Trade

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FG to begin export of skilled welders, technicians

Abuja, March 21, 2024 – The Federal Government will soon begin the export of skilled workers, especially welders and technicians, to other African countries and the World in general. Uba Maigari Ahmadu, the Minister of State for Steel Development, disclosed this in Abuja while playing host to the management of the welding federation committee. He said skills could be exported and the nation earned foreign exchange when skills acquisition is well coordinated, it The minster said the government was doing a lot along this line with the Renewed Hope Agenda …

FG partners World Bank on new initiative to boost businesses

Asaba, Nov. 23, 2023 – The federal government is partnering the World Bank to introduce a new initiative called the State Action on Business Enabling Reforms (SABER) programme. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced this during the four-day Federation Account Allocation Committee (FAAC) retreat in Asaba, Delta State He said the programme, which is to enhance Nigeria’s business environment at the state level, would be implemented between from 2023 to 2025. The programme will be a continuation of the States Fiscal Transparency, …

AfCFTA can break Africa’s colonial legacy of exporting raw materials – expert

Cairo, Nov. 12, 2023 -The African Continental Free Trade Area (AfCFTA) can break Africa’s colonial legacy of exporting raw materials and importing finished goods. Jean-Louis Ekra, the Deputy Chairperson of the Intra-African Trade Fair (IATF2023) Advisory Council and a former President of the African Export-Import Bank (Afreximbank), said this on Sunday as the Trade and Investment Conference of IATF2023 began in Cairo. Ekra, who was delivering an opening address, pointed out the unsustainability of African economies by relying on natural resources and commodities. He said that this dependence made them vulnerable …

Nigeria sees immediate inflow of investments from Saudi Arabia – Bagudu

Riyadh, Nov. 12, 2023 – Nigeria is seeing immediate multi-billion-dollar investment flows from Saudi Arabia after it signed an agreement with the kingdom to establish a business council that could see the middle eastern nation funding several sectors of the country. The likely beneficiary areas of investments include agriculture, oil and gas, energy, telecommunications and technologies. The two nations agreed to re-establish a Nigeria-Saudi Arabia Business Council initially proposed in 2019 by Crown Prince Mohammed bin Salman bin Abdulaziz that was exited by the government of former President Muhammadu Buhari.  …

Ghana to borrow $400m from its Cocoa Board

Accra, Nov. 7, 2023 –  Ghana is seeking to borrow $400 million from cocoa traders to finance industry operations as it struggles to secure an annual loan from international banks amid a government debt restructuring. The Ghana Cocoa Board, the industry regulator known as Cocobod, is tapping traders including Olam Group Ltd. and Barrry Callebaut AG to pre-finance seedlings, chemicals, fertilizers and purchases of beans from farmers in the 2023-24 season, according to people familiar with the talks. The Cocobod has already raised about half of the target from the …

Tinubu to attend Saudi-Africa Summit in Riyadh

Abuja, Nov. 5, 2023 – President Bola Tinubu is to attend the Saudi-Africa summit and the Arab African summit scheduled for Riyadh, Saudi Arabia, on Nov.10 and Nov.11, 2023.  Ajuri Ngelale, the Presidential Spokesman, told State House Correspondents on Sunday that Tinubu’s appearance at the summits would marks fresh moves to engage Arab nations to attract businesses and attract foreign direct investments to Nigeria. “Obviously, President Tinubu is very keen on ensuring that the Federal Republic of Nigeria within the context of the continent is in a position to maximally …

U.S. wants to improve AGOA, not just to renew it – Blinken

Johannesburg, Nov. 4, 2023 – U.S. President Joe Biden’s administration wants to work with Congress to improve the African Growth and Opportunity Act (AGOA), not just renew it without changes.  U.S. Secretary of State, Antony Blinken, said this on Friday in Johannesburg, South Africa. First launched in 2000, AGOA grants exports from qualifying African countries duty-free access to the United States – the world’s largest consumer market. “But we don’t just want to extend AGOA, we want to work with the United States Congress to make it even better,” Blinken …

German Chancellor to pay 3-day official visit to Nigeria

Abuja, Oct. 27, 2023 – German Chancellor Olaf Scholz is to begin an official tour of Nigeria from Oct. 29 to Oct. 30, 2023. A statement from the German Embassy said the visit would further strengthen bilateral relations between the two countries. “It is the first visit of a Head of Government to Nigeria since the inauguration of the new government. “With diplomatic relations spanning over 60 years, Germany and Nigeria have a warm and longstanding relationship. “They are natural partners as both are the strongest economy and the most …

Afreximbank, Morocco sign MoU on trade, investment promotion

Marrakech (Morocco), Oct. 16, 2023 – The African Export-Import Bank (Afreximbank) has entered into a Memorandum of Understanding (MoU) with Morocco to develop a US$1billion Morocco-Africa Trade and Investment Promotion programme. According to the terms of the MoU, the programme aims to facilitate and guide future cooperation in areas of common interest between Afreximbank, the Ministry of Economy and Finance of Morocco, other government departments, and Moroccan economic operators.    Areas of collaboration under the programme will include financing and promoting intra- and extra-African trade through the implementation of credit, risk bearing …

Kebbi State suspends mining activities

Birnin-Kebbi, Sept. 22, 2023 – Kebbi State Government has suspended mining activities in the state due to heightened insecurity reports across the state. Alhaji Yakubu Bala-Tafida, told journalists in Birnin-Kebbi on Friday that there were increasing security concerns from the mining sites, He said the decision was also due to lack of verified evidence of positive economic impact of mining activities in the state.  “Also, there is a total absence of accruable revenue in the names of ecological tax and development levy for state and local governments, respectively. “A significant …