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African Trade Integration Holds Promise to Lift Millions Out of Poverty, Says IMF

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In a recent report titled “Trade Integration in Africa: Unleashing the continent’s potential in a changing world,” the International Monetary Fund (IMF) has emphasized the transformative impact of removing trade barriers among African countries.

According to the IMF, this crucial step could potentially uplift an estimated 50 million people from poverty.

The IMF report highlights that the removal of trade barriers would significantly enhance trade between African nations by 53 percent and trade with the rest of the world would experience a 15 percent surge.

These statistics paint a promising picture for African economies, as increased trade stands to boost their real per capita GDP by over 10 percent.

“The findings demonstrate that by embracing free trade, African countries can not only strengthen their economic ties within the continent but also unlock opportunities for international trade, leading to improved living standards,” states the IMF.

The Washington DC-based organization also emphasizes the importance of successfully implementing the African Continental Free Trade Agreement (AfCFTA) to unlock significant benefits. This ambitious agreement holds the potential to generate employment opportunities and increase income levels throughout the continent.

Delving into the details, the report investigates the role of trade policy and the broader trade-enabling environment in shaping bilateral goods trade flows and country-level trade in services. It sheds light on how the effective implementation of the trade area, coupled with supportive policies, could bolster trade, elevate incomes, and facilitate the integration of African nations into regional value chains.

As Africa looks to overcome the challenges posed by poverty and economic disparities, the IMF’s report serves as a clarion call for greater regional cooperation and the removal of trade barriers. By embracing trade integration, African countries can forge a path towards shared prosperity and lay a foundation for sustainable economic growth.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Merger and Acquisition

Nigerian Breweries Mulls Acquisition of 80% Shareholding in Distell Wines and Spirits

Nigerian Breweries Plc has announced it was considering acquiring an 80% stake in Distell Wines and Spirits Nigeria Limited.

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Nigerian Breweries Plc has announced it was considering acquiring an 80% stake in Distell Wines and Spirits Nigeria Limited.

According to a disclosure signed by Uaboi Agbebaku, the company secretary, the brewer informed the group and the investing public that at a specially convened meeting of the Board of Directors held on 30th May 2023, the Board was presented with an offer from Heineken Beverages, South Africa.

The statement read in part, “Nigerian Breweries Plc hereby informs the Nigerian Exchange Limited and the investing public that at a specially convened meeting of the Board of Directors of the Company held on 30th May 2023, the Board was presented with an offer from Heineken Beverages (Holdings) Limited (Heineken Beverages) of South Africa, for NB to acquire Heineken Beverages’ majority interests (via Distell International Limited) in Distell Wines & Spirits Nigeria Limited (Distell Nigeria).”

The board has however resolved to consider the offer in detail with support from external legal and financial advisers before making a decision. It stated also that the outcome of the decision will be communicated in due course.

Notably, Distell Nigeria is a subsidiary of International Limited, which is 100% owned by Heineken Beverages. Its operations are in two folds namely; the Local production of wines (still and sparkling) and ciders and Importation of wines, spirits and flavoured alcoholic beverages from Distell Group in South Africa.

Founded in 2018 with its headquarters in Lagos, Nigeria, Distell International Limited owns 80% shareholding in Distell Nigeria. Its brand portfolio includes Amarula, JC Leroux, Nederburg, Drostdy Haf, 4th Street, Bain’s, Knights, Chamdor, Hunters and Savanna.

With a diverse portfolio of brands with rich provenance and authenticity geared toward enriching lives, its products are priced across the pricing continuum to cater to a broad spectrum of consumers.

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Appointments

Wema Bank Plc. Appoints Dr. (Mrs.) Oluwayemisi Olorunshola as Board Chairman

Wema Bank has appointed Dr. (Mrs.) Oluwayemisi Olorunshola as its board’s Chairman as Mr. Babatunde Kasali, the current Board Chairman, prepares for retirement in compliance with the Bank’s Articles of Association.

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Wema Bank has appointed Dr. (Mrs.) Oluwayemisi Olorunshola as its board’s Chairman as Mr. Babatunde Kasali, the current Board Chairman, prepares for retirement in compliance with the Bank’s Articles of Association.

