Connect with us
Advertisment

Business

Davos: Africa boosts free trade while global barriers go up

Published

on

A new African free trade area could be just weeks away as the last few countries ratify an agreement signed last year. The plan to boost intra-African trade by half is gaining much attention in Davos this year.

Advertisment

    

When you ask Tony Elumelu if Africa would profit from free trade, the Nigerian entrepreneur and philanthropist does not have to think long. “If we look at other parts of the world, intra-regional trade helped significantly. For us to develop in Africa, we must embrace this,” he told DW at the World Economic Forum in Davos. “We need to develop and broaden the market. We need to integrate Africa by trade also.”

Advertisment

 

He might not have to wait much longer for this to happen. Last year, 49 African countries signed the Continental Free Trade Area (CFTA) agreement, which is supposed to do away with tariffs on most goods and other trade barriers.

 

Advertisement

The agreement will come into force once 22 countries have ratified it. With only seven more to go, it might only be a matter of weeks. So in times when others are erecting trade barriers once again, leaders on the continent are edging closer towards establishing the largest free trade area since the World Trade Organization’s inception.

 

It would create a market with a combined GDP of around three trillion dollars and, according to the African Union (AU), boost intra-African trade by 52 percent. As enterprises will get the chance to enter new markets, unemployment is predicted to fall and economic output to go up. And the effects in the long-run could be even more substantial.

 

Create value, attract investors

“Those nations who trade in raw materials are the ones that are poor. Those that actually trade in value-added products are the ones that are rich,” Akinwumi Adesina, president of the African Development Bank, explained. But as African economies will be able to cooperate more closely, he hopes companies will create more elaborate value chains to produce higher-quality goods.

Also, he considers the CFTA a big chance to attract investors. “Africa is open for business, the opportunities are there,” he said. “When people look at Africa, think of the population, think of the middle-class, think of the huge opportunities to invest across borders.”

Investments would come at a crucial time when it is estimated Africa lacks up to $100 billion (€88 billion) for infrastructure projects alone.

 

Making it work for the 99 percent

But as rosy as the economic future may seem, there are, of course, also challenges that governments will have to overcome. Winifred Byanyima, the head of Oxfam International, warned leaders of what freewheeling globalization can lead to.

 

“We have richer countries, richer companies, richer people gaining from trade liberalization and many others left behind,” she said. Whether Africans with lower incomes will also benefit from the CFTA would depend on what measures of success those in charge apply. “The most important measure is the good quality jobs that will be produced for our young people and for women.”

 

A new era — also for Nigeria?

Despite these words of caution, euphoria for the CFTA is high. Before Africa lies the beginning of a new economic era; and some regard it as only that, a start. Bernard Gautier of French investment company Wendel, for example, has already called for even deeper integration by means of common currencies.

And Tony Elumelu advocates to not only let goods flow freely. “We need to carry common passports or at least simplify the border entrance so that people can move freely intra-Africa. People who move freely can trade – and not otherwise,” the billionaire said.

 

Advertisment
Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

Palliatives: Dangote donates 80,000 bags of rice to Lagos residents

Published

on

Palliatives: Dangote donates 80,000 bags of rice to Lagos residents

 … Sanwo-Olu says Dangote prioritize Nigerians’ welfare above profit

 

Advertisment

 

The Aliko Dangote Foundation, (ADF) has flagged off the distribution of 80,000 10kg bags of rice to the vulnerable in Lagos state.

Advertisment

 

 

 

Advertisement

President of Dangote Group and Chairman of the foundation, Aliko Dangote, noted that the gesture is part of the over one million 10kg bags of rice that would be distributed to reach one million vulnerable people in the 774 local government areas of the country.

 

 

 

 

Speaking at the flag off in Alausa, Dangote, said the distribution of the 80,000 bags of 10kg rice is another demonstration of the foundation’s commitment to upholding the values of compassion and solidarity that are at the core of humanity.

Noting that the distribution of the rice is in addition to the daily distribution of 12,500 loaves of bread in Lagos, Dangote stressed that with the initiative, the foundation aspires to ameliorate some of the burdens faced by vulnerable communities across Lagos State.

In his remarks, Governor of Lagos state,  Babajide Sanwo-Olu, applauded the many initiatives of Dangote to ameliorate the sufferings of Nigerians, while praiseing him for showing compassion to the needy in the society.

Sanwo-Olu said the gesture of distribution of 80,000 bags of 10kg rice shows that the leadership of the Foundation prioritize the welfare of the people beyond the pursuit of profit and accumulation of wealth.

The Governor said: “Aliko Dangote is a Nigerian that has chosen to be different. You have choices but you have made the right one which is caring for the vulnerable. I appreciate Mr. Aliko Dangote for extending his kind gestures to the people at the bottom of the pyramid and we are grateful for supporting us in government. There is a lot of global disruption in different parts of the world, and it is a tough time to be in a position of leadership,” he said.

While encouraging other wealthy Nigerians to emulate Dangote, the Governor said the distribution of the rice would support the initiative of the state in addressing the effects of the economic hardship.

