BUSINESS
FG Pledges to Support Market Access for Trade in Services
The Federal Government yesterday in Abuja pledged to support market access for trade in services under the African Continental Free Trade Area (AfCFTA).
The Minister of State for Industry, Trade and Investment, Amb. Mariam Katagum made the pledge at the validation workshop for the report of the study on supporting market access for trade in services under AfCFTA for Nigeria.
The validation workshop was organised by the Nigerian Office for Trade Negotiations (NOTN) and Overseas Development Institute (ODI) of the Department of Foreign, Commonwealth and Development Office (OFCDO), United Kingdom.
Represented by her Technical Assistant, Mr Aminu Dogondaji, the minister described trade as an engine of economic growth with potential to create jobs, reduce poverty and increase economic opportunities.
According to her, efforts aimed at improving market access and enhancing the participation of Nigerian companies in international trade must be encouraged and supported.
She described a trade-enabling environment as critical toward the effective participation of Nigeria in international trade.
The minister, however, said that complementary policies were also required to address the various factors that often hamper competitiveness and limit access in both regional and global markets.
“For example, anti-competitive business practices and regulations that are unfavourable to business growth and development, as well as the challenges associated with inadequate ports, roads and other infrastructure.
“There is strong evidence that connectivity to markets is a prerequisite for even countries with the best trade policy frameworks to benefit from participation in international trade.
“Consequently, Nigeria and other developing countries, especially those that are landlocked, need to adopt pragmatic policies and approaches to overcome these obstacles in order to fully reap the benefits of global markets.
“With respect to trade in services, it is to be acknowledged that the sector has become the backbone of the modern economy, contributing more to economic growth and job opportunities than manufacturing, agriculture and mining put together.
“The major policy challenge, however, is that the sector is highly complex and heterogeneous, covering sectors and sub-sectors such as telecommunications, transport, postal and courier.
“Others are retail and distribution, environmental, health, professional, financial, education, tourism, and recreational services,’’ the minister said.
Katagum urged NOTN to consult with services exporters to better understand the prevailing constraints and further initiate collaboration with sector-specific regulatory professional and private sector bodies in targeted partner countries.
She said that it would promote harmonisation of rules and requirements.
The minister of state reaffirmed Federal Government’s commitment to ensure that the emerging rules-based trading system on the continent would be credible and reliable.
According to her, the system will serve the best economic development objectives and aspirations of Nigeria and its citizens.
On his part, Amb. Fred Agah, the Director–General, NOTN, said that the study would provide Nigeria with better understanding and the ability to analyse the sectors and identify areas to engage.
“Ideally, before you go to any negotiation, you need to understand the situation of your economy or the sector which you want to negotiate.
“You need to look at the prospects of market access in your partner countries,’’ Agah said.
Earlier, Dr Maximilliano Mendez-Parra, the Principal Research Fellow, ODI, said that the study would boost the important development the service sector had on Nigeria’s economy. (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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