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Over 70% of CEOs Believe Intra-africa Trade Will Increase Over the Next 12 Months

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A survey of 200 CEOs was commissioned by the Pan-African Private Sector Trade and Investment Committee (PAFRAC), and conducted by African Business magazine in partnership with the Afreximbank. It revealed that:

– African CEOs explicitly called for a fairer system governing global trade that will support developing countries

– 37% of the CEOs surveyed feel WTO as it stands is ineffective

– 65% of the CEOs feel the global trading system is unfair to Africa

– The CEOs were also optimistic about the future outlook: Over 50% of CEOs believe global trade will increase over the next 12 months; and over 70% of CEOs believe intra-africa trade will increase over the next 12 months

A survey commissioned by the Pan-African Private Sector Trade and Investment Committee (PAFRAC) to gauge the private sector view around trade has highlighted the private sector’s desire for considerable reforms to make the global trade rules system fairer and more transparent.

Two hundred CEOs were surveyed around issues concerning the WTO and trade in general. It was done in light of the next phase of ongoing consultations to select the institution’s next Director General. Three of the eight candidates are African: Nigeria’s Ngozi Okonjo-Iweala, Kenya’s Amina Mohamed and Egypt’s Abdel-Hamid Mamdouh.

The survey covered a number of areas which revealed a general consensus that the current rules penalise the African continent and its private sector. 86.6% of the respondents understand the role of the WTO in global trade. However, a majority believe the WTO is not effective in fulfilling its role. As much as infrastructure, logistics and human capital were cited as two major constraints to growth in Africa, the CEOs also stressed the skewed international trade regime as another key constraint.

Prof. Benedict Oramah, President of Afreximbank said “As the pan-African trade finance bank, Afreximbank has been mandated to host the PAFTRAC secretariat. Any reform needs to support a burgeoning African private sector and an increasingly integrated Africa. We have seen, over the past quarter of a century since the WTO was formed, the emergence of a robust and dynamic African private sector, and more recently significant steps to integrate Africa under the African Continental Free Trade Agreement (AfCFTA). The WTO and its new leadership will need to recognise the imperative of African integration and put development at the centre of any trade agenda.”

Interestingly, if the majority of CEOs believed that the global trading system was unfair, most also see the multilateral system strengthening in the coming years. They outlined a set of reforms that should be undertaken for a fairer and more transparent trading system, including in the areas of voice and participation, tariffs and non-tariff barriers, agriculture and subsidies.

The CEOs were also optimistic about the future outlook: over 50% of CEOs believe global trade will increase over the next 12 months; and over 70% of CEOs believe intra-africa trade will increase over the next 12 months.

Pat Utomi, Chair of PAFTRAC, stressed that unless reform was forthcoming the current global crisis may penalise the African private sector even further: “We have seen during this pandemic companies in the industrialised world have received massive bailouts, tax incentives, not to mention government contracts and fiscal stimuli. Companies in Africa were not so fortunate and will have to deal with a world where trade will be depressed because of the post-covid environment. As such, a fairer global trade environment and trading system is more urgent today than ever.”

The survey as well as a debate around a communiqué to be sent to all candidates who are in the race for the directorship of the WTO will be presented at a webinar taking place this afternoon, and hosted by the Afreximbank.

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

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Farmforte, Others Signs MoU To Strengthen and Sustain Growth in Agricultural Sector

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Farmforte - Investors King

Farmforte Limited has signed a strategic Memorandum of Understanding with the Agricultural Fresh Produce Growers and Exporters Association of Nigeria; HYBR, a pan-African innovation firm; and ALTS, a consulting and strategy development firm.

The firm said in a statement on Sunday that the partnership would strengthen common interest cooperation and stimulate inclusive and sustainable growth within the agricultural sector, by capitalising on the synergy and comparative advantage offered by each organisation.

Speaking during the signing ceremony, Farmforte Co-Chief Executive Officer, Osazuwa Osayi, said, “Our mid to long-term strategic goals are further reaffirmed, as this partnership will facilitate the sharing of knowledge, ideas, and expertise across the agricultural sector.

“We will collectively address initiatives and approaches concerning agricultural investments, food security, and the overall robustness of the value chain.”