Justifying the food intervention in Lagos, Dangote said: “While our traditional Ramadan food distribution has been focused on the Muslim Community, we recognize that the current circumstances where a significant proportion of Nigerians across the nation are experiencing severe hardship due to the prevailing high prices of food, require that we broaden our program to cover communities of all faiths. This is why we are extending the Ramadan initiative to cover all the thirty-six states and the Federal Capital Territory as a testament to our commitment to supporting our communities in line with our core values and the spirit of the Holy Month of Ramadan,” he said.

The CEO of the ADF, Zouera Youssoufou, said the Foundation is partnering credible NGOs, civil societies, religious bodies among others to ensure the donations go to the most vulnerable in Lagos State.

She said the Foundation is guided by a vision of empowering Africans to achieve their self-actualization and full potential as it believes that every individual, regardless of their circumstances, deserves the opportunity to thrive and succeed.

“In times of hardship, it is imperative that we stand together as one nation, one community, extending a helping hand to our brothers and sisters in their time of need as we have done with our female empowerment programme in Lagos State which targeted 40,000 (Forty thousand) disadvantaged women,” she added.

Group Executive Director Commercial Operations at Dangote Industries Limited (DIL), Fatima Aliko-Dangote, noted that the flag off in Lagos is a follow-up to the 120,000 bags distributed in Kano on Saturday, said the intervention is targeted to reach the 774 local government areas in Nigeria.

“We have been doing this for a while but we didn’t publicize  it because  our chairman  believes  this is between him and God but this year we decided  to publicize  it so that we can encourage  and inspire others to do so.

“There are many other things the Dangote foundation is also doing. We are also serving 2,500 breads all over Lagos daily. We started this in 2020 during COVID-19. Also in our hometown in Kano, we have been doing breakfast, lunch and dinner for the past 35 years. The foundation has invested in many things. Years back, we gave women some money to be able to invest in their businesses,” she said.

Speaking further, Dangote noted that Lagos state holds a special place in the hearts of the Group, hosting two of its major investments – Dangote Petroleum Refinery and Dangote Fertiliser Plant.

He disclosed that the Dangote Group is also working on the nutrition agenda and has made significant strides in food fortification, investing in iodized salt and vitamin A fortified sugar. He stressed that the Group actively promotes food fortification within the Nigerian food industry and is exploring fortification methods for staples like rice and wheat and bouillon cubes to help ensure improved nutrition nationwide.

“At the heart of the Aliko Dangote Foundation lies a deep-seated belief in the importance of nutrition in human capital development. We understand that access to nutritious food is not only a basic human right but also a critical determinant of good health and well-being. By providing these modest bags of rice to those in need, we are not only looking to alleviate immediate hunger, but also investing in the long-term health and prosperity of our communities,” he added.

While commending Lagos state governor, Babajide Sanwo Olu as a Governor with a penchant for overcoming adversity and enormous capacity in handling emergencies, Dangote urged other well-meaning individuals and corporate organisations to emulate the efforts to support the less privileged in the communities, especially during Ramadan, which is a time of self-reflection, empathy, and charity.

Palliatives: Dangote donates 80,000 bags of rice to Lagos residents

Advertisment
Continue Reading

Business

NIFESAF ESUT Lagos Holds 4th Edition Of Business, Career Exposition

Published

on

 

Advertisment

 

The Lagos State Alumni Fellowship of Nigerian Fellowship of Evangelical Students (NIFESAF) has held the fourth edition of its Business and Career Exposition programme themed ‘Maximizing Technology and Strategic Customer Loyalty For Sustainable Business Growth In Today’s Economic Condition’ on Saturday, 23rd of March, 2024 in Lagos.

Advertisment

The programme which was basically for Small and medium-sized enterprises since its inception has served as a major platform for the promotion of Nigerian-owned businesses and created several opportunities for SMEs to thrive and have access to the world through the global reach of NIFESAF ESUT.

Just like the previous editions, the fourth edition wasn’t any different; it featured an avalanche of exhibitions by several Nigerian businesses with guests who were ready to patronize them and a huge platform to publicize their businesses.

Advertisement

Some of the businesses involved in the exhibition include Finet Mobile, Purch Gadgets, Congratulations Corporate Events, Exceptional Intensive Vocational Training, Farmskills Limited, Jigsimur health drink, De Luxe flour, Royal Almonds, Ifiefruit, Ihubest trading enterprise, K-shape fashion designer, Zara Caps and Hats, Chee Havillah Royal Services Ltd, Lowan Enterprises, Mace Ventures, Arif Bureau, Davis Exotic Homes, Whiztech Global Ltd, Earthblend flavours, to mention but a few.

Speaking at the event, the Chairman of the Global Body— Nigerian Fellowship of Evangelical Students (NIFES) ESUT Alumni Fellowship, Mr. Fred Nnadike, said the essence of the business exhibition was to support and build a community of excellent, Christians who would be role models in their respective careers.

