The Minister of Solid Minerals Development, Mr Dele Alake says the Federal Government will work with states to harness the country’s solid mineral resources.
Alake gave the assurance when Gov. Abdullahi Sule of Nasarawa State paid him a courtesy visit on Friday in Abuja.
“The ministry will work with governors to harness mineral resources for maximum socio-economic development of the country.
“Nasarawa state is very significant in terms of the development of the mineral sector and we are putting the mechanisms together.
“We want to make sure that the nation derive maximum benefits from this God given gift of minerals that are in abundance in Nigeria,” Alake added.
The minister, who described solid minerals as the next petroleum of Nigeria, assured that the country would harness and utilise the resources efficiently and effectively.
Alake, however, emphasised the need for effective synergy and coordination in all the dynamics surrounding minerals exploration, exploitation and judicious utilisation of the resources.
He appreciated the governor for the visit, adding that partnership between the federal and states would promote and bring strong development to the sector.
Earlier, the governor expressed confidence in the ability of the minister to deliver on his mandate, saying that his appointment was a win win situation for the entire nation. (NAN)(www.nannews.ng)
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Edited by Obinna Unaeze/Maharazu Ahmed
The Accountant General of the Federation (AGF), Dr Oluwatoyin Madein, has reaffirmed commitment to upholding and promoting prudence, transparency and accountability in government financial transactions.
Madein gave the assurance in statement issued on Friday in Abuja by Bawa Mokwa, Director (Press), Office of the Accountant General of the Federation (OAGF).
She said that OAGF would take steps to permanently resolve observed and potential threats to efficient and continuous implementation of all the financial management reforms initiative of the Federal Government.
She said that she had undertaken in-depth review of the financial reforms and would leverage on the outcome of the review to inject new ideas and strategies for sustainability.
“Recently, the OAGF had meticulous engagements with Integrated Payroll and Personnel Information System (IPPIS) Service providers.
” I can assure you that there has been great improvement in the operations of the payment platform.
“Review of other financial management policies is underway. The objective is to give necessary revitalisation to these policies to make them to function optimally,” she said.
According to Madein, the OAGF will sustain the practice of publishing details of Federation Account Allocation Committee (FAAC) revenue distribution to the three tiers of government.
She said that the practice would keep Nigerians informed about the revenue generation and distribution efforts of the Federal Government.
“It will also help Nigerians to balance government performance with revenue inflows at all levels.
“Government can only thrive if the citizens are carried along in the management of public funds.
“Nigerians need to be aware of the inflows and expenditures.
“With this, they can compare revenue collected with the developments on ground to ascertain whether the government is performing or not,” she said.
Madein said that the 2022 revenue distribution figures were ready for publication, adding that publication of the details of revenue distribution so far in 2023 would also be made.
She expressed satisfaction at the level of interest shown by Nigerians in the revenue generation and distribution efforts of the government.
According to her, efforts are being made to ensure that revenue distribution figures are published monthly.
She said that there had been a remarkable increase in government revenue, and expressed optimism that the trend would be sustained.
“The OAGF will ensure prompt and continuous release of funds to MDAs and the three tiers of government so that development efforts will not be hampered.(NAN)(www.nannews.ng)
From right: Mr Cajetan Agu, from NSC, Mr Emmanuel Jime, Executive Secretary, NSC, Mr Justin Bayili from ECOWAS Commission and other dignitaries
By Chiazo Ogbolu
The Nigerian Shippers’ Council (NSC) says the ECOWAS Trade Obstacles Alert Mechanism (TOAM) is a potential tool for the elimination of Non-Tariff Barriers (NTB) across the region.
The Executive Secretary, NSC, Mr Emmanuel Jime said this at the sensitisation workshop organised by the NSC in conjunction with ECOWAS Commission and the United States Agency International Development (USAID) in Lagos on Friday.
The workshop is to create awareness to professional organisation and stakeholders in trade on their role vis-a-vis elimination of Non-Tariff Barriers (NTBs) by using ECOWAS Trade Obstacles Alert Mechanism (TOAM).
