News
Moghalu Harps On Private Sector Bill Of Rights
The Chairman, Board of Directors and Advisory Board, Africa Private Sector Summit, Prof. Kingsley Moghalu, has reiterated the importance of Private Sector Bill of Rights (PSBoR) in business development in Africa.
Moghalu in a statement made available in Lagos, spoke at the AfCFTA Joint Private Sector Session 2023 Afreximbank Intra-African Trade Fair, Cairo, Egypt, yesterday.
According to him, PSBoR must be adopted as companion instrument to the Regional Economic Communities (RECs) and the African Continental Free Trade Agreement (AfCFTA) in order to create Africa everyone wants.
Moghalu said: “Trade, business and economies in general cannot grow sustainably, create wealth and lift millions from poverty without strong, predictable enabling business environments.
“This is the value proposition of the Africa Private Sector Summit’s proposed Charter on the Private Sector Bill of Rights (PSBoR).
“As I hope that I have demonstrated, the PSBoR is an indispensable compliment to Africa’s Regional Economic Communities and the potentially transformative AfCFTA Treaty.
“The Private Sector Bill of Rights, when adopted, will provide many practical benefits to varied stakeholders including governments, stock exchanges, African businesses, development partners, and the continental and global publics.”
He said that thriving businesses would pay taxes to the government and increasing revenues, adding that a thriving private sector generates listings and sustainability of capital markets.
“Productive economies with skilled, well educated labour forces will position Africa to join the 4th Industrial Revolution.
“The complimentarity of the Private Sector Bill of Rights to the RECS and the AfCFTA equals an Africa that is truly open for business,” Moghalu said.
Describing RECs and AfCFTA – regional trade as the path to prosperity, Moghalu, a former Deputy Governor, Central Bank of Nigeria (CBN), said that decades ago, Africa’s political leaders recognised, with foresight, that regional integration and trade are a powerful path to achieving prosperity.
He recounted that the African leaders established eight RECs that became the regional building blocks of the African Union and, ultimately, the AfCFTA.
He stressed that AfCFTA is the world’s largest free trade area, with the main purpose of progressively reducing the steep tariff barriers and trade costs that have for decades prevented the growth of trade and prosperity within the continent.
According to him, trading across borders under the terms of the AfCFTA began on Jan. 1, 2021 and as of August 2023, 47 out of 54 African countries have ratified the treaty.
He said that when fully implemented, the AfCFTA would boost intra-African trade by 52 per cent, lift 30 million people out of poverty, and increase the continent’s GDP by USD 450 billion by 2035.
Highlighting roles of private sector and government, Moghalu said that the continental targets simply could not be achieved without the private sector.
He said that while governments had signed and ratified the AfCFTA, it was companies and business enterprises that trade across Africa, far more than governments.
“This means that the African private sector must be strengthened to leverage the provisions and protocols of the AfCFTA to expand intra-African trade to create prosperity,” Moghalu said.
Speaking further on the African Private Sector Summit (APSS) and the Private Sector Bill of Rights, Moghalu stressed the need to leverage the private sector’s ability to drive trade and investment in our continent.
According to him, to help achieve an enabling environment for business in the continent, APSS is engaging with African governments and other relevant parties for the adoption by all African countries of a Charter on the Private Sector Bill of Rights (PSBoR) for an enabling Blbusiness environment.
Moghalu added: “The Private Sector Bill of Rights contains 24 specific rights.
“These rights include the rights to easy establishment of businesses, a conducive legal framework for business, infrastructure, peace and security, and consultative relationships between governments and businesses in the making of regulations that govern or affect business.
“The adoption of the Private Sector Bill of Rights will fast-track the actualisation of the key Framework Protocols of the AfCFTA.”
According to him, the APSS’s goal is to have the Charter on the Private Sector Bill of Rights adopted by at least 22 African countries, but preferably all countries on the continent that are members of the 55-Member State African Union,.
He said that it should also be adopted by the Pan-African Parliament, and then adopted at the Summit of the Heads of State and Government of the African Union.
Moghalu said: “We will seek adoption by national parliaments and/or the Executive branches of government. We are walking a similar path as that which led to the successful adoption of the AfCFTA.
“The specific rights identified in the Private Sector Bill of Rights come from the protocols of the RECs and AfCFTA.
“The PSBoR is intended as an essential companion instrument to the AfCFTA treaty, one that domesticates the continental trade agreement inside national governments, private sector governing and coordinating entities, and in the operations of the African marketplace in reality.
“I believe that the Private Sector Bill of Rights when adopted by African countries and alongside the RECs and AfCFTA, addresses a fundamental conundrum that has confronted post-colonial Africa for decades.”
“Why have market-oriented economies created broad-based wealth in Europe, North America and increasingly in Asia but poverty remains high in the vast majority of African countries?
“Breaking this jinx is the goal of the AfCFTA and the African Union’s vision 2063 – The Africa We Want,” he said.
He attributed high poverty in the continent to the relatively low level of intra-African trade.
“The PSBoR guarantees, amongst other rights, the right to favorable credit terms to support short, medium and long term investment projects as well as trade credit supported by the Africa Trade Insurance.
“ It also guarantees the right to benefit from scientific progress (innovation) and the right to local content in intellectual property,” he said.
The Organised Labour yesterday, called on the Federal Government to ensure inclusiveness in policy making and guide against erosion of rights, such as free speech and association.
The President, Nigeria Labour Congress (NLC), Mr Joe Ajaero made the call at the 2025 Workers’ Day celebration held at the Eagle’s Square, Abuja.
The Tide source reports Ajaero and the President, Trade Union Congress, Mr Festus Osifo delivered a joint statement on behalf of the organised labour at the event.
Ajaero described May Day as, not only a moment to honour workers’ sacrifices, but also a platform to demand justice and accountability from those in public office.
He frowned at the alleged suppression of protests, and the erosion of rights of workers by some agents
According to him, workers have a duty to resist economic injustice, insecurity, and policies that undermine their dignity.
Speaking on the theme of the day, the NLC President underscored the need for Nigerian workers to reclaim the civic space and resist policies that contribute to worsening economic conditions.
“Our theme this year – “Reclaiming the Civic Space in the midst of Economic Hardship – reflects the urgent need for citizens to protect democracy and push back against repression.
“The civic space, where Nigerians express their concerns and challenge injustices is shrinking.
“If we fail to reclaim this space, the foundation of our democracy risks collapse,” he said
Ajaero, therefore, urged workers to unite and resist division, fear, and despair.
He also urged them to mobilise and organise for change, declaring that the right to demand better conditions is non-negotiable.
“Without workers, there is no society; without labour, there is no development. We must take our place in the fight for economic justice and democratic governance.”
Speaking in the same veins, Osifo said workers are the backbone of the nation—the educators, healthcare providers, builders, farmers, and innovators who sustain its economy -.
He stressed the need for the labour to reclaim the civic space even in the midst of economic hardship.
The Joint Admissions and Matriculation Board (JAMB) has disassociated itself from a fraudulent site requesting payments from candidates who missed the ongoing 2025 Unified Tertiary Matriculation Examination (UTME).
The board said that the site, “Copyrightwriter Personal J Rescheduling Flw” and account number 8520641017 at Sterling Bank, associated with it, are scam.
The disclaimer is contained in a statement made available to newsmen in Abuja on Thursday by the Board’s Public Communication Advisor, Dr Fabian Benjamin.
Benjamin said the account is being exploited to defraud unsuspecting candidates who missed their UTME.
“We issue this urgent notice to inform the public about this nefarious scheme targeting candidates who were unable to participate in the UTME.
“Some unscrupulous individuals are deceitfully soliciting payments of N15,700 under the false pretence of offering rescheduling services for the examination.
“Let us be unequivocal: this, it is a blatant scam, and we are confident that the public will not fall prey to such cheap and regressive tactics.
” The individuals behind this scam have no affiliation with JAMB or any legitimate government agency.
“The account details provided in these communications are entirely fictitious and bear no connection to any official processes; they exist solely for the purpose of perpetrating fraud,” he said.
Benjamin called on Sterling bank to take immediate and decisive action against this criminal activity.
According to him, JAMB has reported the matter to the relevant security agencies and actively pursuing those responsible for this deceitful act.
He further said that “JAMB does not reschedule examinations for candidates who miss their scheduled tests due to reasons unrelated to the Board’s actions”.
He, however, said that the Board is conducting a thorough investigation for candidates whose biometrics failed during verification and were thus unable to sit for the examination.
He said those without discrepancies would be invited to retake the examination at no cost , stressing that “no cost is required”
“It is imperative to understand that JAMB does not charge any fees for examinations after a candidate has completed their registration.
“We strongly urge all candidates to remain vigilant and not to succumb to these fraudulent schemes.
“Protect yourselves and report any suspicious activity immediately,” he explained.
The Niger Delta Development Commission (NDDC) has expressed its willingness to partner with the United Nations (UN) to accelerate the development of the Niger Delta region.
Dr Samual Ogbuku, Managing Director of the NDDC, made the appeal in a statement issued by the commission’s Director of Corporate Affairs, Mrs Seledi Thompson-Wakama, in Port Harcourt on yesterday.
According to the statement, Ogbuku sought the UN’s support during his visit to the UN Resident and Humanitarian Coordinator (UNRHC), Mr Mohammed Fall, at the UN regional office in Abuja.
He called on the global body to provide the NDDC with technical assistance and expert services to support the region’s development.
“We are eager to collaborate with the UN, recognising that the state governments in the region and the NDDC alone cannot achieve the level of regional development required,” he said.
Ogbuku identified key areas where support would be needed, including the provision of portable and affordable drinking water powered by high-tech solar energy sources.
He also highlighted the importance of reforesting the mangrove swamps, which have been severely damaged by decades of environmental degradation caused by oil exploration in the Niger Delta.
“Although the NDDC has made progress in providing solar-powered streetlights across the region, we still require UN support in delivering solar energy solutions for residential buildings.
“We also wish to explore the possibility of installing solar mini-grids in homes across communities, which would boost local commerce and trade,” he added.
The NDDC managing director further appealed for increased UN involvement in areas such as healthcare, education, youth training, gender development, and food security.
Ogunku stated that such interventions would significantly enhance the standard of living in the region.
In response, Fall affirmed the UN’s readiness to collaborate with the NDDC to fast track development in the Niger Delta.
He assured that the UN would support initiatives in food security, job creation, education, and renewable energy, among other areas.
“We aim to approach development in the Niger Delta holistically, rather than focusing solely on environmental pollution.
“This is merely an entry point; however, the UN’s development vision aligns with the Sustainable Development Goals (SDGs), which are designed to positively impact various aspects of people’s lives,” Fall stated.
He assured the NDDC of continued and fruitful engagements to drive the region’s development.