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Economy

Nigeria Joins African Continental Free Trade Area

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By Martin Paul, Abuja

President Muhammadu Buhari has formally signed the agreement for Nigeria to join the African Continental Free Trade Area (AfCFTA) in Niamey at the opening of the African Union (AU) Summit.

President Buhari appended his signature to the treaty at exactly 10: 47 am.

in the presence of African Heads of State and Government, delegates and representatives from the private sector, civil society and the media attending the 12th Extraordinary Summit of the African Union on Launch of the Operational Phase of the AfCFTA.

A statement by President Special Assistant on Media and Publicity, Femi Adesibn, said Buhari in his remarks, declared that Nigeria’s commitment to trade and African integration had never been in doubt nor was it ever under threat.

He told the Summit that Nigeria will build on the event by proceeding expeditiously with the ratification of the AfCFTA.

‘‘Nigeria wishes to emphasize that free trade must also be fair trade.

‘‘As African leaders, our attention should now focus on implementing the AfCFTA in a way that develops our economies and creates jobs for our young, dynamic and hardworking population.

‘‘I wish to assure you, that Nigeria shall sustain its strong leadership
role in Africa, in the implementation of the AfCFTA. We shall also continue to engage, constructively with all African countries to build the Africa that we want.

‘‘I have just had the honour of signing the agreement establishing the
African Continental Free Trade Area (AfCFTA), on behalf of my country, the Federal Republic of Nigeria.

‘‘This is coming over a year since the AfCFTA Agreement was opened for signature in Kigali, Rwanda, at the 10th Extraordinary Summit of the
African Union, on 21st March 2018.

‘‘In fact, you will recall that the treaty establishing the African
Economic Community was signed in Abuja in 1991.

‘‘We fully understand the potential of the AfCFTA to transform trade in
Africa and contribute towards solving some of the continent’s challenges, whether security, economic or corruption.

‘‘But it is also clear to us that for AfCFTA to succeed, we need the full
support and buy-in of our private sector and civil society stakeholders and the public in general.

‘‘It is against this background that we embarked on an extensive nationwide
consultation and sensitization programme of our domestic stakeholders on the AfCFTA.

‘‘Our consultations and assessments reaffirmed that the AfCFTA can be a
platform for African manufacturers of goods and providers of service to
construct regional value chains for made in Africa goods and services.

‘‘It was also obvious that we have a lot of work to do to prepare our
nation to achieve our vision for intra-African trade which is the free
movement of ‘made in Africa goods’ ”.

‘‘Some of the critical challenges that we identified will require our
collective action as a Union and we will be presenting them for
consideration at the appropriate AfCFTA fora.

‘‘Examples are tackling injurious trade practices by third parties and attracting the investment we need to grow local manufacturing and service capacities’’, ,’’ President Buhari said.

He noted that Nigeria’s signing of the AfCFTA and its Operational Launch at the 12th Extraordinary Summit was an additional major step forward on the AU’s Agenda 2063.

Meanwhile, with Nigeria and Benin Republic signing the Agreement at the Summit, 54 out of 55 African countries have signed the world’s largest free trade area deal, encompassing 55 countries and 1.2 billion people.

Eritrea is the only African country yet to sign the agreement.

A total of 26 African countries have deposited instruments of ratification, with Gabon being the latest after depositing her instrument of ratification during the Extraordinary Summit.

The AfCFTA Agreement entered into force on May 30, 2019 thirty days after having received the twenty-second instrument of ratification on 29 April, 2019 in conformity with legal provision.

Economy

Naira Ends Week Stronger Against Dollar, Gaining N11.17 

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The Naira further appreciated in the official market on Friday, trading at N1,474.

78 to the Dollar.

Data from the FMDQ Securities Exchange official forex trading platform revealed that the Naira gained N11.17.

This represents a 0.7 per cent increase compared to the previous day’s trading figure on Thursday, when the local currency closed at N1,485.

95 to the Dollar.

Trading in the Investors and Exporters (I&E) Forex window on Friday saw a high of N1,495.

01 and a low of N1,447.50.

The Naira has remained stable against the US Dollar since December 2024, supported by sustained reforms from the Central Bank of Nigeria (CBN).

The reforms aimed at ensuring transparency in the foreign exchange (FX) market.

CBN Governor Olayemi Cardoso, speaking in Abuja on Thursday at the 2025 Monetary Policy Forum, stated that recent reforms in the FX segment had continued to attract foreign investments.

Cardoso reassured that the apex bank would sustain efforts to ensure continued inflows. (NAN)

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Economy

CBN Approves Listing of CFA on NXP forms for Export Repatriation Proceed

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The Nigeria Export Promotion Council (NEPC) says that Central Bank of Nigeria (CBN) has approved CFA Franc to be captured on Nigeria Export Proceed (NXP) forms for the repatriation of export proceeds.

Mrs Nonye Ayeni, Executive Director of the NEPC, disclosed this while addressing newsmen on the Non-Oil Export Performance for the year 2024, in Abuja on Friday.

