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AfCFTA: Expert Harps on Trade Bank to Support MSMEs

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The Acting Director General/Chief Trade Negotiator of the Nigerian Office for Trade Negotiation, Mr. Victor Liman, has called for the establishment of a trade bank that would empower the Micro, Small and Medium Enterprises (MSMEs) to be able to participate fully in the implementation of the African Continental Free Trade Area (AfCFTA) agreement.

Liman, who is saddled with the task of negotiating Nigeria’s participation in the AfCFTA, made the call yesterday during a symposium organised by the Lagos Chamber of Commerce and Industry (LCCI) with the theme “AfCFTA: Roadmap to a Successful Implementation.”

Meanwhile, the Minister for Industry, Trade and Investment, Mr. Niyi Adebayo, who was represented by the Secretary of National Committee on AfCFTA, Mr. Francis Anatogu, said Nigeria would benefit from the continental trade pact in the medium term.

Liman said: “There are key financial consideration that we shall take into account when we talk about the productivity of the MSMEs and their ability to build capacity to have what to trade domestically and export.

“Therefore, there is a need for a dedicated fund, a dedicated bank, to be able to fund trade and trade interests. One of such could be by a way of grants that may not be paid back where the MSMEs can access money.

“But there have to be a mechanism to ensure that there is accountability for whatever fund they access because free money does not grow the economy. What grows the economy is money that is used in productive activities that can create job opportunities to employ people. So, there is a need for us to ensure that we have a dedicated platform for the MSMEs to access fund.”

He said this was important because most of them do not have the collateral and financial muscle that the commercial banks would require to be able to give them money to trade with, adding that legislative actions might be required to give the trade bank a legal framework so that it could become a policy.

The Nigeria’s chief trade negotiator also explained that it would take a while for Nigerian businesses to begin to participate in the actual trading within the AfCFTA protocol.

He added: “Negotiations is different from implementation, which requires a whole lot of preparation to be fully engaged.

“Now that we have negotiated the agreement we need to sit down to see how we can put to actions the things we have negotiated by setting up structures that need designated competent authorities to work.

“We have to set up the trade documentations and how to access them and the inputs that are required to go into these documents and criteria for the Rule of Origin.”

The minister of Industry, Trade and Investment also said the AfCFTA was expected to complement Nigeria’s national development agenda and act as a catalyst for Nigeria’s export diversification.

“It also supports Nigeria’s industrial policy through the negotiated and agreed “Exclusion and Sensitive category lists” to provide space for Nigeria’s infant industries; anda platform for Small and Medium Enterprises (SMEs).

“As with all other developmental initiatives, AfCFTA is not without its challenges, both in terms of its implementation and its overall outcomes.

“In the short run, there could be a threat to the survival of infant industries as established industries will be able to scale up operations more easily. But this will slowly disappear as smaller firms are incentivised to take up this challenge and scale up.

“Obviously, the more diversified economies with better infrastructure will benefit more from the trade integration in the short term.

“Nigeria lags in this area but given the huge amount of investment the federal government is making in the infrastructure space; Nigeria is poised to harness the gains in the medium term,” Adebayo said.

The President of the LCCI, Mrs. Toki Mabogunje, said the chamber put up the interactive session to deliberate on how to expidite the implementation of the trade agreement.

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How to Modify NIN Data: Date of Birth, Name, and More

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In Nigeria, the National Identification Number (NIN) is a crucial identification tool used for various official purposes.

However, errors or changes in personal information may occur over time, necessitating modifications to the NIN data.

Fortunately, the National Identity Management Commission (NIMC) has introduced a convenient solution – a mobile application that allows individuals to modify their NIN data from the comfort of their homes.

Why Modify NIN Data?

Errors in personal information on your NIN can lead to complications in official transactions, including banking, telecommunications, and government services. It’s essential to ensure that your NIN reflects accurate and up-to-date details to avoid any inconvenience.

Steps to Modify NIN Data

  1. Download the NIMC Mobile App: Start by downloading the NIMC mobile application from the designated app store on your smartphone.
  2. Registration/Login: If you are a new user, register on the app by providing the required information. For existing users, log in using your credentials.
  3. Enter NIN and Details: Once logged in, enter your NIN, last name, and email address to access the data modification channel.
  4. Select Modification Options: The app allows you to modify various details, including your name, date of birth, mobile number, house address, and email address. Choose the information you wish to update.
  5. Submit Changes: After making the necessary modifications, review the changes and ensure accuracy. Then, submit the updated information through the app.
  6. Confirmation: Upon successful submission, you will receive a confirmation message acknowledging the changes made to your NIN data.