Nnadike who urged believers under the umbrella to keep the faith alive equally charged them to uphold ethical standards, sound corporate governance, and avoid sharp practices in their respective professions and business endeavors as ardent followers of Christ.

“We want to encourage what we produce and link our entrepreneurs to the global space. SMEs are indispensable for economic growth and development. The government across board should do something urgently to revive the economy by making the environment conducive for businesses to thrive” he implored.

On his part, the Lagos State Chapter Chairman of the Fellowship, Mr Henry Nnadike, said the leadership of NIFESAF has often reminded the government that MSMEs are still the engine room of every strong economy.

“Government must address multiple taxation, epileptic power supply, dilapidated road network, and general scorching economic environment. Governments must be transparent in their reforms and interventions. Besides, we need informed ideas, programs, and policies that must be designed by the best brains. The government should learn to put the interest of the masses above their personal interest for posterity’s sake” he urged.

Similarly, the Vice Chairman of NIFESAF, Lagos Chapter, Mrs. Chika Idalah–Allison, called on the state and federal government to partner with NIFESAF and related organizations which are poised to promote skills and craftsmanship, particularly for youths.

“Government should partner with organizations promoting skills acquisition, innovation, human capital development, and creative industry. In NIFESAF we are under the mandate to support every entrepreneur under its umbrella even beyond.

Idalah – Allison told newsmen that she was able to travel to different countries for business purposes, not by her academic certifications but by the salability of her skills in artwork and design.

“Nigeria is our only country, we must build it because the world is waiting for us to step out, and that is what we must all do collaboratively, however, our education curriculum should be designed fit- for -purpose” she asserted.

Advertisment
Continue Reading

Business

AARE ADETOLA EMMANUELKING ADVOCATES FOR CONSOLIDATION BEFORE TRANSFORMATION AS LAGOS REDAN CHAIRMANSHIP ASPIRANT PAID COURTESY VISIT

Published

on

AARE ADETOLA EMMANUELKING ADVOCATES FOR CONSOLIDATION BEFORE TRANSFORMATION AS LAGOS REDAN CHAIRMANSHIP ASPIRANT PAID COURTESY VISIT

 

Advertisment

 

 

Advertisment

Aare Adetola Emmanuel-King, The Executive Chairman Adron Homes, advocates for Consolidation first before Transformation as he declares his support for Dr Segun Oshundairo, The Aspiring REDAN Chairman For Lagos Chapter(Real Estate Developers Association of Nigeria)

He stated his full fledged support during an exclusive interview with the REDAN Chairman Aspirant, Dr Segun Oshundairo, the CEO of Arcview Investment Limited. During the Aspirant’s visit, Aare Adetola admonished him on steps to take to ensure that his tenure birth policies that would revolutionize the Real Estate Industry. He urged the Aspirant to embark on Intense Media publicity and collaborative advocacy efforts to influence government policies and decisions affecting the Real Estate Industry.

During this Meeting, The Aspirant talked about his Manifesto which he would implement once he emerges the Chairman. He declared the following Intentions:
– Create a Developers Mortgage Plan. With this, he would be collaborating with the government to create a plan that would ensure that developers can buy affordable estate from the government which would facilitate their ability to create reasonable and affordable houses for the masses.
– Establish an Advisory Board for REDAN. He stated that he would create an Advisory Committee that would consist of 7 stakeholders to advise and train members of the group every quarter on the right policies and procedures to implement.
– Open up lands in rural Areas and convert them to Mega cities. He revealed his intention to collaborate with the government in order to open up lands in Ofada, Papalantoro and environs as well as create affordable real estate in such areas.
– Rebrand and Publicize REDAN: The Aspirant stated that under his tenure, REDAN would have a new look, which would include a new logo, better policies as well as increased visibility .

Advertisement

Aare Adetola EmmanuelKing, In addition to advising the Aspiring Chairman on Strategic Media Publicity for REDAN, also implored him to pay attention to increasing the number of members in the group as well as present comprehensive strategies poised to shape the future landscape of real estate in the country.

He Admonished and stated that “There can’t be a greater Lagos without REDAN” He further advised the Aspirant on the need for a Universal market price of Landed Properties for Real Estate Developers in Lagos State when purchasing from the government. Also, this would foster and aid the creation of affordable housing for the good people of Lagos State and Nigerians at large.

The interview session concluded on a positive note in which Dr Segun Oshundairo expressed his enthusiasm and appreciation for the collaboration between REDAN and the CEO of Adron Homes. The Interview Session laid the foundation for future partnership opportunities aimed at driving positive change within the real estate industry. Dr Segun reiterated that once elected, he would set up a board of trustees that would consist of veterans and real estate pillars to serve as an advisory board for the pressure group.

 

AARE ADETOLA EMMANUELKING ADVOCATES FOR CONSOLIDATION BEFORE TRANSFORMATION AS LAGOS REDAN CHAIRMANSHIP ASPIRANT PAID COURTESY VISIT

Advertisment
Continue Reading

Cover Of The Week

Trending