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African SMEs May Export Duty Free to US

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  • African SMEs May Export Duty Free to US

African businesses will get a chance to showcase the continent and improve economic relations between the United States and the regions.

This will be done with the possibility of exporting qualifying products into the USA duty free at the first ever Trade Expo Africa (TEXA).

The Cable quoted a statement by the organisers to have explained that TEXA aims to boost export opportunities in Africa by leveraging on the African Growth and Opportunity Act (AGOA), which is a United States Trade Act, enacted on 18 May 2000 as Public Law 106 of the 200th Congress.

“Forums such as this enable us to consolidate efforts to contribute to the growth and development of Africa’s economy by increasing trade relations among African countries and the USA,” TEXA founder, Yinka Thomas-Ogboja, said while speaking of the expo scheduled to hold in Houston, Texas, in October.

“We are proud of who we are as Africans, where we are and more importantly, where we are headed. In April 2015, the IMF’s Regional Economic Outlook for Sub-Saharan Africa predicted that over the next 20 years, sub-Saharan Africa will become the main source of new entrants in to the global labour force.”

Thomas-Ogboja said she hopes other African countries will reduce heavy reliance on importation and take advantage of the endless possibilities the trade expo offers as Botswana and South Africa are the biggest exporting countries in Africa.

“We are excited about the opportunities inherent as participating SMEs with export oriented products and services will find this expo rewarding. We are our greatest asset and together we can make a difference. Let us stay focused and positive as we shape and reshape the future of AFRICA.

“Project Prime International (PPI) is pleased to host this event, which is designed to showcase and promote Africa’s small medium enterprises (SMEs) seeking market penetration into the United States of America and other African countries.

“African governments need to integrate entrepreneurship more fully into their industrialisation strategies (African Development Bank, 2017). Foreign direct investment, attracted by the continent’s emerging markets and fast urbanization, stood at $56.5 billion in 2016 and is projected to reach $57 billion in 2017.

“Africa is the world’s second largest and second most populous continent, with the youngest population compared to other continents. The key to successful development in Africa is to nurture the emerging culture of entrepreneurship and the continuous empowerment of regional SMEs. Roughly 31% of U.S. exports to Sub-Saharan Africa went to South Africa in 2015, and 19% to Nigeria.

“The top U.S. export markets in Sub-Saharan Africa for 2015 are: South Africa ($5.5 billion), Nigeria ($3.4 billion), Ethiopia ($1.6 billion), Angola ($1.2 billion), and Kenya ($937 million). While this impacts the U.S. economy significantly, it is imperative to create platforms that in return will boost African economies, promote bilateral trade with the U.S., and increase trade relations amongst African countries.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market.

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Seplat Appoints Emeka Onwuka as CFO, Executive Director

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Seplat Named Emeka Onwuka as CFO and Executive Director

Seplat Petroleum Development Company Plc has appointed Mr. Emeka Onwuka as the Chief Financial Officer (CFO) and Executive Director of Seplat, effective from August 1, 2020.

In the statement signed by Mrs. Edith Onwuchekwa, Company Secretary and Chief Governance Compliance Officer, and released through the Nigerian Stock Exchange, Mr. Onwuka has more than 30 years of experience in financial services within Sub-Saharan Africa.

“He has acted as the voice and face of major financial institutions in Nigeria as former Group Managing Director /CEO of Diamond Bank Plc and former Chairman of Enterprise Bank Limited. Mr Onwuka is a Partner at Andersen Tax Nigeria and holds various Board positions as Chairman; FMDQ Securities Exchange Limited; Director FMDQ Holdings Limited; Director, Ecobank Nigeria Limited; and Director, Bharti Airtel Nigeria,” the Company stated.

“Mr Onwuka received his B.SC. in Political Science from the University of Nigeria, Nsukka and holds an MBA from the University of Benin. He is a Chartered Accountant, a Fellow of the Institute of Chartered Accountants of Nigeria, a Fellow of Chartered Institute of Taxation of Nigeria. He has attended executive programs at the Lagos Business School, Wharton Business School and Harvard Business School.

“Mr. Onwuka holds the Nigerian National Honour, Officer of the Order of the Niger (OON). The Board of Seplat is confident that the wealth of knowledge and experience he brings will be a great addition to the Company.

“This announcement is being made in accordance with Rule 4 of the Nigerian Stock Exchange Amended Listing Rules.”

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TAJBank Joins e-Commerce Giants- Launches Nigeria’s 1st Ethical Online Mall

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TaJBank E-commerce

TaJBank Launches Ethical Online Mall

Abuja Nigeria July 8th, 2020  Nigeria’s most innovative Non-Interest Bank, TAJBank, has announced the highly anticipated launch of TAJMall, the nation’s first ethical online shopping mall.

The highly anticipated launch of the e-commerce site, which held recently, is coming closely on the heels of the commencement of its Agency Banking Network which began in June across thirteen (13) states in the country.

To celebrate this milestone, the brand will be holding a week long TAJMall campaign from 6th – 11th July 2020 to sensitize and also reward its new customers to its platform.

“This is a great milestone as we present a fully customer focused e- commerce platform offering 100 percent authentic brands from highly vetted vendors. Our mission is to rebuild trust in the online shopping niche, hence the emphasis on our platform being an ethical shopping mall. We want to deliver on our promise and make this an enjoyable and safe experience not just for our customers, but also for our numerous trusted vendors as well,” said Founder/COO TAJBank, Hamid Joda.

“Our customers place absolute trust that goods will be delivered exactly as requested, and we do not take that trust lightly, he added.

The brand expressed commitment to continuously deploy technological tools on it’s new e- platform to maintain optimal customer service delivery and ensure shopping on TAJMall remains a productive and hassle free experience.

Customers who log onto the tajmall.ng platform (or download the app), will have the opportunity to enjoy massive price slashes, shopping coupons, free shipping and other incredible offers. The Bank also intends to offer financing to its customers who shop on the mall.

“Well beyond our exciting line up of activities, they are assured the highest level of value each time they make a purchase on TAJMall. Our marketing insights have shown that there is an increasing need to match the kind of variety in product offerings that customers yearn for with the exceptional shopping experience that may at times be lacking. We aim to make that an unmatched experience right from the moment our customers visit our mall to the receipt of their items,” affirmed Co-Founder/CMO, Mr Sherif Idi.

Customers shopping on TAJ Mall are guaranteed 100% authenticity, official warranties from the brands, and a 5 day return policy at no extra cost to the customer.

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Warren Buffet to Give Out Another $2.9bn, Total Donations Now $37bn

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Warren Buffett's Donations

Warren Buffet Gives Away $2.9bn, Total Donations Now $37bn

Oracle of Omaha, Warren Buffet, has announced his yearly charitable donations to the five philanthropies he picked to donate most of his fortune to.

The billionaire plans to give out 15.9 million class B shares of Berkshire Hathaway worth $2.9 billion to the five philanthropies. This will bring his total philanthropic donations to $37 billion since 2006.

Warren Buffett

Buffet, who has promised to give away about 99 percent of his fortune, still hold 248,734 Class A shares of Berkshire valued at around $67.5 billion.

However, before he began given out his shares, Oracle of Omaha held 474,998 Class A shares of Berkshire, which would have worth about $129 billion as of today.

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