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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.

Education

JAMB Releases 36,540 Withheld UTME Results, Dismisses Cyber Breach Claims

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The Joint Admission and Matriculation Board (JAMB) has quelled concerns over the integrity of the Unified Tertiary Matriculation Examination (UTME) results by releasing an additional 36,540 previously withheld scores.

This move follows earlier revelations of withheld results and assertions of a cyber security breach.

Fabian Benjamin, the spokesperson for JAMB, confirmed the release of these results in a statement issued late Tuesday in Abuja.

This latest batch of released scores, when combined with the 531 previously unveiled, brings the total number of results made public to 1,879,437.

Benjamin took the opportunity to address circulating rumors regarding the security of the UTME results.

He categorically dismissed claims of a cyber security breach, saying that the examination outcomes remain intact and securely stored.

He stressed that the results are not stored in any cloud system and thus cannot be compromised by external entities.

At the time of the UTME release, JAMB had disclosed that certain results were withheld pending further investigation.

Subsequently, 531 of these results were recently unveiled with the remainder still under scrutiny.

Benjamin explained that any candidates implicated in examination malpractice are undergoing thorough investigation.

The examination board intends to meticulously review footage from CCTV cameras installed across all accredited centers to ascertain each candidate’s involvement.

Benjamin urged the public to remain vigilant against misinformation originating from sources not affiliated with JAMB.

He attributed the discrepancies in minimum admissible scores to variations among tertiary institutions. Some institutions, he noted, proposed lower minimum scores than others, resulting in varying benchmarks.

Benjamin clarified that these benchmarks are determined collectively by all Heads of Institutions during the annual Policy Meeting on Admissions, ensuring uniformity across the country.

Also, Benjamin cautioned religious organizations against overstepping their designated roles.

He warned against the dissemination of false information to governmental bodies for personal gain.

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Travel

British Airways Owner IAG Prepares for Summer Surge Amid High Travel Demand

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british-airways

As the world gradually emerges from the grip of the pandemic, the travel industry is witnessing a resurgence in demand with British Airways owner IAG SA gearing up for a busy summer season.

Despite lingering challenges, the airline conglomerate remains optimistic about the outlook, citing strong demand for travel within Europe and across the Atlantic.

In a recent stock exchange filing, IAG disclosed an adjusted operating profit of €68 million ($73.3 million) for the three months ending March.

According to Chief Executive Officer Luis Gallego, the group’s core markets, including the North Atlantic, South Atlantic, and intra-Europe routes, have shown robust performance, positioning them well for the upcoming peak travel period.

With vaccination rates increasing and travel restrictions easing in many parts of the world, consumers are eager to resume travel plans, fueling the surge in demand.

However, the road ahead is not without its challenges. While travel within Europe and across the Atlantic remains strong, other regions present a more complex operating environment.

The ongoing conflict in the Middle East has dampened demand for certain destinations, while airspace restrictions resulting from geopolitical tensions, such as the Russian invasion of Ukraine, have disrupted flight routes to East Asia.

Despite these hurdles, IAG remains resilient, banking on the strength of its core markets and the performance of its brands to weather the storm.

The company’s strategic positioning and proactive measures to adapt to changing circumstances have positioned it to capitalize on the rebound in travel demand.

As the summer season approaches, IAG is focused on ensuring operational readiness to meet the surge in passenger numbers.

With travelers eager to reconnect with loved ones, explore new destinations, and embark on long-awaited vacations, the airline group stands ready to facilitate safe and seamless travel experiences.

As vaccination campaigns progress and travel sentiment rebounds, IAG’s proactive approach and strategic investments position it as a key player in the aviation industry’s recovery journey. With optimism on the horizon, the company remains committed to delivering exceptional service and fostering a seamless travel experience for passengers worldwide.

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Israeli Troops Take Control of Rafah Border Crossing Amidst Ceasefire Talks

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Israeli troops took control of the Rafah border-crossing area in Gaza on Tuesday morning, with Hamas saying all aid flows from Egypt had stopped.

The army has halted “the movement of people and aid completely,” the Hamas-run crossing authority said in a statement. Soldiers replaced Palestinian flags with Israeli ones.

It’s the first time Israel’s army has moved into the area since the war with Hamas began in October.

Israeli Military Tells About 100,000 People to Leave Eastern Rafah

Palestinians sheltering in Rafah were told Monday to move to an “expanded humanitarian area”.

The border is the main entry point for aid into Gaza, and the Palestinian territory’s only crossing aside from those with Israel. The US has been urging Israel for weeks to allow more food and other supplies into Gaza, parts of which the United Nations says are on the verge of famine.

The movement of troops came a day after Israel told residents in parts of eastern Rafah to leave immediately ahead of a possible attack on the city.

Most Arab and many European states have said Israel should not attack Rafah, fearing it would cause mass casualties. Prime Minister Benjamin Netanyahu says Rafah is the last bastion of Hamas, with about 5,000 to 8,000 of its fighters and senior leaders lodged in the city, as well as many Israeli hostages.

Cease-fire talks between the two sides continue to drag. Hamas said on Monday night it had accepted a proposal from mediators Egypt and Qatar. Israel rejected it, saying it contained demands the Jewish state cannot accept.

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