Connect with us

Economy

FG Orders Establishment of Action Committee as AfCFTA takes effect

Published

on

Share
By Mathew Dadiya, Abuja

President Muhammadu Buhari has approved the establishment of a National Action Committee (NAC) for implementation of African Continental Free Trade Area (AfCFTA) Agreement, which he signed on behalf of Nigeria at the 12th Extraordinary Session of the African Union Heads of State on 7th July 2019, in Niamey, Republic of Niger.

The National Action Committee would comprised representatives of Ministries and Agencies with competent and relevant jurisdiction, and selected stakeholder groups from the private sector and the civil society to coordinate the implementation of all the AfCFTA readiness interventions.

Senior Special Assistant to the President, Media and Publicity, Garba Shehu stated this on Sunday explaining that the NAC would upon inauguration, undertake a process of engagement with stakeholders to sensitize them on the opportunities and challenges of the AfCFTA, with preparedness plans for Nigerian economy.

The presidency added that upon ratification, Nigeria will domesticate the Agreement by incorporating it into existing laws or enacting new laws, as appropriate. 

“Engagement shall shortly start with the Ninth National Assembly,” the Presidency said.

Daily Asset recalls that Buhari had approved recommendations of the Committee on Impact and Readiness Assessment of the African Continental Free Trade Area (AfCFTA) Agreement.  The Committee, which was inaugurated by the President in October 2018, submitted its report on 27 June 2019.

The Report of the Presidential Committee was comprehensive, analytic with the full engagement of Stakeholders in the Nigerian economy.

The work of the AfCFTA Presidential Committee was preceded by a nation-wide sensitization process directed by Mr. President.

The Report and consultative process raised the bar in engagement by Government with Stakeholders and set a standard for building support for strategic areas of public policy with clarity on concrete parameters for implementation action.

The AfCFTA Agreement, which creates a single market for goods and services and movement of persons to increase intra-African trade and deepen African economic integration, has Phase I and Phase II negotiations.

The Phase I negotiations culminated in the Agreement establishing the AfCFTA, the Protocol on Trade in Goods; Protocol on Trade in Services; and, the Protocol on the Rules and Procedures on the Settlement of Disputes. 

These were adopted by the African Union Heads of State in Kigali on 21st March 2018.

The Phase II negotiations are expected to commence in January 2020 and will cover competition, investment and intellectual property rights.

The recommendations approved by President Buhari include: signature and ratification of the AfCFTA Agreement; engaging in the ongoing negotiations of the annexures of the Agreement to incorporate safeguards for the economy, such as: a longer period to achieve AfCFTA’s trade liberalization ambition; common exclusive and sensitive lists for ECOWAS; import quotas for exclusive and sensitive products; security and customs cooperation and other measures to tackle smuggling, non-tariff barriers to trade and predatory trade practices.

The President approved sustaining the trade reforms at ECOWAS including the establishment of a common trade policy, improving the operation and welfare gains from the ECOWAS Trade Liberalization Scheme (ETLS) and establishment of an ECOWAS peer review and audit mechanism; and establishing and championing programmes at AU/AfCFTA to resolve the critical continental level challenges to the success of the AfCFTA including smuggling, abuse of rules of origin, low production and service capacities, poor infrastructure and revenue loss.

On the list of the President’s approval are: fast-tracking domestic work, for the implementation of AfCFTA readiness interventions to enhance productivity, competitiveness and facilitate trade which include policies to grow local capacity to produce and export goods and services; infrastructure projects, trade facilitation, ease of doing business and trade rules enforcement initiatives. And support, actively, Micro- Small and Medium Enterprises. 

Following the signing of the Agreement, Nigeria plans to participate in the ongoing negotiations on the annexures of Phase I agreement and protocols to incorporate the above safeguards approved by the President. 

