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Intra-African Fair Trade Deals Hit Over $30b



  • Intra-African Fair Trade Deals Hit Over $30b

Over $30 billion trade deals were wrapped up at the close of the first Intra-African Trade Fair (IATF), yesterday in Cairo, Egypt, African Export Import Bank (Afreximbank), has said.

Its President, Prof Benedict Oramah, who spoke at the closing session of the IATF, said the success recorded, has reinforced the bank’s projection that intra-African trade can be developed to attain about 52 per cent from its current level of 15 per cent. The projected trade value could also reach between $170 billion and $250billion by year 2021.

He said the fair, organised by Afreximbank, has served as a vehicle and an avenue for the bank to achieve its objective of driving intra-African business deals. According to him, it has given the bank the opportunity to recognise its capabilities, share experiences on trade and investment issues, as well as understand the peculiarities that exist in the African Union (AU), and work with other countries to actualise the African Continental Free Trade Area (AfCFTA) Agreement.

Oramah, whose closing remarks was witnessed by former President Olusegun Obasanjo, Chairman of the IATF Advisory Council, the Commissioner, Trade and Industry at the African Union Commission, Albert Muchanga, the Chief Executive Officer, Export Development Authority, Egypt, Mrs. Sherine El Shorbagi and Rwandan Ambassador to Egypt, Sherish Saleh Habinana, host country of the next IATF in Kigali, in 2020, said Afreximbank has opened a Virtual Trade Fair online for buyers and sellers, saying the “platform will continue beyond the fair to the next one in Kigali.”

In his opening remarks, Obasanjo urged Africans to put behind what he called the blame game and move forward.

He said: “We need a change of culture and belief, we must believe in Africa and what Africans can do. There will be challenges, but with this trade fair, we have identified them.

“Let us come to the end of the blame game, let us leave slave trade, neocolonialism, let us put them behind, let us wake up. I want Africa to play a full part in the regional trade value chain, to be respectable producers and enhance our dignity.

“Let us work together, so we can swim together. There is no pride in poverty, but there’s respect in prosperity and power.”

Obasanjo said the continental fair has “delivered what it was intended to do and has provided a stage for importers and exporters to meet; it has seen business deals discussed and signed, and has enhanced and driven inter-African trade,” saying that all those who have driven this enterprise should be commended.

Muchanga said the African Union Commission will ensure that before the next IATF in Kigali, trade barriers that attended the Egyptian fair, including difficulties experienced in clearing exhibitors’ goods and hurdles in obtaining entry visas, would have been addressed.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others



Transcorp hotel

Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.


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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director




Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations




FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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