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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.

Economy

CBN Takes Steps to Strengthen Banking Sector, Issues Routine Transitional Guidance

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The Central Bank of Nigeria (CBN), has introduced time-bound measures for some banks still completing their transition from the temporary regulatory support provided in response to the economic impact of the COVID-19 pandemic.

According to a statement issued by Mrs Hakama Sidi-Ali, , CBN’s Acting Director, Corporate Communications Department , this is part of its ongoing efforts to strengthen the banking system.

Sidi-Ali said that the step was part of the CBN’s broader, sequenced strategy to implement the
recapitalisation programme announced in 2023.

She said that the programme, designed to align
with Nigeria’s long-term growth ambitions, had already led to significant capital inflows and balance sheet strengthening across the sector.

“Most banks have either completed or are on track to meet the new capital requirements well before the final implementation deadline of March 31, 2026.

“The measures apply only to a limited number of banks. These include temporary restrictions on capital distributions, such as dividends and bonuses to support retention of internally generated funds and bolster capital adequacy.

“All affected banks have been formally notified and remain under close supervisory engagement ” she said.

She said that to support a smooth transition, the CBN had allowed limited, time-bound flexibility
within the capital framework, consistent with international regulatory norms.

“Nigeria generally maintains Risk-Based Capital requirements that are significantly more stringent than the global Basel III minimums.

“These adjustments reflect a well-established supervisory process consistent with global norms. Regulators in the U.S., Europe, and other major markets have implemented similar transitional measures as part of post-crisis reform efforts.

“The CBN remains fully committed to continuous engagement with stakeholders throughout this period via the Bankers’ Committee, the Body of Bank CEOs, and other industry forums,” she said.

She said that the goal to ensure a transparent, Nigeria’s banking sector remained fundamentally strong.

According to her, these measures are neither
unusual nor cause for concern.

She said that they were a continuation of the orderly and deliberate implementation of reforms already underway.

She said that the CBN would continue to take all
necessary actions to safeguard the sector’s stability and ensure a robust, resilient financial ecosystem that supports sustainable economic growth. (NAN)

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Economy

Cybercrime: First Bank Invests N15bn to Protect Systems From hackers in 5 months –CEO

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First Bank HoldCo Plc says it has spent more than N15 billion to protect its systems against criminals between January and June.

Olusegun Alebiosu, the Chief Executive Officer (CEO), First Bank HoldCo Plc, said this in an interview in Abuja on Wednesday.

Alebiosu, who spoke on the sideline of a two-day National Seminar on Banking and Allied Matters for Judges, said the Bank had spent three N3 billion in June to protect its systems.

He said the bank had the best cyber security framework in the country, hence the investment.

The CEO who was speaking on the increasing number of attacks by cybercriminals, especially on banks’ systems, assured First Bank customers of the safety of their monies.

Alebiosu frowned at the rate at which some citizens were involved in cybercrimes, saying the country must move fast to curb their excesses.

”No customer would lose their money in First Bank unjustly.

”If their money is missing in First Bank, First Bank will pay back.

”Before I joined First Bank, I have an account with First Bank.

”One of the reasons why I had an account with First Bank was, I said to myself, if my money is missing, it is the only bank I know I will collect my money without any excuses, ” he said.

Reacting to some customers’ complaints on the delay by the bank to handle cases of fraudulent transactions, Alebiosu said the bank must conduct investigations involving different stakeholders.

The CEO said the delay was caused by the collaboration between the stakeholders involving security agencies and banks where the money was transferred to determine the realities about the cases.

He urged customers to tread carefully in handling and releasing their financial information.

”Customers themselves, most times, also compromise their own security details; I have seen a lot of people that give their cards to somebody to help them withdraw money from their ATM.

”They compromise their password so, when something happens and you say, my money disappeared, you forget the day you gave your card to someone else and they can use that to transfer your money.

”Some people compromise even their own ID on the system carelessly, some give their Bank Verification Number (BVN) and they use it against them.

”Now, why does it take time for the bank to react, everything you give to the bank, the bank has to investigate it.

”The money might have gone to other banks so, you start tracking from other banks but

Sometimes customers are impatient,” he said.

On frauds allegedly perpetrated by staff, he said the bank had internal employee fraud software, that monitors activities of employees on the system.

According to him, if you know how many of our staff we sack on a monthly basis, you won’t believe me.

”So if there are triggers, people will be involved. It is for us to run faster than them, and see how we can help to stop these kinds of things in our system but wherever we see it, we deal with it decisively, ” Alebiosu said.

He said that various stakeholders including the banks, law enforcement agencies and the judiciary had a role to play in curbing cybercrimes. (NAN)

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Economy

GTCO Begins Deduction of USSD Fee From Airtime Balance

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Guaranty Trust Holding Company (GTCO), says it will begin the deduction of Unstructured Supplementary Service Data (USSD fee from the airtime balance of its customers from June 18.

The bank in a message to its customers on Wednesday, said the N6.98 fee would no longer be deducted from customers’ bank account balance.

”Dear Customer, please be informed that effective June, 18, the N6.

98 USSD fee will be deducted from your airtime balance, no longer from your bank account”.

The Nigerian Communications Commission (NCC) had directed deposit money banks (DMBs) to stop deducting charges for USSD transactions directly from customers’ accounts. (NAN)

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