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Stanbic IBTC Tasks Nigerian Investors To Tap Into AfCFTA To Boost Intra-Africa Trade

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Stanbic IBTC Bank- Investors King

Stanbic IBTC Bank PLC, a subsidiary of Standard Bank Group, has urged Nigerian investors and business owners to harness and maximize the business opportunities that are inherent in the African Continental Free Trade Area (AfCFTA) agreement.

This will help boost intra-Africa trade beyond the current level of 17 percent as well as promote industrialization and the economic growth of the continent.

Wole Adeniyi, Chief Executive, Stanbic IBTC Bank PLC, made the call at the African Continental Free Trade Area webinar organised by Stanbic IBTC themed: “AfCFTA State of Play: Understanding Potential and Maximising Opportunities for the Customer.”

Wole stated that multiple studies have shown that the increase in trade has a direct impact on reducing unemployment and poverty in societies, and noted that the AfCFTA agreement presents numerous trade opportunities that are both exciting and promising not just for the continent but specifically for the Nigerian market.

He emphasised Stanbic IBTC’s readiness to leverage the trade opportunities of the AfCFTA agreement to unlock business opportunities for its clients in the Small and Medium-Sized Enterprises (SMEs) sector as well as its corporate clients.

While delivering his keynote address on the theme of the event, the guest speaker, Bamidele Ayemibo, lead consultant at 3T Impex Trade Academy, pointed out that with the implementation of the AfCFTA agreement, Africa has the opportunity of becoming the largest market in the world with a population of 1.2 billion people and a combined GDP of $3.4 trillion.

Bamidele underscored that the goal of AfCFTA is to create a single market for Africa and encourage the free movement of goods and services thereby facilitating trade transactions.

He pointed out that Nigerian customers can take advantage of the non-sensitive list, the sensitive list and the exclusive list in the agreement while engaging in various trade transactions with other African countries.

According to him, out of about 5,000 Harmonised System (HS) codes or products in the world that fall under the non-sensitive list, 90 percent will be duty-free and Nigerian customers can take advantage of this.

He added that countries are allowed to liberalize their products under the sensitive list within a period of 10 years while the exclusive list enables countries not to liberalize their products in order to protect that sector of their economy.

Bamidele stressed that the Federal Government is currently developing a portal where Nigerian customers and investors can trade with other countries under the AfCFTA agreement.

He further explained that AfCFTA presents a huge potential for Nigerian manufactured products on the African continent because Nigeria produces about 90 percent of such products that are imported by other African countries.

While appreciating Stanbic IBTC for the bold step it has taken to educate its clients and investors about the benefits of AfCFTA, Ayemibo added that information enables agreements such as the AfCFTA to thrive, lamenting that previous agreements like the Ecowas Trade Liberalisation Scheme (ETLS) collapsed due to lack of adequate information.

He also added that with its vast footprint across Africa through Standard Bank Group, Stanbic IBTC can reach out to its numerous customers, educate them on the benefits of the AfCTFA agreement and facilitate their trade and investment requirements under the Agreement.

The African Continental Free Trade Area was created by the agreement that was first signed by 44 African states in March 2018. Nigeria signed the AfCFTA in July 2019 and deposited its instruments of ratification in December 2020 becoming the 34th African country to fully ratify the agreement.

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Genetically Modified Foods Dangerous To Your Health, Research Organisation Warns Nigerians 

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A non-governmental organization that researches into how ugly trend of increasing incidents of chronic degenerative diseases in Nigeria could be prevented, Living Science Foundation (LSF) has warned governments and citizens about major dangers posed by consuming Genetically Modified Organsams (GMOs) foods in the country.

Describing the situation as an urgent environmental-health concern in Nigeria, the group expressed deep concern over ongoing deluge of deployment of GMOs foods in the country, citing adverse health effects such as cancers, organ damage, allergic reactions, antibiotic resistance and reductions in nutritional content for consumers of GMOs foods.

The research-driven foundation stated this at a press conference held as part of activities of the 9th National Conference on Environment and Health (NCEH), holding at the Obafemi Awolowo University, Ile-Ife on Wednesday.

On the impending take-over of Nigeria’s staple foods by GMOs, the statement issued by the Foundation and signed by LSD President, Prof. Joshua Ojo and Chairman of the NCEH Planning Committee, Dr Adeniyi Okinni, noted that “there are very good reasons to doubt the thoroughness of the approval processes for these products in Nigeria,”

They therefore urged relevant authorities in Nigeria to conduct appropriate chronic toxicity testings that transparently ascertain the safety of GM food products before their deployment for public consumption in the country.

“The Living Science Foundation is deeply concerned with the ongoing deluge of deployment of GMO foods in Nigeria.  At the beginning of the year, on January 11, approval was given for the cultivation of GMO TELA Maize in Nigeria. On the heels of this were the announcements that GMO cassava and potatoes are also on their way. Transgenic rice and sorghum are also known to be lurking somewhere in the pipeline. Since 2019, Nigerians have been officially eating the world’s first genetically modified beans (Bt Cowpeas). The frightening implication of all these, is that virtually all the basic staples in Nigeria are being bioengineered and released for commercial cultivation.  This is unprecedented anywhere in the world.

“We have earlier expressed (in May 2017) our deep concerns on the use of GMOs as food in Nigeria. These largely have to do with the obvious issues of loss of food sovereignty and the established adverse health effects. The germlines for the GMOs being released are proprietary products, designed and developed by multinational monopolies with history of aggressive and ruthless commercial operations. It is clear that in course of time, we would need to revert to them, repeatedly, to address issues that would inevitably arise with the deployment of these novel “black-box” products.

