Trade

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Trade

Africa-Caribbean trade can reach $1.8b by 2028 – Afreximbank

Nassau (The Bahama), July 5, 2024 – The value of trade between Africa and the Caribbean can rise to $1.8 billion per year by 2028 if value addition, trade facilitation and improved logistics are prioritised. The value of current trade between Africa and the Caribbean excluding tobacco, arms/ammunition and fossil fuels, is estimated at $729 million. The African Export-Import Bank (Afreximbank) said this was the result of a new research it carried out with the International Trade Centre (ITC). It said current bilateral trade in goods between the two regions …

Entertainment General News Trade

Ecobank’s “Adire Lagos” fair opens with over 100 exhibitors

Lagos, June 18, 2024 – The annual Ecobank “Adire Lagos” exhibition has taken off in grand style with over 100 exhibitors showcasing their wares. The four-day fair, which opened June 14 and ends 17th, is taking place at the Ecobank Pan African Centre (EPAC) complex located in Victoria Island in Lagos. Originating from Abeokuta in Southwestern Nigeria, Adire textile is an indigenous indigo-dyed cloth made by using different wax-resistant methods to create dazzling designs. The four-day Adire exhibition, returning for the third year in a row, is to promote culture, tourism, …

Business Solutions Manufacturing/Industry Trade

US to expand AGOA to all African countries, extend it’s lifespan to 2041

Nairobi, April 29, 2029 – The United States is planning to extend beneficiaries of the African Growth Opportunities Act (AGOA) to all African countries and also extend its lifespan to 20241. The extension is expected to integrate AGOA with the African Continental Free Trade Agreement (AfCFTA) to support the development of intra-African supply chains. AGOA was enacted by the US in 2000 to facilitate more African exports to the U.S by allowing some African products, particularly textiles, to enter the U.S. duty-free. The Act will expire in 2025.. Speaking in …

General News Tech Trade

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 …

Business Solutions General News Trade

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, …

Foreign Money market Trade

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 …

Foreign Investment Money market Trade

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.  …

Agriculture Trade

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 …

General News Trade

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 …

Agriculture Trade

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 …


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