Business
AfCFTA: Bank Tasks Private Sector On Suitable Goods
The African Export-Import Bank (Afreximbank) has urged the private sector in the continent to manufacture goods that would fit into the African Continental Free Trade Area (AfCFTA) to reap benefits of the agreement.
The President of Afreximbank, Dr Benedict Oramah, said this in a statement issued by Mr Obi Emekekwue, the bank’s Director and Global Head, Communications and Events Management Department on Monday.
Oramah gave the advice while addressing Egyptian business leaders at a breakfast meeting in Cairo.
He said that it would be meaningless for the continent’s private sector to manufacture goods that were of no benefit to the Continental Free Trade Area and expect returns.
The president urged the private sector in different countries to identify the opportunities in other markets.
“For instance, Egypt, with its relatively advanced industrial base could serve as a viable manufacturing hub and major source of technologies for most of the continent.
“Its nearness to major markets in Africa also offered a tremendous opportunity for accessing the abundant raw materials and other intermediate goods from other African countries for further processing and export at competitive rates to other markets,” he said.
According to him, this will ensure success of the CFTA, as Afreximbank has started working with the African Union Commission to ensure the realisation of the goals.
He assured that the bank would assist with information, market intelligence and financing, which would enable the private sector take advantage of the opportunities that would emerge as a result of the AfCFTA.
Kanayo Awani, the bank’s Managing Director, Intra-African Trade Initiative, informed the business leaders that to strengthen trade in Africa, an Intra-African Trade Fair would hold in Cairo in December.
Awani said that the fair, which was being organised by Afreximbank in collaboration with the African Union (AU), would hold from December 11 to December 17.
The business breakfast was organised by AfroDev, a Cairo-based consulting and training firm that works on promoting economic development and business links among African countries.
Afreximbank is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade.
Since 1994, it has approved more than 51 billion dollars in credit facilities for African businesses, including about 10.3 billion dollars in 2016.
The bank had total assets of 11.7 billion dollars as at December 31, 2016.
It is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch), and has its headquarters in Cairo.
Business
NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products
Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.
The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.
The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.
“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.
NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.