“It appears insane that we should submit our precious God-given food sovereignty into the hands of such (or any other) entities in this manner.  As for adverse health effects following chronic ingestion of GMOs, these, including cancers, organ damage, allergic reactions, antibiotic resistance and reductions in nutritional content, are very well-established. In her ongoing tussle with the North America Free Trade Zone wherein she is seeking to stop further importation of GMO foods from the United States, Mexico has cited over 150 peer-reviewed research published in top journals, documenting the incontrovertible adverse health effects associated GMO foods.

“There are very good reasons to doubt the thoroughness of the approval processes for these products in Nigeria. For instance, the Germany-based Testbiotech e.V., Institute for Independent Impact Assessment of Biotechnology, published an extensive peer-reviewed Report, documenting the utter incredible shoddiness characterizing the Risk Assessment exercise used to greenlight GM cowpea (beans) in Nigeria.  This damning Report, to all intents and purposes, has been largely ignored by concerned authorities in Nigeria. Worse, even the basic legal and reasonable requirement that GMO food products be appropriately labelled (Section 23(2) h of the NBMA Act 2015)10 is flouted with outright impunity.

“We therefore hereby call on the relevant Nigerian authorities (specifically the Nigeria Biosafety Management Agency, NBMA, and the National Agency for Foods and Drugs Administration and Control, NAFDAC) to conduct (or commission) appropriate chronic toxicity testings that transparently ascertain the safety of GM food products before their deployment for public consumption in Nigeria. Also, these Agencies are enjoined to comply with the Nigerian laws, that require that such products, if eventually licensed, are appropriately labelled to give the public informed choice in what they feed into their bodies,” they said.

The organization has commended the announced incorporation of malaria vaccine into routine childhood immunization schedule, while harping on the need to reposition medical and health records for improved environment-health outcomes.

At the programme, Dr. Agnes Yemisi Asagbra spoke on the topic: “Transgenic Solutions (GMOs) in Food, Human Health and Environment in Nigeria: Safety Considerations,” calling on Nigerians to be cautious about what they consume.

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CAN Reacts As Abia Becomes Only State In Nigeria To Tax Churches On Signpost, Demands Immediate Reversal

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St. Francis Church Shooting

The Christian Association of Nigeria (CAN) in Abia State has reacted to the newly imposed tax on church signposts in the state.

The association made its position known on Tuesday via a letter titled “Taxation of Church Signposts in Abia State”.

In the statement, signed by the State CAN chairman, Rev. Ojo Ojo Uduma, and the State CAN secretary, Rev. Dr. Francis E. Okere, CAN revealed that Abia State is the only state in the whole of Nigeria that is taxing churches on their signposts.

CAN described the move as a regrettable one especially as the state is known as a Christian state having earned the name God’s own state.

The body called for the immediate reversal of the policy by the government to save the state from having an anti-Church reputation.

The letter read: “We write to express our displeasure over the state government policy of compelling churches to be paying taxes on their signposts.

“As a Christian and God’s own state, it is regrettable that Abia State is the only state in the whole federation that is taxing churches on their signposts.

“We therefore passionately plead with your Excellency as a matter of urgency to carefully look into this matter and possibly rescind the policy to avoid compelling the body of Christ in the state from seeing the regime as anti-Church.

CAN proposed a roundtable discussion with the government to figure out the way forward on the issue.

“Furthermore, leaders of the Christian body in the state can be invited for a roundtable discussion on the way forward over this very little but delicate issue.

“While looking forward to your favourable response, accept our esteemed assurances of our unalloyed support and prayers,” the statement concluded.

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Wike Declares War on Begging in Abuja: FCT Beggars to Face Eviction by Monday

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Nyesom Wike

Beggars in the Federal Capital Territory (FCT), Abuja, may need to start looking for other means of survival as Minister Nyesom Wike has vowed to end street begging in the city.

The Minister decried the high influx of beggars in the FCT and the embarrassment it brings to the city.

The former Rivers State Governor spoke during the flag-off of the construction of an access road from Ring Road 1 by N16 to the Judges Quarters and internal roads within Judges Quarters in Katampe District on Tuesday, October 22.

Wike, who declared war against insecurity, noted that many beggars in Abuja are not genuine but criminals.

He urged Nigerians to take their relatives off the streets, as such behavior will no longer be tolerated from Monday.

He emphasized the government’s commitment to not just providing infrastructure in the FCT but also ensuring good security for residents and visitors.

He said, “In terms of security, let me say it clearly now. We have declared war. Abuja is returning to a city full of beggars. I mean, if you know you have a sister, or you have a brother who is a beggar on the roads, from next week, we will remove them. We will take them out of the city. It is embarrassing that the first thing people see when they come in are just beggars on the roads. Sometimes, they may not even be beggars. They may be criminals pretending to be beggars. We will not allow that.

“So, I am giving a public order; from now till Sunday is the grace period. From Monday, we will remove them. We want to have a city that we can truly call a city. It is very embarrassing. We are fighting insecurity, and people are carrying plates as if they are beggars; maybe they are informants.

“So please, understand that it is not only infrastructure we are providing. We want to give you good security so you can sleep well with both eyes closed.”

Wike also mentioned the role of the National Assembly in the fight against insecurity in Abuja.

According to him, swift passage of the budget will enable ministers to effectively do their jobs, which is the implementation of the budget.

“I know that some of you may not be happy. Sometimes, we don’t need to make you happy. What is important is that we must do our work. If you are not happy, there is nothing we can do. The security and well-being of the people are key. That is why I have told the National Assembly members that we will do everything required to ensure people know that the National Assembly is doing all it can to support. Their role is to pass the budget on time. Ours is to implement it. I know that by 2025, they will continue to give their full support, because I know they will always stand to approve our budget.”

Wike disclosed that the road project will be ready by May next year, adding that his administration will continue to impact other sectors and will include the Area Councils in the developments.

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