Johnson Lebile, Company Secretary/General Counsel, Wema Bank disclosed this in a statement obtained by Investors King on the Nigerian Exchange Group.

Background of Dr. (Mrs.) Oluwayemisi Olorunshola

Dr. (Mrs) Oluwayemisi Olorunshola joined the Bank as a Non-Executive Director in year 2022 and until her new appointment, was the Chairman, of the Board’s Nomination and Governance Committee.

Prior to her joining the Bank, Dr. (Mrs) Olorunshola had worked with Unilever Nigeria Plc for fifteen (15) years with experience spanning across supply chain, business re-engineering and process management. She has over ten (10) years of boardroom experience and business management.

She possesses a B.Sc. degree in Education & Economics from the prestigious Obafemi Awolowo University, Ile Ife, a Master of Business Administration degree from University of Liverpool, UK, and a Doctorate degree in Business Administration from Walden University, USA.

She is a well trained professional in various aspects of business management and corporate governance practices from various training facilities such as Four Acres Training Facility, Unilever UK, FITC, Leishton Academy, H Pierson, and her work experience spans every aspect of supply chain including Business & Production Planning, Procurement, Distribution, Import & Export, and Logistics Services.

She is a lover of education. Her widely read publication on small business sustainability strategies published in the Journal of Functional Education (JFEAcademia), Proquest.com, and Academia.edu, has been referenced by many scholars.

Dr. Olorunshola is a Director and a fellow of the International Institute for African Scholars, Fellow, Institute of Management Consultants, Member, Institute of Directors, and a chartered member of the Nigerian Chartered Institute of Personnel Management. An ardent believer in community development and in pursuant of this interest, she is a volunteer in many civic activities where she has contributed greatly to the development of her community and other areas of influence.

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Company News

Bolt Increase Fare Price by Over 100% Due to Fuel Scarcity in Nigeria, Riders’ Lament

Ride-hailing company Bolt has reportedly increased its fare price by over 100%, due to the current fuel scarcity in Nigeria as riders lament bitterly.

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Ride-hailing company Bolt has reportedly increased its fare price by over 100%, due to the current fuel scarcity in Nigeria as riders lament bitterly.

The fuel price which has led to the limited availability of commercial buses on the road, has seen riders left with no option but to pay for the exorbitant Tfare.

Some riders revealed that they were tasked by Bolt drivers at the point of pickup to pay extra. While some cooperated, several others did not hesitate to cancel the ride.

Several riders took to Twitter to express their concerns over the increased fare prices on the Bolt app

Check out some reactions below

@KEnwemadu wrote,

“Boltapp, it is pertinent that I call your attention to the sharp increase in the pump price of PMS by 264% in  Nigeria, due to the removal of fuel subsidy. In solidarity with other drivers on Bolt, I ask that you review your fare prices  to reflect the current market reality.”

@FowobiofLagos wrote,

“So Bolt driver is not putting on the AC because there’s no fuel, will he accept half of the fare price? Or is there a price for not putting on the AC? Egbami”

@Nmesoma_O wrote,

“Left home at 6 am to get to VI and traffic don already choke at that time lol. Oh, bolt fare was 6k+”

@Victory_amah wrote,

“My bolt fare was 1600, gave bolt guy 2k cash and this man was telling me “thank you very much”. Kindly stop playing with me, Sir. I sat there till he gave me my balance. See how everywhere is and you want me to give you odindin 400 naira. Come off it jare”.

Investors King understands that in a swift development, as regards fare prices across ride-hailing platforms in the country, riders are increasingly abandoning industry giants Uber and Bolt to alternative platforms such as Indrive and Rida, as Fare prices on these apps are said to be slightly lower, compared to that of Bolt and Uber.

Meanwhile, some drivers on Bolt and Uber have hinted that there would soon be an official announcement of an increase in fare price given the fuel scarcity and the confirmation of fuel price adjustment by the Nigeria National Petroleum Corporation (NNPC).

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