Economy
Nigeria Launches First AfCFTA Export to Cameroon, Kenya, Others
By Adedapo Adesanya
Nigeria on Tuesday launched the first shipment of Nigerian exports to five African countries – Cameroon, Kenya, Algeria, Uganda and Egypt – under the Guided Trade Initiative (GTI).
This happened five years after the inauguration of the Nigeria Coordination Office of the Africa Continental Free Trade Agreement (AfCFTA).
Speaking at the ceremony, President Bola Tinubu said that the agreement would ignite the flame of opportunity, foster economic ties and pave the way for progress and shared prosperity for our great nation, in the entire African continent.
According to the President, the AfCFTA is not just an agreement but a trade agreement bound to build Africa’s industrialization and prosperity for Africans.
“Today, we embark on a journey that would ignite the flame of opportunity, foster economic ties and pave the way for progress and shared prosperity for our great nation, in the entire African continent. We gather here in Lagos, seeking that this being at the forefront of Africa’s economic and trade acceleration, is a testament to Nigeria’s enduring leadership in regional and continental integration.
‘‘From the Lagos action plan of 1980 to the Abuja treaty of 1991, the meeting has never wavered. This historical lineage is the foundation upon which the organization stands today. This is not just a trade agreement, it is a bond built for Africa’s industrialisation and the prosperity of our people.
“We have encountered challenges and tackled them headlong in the interest of our people, as a collective survival. Commitment to this agreement is unwavering because we understand that the making of wealth is not an option, it is a necessity. It would not be easy, but we are ready to confront these challenges head-on, with common determination.
“We would create an environment that supports businesses, and innovations and fosters collectiveness. With our partners, we would ensure that the benefits of the organization are equally distributed and no one is left behind. Companies that are pioneering this have been known to believe in the potential of products made in Nigeria, and the immense opportunities that the organization presents.
“These businesses have made history in taking this bold step to set precedence for others to follow. Their journey is our journey. In this new age of tightened competitiveness, complacency is not an option. It is inherently competitive for requiring innovation, efficiency and a relentless drive to excel. Nigeria is ready to compete and win.
“The entrepreneurial spirit would help leverage opportunities presented by the organization. The renewed agenda strategy centres on providing opportunities for our people. Taking advantage of AfCFTA is a critical component and strategy.
“We are committed to ensuring that every Nigerian business, from small and medium-sized enterprises, to large corporations can benefit from this agreement. It will continue to provide every necessary support to facilitate the effective implementation of “After”, for domestic, regional and continental values,” he said.
He added, “It would open new markets for products, ensure competitiveness, and create jobs for people. Together, we can build a prosperous Africa where every nation has a fair share in its growth and development.
“An Africa where every citizen has access to opportunities to unlock his full potential. We can make this happen in our lifetime. It is our duty to make this happen.”
Similarly, the National Coordinator of Nigeria’s AfCFTA Office, Mr Olusegun Awolowo, said that trade was the only and most sustainable path to prosperity.
According to him, the first set of exports from Nigeria has been consigned to Cameroon, Kenya, Algeria, Uganda and Egypt with exports like bags, ceramics textiles, cables, smart cards Clinkers Black soap, Native starch and Shea butter.
Mr Awolowo also said Nigeria has fully fulfilled all the requirements for accession to the Guided Trade Initiative, GTI, adding that the stakeholders stand as witnesses to the official flag-off of trade under the preferential trading arrangement with this symbolic shipment of some containers from Apapa ports.
“In view of this, we must seize this opportunity by growing Nigeria’s production and productivity, building an army of exporters to be unleashed into the AfCFTA.
“As we embark on this journey, let us remain resolute in our collective effort to make AfCFTA a success. Today’s launch is just the beginning. We are committed to building a robust framework that supports trade, fosters innovation, and drives economic prosperity across Nigeria and Africa at large.
“I assure you, we will harness the potential of AfCFTA to create a prosperous and integrated Africa. As I often say, Everything Africa needs for Africa is in Africa,” he noted.
On his part, the Comptroller General of the Nigeria Customs Service, Mr Adewale Adeniyi said that the agency was fully equipped to fulfil its role as Designated Competent Authority DCA through the training of its officers in collaboration with the World Customs Organization (WCO)
‘‘We firmly believe that Nigeria’s participation in the AfCFA will open new opportunities for businesses and economic growth while reshaping intra-African relations,” he said.
By Adedapo Adesanya
The Organisation of the Petroleum Exporting Countries (OPEC) has once again trimmed its 2024 and 2025 oil demand growth forecasts.
The bloc made this in its latest monthly oil market report for December 2024.
The 2024 world oil demand growth forecast is now put at 1.61 million barrels per day from the previous 1.82 million barrels per day.
For 2025, OPEC says the world oil demand growth forecast is now at 1.45 million barrels per day, which is 900,000 barrels per day lower than the 1.54 million barrels per day earlier quoted.
On the changes, the group said that the downgrade for this year owes to more bearish data received in the third quarter of 2024 while the projections for next year relate to the potential impact that will arise from US tariffs.
The oil cartel had kept the 2024 outlook unchanged until August, a view it had first taken in July 2023.
OPEC and its wider group of allies known as OPEC+ earlier this month delayed its plan to start raising output until April 2025 against a backdrop of falling prices.
Eight OPEC+ member countries – Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman – decided to extend additional crude oil production cuts adopted in April 2023 and November 2023, due to weak demand and booming production outside the group.
In April 2023, these OPEC+ countries decided to reduce their oil production by over 1.65 million barrels per day as of May 2023 until the end of 2023. These production cuts were later extended to the end of 2024 and will now be extended until the end of December 2026.
In addition, in November 2023, these producers had agreed to voluntary output cuts totalling about 2.2 million barrels per day for the first quarter of 2024, in order to support prices and stabilise the market.
These additional production cuts were extended to the end of 2024 and will now be extended to the end of March 2025; they will then be gradually phased out on a monthly basis until the end of September 2026.
Members have made a series of deep output cuts since late 2022.
They are currently cutting output by a total of 5.86 million barrels per day, or about 5.7 per cent of global demand. Russia also announced plans to reduce its production by an extra 471,000 barrels per day in June 2024.
By Aduragbemi Omiyale
A minority equity stake in Chappal Energies Mauritius Limited has been acquired by a Nigerian energy firm, Aradel Holdings Plc.
This deal came a few days after Chappal Energies purchased a 53.85 per cent equity stake in Equinor Nigeria Energy Company Limited (ENEC).
Chappal Energies went into the deal with Equinor to take part in the oil and gas lease OML 128, including the unitised 20.21 per cent stake in the Agbami oil field, operated by Chevron.
Since production started in 2008, the Agbami field has produced more than one billion barrels of oil, creating value for Nigerian society and various stakeholders.
As part of the deal, Chappal will assume the operatorship of OML 129, which includes several significant prospects and undeveloped discoveries (Nnwa, Bilah and Sehki).
The Nnwa discovery is part of the giant Nnwa-Doro field, a major gas resource with significant potential to deliver value for Nigeria.
In a separate transaction, on July 17, 2024, Chappal and Total Energies sealed an SPA for the acquisition by Chappal of 10 per cent of the SPDC JV.
The relevant parties to this transaction are working towards closing out this transaction and Ministerial Approval and NNPC consent to accede to the Joint Operating Agreement have been obtained.
“This acquisition is in line with diversifying our asset base, deepening our gas competencies and gaining access to offshore basins using low-risk approaches.
“We recognise the strategic role of gas in Nigeria’s energy future and are happy to expand our equity holding in this critical resource.
“We are committed to the cause of developing the significant value inherent in the assets, which will be extremely beneficial to the country.
“Aradel hopes to bring its proven execution competencies to bear in supporting Chappal’s development of these opportunities,” the chief executive of Aradel Holdings, Mr Adegbite Falade, stated.
By Adedapo Adesanya
Afriland Properties Plc helped the NASD Over-the-Counter (OTC) Securities Exchange record a 0.04 per cent gain on Tuesday, December 10 as the share price of the property investment rose by 34 Kobo to N16.94 per unit from the preceding day’s N16.60 per unit.
As a result of this, the market capitalisation of the bourse went up by N380 million to remain relatively unchanged at N1.056 trillion like the previous trading day.
But the NASD Unlisted Security Index (NSI) closed higher at 3,014.36 points after it recorded an addition of 1.09 points to Monday’s closing value of 3,013.27 points.
The NASD OTC securities exchange recorded a price loser and it was Geo-Fluids Plc, which went down by 2 Kobo to close at N3.93 per share, in contrast to the preceding day’s N3.95 per share.
During the trading session, the volume of securities bought and sold by investors increased by 95.8 per cent to 2.4 million units from the 1.2 million securities traded in the preceding session.
However, the value of shares traded yesterday slumped by 3.7 per cent to N4.9 million from the N5.07 million recorded a day earlier, as the number of deals surged by 27.3 per cent to 14 deals from 11 deals.
Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units sold for N3.9 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 million.
Also, Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units sold for N5.3 billion.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking6 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN