AfCFTA to Expand Nigeria’s Non-oil Exports

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

Here is a list of all Microfinance Banks’ USSD Codes in Nigeria.

A Microfinance bank is a type of bank that offers small loans, or microloans, to individuals, entrepreneurs and small...
- Advertisement -

The African Continental Free Trade Area (AfCFTA) is one major solution for the expansion of non-oil exports from Nigeria to foreign lands, the Federal Government stated on Sunday.

AfCFTA to Expand Nigeria’s Non-oil Exports
AfCFTA to Expand Nigeria’s Non-oil Exports – www.brandspurng.com

Special Assistant to the President on Public Matters, who doubles as Secretary of the National Action Committee on AfCFTA, Francis Anatogu, described the continental free trade area as a vehicle for Nigeria’s quest for economic diversification.

He disclosed this at the first strategic stakeholders’ sensitisation seminar of the committee on the AfCFTA.

The NAC under the leadership of the Minister of Industry, Trade and Investment, Richard Adebayo, recently brought together private and public sector stakeholders for knowledge sharing in preparation for the operationalisation of the AfCFTA scheduled for January 2021.

- Advertisement -

In a statement issued by Anatogu in Abuja, he said, “The stakeholders are an integral part of the AfCFTA drive that would ensure a smooth, seamless and beneficial implementation of the agreement.

“For as long as we depend on crude oil revenue, our economic prosperity will depend on oil prices which sadly continued to fall in recent times. The solution is to expand non-oil exports and AfCFTA gives us the opportunity to do that.”

In her presentation titled ‘Effects of AfCFTA on the Nigerian Economy in Relation to Foreign Direct Investment and Domestic Direct Investment’, the Executive Secretary, Nigerian Investment Promotion Council, Yewande Sadiku, told participants why Nigeria was more ready for the operationalisation of the AfCFTA than most African countries.

She said, “Many Nigerian companies, particularly in the services sector, have long developed the capacity to serve the rest of Africa.

- Advertisement -

“While large domestic market makes Nigeria the ideal gateway economy, Nigeria’s manufacturing value addition is more than seven times the average of the top 20 economies in Africa.”

On the implications of AfCFTA to Nigeria’s financial sector, the Director, Monetary Policy Department, Central Bank of Nigeria, Hassan Mahmud, said there were about 700 banks in Africa but they only accounted for about five per cent of the global banking network.

Read Also:  Nigeria and The Excess Supply of Intellectual Dishonesty - LBS Executive Breakfast Session (July 2019)

Continental integration in the banking system is key to strengthen the sector as a whole in Africa,” he stated.

HEADLINES YOU MIGHT HAVE MISSED FROM BRAND SPUR

Tobacco responsible for 20% of deaths from coronary heart disease

- Advertisement -

Every year, 1.9 million people die from tobacco-induced heart disease, according to a new brief released today by the World Health Organization, World Heart Federation and the University of Newcastle Australia ahead of World Heart Day, marked on 29 September.

The OPEC Fund approves US$20m for SMEs in East Africa

The OPEC Fund for International Development (the OPEC Fund) has signed a US$20 million term loan in favor of East African Development Bank (EADB). EADB will use the loan to support small- and medium-size enterprises (SMEs) and infrastructure projects in East Africa.

Instant Payments Transaction Values to Reach $18 Trillion by 2025, as Europe Leads Innovation

A new study from Juniper Research has found that the value of instant payments, where transactions are completed within ten seconds, will reach $18 trillion in 2025, up from $3 trillion in 2020; a growth of over 500%. This represents 17% of all B2B and consumer digital money transfer and banking payments by value in 2025.

Read Also:  WELCOME SPEECH BY THE PRESIDENT OF COSCHARIS GROUP DR. COSMAS MADUKA, CON AT THE MEDIA LAUNCH OF THE COSCHARIS FORD SKD PLANT IN LEKKI ON FRIDAY, 13TH OCTOBER, 2017.

Why our Co-founder, Akinboro, resigned; staff sacked – Cellulant

Cellulant Nigeria Limited on Friday said the irregularities the company found on one of its platforms, Agrikore, was the reason behind the co-founder’s resignation and some staff being sacked.

Lagos Business School Beta Gamma Sigma chapter earns Highest Honours status

The Lagos Business School chapter of the Beta Gamma Sigma society has been bestowed the Highest Honours status for the 2019-2020 academic year. The Highest Honours status is the highest distinction possible for Beta Gamma Sigma chapters.

Nestlé to plant 3 million trees by 2023 in Malaysia

Nestlé today announced it will plant three million trees through Project RELeaf in Malaysia. Nestlé will invest CHF 4 million in the next three years. This announcement is part of Nestlé’s broader reforestation initiative. It will help accelerate the company’s global pledge to address climate change and achieve zero net greenhouse gas emissions by 2050.

- Advertisement -
AfCFTA to Expand Nigeria’s Non-oil Exports - Brand SpurAfCFTA to Expand Nigeria’s Non-oil Exports - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

AfCFTA to Expand Nigeria’s Non-oil Exports - Brand SpurAfCFTA to Expand Nigeria’s Non-oil Exports - Brand Spur

Latest News

NAICOM Officially Issues Operating Licences for Heirs Holdings New Group Insurance Companies

The Nigerian Federal Government, through the insurance regulator, the National Insurance Commission (NAICOM), has officially issued the operating licences...

Solar Hybrid Mini-Grid: REA electrifies Ogun state community after 200 years (Photos)

It was the turn of the indigenes of Olooji community, Ijebu-East, Ogun state. The Rural Electrification Agency (REA) delivered a 100kWp Solar Hybrid Mini-Grid...

Taraba State Governor Flags Off 82Km Mararaba-Baissa-Abong Road; Challenges FG on the Mambilla Hydro Power Project

Taraba State Governor, Darius Dickson Ishaku has challenged the Federal Government to show clear intentions on building the Mambilla Hydro Power Dam because, if...

NSE Lifts Suspension on Trading in FTN Cocoa Processors Shares

The suspension earlier placed on the trading in the shares of FTN Cocoa Processors Plc has been lifted by the Nigerian Stock Exchange (NSE). The...

What to expect from Art X Lagos 2020

ART X Lagos 2020, is happening online at ARTXLAGOS.COM from 2-9 December 2020. The virtual presentation will include ART X Talks, ART X Live!, ART X...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -AfCFTA to Expand Nigeria’s Non-oil Exports - Brand SpurAfCFTA to Expand Nigeria’s Non-oil Exports - Brand Spur