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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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Travel

Paystack and Africa World Airlines Team Up to Enhance Passenger Experience

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Paystack - Investors King

Paystack, a leading financial technology company specializing in payment processing services, has announced a strategic partnership with Africa World Airlines (AWA), a prominent regional carrier operating in West Africa.

This collaboration unveiled through a joint statement by Jonathan Appiah, the Head of Commercial at Africa World Airlines, and Shola Akinlade, the Co-founder and CEO of Paystack, heralds a new era of convenience and efficiency for air travelers within the region.

The partnership aims to streamline the flight booking and payment process, offering passengers an array of seamless payment options tailored to their preferences.

With the integration of Paystack’s advanced payment gateway, passengers flying with Africa World Airlines can now enjoy hassle-free transactions, enhancing the overall travel experience.

Jonathan Appiah expressed excitement about the partnership, emphasizing AWA’s commitment to providing its customers with exceptional service.

He highlighted that the collaboration with Paystack allows AWA passengers in Ghana, Nigeria, and beyond to benefit from diverse payment methods, including card, mobile money, Apple Pay, bank transfers, USSD, PayAttitude, and QR codes.

“We are thrilled to partner with Paystack to offer our passengers a more convenient and streamlined booking and payment experience,” said Appiah. “At AWA, we are constantly seeking ways to enhance the overall travel experience for our customers, and we believe that this partnership with Paystack will significantly contribute to achieving that goal.”

Shola Akinlade, echoing similar sentiments, expressed Paystack’s enthusiasm for the collaboration, highlighting the company’s dedication to making the booking process accessible and inclusive for travelers across the region.

“We are excited to partner with Africa World Airlines to provide passengers with a convenient and reliable payment experience,” stated Akinlade. “By offering a variety of payment options, we aim to make the booking process more accessible and inclusive for travelers across the region.”

The joint efforts of Paystack and Africa World Airlines signify a commitment to innovation and customer-centric solutions in the aviation industry. As air travel continues to evolve, partnerships like these pave the way for enhanced passenger experiences and greater convenience in the skies of Africa.

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Air Peace Flight Makes Emergency Landing Due to False Fire Warning

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Passengers aboard Air Peace Flight APK7193 experienced a tense moment as the aircraft made an emergency landing at Murtala Muhammed Airport in Lagos following a false fire warning in the cockpit.

The incident, which occurred on Thursday during the flight from Port Harcourt, highlighted the swift response and safety protocols implemented by the flight crew amidst the alarming situation.

With 243 passengers and 12 crew members on board, the flight’s pilots noticed a fire warning indicator in the cockpit, prompting immediate action.

Acting swiftly, the pilots executed all necessary safety measures and initiated an emergency landing procedure.

At 4:45 pm, the aircraft safely touched down on Runway 18L at the Lagos airport, averting a potential crisis.

Upon landing, fire fighting personnel stationed at the airport observed smoke emanating from the engines, prompting the pilots to shut down the engines as a precautionary measure.

However, it was later confirmed that the observed smoke was unrelated to any fire event, reassuring passengers and crew of their safety.

Air Peace promptly issued a statement addressing the incident, titled “Notification of false fire alarm on Port Harcourt-Lagos flight.”

The airline clarified that the fire warning indicator noticed in the cockpit was indeed a false alarm.

The statement emphasized the airline’s commitment to safety and reassured the flying public that all necessary precautions were taken to ensure the well-being of passengers and crew.

“We want to reassure the flying public that safety remains our utmost priority, and we are unwavering in our commitment to it,” the statement read.

Despite the momentary panic caused by the false fire warning, the swift and coordinated response of the flight crew, coupled with adherence to safety protocols, ensured a safe and uneventful landing for all passengers and crew members.

The incident serves as a testament to the importance of rigorous safety procedures and the critical role played by well-trained aviation professionals in ensuring passenger safety.

As investigations into the cause of the false fire warning are likely underway, Air Peace’s response underscores the airline’s dedication to transparency and accountability in addressing safety-related incidents.

Passengers and industry stakeholders alike can take solace in the airline’s commitment to maintaining the highest standards of safety and operational excellence.

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Saudi Arabia Breaks 70-Year Alcohol Ban, Opening Shop for Diplomats

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Alcohol

Saudi Arabia has announced the opening of an alcohol shop in Riyadh, breaking a 70-year-long prohibition on the sale of alcoholic beverages in the kingdom.

This decision marks a significant shift in the conservative nation’s stance on alcohol consumption.

The alcohol shop, set to be located in Riyadh’s Diplomatic Quarter, will exclusively serve non-Muslim expatriates, particularly diplomatic staff.

This is the first time since 1952 that alcohol will be legally available for purchase in the kingdom.

The initiative aims to provide a legal avenue for diplomats who have previously relied on importing alcohol in sealed diplomatic pouches.

The decision comes as part of the Saudi government’s efforts to address the issue of illicit alcohol trade within the country.

By offering a legal means to access alcohol, authorities hope to mitigate the risks associated with underground alcohol markets.

However, the shop’s operations will be subject to strict regulations. Only diplomatic staff with prior registration and government clearance will be allowed to purchase alcohol.

Also, patrons must be over 21 years old and adhere to a prescribed code of conduct while inside the shop.

The introduction of the alcohol shop is a part of broader societal reforms under Saudi Arabia’s Vision 2030 initiative, aimed at modernizing and diversifying the kingdom’s economy.

While the move represents a significant departure from traditional norms, it aligns with the government’s broader agenda of liberalizing certain aspects of Saudi society.

While the alcohol shop signifies a progressive step forward, it’s important to note that the sale and consumption of alcohol remain strictly prohibited for Saudi citizens under Islamic law.

Violators of these laws are subject to severe penalties, including fines, and imprisonment.

Overall, the opening of the alcohol shop marks a historic moment in Saudi Arabia’s social and economic landscape, signaling a willingness to adapt to changing global norms while navigating the complexities of religious and cultural traditions.

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