Business
AU Set To Improve Intra-Africa Trade
The Chairman of the AU Commission (AUC), Dr Jeaa Ping recently said that arrangements had been concluded to improve trade between African countries from the current 10 per cent to a higher level.
Ping said this in Addis Ababa at the opening session of the 19th Summit of African Heads of State and Government.
He stressed that while trade between African countries remained at 10 per cent, countries from other continents had attained more than 30 per cent trade improvement among the states.
Ping said that the Commission was working toward correcting the perceptible anomalies, while reviewing the implementation of previous agreements to improve Africa’s economic growth and development.
“For Africa to develop there is a need to strengthen her trade with other continents. It is also imperative to improve maritime transportation and agricultural development,’’ he said.
Ping, however, said that in the last six months, the AUC had initiated an agenda for Africa’s educational development through the new Pan AfricanUniversity, which would commence its academic session in September in five centres located across the continent’s five regions.
He said that the Commission was making efforts to ensure the sustainability of the university and its programmes.
Ping said that the priority focus of the AUC was also on areas such as capacity building, resource mobilisation, infrastructure and transport sector.
He said that the Commission had also strengthened its partnership with development partners such as the G8, G20 and Rio+20, among others, as part of its efforts to fast-track the development of the continent.
On peace and security, Ping said that the Commission had initiated some conflict prevention strategies via the AU Border Programme, as issues relating to national boundaries had been a major source of conflicts between African countries.
Ping commended ECOWAS for its efforts in restoring peace and security in Mali and Guinea Bissau and the Southern African Development Community (SADC) for its role in managing the crisis in Madagascar.
He pledged that the AUC would continue to work with all member states in efforts to strengthen their democratic process.
The AUC chief said that the Commission would also collaborate with member states in sustained efforts to fight organised crime, drug and human trafficking and in efforts aimed at eradicating conflicts.
“We need to translate the dreams of our founding fathers into reality; we also have to meet the aspirations of Africans, especially our youths,’’ Ping said.
Ping condoled with the government and people of Nigeria over the recent fuel tanker accident in RiversState, which claimed more than 100 lives.
Speaking, UN Secretary-General Ban Ki-Moon said that the UN would continue to collaborate with the AU in fighting piracy and restoring peace in Guinea Bissau, as well as in curbing trans-border crimes and other illicit activities across Africa
Ban, who was represented by Mr Jan Eliasson, the Deputy UN Secretary-General, said that the UN and the AU would also collaborate to develop a strategy that would address the crises between the Republics of Sudan and South Sudan, as well as the crisis in Mali with the aim of restoring the country’s territorial integrity.
He noted that more than 18 million people were in need of assistance in the Sahel region, while more than one million children in the region were ravaged by hunger and famine.
Ban, therefore, urged the two organisations to collaborate and solve some of the problems affecting the African continent.
In his address, President Boni Yayi of Benin, who is the AU Chairman, said that the summit would adopt an agenda for the work programme, while adopting the 2012 budget of the AUC.
He also said that it would consider the report of the ad-hoc committee on the election of the key AUC officers, adding that it would also appoint three judges for the Africa Court on Human and Peoples’ Rights.
He noted that the summit’s theme — “Boosting Intra-Africa Trade’’ – was apt and pertinent.
The News Agency of Nigeria (NAN) reports that President Goodluck Jonathan was represented at the summit by Amb. Olugbenga Ashiru, the Minister of Foreign Affairs.
NAN further reports that Dr Aisha Abdullahi, Nigeria’s Ambassador to Republic of Guinea, is contesting for the post of Commissioner for Political Affairs in the AUC.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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