He said the collaboration would also unlock the full potential of the sector and place it on a renewed path for success, especially within a post-pandemic economy.

The President of AFGEAN, Tajuddeen Dantata, said, “By creating dialogue and fostering investment in the horticulture sector, this partnership will endeavor to support Farmforte in its exporting efforts by improving operational efficacy and cost-savings, while ultimately driving socio-economic growth in the country.”

The Chief Executive Officer, HYBR, Charles Ojei, said to drive inclusion, sustainability, job creation, and Nigeria’s overall economic growth, the optimisation of the agriculture value chain was critical.

“This collaboration is a fusion of the complementary capabilities of all partners to move a bigger agenda forward.”

The Managing Partner, ALTS, Akintunde Sawyerr, said, “The goal of this partnership is to support Farmforte’s vision of becoming the largest agribusiness by 2035 via scalable and world-class innovation across its enterprise.”

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OctaFX Launches Dual Life Campaign

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OctaFX- Investors King

International Forex broker, OctaFX has launched a socially conscious marketing campaign called Dual Life aimed at simplifying forex trading and helping Nigerians create wealth.

A statement by the organisation on Monday said that the marketing campaign would celebrate the superpowers of Nigerians who committed their time and efforts to two or more jobs and were successful at each one of them.

It stated that the #DualLifewithOctaFX campaign had influencers in the Nigerian lifestyle and entertainment space such as Toke Makinwa, Bovi, Denola Grey, Timini Egbuson, and others at the core of the engagements, establishing the other sides of the celebrities and influencers as entrepreneurs.

While speaking about the campaign, the Marketing Manager, EMEA, OctaFX, Ali Nwadike said, “We wanted to position forex trading as that activity young Nigerians and everyone else, can engage in, even while focusing on their careers.

“From findings, most young Nigerians today work two or more jobs to pay the bills and attain financial freedom. But, we don’t get to talk about this often or appreciate the efforts, hence the #DualLifewithOctaFX campaign.

“While some see their jobs as a burden, we want people to see it as an achievement; and promote the school of thought that says one, two, many jobs is not bad especially when you are trying to create wealth.”

Nwadike added that more Nigerians would be exposed to the beauty of keeping their regular jobs and careers while making more money from forex trading with the OctaFX Trading App.

The statement also affirmed that OctaFX had made necessary arrangements from assembling forex experts and compiling training guides in the simplest and relatable form.

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Appointments

AfDB Appoints Dr. Beth Dunford as Vice President

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African Development Bank - Investors King

The African Development Bank Group (AfDB) has announced the appointment of Dr. Beth Dunford as its Vice President, Agriculture, Human and Social Development. The appointment becomes effective from July 1, 2021.

A statement explained that Dunford, a national of the United States of America, brings extensive experience to this role. She has held senior-level leadership positions in the US government, where she managed large and complex programs, working with the private sector, civil society, and multilateral and bilateral institutions, as well as with African governments, to deliver agricultural, social and human development impact at scale.

Prior to her appointment, Dunford worked as the Assistant to the Administrator in the U.S. Agency for International Development’s (USAID’s) Bureau for Resilience and Food Security, as well as the Deputy Coordinator for Development for Feed the Future, the U.S. government’s global hunger and food security initiative.

“In this dual role, she coordinated Feed the Future across multiple U.S. government agencies, oversaw a $1 billion annual budget and leveraged millions of direct private sector investment annually. In this capacity, she also coordinated a $2.3 billion Feed the Future presidential initiative across 11 US government agencies and forged partnerships within the private sector and civil society targeted at reducing hunger and poverty.

“She also led USAID’s technical and regional expertise focused on improving agriculture-led growth, resilience, nutrition and water security, sanitation and hygiene,” the statement added.

President of the African Development Bank, Dr. Akinwumi Adesina said he was delighted to appoint Dunford as Vice President to lead the Bank’s work on Agriculture, Human and Social Development.

“Beth is a strategic and effective leader with deep knowledge and impressive track record in designing and delivering highly impactful large-scale programs that have helped in lifting 27 million people out of poverty in 36 countries,” he added.

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