Ayeni said that the council had engaged the CBN on the inclusion of the CFA Franc, adding that it was a dominant currency in cross border trading.

She said that the currency was one of the currencies to be received as export proceeds by the bankers.

“I am delighted to inform you that the CBN has magnanimously approved CFA to be captured on NXP forms for the repatriation of export proceeds.

“We will be working with CBN and the banks to ensure full implementation.

“I must say that this is a remarkable breakthrough for the council and further reaffirms the impact of the council’s current flagship programme,” she said.

Ayeni said that the council distributed hybrid seedlings and farm inputs to over 1,200 farmers across the country.

She added that the council has also distributed sesame, Hibiscus and farm input in the north, cashew in the west and palm seedlings in the east.

She said that the effort was to enhance the capacity of farmers, and processors and increasing production capacity of the farmers.

The executive director said that the NEPC, under the “Go Global, Go for Certification” campaign, was determined to enhance the quality of Made-in-Nigeria products.

According to her, the council commenced the certification of 400 Small and Mediumsized Enterprise (SME) exporters.

“I am delighted to inform you that we have concluded on some and the balance are currently undergoing the certification process.

“At the end of the exercise, a total of 855 SMEs will have benefited from the scheme between the year 2022 to year 2025.

She said that the scheme aimed to enable the SMEs to acquire international certification to access niche markets.

Ayeni also noted that through the council’s regional and state offices initiated the process of mainstreaming informal border trade.

She said that the effort would increase foreign exchange earnings and help to capture export data for the country.

“Interactive sessions were held with several trade associations operating within some borders”.

According to her, at the end of the exercise, no fewer than 1,116 operators in the informal sector were trained in formalising export trade.

“We will build on this,” she assured. (NAN)

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Economy

Ecobank Promotes Savings Culture, Rewards N42m to Customers

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Ecobank Nigeria has reaffirmed its commitment to financial inclusion and savings culture by awarding N42 million to its customers.

Ms Adeola Ogunyemi, Head of Consumer Banking, Ecobank Nigeria, made this known at the grand finale of the bank’s Super Rewards ‘Millionaire Geng Promo’ on Friday in Lagos.

She said that the initiative is part of bank’s strategy to deepen financial inclusion for all classes of Nigerians and to reward customers’ loyalty.

“It is not just about winning cash prizes; it is about financial security and long-term stability,” Ogunyemi said.

Ogunyemi also noted the increasing awareness of savings amid economic challenges.

“With the fluctuating value of the Naira, we have encouraged our customers to save consistently, whether in Naira or foreign currency.

“This has led to a steady rise in deposits across the banking sector,” she said.

Ogunyemi advised Nigerians, especially the bank’s customers to ensure financial discipline.

“Many people don’t realise the importance of saving until they face emergencies. No matter how much you earn, it will never be enough if you don’t discipline yourself.

“This initiative is about showing our customers that every amount saved adds up over time,” she said.

Ogunyemi spoke further on the broader economic impact of savings, noting that it fuels long-term investments.

“A country’s economic growth is influenced by how much its citizens save. Over the last six months, we have seen tremendous growth in savings, with customers becoming more conscious of the need to save.

“Month after month, deposits have increased, which is very encouraging,” she added.

She further emphasised that savings, beyond just winning rewards, provide financial security.

Ogunyemi also addressed the evolving savings culture in Nigeria, particularly amid economic challenges.

“With the impact of foreign currency devaluation, we’ve advised customers to save in both Naira and foreign currencies.

“Across the banking industry and within Ecobank, savings deposits have consistently grown.

“We have been actively educating customers through awareness programmes, newsletters, and campaigns like Super Savers and Millionaire Geng,” she said.

She emphasised the transparency of the programme, highlighting that all draws were conducted under regulatory supervision and broadcast live.

Also, Mr Victor Yalokwu, Head of Consumer Segments and Products of the bank, emphasised the importance of consistent saving habits, highlighting how it played a crucial role in determining winners.

“It is important to note that what gave them the opportunity to win was their commitment to saving.

“We set clear criteria: customers needed to save for at least 30 days to qualify for the monthly draw, 90 days for the quarterly draw, and six months for the grand finale.

“The individuals who won two million Naira each did so because they saved consistently for six months,” Yalokwu noted.

He further encouraged customers to develop a culture of disciplined savings, noting that beyond the rewards, financial security and stability were key benefits of the habit.

“I advise our winners to spend wisely and continue saving. The goal is to build financial resilience while enjoying the benefits of the promo,” he added.

Under the reward initiative, the bank customers won a total of N42 million at the end of the grand finale.

A total of 520 customers won N50,000 monthly for six months while 16 won N500,000, quarterly, in September and December.

Similarly,  four customers; Akpofabe Akeman, Odo Chinedu, Saibu Sakiru and Eyo Ekpenyong won two million Naira each from FCT & North, Lagos, Mid-West/ South-West and South-South/ South-East, respectively. (NAN)

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