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Obasanjo Advocates Made-in-Africa Brand to Instill Pride in Continent’s Products

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Former  President Olusegun Obasanjo has called for the creation of an emblematic Made-in-Africa brand that will promote intra-African trade and boost the international export of African products.

Obasanjo made the call at the end of the third day of the ongoing Intra-African Trade Fair 2021 (IATF2021) in Durban, South Africa.

The IATF2021 which is being attended physically and virtually ends on Nov.

21

Speaking at a conversation session that marked the highlight of the day, Obasanjo told the audience that having a Made-in-Africa brand would instill a sense of pride in each African country.

He said that the African Continental Free Trade Agreement (AfCFTA) was working to remove the divisions that were brought about by colonialism, where Africa had been divided into regions based on the languages of the colonisers.

According to him, the shared vision of IATF2021 participants and the traders at the Trade Fair is what will bring the AfCFTA to life.

“I have been impressed by the interaction of people at the IATF. People are working together, and this creates the environment in which miracles can happen,” Obasanjo said.

Earlier, during a morning panel session with the theme ‘Integrating African manufacturers into regional and global value chains’, Ms Gwen Mwaba, Afreximbank’s Director & Global Head for Trade Finance, said that Africa had an abundance of ideas.

She, however, said that Africa did not have the knowhow to convert ideas into viable and profitable businesses, resulting in lost intellectual property.

Describing the challenge as three-pronged, Mwaba said, “Africans have a plethora of good ideas that are not followed-up.

“For those that are followed up, the good ideas are not sustained; and the few good ideas that are followed-up and sustained are often not rigorously maintained.”

She suggested the use of education to address the intellectual property challenge in Africa, saying that the resulting business ideas could be harnessed and given a chance at success with the support available from Afreximbank.

Mwaba added that Africa needed more industrial development zones, built by the public sector, where the cost of production and manufacturing was reduced, and several countries could combine their industrial strengths to meet common goals.

“By leveraging innovative multi-country collaborative models, African countries can start to manufacture and export products to the rest of the world.

“Asia has done this successfully with brands such as Hyundai, whose vehicle components are manufactured and assembled by different entities, all working to leverage their individual capabilities,” she said.

In his contribution, Mr Ebenezer Tafili, Deputy Director, Capacity Building, at the World Customs Organisation, said political will was needed to have the kind of operating environment needed to allow Africa’s ideas to flourish.

Tafili added that the political will would also help Africa leverage the free trade agreement where countries would match their potential to grow the manufacturing sector.

“The AfCFTA needs political will to support its success, which requires collaborative private-public partnerships to ensure viability.

“Without a strategy to change policy and allow for more manufacturing and industrialisation, the notion that Africans are merely consumers and not producers will continue to exist,” he said.

Organised by Afreximbank in collaboration with the African Union and the AfCFTA Secretariat, the seven-day IATF2021 is providing a platform to promote trade under the AfCFTA.

The IATF2021 features over 6,000 buyers, sellers, and other stakeholders participating to share trade, investment and market information as well as trade finance and trade facilitation solutions designed to support intra-African trade and Africa’s economic integration. (NAN)

Foreign News

Australia’s Regional Leaders to Ban Children from Social Media

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The leaders of all eight of Australia’s states and territories have endorsed the prime minister’s plan to ban children younger than 16 from using social media.

Anthony Albanese announced on Friday that legislation for the world-first ban would be introduced to parliament in November after the leaders of all six states and two territories endorsed the plan.

Speaking after meeting with the state and territory leaders on Friday, Albanese said that the government of the island state of Tasmania expressed a preference to set the minimum age limit at 14.

However, they ultimately agreed with the proposed 16 to guarantee a uniform nationwide approach.

“The safety and mental health of our young people has to be a priority, and my government will do all that we can to protect our young Australians.

“Government will also provide support for parents and teachers who are dealing with these issues,’’ he told reporters in Canberra.

Albanese on Thursday committed to setting the minimum age limit at 16, having previously pledged to introduce a minimum age limit without specifying a cut-off age.

Under the proposal, the onus to ensure compliance with the minimum age limit will fall on social media companies, not parents, guardians or children.

The laws would be enforced by the office of the government’s eSafety commissioner.

Albanese and Michelle Rowland, the minister for communications, said on Friday that the ban would take effect at least 12 months after the legislation is passed by both houses of the federal parliament.

The passage is to give industry, governments and the eSafety commissioner time to implement systems and processes.

Rowland said that 16 was chosen as the cut-off age following extensive consultation to minimise harms experienced by young people during a critical development period. (Xinhua/NAN)

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Israel Sends Two Planes to Evacuate Fans after Amsterdam Violence

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Israel has sent two planes to evacuate fans from Amsterdam after violent clashes between Israeli supporter and pro-Palestinian demonstrators on the fringes of Ajax  versus Maccabi Tel Aviv Europa Cup match.

“The Prime Minister has directed that two rescue planes be sent immediately to assist our citizens,.

“The harsh pictures of the assault on our citizens in Amsterdam will not be overlooked’’ Israeli Prime Minister Benjamin Netanyahu’s office posted on X on Friday morning.

The Israeli leader’s office called the incident horrifying and demanded that the Dutch government and security forces take vigorous and swift action against the rioters, and ensure the safety of our citizens.

This clash was however unclear and yet to be unfolded.

The exact events remain unclear. The violent disturbances occurred around the Europa League football match between Dutch club Ajax Amsterdam and Maccabi Tel Aviv on Thursday evening. Ajax won 5-0.

There were clashes in several locations in the centre of the Dutch capital; though it was not specified which side started the violence.

