Business
UN Urges Actions On African Free Trade Agreement
To realise the promise of the African Continental Free Trade Area (AfCFTA) and achieve its development goals, the continent must take bold actions on many fronts.
These were the words of Dr. Vera Songwe, the United Nations Under-Secretary-General and Executive Secretary of the UN Economic Commission for Africa (ECA) Addis Ababa, Ethiopia, last Friday.
She made the remark in her address at the meeting of the Committee of Experts, preceding the 51st Session of the Conference of African Ministers of Finance, Planning and Economic Development, which begins on Monday in the Ethiopian capital.
The 2018 edition is themed: ‘African Continental Free Trade Area and Fiscal Space for Jobs and Economic Diversification’.
The Tide source reports that the ECA envisages this agreement as an instrument to reposition the African continent as a competitive player in the global economic arena.
According to Songwe, the most important and urgent action is to create the fiscal space needed to foster both public and private investment, while ensuring economic diversification with the view to creating jobs.
“Now we must seize the momentum at hand to focus on how to operationalise the AfCFTA agreement, in a manner that realises its potential to the benefit of the average African.
“Our collective market potential cannot be underestimated, as incomes rise and the middle-class continues to grow.
“Household spending is expected to grow at 3.9 per cent per annum to reach 2.1 trillion dollars and corporate spending is expected to reach 3.5 trillion dollars by 2025.
“Taking the opportunities created by AfCFTA, this is an opportunity for corporate Africa to leverage these expansions and boost its economic growth.
“Through implementation of the agreement, we can generate the kind of growth that can support economic diversification, industrialisation and development,” she said.
The ECA boss disclosed that manufactured products make up 46 per cent of intra-African trade and only 22 per cent of Africa’s trade with the rest of the world.
“So, boosting intra-African trade through the AfCFTA is likely to support the continent’s industrialization. Indeed, according to our estimates, the AfCFTA would increase Africa’s industrial exports by over 50 per cent by 2022,” she said.
Dismissing the fears that the AfCFTA would lead to losses of tarriff revenues to individual countries, Songwo contended that the impact of the Agreement on fiscal revenues is likely to be minimal.
“Intra-African trade is only a small share of Africa’s total trade. Most of the trade is already liberalised under Regional Economic Communities Free Trade Agreements (REC-FTAs).
“Countries will be allowed to exclude a certain number of tariff lines from liberalisation as intra-African trade tends to be highly concentrated in a small number of tariff lines.
“It may be possible for countries to exclude a large share of the tariff lines that are important for raising tariff revenue if they need to do so. As a result, tariff revenue losses will be limited.
“Tariff revenues are not even the largest source of government revenue for African countries they account for only around 15 per cent of total tax revenue in Africa.
“Tariff reductions in AfCFTA are to be phased in gradually, over a period of 5 years for developing countries and 10 years for least developed countries, or 10 years and 13 years respectively for sensitive products,” she said.
Business
TTP Trains Customs Agents, Freight Forwarders On Eto App
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Business
NECA Holds MSME Fair To Drive Growth
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
Business
Over 2m Passengers Board Blue Rail Train – Commissioner
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos
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