For Nigeria to become a major player in the African Continental Free Trade Agreement (AfCFTA) initiative, and globally, there is a need for government to focus more on promoting the non-oil sector and create targeted funding for selected export-oriented sectors such as agriculture, manufacturing, creative arts and entertainment.
The Director-General of Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Almona, said this would enable the country to enhance its competitiveness and rev up Nigeria’s share of global and Africa trade currently put at just 0.26 per cent and 19 per cent.
Speaking on the theme: ‘African Continental Free Trade Agreement: Matters Arising’, at the 2022 yearly symposium of the Issuers and Investors Alternative Dispute Resolution Initiative (IIADRI) held in Lagos recently, Almona bemoaned Nigeria and Africa’s low contribution to global trade, despite the continent’s trade prospects.
However, she expressed hope that leveraging AfCFTA initiative would enable Nigerian manufacturers to tap into the global market, increasing industrialisation and boosting economic growth.
Represented by the Assistant Director, Research and Advocacy, LCCI, Sunny Michael, she said UNCTAD’s Global Trade update showed that world trade in goods remained strong, while trade in services had returned to its pre-COVID-19 levels in 2021.
She, therefore, insisted that Nigeria and other African countries must step up the game to play a more active role in global and regional value chains.
According to her, governments at all levels should support producers in the areas of capacity building and technical assistance to improve the quality of products for export, as well as ensure that the country’s products can easily access other markets.
“We need a conducive regulatory environment for export and manufacturing. Government should consider establishing agro-industrial parks strictly focused on the production of goods meant for export.
“Corporate strategies also matter; we must have a strategy for supply chain and explore resources for our own benefit. It is cheaper and more sustainable,” she said.
Also speaking at the event, Executive Secretary, Nigerian Investment Promotion Council (NIPC), Emeka Offor, urged shareholders to ensure that operators of listed firms restrategise to benefit from the AfCFTA and boost their investment.
According to him, there is a need for Nigerian firms, especially quoted companies to identify and tackle issues that would pose a threat to the realisation of the benefits of the AfCFTA in Nigeria before the full take-off of the initiative.
He stated that information through intelligence gathering is very critical to keeping operators ahead of trends to enable them to reposition appropriately and benefit from the programme.
Offor said international trade has its own uncertainties and risks, and that that the more Nigerian business operators understand the market, the more they take advantage of the unlimited demand and innovation along the supply chain.
Senate Confirms Cardoso, 11 Others As Monetary Policy Committee Members
The Senate has confirmed the nomination of Olayemi Cardoso as the chairman of the Monetary Policy Committee of the Central Bank of Nigeria.
Also confirmed for appointment as members of the MPC yesterday, include, Muhammad Abdullahi, (CBN deputy governor), Bala Bello (CBN deputy governor), Emem Usoro (CBN deputy governor), Philip Ikeazor (CBN deputy governor), Lamido Yuguda, (DG Securities and Exchange Commission) and Jafiya Lydia Shehu, (Permanent Secretary, Ministry of Finance).
Others are Murtala Sabo Sagagi (CBN director) Aloysius Ordu, Aku Odukemelu, Mustapha Akinwunmi, and Bamidele Amoo.
President Bola Tinubu had on Wednesday named Cardoso as the chairman and 11 others as members of the MPC.
Tinubu in his letter of nomination to the Senate, said his action was in line with the provisions of Section 12 of the Central Bank of Nigeria Act 2007.
The President had about a week ago asked the Senate to confirm Cardoso, as the chairman of the Monetary Policy Committee of the apex bank.
CBN MPC will hold its first policy meeting for the year on February 26 and 27.
The Senate had , on Wednesday, screened the nominated members of the CBN Monetary Policy Committee, questioning them on the lingering foreign exchange and food crises.
‘Unemployment Rate Hit 0.8% In 2023 Q3’
The unemployment rate in Nigeria rose by 0.8percent in the third quarter of 2023.
According to the National Bureau of Statistics (NBS), this was a significant rise, adding that the unemployment rate rose from the 4.2percent recorded in Q2 2023 to 5.0 percent in Q3 2023.
The NBS, the custodian of official statistics in the country, disclosed this in a report it published last Monday titled “Nigeria Labour Force Survey Q3 2023”.
