and women development through various projects and programmes.
He urged for more collaboration of the AfDB and other stakeholders to advance initiatives that could drive significant progress in the country and across the continent.
“Through this, we will certainly build a better, more resilient future for Nigeria and for the world,” he said.
Earlier, the Minister of Agriculture and Food Security, Sen. Abubakar Kyari, said any workable concept on youth and women in agriculture would contribute to sustainable agricultural development across the continent.
Kyari said the country was committed to work closely with bilateral and multilateral development partners, in advancing the engagement of youth and women in agriculture.
“Notably, agriculture remains the singular sector with the highest potential for mass job creation.
Youth participation will further bridge the gap for aging farm population.
“It will take development back to the rural communities, cause a significant improvement in production and overall productivity and offer a veritable platform to accentuate the poverty reduction drive of government,” he said.
Kyari said President Bola Tinubu’s Renewed Hope Agenda for Food Security was poised to change the narrative of agriculture of a way of life.
“And agriculture as a wealth creating sector with sustainable, marketable, and bankable business prospects for youth and women engagement.’’
Similarly, the Minister of Youth Development, Dr Jamila Ibrahim, said it was crucial to build capacity of youth and women to see agricultural beyond subsistent but as an enterprise.
Ibrahim expressed the commitment of the ministry to work with stakeholders to co-create initiatives to support women and youth.
“We are open to working with partners to strengthen what we are doing. By doing so, we will build a brighter future for Nigeria,” she said.
For the Minister of Communications, innovation and Digital Economy, Dr Bosun Tijani, innovation is key to solve most challenges we face in Nigeria and the continent.
Tijani said that this innovation could not be done without including the young people including women, thus the need to invest in them.
Also speaking the Director-General, West Africa Region of AfDB, Mr Lamin Barrow, said the event was part of activities to celebrate the bank’s 60 years anniversary.
According to the director-general, Africa’s progress will be driven by young dynamic workforce, thus the importance to boost investment in them.(NAN)
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