According to Jime, the collective focus today revolves around a topic that is not only crucial but timely, given the region’s aspirations for economic growth and regional integration.
“The relevance of our gathering today cannot be overstated. Numerous studies conducted along the borders of West African nations have consistently highlighted the impediments faced by traders, particularly in border crossings and customs clearance processes.
“These barriers, comprising lengthy clearance times, transit checkpoints with unwarranted delays, harassments, exorbitant illegal fees, and demands for bribes, have far-reaching consequences.
“They not only disrupt the seamless flow of goods but also pose a direct threat to our regional integration endeavors.
“We are at a juncture where acknowledging the challenges is no longer sufficient. We have a solemn duty to identify practical solutions that will significantly reduce the prevalence of these obstacles,” he said.
Jime noted that in this pursuit, TOAM emerged as a potent tool, adding that it was officially launched during the second meeting of the ECOWAS Regional Trade Facilitation Committee (RTFC) in November 2022.
He pointed out that TOAM was engineered to mitigate non- tariff barriers across the ECOWAS region, and operate via an online reporting system bolstered by a handpicked interagency network.
The council’s boss added that through this platform, businesses could promptly submit or report obstacles to public sector agencies, receive responses, and remain informed about queries submitted by fellow operators concerning specific products or countries.
According to Jime, TOAM’s initial results are encouraging, as over 400 obstacles have been reported through this mechanism across West Africa with more than 49 per cent of them effectively addressed.
“This was addressed by national focal points representatives, supported by advisory services from the International Trade Centre (ITC).
“The full operational status of TOAM in all 15 ECOWAS member states underscores its potential to drive transformative change and enhance regional trade and the workshop is conducted under the auspices of the Operational Plan 2021-2023 of ECOWAS-USAID.
“We wish to illuminate the pivotal role of professional organisations and private sector stakeholders in eradicating NTBs and advocating for policy reforms.
“Our overarching objective is to bolster ongoing trade facilitation initiatives in West Africa, fostering the seamless and efficient movement of goods in region and beyond while reducing the private sector’s trade related time and cost burdens,” he said.
Jime believed that this opportunity would deepen knowledge, enhance collaboration, and chart a course toward a West Africa where trade flowed smoothly, efficiently, and equitably.
“By collectively, we can dismantle the barriers that impede our progress and lay the foundation for a more prosperous and integrated region,” he said.
Jime also pointed out that the NSC was committed to promoting trade and facilitating seamless cross-border transactions and as such, initiated ideas to sustain it such as establishing Border Information Centre, compliant unit.
Also, Mr Justin Bayili, Principal Trade Advisor, ECOWAP -VSAID Operational Programme, ECOWAS Commission noted that there was need to create good condition for trade facilitation in the region.
According to Bayili, there are many problems faced on the corridor, noting that this should be looked into to proffer sustainable solutions.
“The issue of reporting complaints, ones twice and even the third time without getting response is not good as this will make the person to lose focus.
“Two months ago, we took a trip from Mile 2 to Badagry and experienced 67 checkpoints, this delay goods and thus making the goods costly for the business community,” he said.
The News Agency of Nigeria (NAN) reports that the event witnessed some of these stakeholders: Nigerian Ports Authority, freight forwarders, Nigeria Customs Service, Manufacturer Association of Nigeria, Lagos Chambers of Commerce and Industry, National Agency for Food and Drug Administration and others.
Some of the stakeholders that spoke urged stakeholders in the field of trade to ensure that there was sanity in the way they traded, noting that some obstacles experienced were done by them.
They equally expressed concern on the teething problems to be experienced and how to surmount them and called for the truck drivers integration into the scheme by means of sensitising them.
They also noted that the country do not lack on policies, workable ideas but the main issues had to do with implementation, human elements failing us, urging that the policy should work. (NAN)(www.nannews.ng)
Chief Olusegun Osunkeye, Chairman, Board of Directors, Omnibus Business Solutions Ltd., has emphasised the need for corporate governance code to address governance gaps in the public sector.
