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FG Orders Establishment of Action Committee as AfCFTA takes effect

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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.

Business News

DMO Offers N150bn Sukuk Bond for Subscription at N1, 000 Per Unit

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The Debt Management Office (DMO) on Tuesday offered for subscription, Ijarah Sukuk valued at N150 billion.

According to a statement by the DMO, the Sukuk is issued by Federal Government of Nigeria (FGN) Roads Sukuk Company PLC, on behalf of the Federal Government.

It said that the Sukuk were offered at N1,000 per unit, subject to a minimum subscription of N10,000 and in multiples of N1,000 thereafter.

“Rental payment is made half-yearly, and bullet repayment is done on the date of maturity.

“Proceeds will be used solely for the construction and rehabilitation of key road projects and bridges across the six geopolitical zones of the country,” the DMO said.

It added that the Ijarah Sukuk was backed by the full faith and credit of the Federal Government.

“It qualifies as securities in which trustees can invest under the Trustee Investment Act.

“Qualifies as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds among other investors.

“To be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange Limited, ” it said.

It added that the Ijarah Sukuk was classified as liquid asset by the Central Bank of Nigeria (CBN) and certified by the Financial Regulation Advisory Council of Experts of the CBN.

The News Agency of Nigeria (NAN) reports that the Sukuk is a Sharia-compliant instrument that represents the interests of the owner in an asset or pool of assets.

It ensures that every financial activity is backed by real economic activity, is usually linked to specific infrastructure projects.(NAN)

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Economy

Umahi congratulates Mbah, urges opposition parties to stop distraction in Enugu

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…..Umahi congratulates Mbah

Minister of Works, Chief Dave Umahi, has congratulated Gov. Peter Mbah on his victory at the Enugu State Governorship Election Petition Tribunal, even as he called on opposition parties to stop distracting the governor.

Umahi, who is an All Progressives Congress (APC) stalwart, said it was not about party affiliation but about the quality of the individual chosen by the people of the state to lead them.

The minister, who said this when he inspected the collapsed bridge at the Enugu end of the Enugu-Port Harcourt expressway, advised the opposition in the state not to waste their time contesting Mbah’s ‘divine and people’s mandate’.

He also said that Mbah’s initiative to commence the reconstruction and dualisation of Enugu-Abakaliki road up to the Ebonyi boundary was another display of people-driven leadership by a private sector person in governance.

“I am happy that you came from the private sector. There is a high hope, especially with the steps you have taken so far.

“They are in tandem with President Bola Tinubu’s steps and I pledge to support you. There must be a change; we must reset the country.

“I want to publicly say, while congratulating you on the tribunal victory, that whoever is taking you to court must stop wasting his time as you are clearly the people’s choice and for good reasons.

“So we will continue to support and pray for you and I urge whoever is distracting you that they should understand the steps of God and know that your emergence is divine and we are very proud of you.

“I know Gov. Mbah as a very successful private person and he is going to bring it to bear in the governance of this state.

“I also believe that what he is bringing to the table will rub off positively on Enugu State, the entire South-East states,” he said.

The minister also commended Mbah for ending sit-at-home in the state, describing it a major step forward for the Igbo nation.

“Let me also thank you for being able to courageously stop sit-at-home in Enugu State.

“It is a major thing you have done for the Igbo people and for the country,” he said. (NAN

…..Umahi congratulates Mbah

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FG Plans Full Production Capacity  Revamp  for DICON  – Matawalle

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By Tony Obiechina, Abuja 

The Minister of State for Defence, Dr Bello Muhammed Matawalle, has charged the staff and engineers of the Defence Industry Corporation of Nigeria (DICON) to improve on their performances as Federal Government plans to revamp and scale up the industry to a full production capacity.

In a statement by the Acting Director of Press and Public Relations of the Ministry, Attari Hope in Abuja on Saturday, Matawalle stated this during his maiden visit to DICON facilities in Kaduna State.

 

In an address to  staff of the industry, he said “as the technical personnel of this promising industry, your professionalism and dedication to work is paramount in sustaining the vision and growth of this industry.

We will ensure you get adequate funding to achieve this.”

The Director General of DICON, Maj Gen AE Edet, lauded the Minister of State for his words of encouragement and assured hm of DICON’s unwavering commitment to its vision and objective which it was set up.

As part of his maiden tour of DICON, the Minister of State visited the DICON’s Special Equipment Factory, Ballistic Helmet Production Unit, Tailoring Unit, amongst others.

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