Business
Nigeria Will Lose $1.3Trn To EPA – MAN
Nigeria may lose up to
1.3 trillion dollars in revenues if it signs the Economic Partnership Agreement (EPA), the Manufacturers’ Association of Nigeria (MAN) has said.
The association’s view is contained in a statement, issued by its President, Mr Frank Jacobs, in Lagos on Monday.
The Tide source reports that EPA is a free trade deal between Economic Community of West African States (ECOWAS) and European Union.
The Committee of Heads of State and Governments of ECOWAS endorsed EPA in July 2014 and opened it for signature by member states.
But in spite of being beneficiary to the letters of EPA, including a 6.5 billion pledge by the EU to support infrastructure development in the ECOWAS region in a 2015 to 2020 programme, Nigeria is one of three states yet to sign the document.
Other ECOWAS states yet to sign the deal are Ghana and Ivory Coast.
Nigeria fears that the deal may undermine its economic interest considering that it involves two regions with unequal economic strengths.
The Vice President of Nigeria, Prof. Yemi Osinbanjo in June during the 49th Ordinary Session of ECOWAS in Dakar, said that the government would consult key players, such as MAN, before deciding on the agreement.
Jacobs said “Nigeria should at this time look at ways we can come out of the economic recession by generating more foreign exchange from exports instead of signing such agreement.
“We totally oppose signing if the agreement because it will stifle the Nigerian market and hinder the government’s effort at industrialisation with finished items from European countries.
“As an estimate, Nigeria can lose up to 1.3 trillion dollars if the partnership is signed.
“The nation currently lacks the technology to produce finished goods with its commodities where it has comparative advantage, signing the EPA will stifle all these efforts.
“The markets will be further choked with products that will cause undue competition to the existing locally manufactured products, and we currently lack the capacity to flood the European market with our own products.”
He further said that the EPA would stifle the informal trading sector which included the major population.
Jacobs said that all manufacturers were opposed to Nigeria signing EPA because the country generally lacked capacity to compete with Europe.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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