Osunkeye gave the advice at the Investiture Ceremony of Alhaji Tijjani Borodo as 18th president of the Chartered Institute of Directors (CIoD) on Thursday in Lagos.
According to him, a Nigerian code of governance is urgently needed in the public sector to regulate the functions and activities of Ministries, Departments and Agencies (MDAs).
“Public establishments must be subjected to the same regulations as private corporations.
“I request a code of corporate governance for public sector as a bedrock to support the reform agenda of the current administration.
“The incoming CIoD president should as part of his priorities ensure the Nigerian public sector code of corporate governance is achieved and enforced during his tenure,” he said.
Mr Oscar Onyema, Chief Executive Officer, Nigerian Exchange Group Plc, stated that corporate governance and leadership development remained two critical areas required for every organisation to maintain value-addition and relevance in its operations.
He said the institute stood out as the premier corporate governance and leadership development body due to the huge impact it had had on the leadership of many organisations in Nigeria.
He noted that over the last 40 years, the CIoD had organised about 1,100 onshore and offshore courses, training over 19,000 directors in the process.
Onyema observed that these directors had contributed significantly to building successful organisations rooted in strong corporate governance and ethical practices.
He, however, noted that in recent times, boardrooms were evolving due to the fact that the coronavirus pandemic disrupted “normal” working practices.
This, he said, ultimately adversely affected board composition and operations such that the expectations of boards and individual directors were now expanded beyond the traditional roles to accommodate new trends and current realities.
“The new status of the institute though with some challenges shows great opportunities in areas of transparency, enhanced board effectiveness practices and increased focus on environmental, social, and corporate governance (ESG) issues.
“The newly elected president has spoken of his strategic agenda to continue to promote excellence in corporate governance and advocate for policies and practices that foster growth and innovation.
“I wish the CIoD Nigeria great success in executing its vision and achieving major milestones during the two years of this presidency,” he said.
In his acceptance speech, Borodo said his tenure would be driven by the broad strategic vision and aspirations of CIoD Nigeria as approved and currently being implemented by the Institute.
Borodo, however, stated that there would be new initiatives to drive the full actualisation of the strategic plan of the Institute.
He said his tenure would focus on the development of the roadmap for implementation of the chartership of CIoD Nigeria.
He said his strategic agenda was to continue promoting corporate governance excellence and advocate policies and practices that fostered growth and innovation, built on his three-point agenda, tagged 3Rs, ‘Review, Reform and Reinvigoration.’
“Over the next two years, we would also continue to work with our existing partners, create a wider platform to accommodate new ones and ensure that our corporate governance advocacy achieves a higher level of effectiveness.
“I hereby solemnly pledge, by the help of Almighty Allah, to stand on the shoulders of our past leaders to position for greatness and align with the vision of our great Institute.
“I, therefore, appeal to you all to join me in this journey of discovery for our Institute and let us chart this new course together in our drive for excellence and perfection,” he said. (NAN) (www.nannews.ng)
The Federal Government says Nigeria is on its pathway to economic prosperity through effective implementation of policies for sustainable growth and development.
Sen. Abubakar Bagudu, the Minister of Budget and Economic Planning, said this at the end of the 22nd Joint Planning Board (JPB) and National Economic Council on Development Planning (NCDP) on Thursday in Osogbo.
The meeting has as its theme: “Imperatives for Restoring Nigeria on the Part of Sustainable Eonomic Growth and Development”.
Bagudu said that the economic summit was significant in providing opportunities for government officials at helm of affairs to brainstorm and interrogate economic policies that would put Nigeria among the comity of nations.
Gov. Ademola Adeleke and Sen. Abubakar Bagudu, Minister of Budget and National Planning
He added that the theme of the summit was carefully crafted to restore and stabilise micro growth and economic development of the country.
According to him, the imperatives for restoring Nigeria on the pathway of sustainable economic growth and development is paramount for industrialisation and economic prosperity.