Benefits of the NIMC Mobile App

  • Convenience: With the mobile app, you can modify your NIN data anytime, anywhere, without visiting NIMC offices.
  • Accuracy: Ensure that your NIN reflects accurate information, minimizing discrepancies in official transactions.
  • Time-Saving: Avoid long queues and bureaucratic processes by using the app for quick data modifications.

Conclusion

The NIMC mobile app offers a hassle-free solution for individuals seeking to modify their NIN data. By following these simple steps, you can ensure that your NIN reflects correct and updated information, facilitating smoother interactions in various sectors.

Embrace the convenience of digital innovation and make necessary modifications to your NIN data with ease.

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Aliko Dangote Foundation Launches N15bn Food Intervention Programme

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Aliko Dangote - Investors King

In a bid to alleviate hunger and address the economic challenges facing Nigeria, the Aliko Dangote Foundation has announced the launch of a N15 billion food intervention programme.

The initiative spearheaded by the President of the Dangote Group, Aliko Dangote, aims to provide essential food items to vulnerable communities across the country.

The food intervention programme was officially unveiled during a ceremony in Kano on Saturday, where Mr. Dangote emphasized the importance of compassion and solidarity, particularly during the holy month of Ramadan.

He highlighted the significance of all stakeholders, including individuals and institutions, in supporting the government’s efforts to tackle hunger and promote social justice.

This intervention, estimated to benefit over one million people, will see the distribution of 10kg bags of rice across all 774 local government areas in Nigeria.

Mr. Dangote emphasized that the programme’s modalities involve collaboration with state and local governments, as well as community partners, to ensure effective delivery of the food items to the most vulnerable individuals, irrespective of their background.

Also, the Aliko Dangote Foundation will distribute 10,000 iftar meals during Ramadan in Kano municipality, further extending its support to those in need during this auspicious month.

The foundation’s commitment to humanitarian efforts extends beyond food relief, as it has been providing daily bread relief programmes since 2020, producing and distributing over 32,000 family-size loaves of bread across Kano and Lagos states.

The launch ceremony was attended by Kano State Governor, Abba Kabir Yusuf, who commended Mr. Dangote’s philanthropic gesture and urged other wealthy individuals and businesses to emulate the Dangote Group’s example in supporting the government’s efforts to alleviate economic hardship in Nigeria.

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International Students in Germany Get Pre-Study Work Rights Under New Law

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University - Investors King

Germany has implemented a new segment of its revamped skilled worker law, granting international students significant pre-study work rights.

This move aims to attract skilled workers from various sectors while fostering integration and easing financial burdens for students.

Under these fresh regulations, non-EU citizens applying for study visas can now arrive in Germany up to nine months before their studies commence.

During this period, which was previously not permitted for work, students are allowed to work part-time for up to 20 hours per week.

This change particularly benefits prospective students from developing countries, offering them the opportunity to support themselves financially while preparing for their academic pursuits.

The revised skilled worker law also extends its support to individuals interested in apprenticeships in Germany.

Third-country nationals seeking apprenticeships can now reside in the country for nine months, provided they demonstrate a B1-level proficiency in German and are below the age of 35.

During this preparatory period, they are permitted to engage in part-time work, laying the groundwork for their transition into full-time training once they secure an apprenticeship position.

Moreover, the new regulations enhance work opportunities for international students already enrolled in German institutions.

The permitted work duration for students has been extended from 120 to 140 full days in any calendar year, equivalent to 20 hours per week, or 280 half days per calendar year.

This adjustment acknowledges the financial challenges students may face and provides them with greater flexibility to manage their expenses.

In addition to pre-study work rights, graduates of German universities now benefit from an extended post-graduation stay of 18 months for job hunting.

This extended period offers graduates ample time to seek employment opportunities within Germany, with the option to apply for permanent residence after two years of continuous employment.

Overall, these amendments to Germany’s skilled worker law underscore the country’s commitment to attracting and retaining international talent.

By providing enhanced work opportunities and support mechanisms for students and graduates, Germany aims to strengthen its position as a hub for global education and professional development.

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