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Deploy Technology To Monitor Borders – Afreximbank Tells Nigeria

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Afreximbank
  • Deploy Technology To Monitor Borders – Afreximbank Tells Nigeria, Others

The Africa Export-Import Bank (Afreximbank) has advised Nigeria and other African countries to leverage on technology in monitoring the activities within their borders

President of the Afreximbank, Prof Benedict Oramah stated this while speaking at the second edition of the African Investment Forum, which opened in Johannesburg, South Africa, on Monday.

Oramah, when responding to a question on the relevance of the African Continental Free Trade Area with the border closure by Nigeria, expressed confidence that Nigeria would resolve the issues with its West African neighbours before AfCFTA’s commencement in July 2020.

He said: “Trade deals on AfCFTA will start July 1, 2020. Nigeria will resolve its border challenges before then.”

Oramah further noted that the continental trade agreement was important in turning African countries to developed economies.

He expressed confidence that Nigeria would not turn its back on the agreement which it had signed.

He said: “Nigeria will resolve its border challenges before then. Nigeria has signed the agreement and will not take the agreement lightly. Even in marriages, there can be challenges. The border closure is a temporary measure.”

Recall that President Muhammadu Buhari in July signed the African Continental Free Trade Area (AfCFTA) agreement at the 12th extraordinary session of the assembly of the union on AfCFTA and the first mid-year coordination meeting of the African Union (AU) and the regional economic communities (RECs) in Niamey, Niger Republic.

What you should know: By the agreement,  the nation’s products and services will be exported beyond its borders, it also allows other manufacturers to export products into Nigeria.

However, with the on-going border closure in the country, it can not be ascertained if the Federal Government would back out by next year, 2020.

The Federal Government has continued to insist that only the first phase of the border closure ends on January 31st, as it is ready to shut its border as long as it takes until the neighbouring countries learn to respect the rule of fair trade.

Meanwhile “a tripartite committee is to be convened and hosted here in Nigeria, comprising the delegation- committee from Benin republic, from Niger and Nigeria.

“Each country will come with the heads of the ministries of a foreign affair, interior, finance, the customs, immigration and the NIA, the security segment”, to discuss the conditions the Federal Government has listed out for the reopening of its borders, the Minister of Foreign Affairs, Geoffrey Onyeama had stated.

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Economy

Oil Prices Decline on Rising COVID-19 Cases

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Global Oil Prices Dipped on Friday as New COVID-19 Cases Jump Globally

Global oil prices decline on Friday as the number of confirmed COVID-19 cases surged across the world.

Brent crude oil, against which Nigerian oil is priced, declined from $43.47 per barrel it traded on Thursday during the Asian trading session to $41.60 per barrel on Friday at around 11:39 am Nigerian time.

global Oil prices While the price of US West Texas Intermediate (WTI) crude oil dipped from $40.97 per barrel it traded on Thursday to $38.78 on Friday.

Oil traders and investors are worried that the rising number of COVID-19 new cases would disrupt demand for the commodity and force refineries to shut down once again.

“I do not suspect many oil traders will be looking to place significant bids in the market today, suggesting prices may continue to wallow into the weekend,” said Stephen Innes, chief global markets strategist at AxiCorp.

Despite efforts by both OPEC plus and other top oil producers to halt falling oil prices and reduce global oil glut, the lack of a cure for COVID-19 remained global concerns.

As previously stated on this platform, until a cure is found the world would have to find a way to either work through COVID-19 or shut down activities completely.

This is coming a day after the Federal Government of Nigeria announced that it was putting school resumption plan on hold following the latest COVID-19 report that shows Nigeria’s confirmed cases crossed 30,000 on Wednesday.

In the United States, more than 60,000 new COVID-19 cases were reported on Thursday, forcing lawmakers to start contemplating the second phase of COVID-19 lockdown.

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Economy

We Are Losing N13.9bn Monthly Because FG Caps Tariff – Discos

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Discos Says it is Losing N14bn Monthly Because of NERC Capped Tariff

The Nigerian power Distribution Companies (Discos) have said they a losing N13.9 billion in revenue every month because the Nigerian Electricity Regulatory Commission, limited how much they can charge for consumption.

Ernest Mupwaya, the Managing Director, Abuja Electricity Distribution Company, made the statement during a presentation on behalf of the Discos to the House of Representatives Committee on Power.

The statement was after the Discos demanded realistic indices before the implementation of the proposed service reflective tariff, which was supposed to be implemented on July 1.

Mupwaya said there were some outstanding requirements before the service reflective tariff could be implemented.

“One of them is the removal of estimated billing caps. The financial impact of the Capping Order is an average loss of N13.9bn monthly, thereby, undermining or jeopardising the minimum remittance requirement,” Mupwaya stated.

The July 1 service tariff implementation was halted by members of the National Assembly, who prevailed on the Discos to shelve the date to the first quarter of 2021 due to the current economic challenges in Nigeria.

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Gbajabiamila Says Nigeria Can’t Compete in AfCFTA With Weak Industries

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Nigeria Must Ramp up Industrialisation to Prevent Dumping by Other Nations

The Speaker of the House of Representatives, Femi Gbajabiamila, has said the nation can not compete effectively in the African Continental Free Trade Area (AfCFTA) with weak industrialisation and manufacturing activities.

Gbajabiamila disclosed this while receiving Adesoji Adesugba, the newly appointed Managing Director of the Nigeria Export Processing Zones Authority.

The details of the visit were made public on Thursday in a statement titled, “AFCFTA: House Speaker tasks Nigeria on industrialisation through free trade zones.”

Gbajabiamila was quoted as saying “We must act proactively so that we don’t become a dumping ground for other African nations.

“Our best option in this circumstance is to immediately set machinery in motion to ensure the effective functioning and flourishing of our export processing zones.

“We must remove all bottlenecks and perfect all stumbling blocks. We will then be fully prepared for AfCFTA and also generate massive jobs for our unemployed youths and enhance our foreign earnings.”

He added that the nation must as a matter of national emergency ramp up industrialisation through free trade zones and other effective means to compete with South Africa, Africa’s most industrialised economy and other African nations.

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