For Trade-in-Goods Protocol, the annexures will include schedule of tariff concessions; rules of origin; customs cooperation and mutual administrative assistance; trade facilitation; transit trade and transit facilitation, technical barriers to trade, sanitary and phytosanitary measures, non-tariff barriers and trade remedies, for the protocol on trade in goods.

For Trade-in-Services Protocol, the annexures will include schedules of specific commitments, Most Favoured Nation (MFN) exemption and the annex on air transport.

Overall, the implementation of the AfCFTA is going to be a long journey.

The Federal Government of Nigeria is committed to ensuring that Africa achieves a free and fair-trade environment governed by rules that are predictable, enforceable, and in line with the intent and objectives of our continent which are growth, through increased intra-African trade, job creation and improved terms of trade in a rapidly changing global economy.

Economy

SEC Advocates Advanced Financial Inclusion by 2030

Published

on

Share

By Tony Obiechina, Abuja

The Securities and Exchange Commission (SEC) has stressed the need for Nigeria to harness its demographic dividend to advance financial inclusion through investments by 2030 for national survival or face deepening inequality.

The Director-General of the SEC, Dr Emomotimi Agama said this at the United Capital Asset Management Investment forum on Wednesday in Lagos.

Agama, in his keynote address titled: “Advancing Financial Inclusion through Investments: Bridging

Nigeria’s Knowledge and Wealth Gap,” said Nigeria must harness its demographic dividend to boost investment.

“Our theme, Advancing Financial Inclusion through Investments, is not aspirational; it is foundational to national survival.

“We stand at a pivotal moment. By 2030, Nigeria can either harness its demographic dividend or face deepening inequality. The knowledge-wealth gap is not merely an economic challenge; it is a moral imperative,” Agama said.

He said the term inclusion should be reframed as active financial involvement, where access meets empowerment, and capital becomes a tool for transformation.

Agama said that closing the financial inclusion gender gap could lift 700,000 Nigerians from poverty.

He said, “Nigeria has a great population yet we have a tiny drop of this number of persons involved in the capital market.

“That one reason for poverty, because we are running from money. We have to do something. Our market capitalisation is an opportunity to do something,

We all have

“We need to change the narrative and move the market forward. We must reach out to make the difference. We are committed to protecting investors and developing the market. Our goal is to do the right thing no matter whose ox is gored. We will work by the principles of fairness and equity to change the market. We will provide a fair ground for everyone to aspire.

He noted that MTN Nigeria’s share offering drew 150,000 new investors – 75 per cent women, 85 per cent under 40.

Agama recommended a four-pillar strategy for bridging the gaps.

He listed the four-pillar strategy as democratisation of financial knowledge, catalyse MSME Investment Channels, blended Finance Vehicles: Partner with Bank of Industry (BOI) to de-risk loans for women-led SMEs.

“We need to educate people about finances. As we drive this market, we do so for a purpose, I enjoin everyone to be the disciple and the apostles. Getting this market to move is a deliberate action,” he added.

ReplyReply allForwardAdd reaction
Continue Reading

Economy

NPA Assures of Over N1.27trn Revenue in 2025

Published

on

Share

By Ubong Ukpong, Abuja

The Nigerian Ports Authority (NPA) on Monday assured that it would take into the coffers massive revenue of over N1.27 trillion in 2025, representing a 40 percent increase from the N894.86 billion it realized in 2024.

This ambitious target, the Authority said, was anchored on sweeping modernization efforts, the full activation of the Dangote Refinery’s marine operations, and the deployment of cutting-edge technology to enhance port efficiency.

Managing Director of the NPA, Abubakar Dantsoho, disclosed this in a presentation during his agency’s budget defence session wih the House of Representatives Committee on Ports and Harbours, where he defended the agency’s 2025 budget estimates and provided insights into its 2024 performance.

“Our 2025 budget proposal is more than figures, it reflects our aspirations for a more efficient, globally competitive port system,” Dantsoho told lawmakers, adding that over 70% of the proposed expenditure will go into capital projects.

