Economy

NAFDAC Partners GATF for Better Global Trade Transactions

Published

4 years ago

08/06/2021

By Adedapo Adesanya

The National Agency for Food and Drug Administration and Control (NAFDAC) has commenced a partnership with the Global Alliance for Trade Facilitation (GATF) to put together strategies for export and import trade in Nigeria.

This was disclosed by the drug and food regulatory body through its resident media consultant, Mr Olusayo Akintola, stating that the procedures were to ensure ease of doing business in Nigeria.

The statement noted that the partnership was also aimed at achieving standardisation, harmonisation of documents and simplified trade formalities for importers and exporters.

It said that NAFDAC Director-General, Mrs Mojisola Adeyeye, reached the agreement at a virtual meeting with GATF Nigeria top officials led by its Project Lead, Mr Bernard Traynor.

The statement added that the partnership project is being powered by GATF, an organisation hosted by the Centre for International Private Enterprise, International Chambers of Commerce, and the World Economic Forum.

“The project in Nigeria is being implemented by the German Technical Cooperation popularly known as GIZ. The alliance is supported by the governments of the US, Canada, Germany, Denmark and the government of Australia through their respective agencies,” the agency noted.

The statement quoted Mrs Adeyeye, who was represented at the meeting by Dr Abimbola Adegboye, Head of Trade and International Relations at the agency, as listing measures that NAFDAC had already put in place for both import and export trade.

Mrs Adeyeye reiterated that NAFDAC had already put in place measures to ensure that there is a seamless and more robust operational procedure with both export and import at the borders.

She said part of the measures was to achieve cooperation among government agencies at the borders, adding that NAFDAC’s focus now was to ensure smooth trade facilitation and regulation.

According to her, operations of regulators should not pose a hindrance to trade transactions but facilitate them.

She said that the agency was making sure that there are not so many interferences between the users of the agency facilities and the agency.

“So, we try as much as possible to remove both human interferences under the guise of consultants, because more or less they do not facilitate trade, they tend to distort it.

“Trade should be on basis of safety and quality, that is the only way trade could be sustained; If quality is not put into your product, It gives the country a bad name, they blacklist the company involved.

“The consumers are the losers because they do not have value for money and their health is compromised,” she stressed.

She stated that these are the issues that the global alliance would be addressing, adding that what would make all these visible and possible was to ensure that operations at the borders are seamless.

According to her, if a producer has perishable items that are to be exported or that are to be allowed into the country and they are delayed unnecessarily or held based on premium conditions, such products could go bad, and the integrity of such product would be compromised.

She said that anything that would make trade operations very easy both for inflow and outflow, and would make the whole process of regulation friendly and not cumbersome for importers and exporters, is what the agency aimed for.

The statement also quoted the Project Manager of GATF, Nigeria, Mr David Okeku, explaining that being an alliance, his organisation had critical private sector partners, and series of projects currently being implemented in Kenya, Madagascar, Malawi, Zambia, Senegal, Uganda and Latin America, Asia and Middle East countries.

“How we work in the alliance is that we partner with multinationals, local businesses because we believe strongly that they will bring in their expertise and also best practices; and also bring in supply-chain companies.

“We use them as our ambassadors globally and in-country. Local businesses also contribute in form of expertise and resources in kind towards the alliance,” the statement added.

Economy

Afriland Properties, Geo-Fluids Shrink OTC Securities Exchange by 0.06%

Published

1 hour ago

12/12/2024

Adedapo Adesanya

By Adedapo Adesanya

The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.

The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.

Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.

At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.

The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.

When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.

Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.

Economy

Naira Weakens to N1,547/$1 at Official Market, N1,670/$1 at Black Market

Published

2 hours ago

12/12/2024

Adedapo Adesanya

By Adedapo Adesanya

The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.

It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.

The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.

At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.

As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.

A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.

The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.

The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.

The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.

Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.

Economy

Dangote Refinery Makes First PMS Exports to Cameroon

Published

3 hours ago

12/12/2024

Aduragbemi Omiyale

By Aduragbemi Omiyale

The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.

In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.

However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.

In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.

Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.

Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.

“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.

“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.

His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.

“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.

“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”