Around 60 people were detained temporarily on Thursday evening, the police said.

Amsterdam TV station AT5 reported that demonstrators threw chairs at Maccabi fans.

The police’s mobile units reportedly shielded the Israelis and escorted them to their hotels.

There were also clashes in the afternoon between Israeli football fans and security forces in the city centre.

According to police, about a dozen people were arrested for disturbing public order and illegal possession of fireworks.

Even before the match, there were isolated altercations near the stadium in the south-east of the city, the police said.

More than 200 demonstrators attempted to reach the venue, according to the police.

Dutch Prime Minister Dick Schoof condemned these “unacceptable antisemitic attacks on Israelis’’ on X and said he had since spoken with Netanyahu.

Far-right Dutch leader Geert Wilders called it a pogrom.

“We have become the Gaza of Europe,’’ he said, adding that Muslims with Palestinian flags were hunting down Jews.

Israel’s UN ambassador also referred to the incident on X as a pogrom.

Steffen Seibert, Germany’s ambassador to Israel condemned the incident.

“Chasing and beating up Israeli soccer fans is not anti-war protest.

“It is criminal and intolerable and we must all stand against it. As a European I am ashamed to see such scenes in one of our great cities,’’ he wrote on X.

However the Reaction from the United States (U.S.).

In New York, Jonathan Greenblatt, the head of the Anti-Defamation League (ADL), described itself as the world’s largest anti-hate organisation.

He demanded that the Dutch government ensure the safety of Israeli fans, apprehend and prosecute the perpetrators and apologise for the violence.

“This is exactly what ‘globalise the intifada’ looks like,’’ Greenblatt wrote on X, saying there were mobs of hate-filled people who had attacked Israelis who came to Amsterdam to enjoy a football game.

Even New York Attorney General Letitia James chimed in on X, calling the attacks against Jews in Amsterdam “deeply disturbing and horrifying.’’

New York State, particularly metropolitan New York City, has a large Jewish population.

“We must do everything in our power to protect Jews in America and across the world.

“This anti-Semitism and violence must end now,’’ she wrote. (dpa/NAN)

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NEWS

NAICOM Gives Insurers Dec.31 Deadline to Settle Outstanding Claims

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The National Insurance Commission (NAICOM) has given insurance companies Dec.31 deadline to clear all outstanding claims.

The Head, Communication and Stakeholders Management Sub-committee of the Insurers Committee, Mrs Ebelechukwu Nwachukwu, made this known while addressing a news conference after a meeting of management in Lagos.

The meeting marked the first gathering of the Insurers Committee with Mr Segun Omosehin, as the Commissioner For Insurance.

Nwachukwu, also Managing Director, Rex Insurance Ltd., said the commissioner charged insurance companies CEOs at the meeting to ensure that no outstanding claims is captured at the close of their 2024 financial accounts.

The NAICOM boss, she said, tasked the insurance company’s executives to defend the insurance industry through payment of genuine claims, which is integral.

“The regulator said it would be checking in an intensive and focused manner, the outstanding claims in the insurer’s books.

“The commission said its focus is on the soundness of the insurance industry, measured by the ability of meet their obligations when due,”she said.

According to her, the commissioner also charged the insurance companies to take steps towards recapitalisation, by evaluating their financial position, as to the need to raise fresh capital.

She said the charge came by the regulator,having exposed a draft of the Risk Based Supervision (RBS) regulations to the operators, in the event that recapitalisation takes-off.

“If there will be need to raise capital, insurance companies need to start speaking with their different boards, shareholders about the possibility of recapitalisation happening, before it becomes a regulation,”she said.

Nwachukwu revealed that the commissioner further encouraged brokers to ensure strict compliance with the “no premium, no cover” regulation, having observed some violations to the regulation.

She said the commissioner also charged CEOs of insurance firms to get involved in addressing complaints.

Nwachukwu also stated that the regulator encouraged the insurance operators to submit the financial statements of their companies early enough, to create more confidence on the industry.

She mentioned that Omosehin charged the insurers to focus their attention significantly on Nigeria’s Data Protection regulations for the insurance industry.

The sub-committee chairman said NAICOM boss also wants insurance operators to pay specific attention to the implementation of the 10- year Insurance Strategic Plan.

She said this was important, having unanimously agreed to seven thrusts of commitment that would enable the industry meets its objective by year 2027.

Nwachukwu added that the commissioner charged the insurance operators to also pay attention to the legal and regulatory framework for the industry, under the Insurance Bill 2024.

“He spoke about focusing of compliance issues, under the Prudential Guidelines released by NAICOM to the insurers and put an end to Corporate Governance abuses, recognised within the industry.

“The commissioner discussed the National Credit Guarantee Scheme signed by President Bola Tinubu.

“If insurers invest in the scheme, we have the potential of sitting on the board of the facility, where a lot of decisions would be taken,”she said.

According to her, Omosehin also informed the insurance operators on the significant progress made on the Agency’s portal, noting that all resources are in place to continue the efficiency of the portal.

Nwachukwu said the present administration of NAICOM is very clear on the insurance industry and what  it expects to see and has hinged its success on the collective Insurance Industry Reforms plans agreed upon as an industry.

She further said that the regulator insisted that insurers get the right approval from NAICOM before newly appointed Executive Director of insurance companies assumes their appointment.

The insurer stated that the committee also reconstituted its sub-committees in line with the pillars of its 10-year roadmap for the insurance industry.

Nwachukwu listed the reconstituted sub-committees of the Insurers Committee as, the Insurance Sector Stability committee,Communication and Stakeholders Management committee, Technology and Talent Management committee and Customer Service and Market Expansion committee.(NAN)

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