For 2024, the Authority surpassed its revenue target of N865.39 billion, posting an actual realization of N894.86 billion.

However, Dantsoho revealed that only N417.86 billion, less than half of the approved N850.92 billion expenditure, had been spent as of the time of reporting.

Despite this, NPA made a record contribution of N400.8 billion to the Consolidated Revenue Fund (CRF) in 2024, nearly double the N213.23 billion remitted in 2023. Of this amount, a staggering N344.7 billion was deducted at source.

“This shows our unwavering commitment to national revenue generation, even when our own operational liquidity is affected,” the NPA boss stressed.

Dantsoho said the projected revenue increase is premised on several key assumptions and developments, including: The full operation of the Dangote Refinery, which alone is expected to draw in over 600 vessels annually through its Single Point Mooring (SPM) system; the commissioning of upgraded terminals at WACT and OMT, which will enhance container traffic; the implementation of automation tools such as the National Single Window, Port Community System (PCS), and Vessel Traffic Management System (VTMS); and increased cargo volumes stemming from global disruptions, including the Russia-Ukraine conflict, which has affected global trade routes.

He said the 2025 revenue is expected to come from the following key sources: Ship Dues, N544.06 billion; Cargo Dues, N413.06 billion; Concession Fees, N249.69 billion; and Administrative Revenue, N73.07 billion

Of the proposed N1.14 trillion total expenditure for 2025, N778.46 billion is earmarked for capital projects.

This investment, he said, will target the revitalization of critical infrastructure, including the Calabar, Warri, and Burutu ports and channels, and enhance towage services, channel depth, and compliance with international security conventions.

“Investments in infrastructure and technology are non-negotiable if we are to stay competitive regionally and globally,” Dantsoho emphasized.

He cited increasing competition from neighboring ports and aging assets across Nigeria’s coastal corridors.

The NPA also intends to address technology gaps by upgrading legacy systems and bolstering cybersecurity, ensuring Nigerian ports meet global standards for digital operations.

“We can say that with timely access to internally generated revenue and capital funds NPA would deliver the kind of impact Nigeria expects,” he said.

Chairman of the Committee, Hon. Nnolim Nnaji, urged the NPA to ramp up performance, improve port infrastructure, and play a greater role in addressing Nigeria’s revenue and unemployment challenges.

Nnaji said the ports remain a critical pillar of Nigeria’s economy, and urged the agency to meet rising expectations despite operational challenges.

“No country can thrive economically without high-performing ports. They are the economic heartbeat of every nation, determining how buoyant a country is through the flow of imports and exports,” Hon Nnaji said.

The committee praised NPA for its performance.

Nnaji stressed that the NPA’s performance has implications beyond maritime activity, noting that increased port output can significantly boost job creation across several sectors.

“The Nigerian Ports Authority is not just a revenue-generating agency, it is a national asset in terms of employment and economic impact.

“We expect to see detailed strategies on how to improve revenue generation and expand employment opportunities through your 2025 budget,” he said.

The lawmaker also pointed to growing interest in the development of new ports across the country but cautioned against neglecting existing port infrastructure.

“As we welcome investment in new ports, we must not abandon the old ones. Maintaining and upgrading our existing ports, both in the Eastern Corridor and the Western axis, is essential to long-term sustainability,” he added.

The Committee called for a clear outline from the NPA on how its 2025 financial plan will address pressing national concerns and reaffirm Nigeria’s competitiveness in regional and global maritime trade.

Continue Reading

Economy

Senate Sets N10trn Revenue Target for NCS, Urges Agency to Curb Smuggling, Illicit Drugs

Published

on

Share

By Eze Okechukwu, Abuja

The Senate, through its Committee on Customs has set a revenue target of N10 trillion for the Nigeria Customs Service for the 2025 fiscal year, instead of the initial N6.584 trillion given to her earlier on while urging the agency to clamp down on smuggling and Illicit drugs.