“The employment-to-population ratio was 75.6 percent in Q3 2023 with a decrease of 1.5 percent compared to a ratio of Q2 2023.
“The combined rate of unemployment and time-related underemployment as a share of the labour force population (LU2) increased to 17.3percent in Q3 2023 from 15.5percent in Q2 2023.
“About 87.3 percent of workers were self-employed in Q3 2023. The proportion of workers in Wage Employment in Q3 2023 was 12.7 percent.
“The unemployment rate increased significantly in Q3 2023 at 5.0 percent. This is an increase of 0.8 percent from Q2 2023.
“The rate of unemployment among persons with post-secondary education was 7.8 percent in Q3 2023”, the report stated in part.
It added that the unemployment rate for youth between the ages of 15 and 24 years was recorded at 8.6 per cent in Q3 2023 while the informal employment rate in Q3 2023 was 92.3 per cent.
The report added, “The unemployment rate in urban areas was 6.0 percent percentin Q3 2023, a slight increase of 0.1 percent from Q2 2023.
“Time-related underemployment in Q3 2023 was 12.3 percent, showing a slight increase of 0.5 percent from the rate recorded in Q2 2023. This shows an increase of 1.4 percent compared to the rate in Q4 2022.
“4.1percent of the working-age population was in subsistence agriculture in Q3 2023. Informal employment rate in Q3 2023 was 92.3percent, while Q2 2023 was 92.7percent.
“Percentage of youth Not in Employment, Education or Training was 13.7percent in Q3 2023”.
Recall that Nigeria’s inflation rate last Thursday climbed to 29.90 per cent in January 2024 from 28.92 per cent recorded in the previous month.
The 0.98 percent increase shows that the inflation rate in the country is yet to slow down.
The NBS revealed this in its ‘Consumer Price Index’
The development adds more pressure on the Central Bank’s monetary policy committee to sharply raise interest rates at a February 26-27 meeting its first in seven months.
Merchant Navy Lauds NIWA Over Staff Welfare
The Nigerian Merchant Navy Officers and Water Transport Senior Staff Association (NMNO/WTSSA) has expressed optimism that the Managing Director of National Inland Waterways Authority (NIWA), Mr. Bola Oyebamiji, will prioritise workers welfare for optimal performance of the agency.
Jibril Darda’u, General Manager, Corporate Affairs, NIWA, in a statement over the weekend, disclosed that the seafarers’ union’s remarks are one of the highlights of the meeting between the Trade Union Congress (TUC) affiliate group and management of the agency.
The statement quoted the Chairman of the NMNO/WTSSA, Comrade Suleiman Danjuma, as commending the Managing Director of NIWA for the good initiative of the kind of interaction that brings the staff closer to the management.
“This will definitely boost the morale of the staff and pledge their loyalty and confidence in the Managing Director’s leadership style”, Danjuma stated.
Earlier, the Managing Director of NIWA promised to build on the progress already achieved at the Lokoja River Port, Kogi State.
The MD disclosed this when he went on a familiarisation tour of NIWA’s facilities in Lokoja.
According to the MD, the importance of Lokoja River Port being in the confluence State is to boost the economic viability of the State and Nigeria at large.
“We are here for facility tour to see for ourselves what is on ground at Jamata Port, Lokoja. It is important we come here to assess the facilities to see, at least, how we can move the facilities forward”, he stated.
Recall that in continuation of his familiarisation tour, the Managing Director’s visited the NIWA Lokoja Area office to inspect the Dockyard facilities.
Nkpemenyie Mcdominic, Lagos
Rivers5 days ago
MOSIEND Hails Former NNPCL Executive Vice President
News2 days ago
Gunmen Kill Police Inspector In Rivers
Business5 days ago
Lawmaker Urges FG To Open Borders For Food Importation
Sports5 days ago
SWAN Gets New Leaders In Rivers
Editorial5 days ago
Towards Sustainable Tourism In Nigeria
News5 days ago
Bill On State Police Scales Second Reading
Nation5 days ago
300 Level Nursing Student Commits Suicide In Ogun
Rivers5 days ago
Rivers Police Confirm Killing Of 2Baba