Bagudu appealed to state governors, local government representatives and the entire citizens to support the federal government in fashioning and repositioning the country on the path of economic growth and development.
The minister commended Gov. Ademola Adeleke of Osun for accepting to host the meeting.
He said he’s had been briefed by the Permanent Secretary of the Ministry of Budget and Economic Planning, Mr Nebeolisa Anako, that about 30 commissioners or state representatives of budget and economic planning were in Osogbo for the meeting.
Bagudu said that the attendance demonstrated the importance of joint planning and the national council on development.
According to him, examples from countries that have achieved development have shown that planning played a crucial role in their economic take-off.
“Ethiopia, for instance, demonstrated that careful planning can deliver prosperity, with a growth rate of about 80 per cent for over a decade.
“Similarly, India, Korea, and other Asian countries have achieved success through planning.
“Given that Nigeria is a federation with provisions requiring federal, state, and local governments to lead through planning and the constitutional provision for a joint planning board between the state and local governments,” he said.
Bagudu, who emphasised unity, said that diversity is not a distraction but a potential benefit.
He encouraged cooperation and recognition of common goals, likening the mindset to the creation of trade unions worldwide.
“In my humble view, we are the most important link in our federal setting.
“We are the ones with constitutional responsibilities for planning in the states and coordinating such planning with the federal government,” he said.
Earlier, Adeleke said the gathering showed a reflection of diverse collective dedication to finding solution to the economic challenges facing the country.
The governor said the event was timely as the country was planning to navigate through the evolving economic landscape.
He said that Osun would continue to play its path toward ensuring economic prosperity through robust economic policies.
The governor urged participants to come up with immediate measures to help mitigate the recent ecomomic challenges confronting the nation.
In his remarks, Mr Adebiyi Adewale, the Comptroller- General of Customs, said the gathering would provide meaninful dialogue, insight and also foster partnership that would drive the country’s economy to greater heights.
He said resolutions and recommendations from the meeting would help restore Nigeria on the part of sustainable economic growth and development.
The News Agency of Nigeria (NAN) reports that the communique issued at the event of the meeting urged all 36 states and the FCT to examine their local peculiarities and fashion sustainable pathway through effective policies.
Also, national and sub-national governments were encouraged to invest heavily in human capital development to create high skilled manpower needed for rapid growth and development among others.
The event had in attendance government officials, civil society organisations, political representatives among key stakeholders in budget and planning.(NAN)
The Director-General of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr Olawale Fasanya, has reiterated Federal Government’s desire to boost women owned businesses in the country.
Fasanya said this at the opening of “Meet With the CEO” in collaboration with International Labour Organisation (ILO), in Abuja on Wednesday.
The director-general said in order to ensure this, SMEDAN had established a gender desk and had reserved 50 per cent of its intervention programmes for women.
Fasanya said that the objective of the event was to broaden and deepen the capacity of the MSME operators on regulatory issues.
He said it would enable the agency initiate need-based programmes that would enhance MSMEs competitiveness in the global market.
He quoted the National Bureau of Statistics (NBS) saying that 40 per cent of businesses in the country were female-led and that they contributed significantly to economic growth and job creation in the country.
“These businesses led by visionary women entrepreneurs are emerging as pivotal drivers of Nigeria’s economic resurgence.
“And they are contributing significantly to the nation’s development across divers sectors,” he added.
According to Fasanya, female-led businesses has continued to show resilience and high level optimism in spite of the COVID-19 pandemic, climate change and economic downturn.
He said: “Considering the impacts, female-led businesses continue to make progress in spite the challenges they face.
“The government and ecosystem players takes a more intentional approach to supporting the demographic segment for greater impact.
“Female-led businesses produces ripple benefits that triggers employment generation, poverty reduction and wealth creation.”
The director-general, therefore urged the participants to interact with each other and with government officials, ask questions and network on ways to forge ahead.
He commended the ILO, their Co-host, for the unwavering support towards the promotion of equal human right, social justice and sustainable development.
Meanwhile, Founder, Celina Unogwu Visioning Academy (CUVA), Celina Unogwu, reiterated the importance of having a balanced work life as a woman entrepreneur.
According to Unogwu, work life balance refers to the intersection of work and personal life, when there is equilibrium or balance between a personal life and a professional life.
While stating the importance for entrepreneurs to be focused at their goal, she urged the participants to work hard and believe in their dream.
She said: “Work hard, keep dreaming and bring it to life”. (NAN)(www.nannews.ng)
By Lucy Ogalue
The African Development Bank (AfDB), and Eritrea have strengthened their partnership to support the country’s growth.
The aim is to place it on a more sustainable development path in the coming years.
The President of AfDB, Dr Akinwumi Adesina, in a statement said the bank had committed to supporting Eritrea’s development, including its goal of self-reliance.
Adesina said the bank as an important partner of Eritrea, was currently supporting the country in energy, water and sanitation, agriculture, skills and capacity development, and economic and financial governance.
“I had an excellent visit to Eritrea. I came away highly impressed by the passion to develop and the incredible resilience and self-reliance of the Eritrean people.
“ The best part was when I was told by a United Nations (UN) senior level official that in Eritrea, corruption is zero per cent.
“Another UN senior official said Eritrea’s capacity for pharmaceuticals meets all World Health Organisation (WHO) global standards.”
Adesina said the Eritrean president, Isaias Afwerki, had been consistent with his engagement with AfDB since Eritrea joined the institution nearly 30 years ago.
“The capacity and first-rate skills of Eritrean engineers are amazing and should be shared with other African countries.
“President Afwerki is so passionate, determined very simple. Eritrea and its highly committed people have all it takes to rapidly grow and thrive in the years ahead.
“As president of AfDB, I can assure you that under my leadership, the bank will be there to support Eritrea’s drive to transform its economy.
“It can only get better with all the projects we have talked about today. If we work together, I know that Eritrea will be a much better country in many ways,” he said.
The AfDB boss highlighted the need to prioritise agro-industrialisation to further grow the agriculture sector and ensure food stability.
He also proposed the AfDB’s Special Agro-Industrial Processing Zones initiative as a model for transforming Eritrea’s rural communities into prosperous economic zones, harnessing the power of commercial agriculture and food production.
The Eritrean president thanked Adesina for the strategic role the bank was playing in improving the lives of the Eritrean people.
Afwerki said the country had identified the AfDB Group as the partner of choice to drive rapid socio-economic development and to move its economy “from subsistence to industrialisation.”
According to him, Adesina is the first AfDB president to visit Eritrea, which joined the institution in 1994.
“We have had fruitful engagements with the bank and want to do more with the institution on a sustainable level.”
Afwerki called for more resources for the bank and for it to be strengthened to support Africa’s development priorities.
He also called for additional support in other critical areas, including fishing communities, agriculture, skills and capacity development to increase self-sufficiency, and integrated infrastructure.
He said these would enable the country to make the most of its large potash deposits.
In April, the AfDB’s board of directors approved a 49.92 million dollars financing grant for the construction of a 30-megawatt solar photovoltaic power plant in Dekemhare.
This is the Bank’s largest investment in the country. The project will have a transformative impact on improving access to energy in Eritrea.
It will contribute to the Eritrea’s target of generating 360 megawatts of electricity by 2030.
In 2018, Eritrea signed a peace and cooperation agreement with its neighbour, Ethiopia. This milestone marked the end of 20 years of conflict that had hampered economic development.
The agreement and the lifting of United Nations and United States sanctions ended a decade of international isolation for Eritrea. (NAN) (www.nannews.ng)
LCN/EEE
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Edited by Ese E. Eniola Williams
The Nigeria Customs Service (NCS) says it is in collaboration talks with the Customs Service of neighbouring Republic of Benin to improve trade relations between both countries.
The Acting Comptroller General of Nigeria Customs, Mr Adewale Adeniyi, made this known on Tuesday in Abuja, during a two-day working visit of the Director-General of Customs, Republic of Benin, Alain Hinkati, to Nigeria.
Adeniyi said that Hinkati’s visit was in furtherance of ongoing efforts to enhance customs administration, trade facilitation and regional cooperation.
According to him, the visit marks a significant milestone in our journey to strengthen collaboration, eliminate barriers and promote legitimate trade within the West African region.
“It is with profound gratitude that I recall our previous visit to our esteemed counterparts in Benin, where fruitful discussions and resolutions were made; forging a path towards more efficient and effective customs practices.
“Today, I am honoured to highlight some of the remarkable progress we have made since that visit, as well as the commitment to further solidify these gains.
“On promotion of ECOWAS Trade Liberalisation Scheme, the
relevant department within the NCS has been entrusted with the task of reviewing the current impediments to the scheme to chart practical ways forward.
“Our objective remains steadfast; to stimulate economic growth, foster regional integration and nurture prosperity among our nations,” he said.
The Acting CG said that, in collaboration with the Inspector General of the Nigeria Police, the NCS had undertaken substantial measures to reduce barriers along trade corridors.
He said that by addressing those challenges, the NCS was fostering a more conducive environment for legitimate trade to flourish.
“We are currently in the final stages of integrating our IT systems with the
Federal Road Safety to curb illegal entry of vehicles.
“This integration will enhance our ability to monitor and regulate cross-border vehicle movements more effectively,” he said.
Adeniyi said that initiatives have also been launched to harmonise the list of products prohibited in Nigeria.
According to him, this step not only promotes consistency but also facilitates smoother trade relations with our partners.
He added that the NCS was swiftly progressing toward Nigeria’s integration into the Interconnected System for the Management of Goods in Transit (SIGMAT), joining hands with other West African nations.
“This interconnected system promises to further streamline our transit operations and improve regional trade dynamics”.
He said the accomplishments were a testament to the dedication in collaboration with regional partners, adding, however, that the journey was far from complete.
“The challenges we face require our continued commitment and resolve to overcome them. As we solidify these gains, we must also look ahead with a sense of urgency,” Adeniyi said.
The visiting D-G Customs of the Republic of Benin, Alain Hikanti, had earlier commended the NCS for its efforts at forging the collaboration.
Hinkati said that his visit to Nigeria had provided the opportunity to deepen the different issues that were raised in June when Adeniyi paid a similar visit to the Republic of Benin.
“We have decided to explore the benefits of the opportunities of our mutual advantages.
“We are working towards having a Nigeria clearing ground Republic of Benin to make importation of goods through our borders more seamless,” he said.
Also present at the event were the Nigerian Ambassador to the Republic of Benin, Olukayode Olugbenga, and the Ambassador of Republic of Benin to Nigeria, Marcelline Adjovi-Yekpe. (NAN) (www.nannews.ng)
The Nigeria Customs Service (NCS) says it is in collaboration talks with the Customs Service of neighbouring Republic of Benin to improve trade relations between both countries.
The Acting Comptroller General of Nigeria Customs, Mr Adewale Adeniyi, made this known on Tuesday in Abuja, during a two-day working visit of the Director-General of Customs, Republic of Benin, Alain Hinkati, to Nigeria.
Adeniyi said that Hinkati’s visit was in furtherance of ongoing efforts to enhance customs administration, trade facilitation and regional cooperation.
According to him, the visit marks a significant milestone in our journey to strengthen collaboration, eliminate barriers and promote legitimate trade within the West African region.
“It is with profound gratitude that I recall our previous visit to our esteemed counterparts in Benin, where fruitful discussions and resolutions were made; forging a path towards more efficient and effective customs practices.
“Today, I am honoured to highlight some of the remarkable progress we have made since that visit, as well as the commitment to further solidify these gains.
“On promotion of ECOWAS Trade Liberalisation Scheme, the relevant department within the NCS has been entrusted with the task of reviewing the current impediments to the scheme to chart practical ways forward.
“Our objective remains steadfast; to stimulate economic growth, foster regional integration and nurture prosperity among our nations,” he said.
The Acting CG said that, in collaboration with the Inspector General of the Nigeria Police, the NCS had undertaken substantial measures to reduce barriers along trade corridors.
He said that by addressing those challenges, the NCS was fostering a more conducive environment for legitimate trade to flourish.
“We are currently in the final stages of integrating our IT systems with the Federal Road Safety to curb illegal entry of vehicles.
“This integration will enhance our ability to monitor and regulate cross-border vehicle movements more effectively,” he said.
Adeniyi said that initiatives have also been launched to harmonise the list of products prohibited in Nigeria.
According to him, this step not only promotes consistency but also facilitates smoother trade relations with our partners.
He added that the NCS was swiftly progressing toward Nigeria’s integration into the Interconnected System for the Management of Goods in Transit (SIGMAT), joining hands with other West African nations.
“This interconnected system promises to further streamline our transit operations and improve regional trade dynamics”.
He said the accomplishments were a testament to the dedication in collaboration with regional partners, adding, however, that the journey was far from complete.
“The challenges we face require our continued commitment and resolve to overcome them. As we solidify these gains, we must also look ahead with a sense of urgency,” Adeniyi said.
The visiting D-G Customs of the Republic of Benin, Alain Hikanti, had earlier commended the NCS for its efforts at forging the collaboration.
Hinkati said that his visit to Nigeria had provided the opportunity to deepen the different issues that were raised in June when Adeniyi paid a similar visit to the Republic of Benin.
“We have decided to explore the benefits of the opportunities of our mutual advantages.
“We are working towards having a Nigeria clearing ground Republic of Benin to make importation of goods through our borders more seamless,” he said.
Also present at the event were the Nigerian Ambassador to the Republic of Benin, Olukayode Olugbenga, and the Ambassador of Republic of Benin to Nigeria, Marcelline Adjovi-Yekpe. (NAN)(www.nannews.ng)
Former President of Nigerian Association of Chambers of Commerce and Industry (NACCIMA), Chief John Udeagbala, says Nigeria is set to explore opportunities provided by the Africa-Korea Business Summit.
Udeagbala who is to represent Nigeria at the summit said this in a statement on Monday in Abuja.
The News Agency of Nigeria (NAN) reports that the 2023 Africa-Korea Business Summit scheduled for Tuesday is with the theme “Africa-Korean Partnership in an Era of Great Transformation’’.
Udeagbala, who is also an ex-officio member of the Council of the International Chamber of Commerce (ICC), said that Nigeria would synergise with Korean industry players for deeper trade integration in Africa.
“The summit would build a complementary partnership for the 21st century through its technological leadership across a wide array of sectors from agriculture, mining and renewable energy to manufacturing and digitisation.
“It would attract leading voices and decision makers from the African and Korean policy, business and investment communities,” he said.
According to him, the Africa Continental Free Trade Area (AfCFTA) reached major ratification milestones in 2023.
“It was on the back of unprecedented political momentum for closer regional integration to see the emergence of Africa as a global growth hub representing a quarter of the world’s population and a 16.5 trillion dollar market by 2050.
“Two moderated panel and networking sessions will take place to explore the drivers and stumbling blocks to this formidable growth trajectory, teasing out risks and opportunities to Africa’s trade partners with a focus on Korea,” he said.
Udeagbala said that the summit to be hosted by the Korean Chamber of Commerce and Industry and the Korea-Africa Foundation, in partnership with the Korean Ministry of Foreign Affairs would have Wamkele Mene, Secretary-General, AfCFTA as speaker.
“Other speakers are Sim Tshabalala, CEO, Standard Bank, Choi Kyong-lim, Former Chair of WTO Council for Trade in Goods.
“Seo Sang-hyeon, Senior Economist, POSCO Research Institute, Sohn Jie-Ae, CNN Correspondent in Seoul as session moderator,” he said. (NAN)(www.nannews.ng)
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Edited by Bashir Rabe Mani
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