The Chairman of the Committee, Senator Isah Jibrin (Kogi East), who gave the agency the marching order yesterday in Abuja during the budget defence of the revenue driving agency however commended her for exceeding its 2024 revenue target of N5.

079 trillion.

The NCS team led by Deputy Comptroller General, Jibo Bello who represented the Comptroller General presented the 2024 budget performance with a revenue target of N5.

079 trillion, stressing that the proposal was exceeded by over a trillion naira.

The Committee, obviously impressed by the performance commended NCS before asking them to go ahead and present the 2025 budget proposal, which the agency tied at N6.584 trillion revenue target with an expenditure of N1.132 trillion.

Following their presentation, members of the Senate Committee on Customs unanimously approved the recommendation of the revenue target of N6.584 trillion and the expenditure of N1.132 trillion for the 2025 financial year.

The Committee will subsequently present the budget proposal to the Senate at plenary most likely this week as the red chamber resumes today after a long recess tied to Eid celebration.

In his final remarks, Senator Jibrin emphasised the need for the NCS to rise up in terms of its surveillance with respect to illicit drugs and smuggling “to ensure that, as much as possible, you should be on top of your game”.

He said there are so many illicit drugs flowing all over the place, which according to him “is contributing to the issue of banditry in Nigeria because most of these guys are on drugs. What I’m saying is that, in addition to your revenue drives, you should also be mindful of some of these other functions.

Continue Reading

Advertisement

Read Our ePaper

Top Stories

NEWS7 minutes ago

NIS Trains Passport Officers, Announces Arrests of Aliens

ShareBy Eze Okechukwu Godson, Abuja The Nigerian Immigration Service (NIS) has begun a capacity building training for its Passport Control Officers...

NEWS10 minutes ago

APC Senators Rise to 70 in Senate as Four PDP Lawmakers Defect

ShareBy Eze Okechukwu, Abuja The number of All Progressives Congress senators in the National Assembly rose to 70 yesterday, following...

NEWS13 minutes ago

Threat on Peter Obi Challenges Nigeria’s Unity, Democracy – Abaribe

ShareBy Eze Okechukwu Godson, Abuja Former Senate Minority Leader, Senator Enyinnaya Abaribe has described the threat and restriction of movement placed...

NEWS17 minutes ago

Police Arrest Bayelsa Judge’s Abductors

ShareFrom Mike Tayese, Yenagoa Abductors of a Judge of the Bayelsa State High Court, Justice Ebiyerin Omukoro, have been arrested...

OPINION6 hours ago

The Impact of Incessant Attacks in Farming Communities

ShareBy Efe Omoghene Rural communities across Nigeria’s Middle Belt and the North, which were once the major cities’ food pipeline,...

Federal Ministry of Education Federal Ministry of Education
NEWS6 hours ago

What’s Going on with Education in Nigeria?

ShareBy Dakuku Peterside Walk into almost any public school in Nigeria, and you feel the weight of history pressing down...

NEWS6 hours ago

Reps Vow to Ensure Timely Justice Delivery in FCT

ShareBy Ubong Ukpong, Abuja The House of Representatives on Wednesday, said that timely justice delivery in the Federal Capital Territory...

NEWS6 hours ago

SEC Committed to Promoting Innovation, Safeguarding Investments – Agama

ShareBy Tony Obiechina, Abuja The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has reaffirmed the...

NEWS6 hours ago

Sule Denies Involvement in Benue Killings, Mulls Legal Action over Allegations

ShareFrom Abel Zwanke, Lafia Nasarawa State Governor, Abdullahi Sule has dismissed as “Malicious and unfounded” allegations linking him to the...

NEWS6 hours ago

Residents Protest LG Boss’s Decision to Deny Approval for Hospital Project in Ilorin

ShareFrom Abdullahi Abubakar, Ilorin Residents of Ilorin East Local Government Area in Kwara State on Wednesday, staged a peaceful protest...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc