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Tag: export

  • N191b horticulture export market threatened by freight, others

    N191b horticulture export market threatened by freight, others

    The horticulture sector in Nigeria, valued at N191 billion, is currently facing a decline in its international market share, primarily due to increasing production costs and logistical difficulties.

    Speaking with The Nation, a player in the industry and Chief Executive, Produce Export Development Alliance (PEDA), Adetiloye Continental, noted that market for fresh vegetables was a big market for Nigerians ready to earn foreign exchange. He added that the market for fresh produce export market has mostly become a highly demanding and competitive premium quality market.His words: “A lot of Nigerians have been involved in it.

    The motivation is the fact that they can earn foreign exchange. The second reason is that exportation helps us as a country to improve our domestic standards. The more we embrace export standards the more our domestic standards improve. The promise of having access to a premium market is also an attraction.”

    According to him, the value of Nigeria horticulture exports, including vegetables, went up to N191 billion in 2023. He regretted the volume was dropping.

     “In recent time, the number has dropped as a result of the high cost of freight and all that. The major challenge is the cost of freight has become dramatic. The cost of production has increased. Standards are also a challenge. For those who are exporting fresh perishables, the cold chain is almost nonexistent. The few cold chain infrastructures are very expensive to rent. Personally, that’s the business I do. I rent out cooling trucks. To move cargo from one place to the other the cost is very, very high for most people.  Let’s say you want to move a 5-tonne vehicle from Lagos to Abuja, it costs you around N1.6 million.”

    With its rich agricultural resources, he noted that Nigeria is to explore its underutilised potential to expand exports of high-quality fresh vegetables to satisfy growing global demand.

    “The other issue is that most people just want to export to Europe and Asia-Southeast Asia that’s Vietnam, Thailand, India, and China. Meanwhile, there’s a growing market in the Middle East. The  barriers to entry into the Middle Eastern market are a bit lower than that of other parts of the world.”

    Read Also: Sugar Council urges investors on Africa’s $7b export market

    The Nation learnt that exports of fresh vegetables, a  major  component in the horticulture basket, has grown significantly in recent years with a lot of Nigerians using  different routes to move  their  produce to Europe.

    The United Kingdom’s    population of 60 million has become a sizable market for fresh produce from Sub-Saharan Africa (SSA). This is because of its seasonal marketing windows, attractive prices, diverse consumption patterns and rising demand for specific fresh produce. The United Kingdom’s   Vegetables market is valued at $23.12billion. The market is expected to grow annually by 6.31 per cent. The UK is the third biggest importer of fresh fruit and vegetables in Europe.Nigeria has joined Ghana, South Africa, Kenya, Ivory Coast, Tanzania, Uganda and Zambia to explore popular vegetables such as pumpkins (Ogu) green beans, peas, avocado, papaya and passion fruit, squash, aubergines, chilli, and sweetcorn. The exported produce is marketed through supermarkets, with the remainder entering the wholesale and food-service sectors.

    In an interview, the  Executive Director, Nigerian Institute of Export Operations and Management (IEOM), Ofon Udofia, noted that Nigeria holds great potential in export of fruits and vegetables that could be marketed in many countries and territories around the world.

    He indicated that Nigeria can earn more dollars from fruit exports as the demand for fruits and vegetables is very buoyant. He   pointed out the various shortcomings in vegetable exports such as, shortage of cold chain infrastructures, discoordinated management and poor safety standards among others.

    Speaking with The Nation, former Executive Director, National Institute for Horticultural Research (NIHORT), Dr. Abayomi Olaniyan, noted that many factors were responsible for the drop in vegetable exports. His words: “It is becoming very challenging for farmers to cultivate their land. Vegetables seeds are very expensive. Transporting the seeds to farmers across the country to plant   is very tasking in view of insecurity and high cost of freight. NIHORT is trying as much as possible to increase the production of vegetables for export. Those who import the seeds do this at high cost and sell to farmers at exorbitant prices. NIHORT is trying to bridge the gap by developing those seeds locally. So far, different varieties of vegetable seeds have been developed and released to farmers. The institute is working with the Federal Ministry of Agriculture and Food Security to achieve this. “

  • Export: CSOs urge President to strengthen NAQS

    Export: CSOs urge President to strengthen NAQS

    The Transparency Advocacy for Development Initiative (TADI) and 50 other Civil Society Organisations (CSOs) on Monday appealed to President Bola Tinubu to strengthen the Nigeria Agricultural Quarantine Service (NAQS) to ensure that Nigeria agricultural products meet international standards.

    Speaking with Journalists in Abuja, Director of Research for TADI, Mohammed Basah said strengthening and empowering NAQS would make the agency perform better and effectively.

    He further applauded president Tinubu for the re-appointment of Dr. Vincent Isegbe as the Director – General/Comptroller General of the agency.

    Basah said: “We acknowledged that the strategic decision by President Tinubu is a welcome development in his declaration on food security in Nigeria and for the NAQS which signifieses a commitment to moving Nigeria’s agricultural sector forward.

    “Dr. Isegbe’s capacity to serve and deliver on his responsibilities at one of the apex agricultural institutions is unquestionable.

    Read Also: Reps Committee tasks CSOs, development partners on participation in democracy

    “We appreciate President Tinubu’s dedication and commitment to repositioning every sector of the project Nigeria, and fostering hope for all Nigerians, regardless of tribe, religion, and otherwise.

    “President Tinubu has consistently made prudent choices in appointing capable and capacity personified individuals to manage critical sectors of the nation.

    “This appointment further reinforces his commitment to effective governance and strategic positioning of capable hands towards the nation’s economic progress.

    “We look forward to the positive impact expected from Dr. Isegbe’s leadership and expertise to pilot forward the NAQS and the agricultural landscape of the country.

    “Transparency Advocacy for development Initiative (TADI) use this veritable medium to applauds President Bola Ahmed Tinubu for entrenching professionalism in NAQS through the renewed Hope Agenda by reappointing Dr. Vincent Isegbe as the Director General/Comptroller General of Nigeria Agricultural Quarantine Service (NAQS).”

  • Export revenue generation drive soars as agency intensifies efforts

    Export revenue generation drive soars as agency intensifies efforts

    The federal government has intensified efforts in its drive towards non-oil export considering the perennial economic crunch facing the country.

    Leading this drive to ensure less dependence on the oil sector, is the Nigerian Export Promotion Council with support from other agencies under the Industry, Trade and Investment Ministry as one of the strong revenue drivers of the economy.

    Working in line with its mandate, the Executive Director/CEO of NEPC Ezra Yakusak said the agency is not leaving any stone unturned in its drive to generate revenue by moving Nigerian products round the world considering the fact that the country is richly blessed with one of the best exportable products that cannot be rejected by any country in the world.

    According to the ED, the free fall of the naira against the dollar can only be averted by enhancing the country’s export capacity.

    “Major mandate of the Council are,  developing and promoting non-oil exports from Nigeria, it’s activities include export development activities, export marketing activities and others,  ensuring every Nigerian exportable products finds its way and marketed outside Nigeria. This again is to work on the country’s weak naira to dollar crisis raging today, as the increase in non-oil will stop naira depreciation.”

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    Again Yakusak had earlier explained that an increase in Nigeria’s non-oil exports would result in a stronger value for the naira in the international market.

    “Presently the dollar is a thousand plus to dollar and the only way to stop it is through vigorous export drive. Export is the only way out of the country’s current situation, it provides jobs, create industries and also add value.

    So if there is any time we need to build a sustainable national economy through non-oil export, the time is now.”

    It may be recalled that the Council had in 2022 said the country generated a total of $4.8b as revenue from non-oil exports, a feat the Council said had never been attained before now.

    The Council did not rest on its oars, between January and June 2023 Nigeria recorded $2.52 billion in non-oil export proceeds for the first half of 2023, after exporting 3,944,344.17 metric tonnes of products.

    The NEPC boss, who revealed these figures while giving a performance report on exports between January and June 2023 in Abuja, however lamented that the dwindling of the non-oil export sector’s fortune could be attributed to the general election that was held in February/March 2023 and the subsequent transition in government which might have likely affected economic activities.

    Besides, he added that changes in global economic conditions, such as slowdown in global demand or decline in commodity prices may have also negatively impacted non-oil export performance.

    Even with what the country is presently going through, Yakusak had assured that the Council will hit its $5 billion target before the end of 2023.

    Export reject has been a major source of concern to the nation.

    The Council had at different times trained Small and Medium Enterprise, SMEs, exporters on better packaging good quality in an effort to reduce export reject, noting that under the ‘Go Global, Go Certification’ campaign.

  • Stakeholders worried over export challenges

    Stakeholders worried over export challenges

    Stakeholders in Nigeria’s export sector have expressed worry over challenges that may threaten the viability of Koko Port, one of the four ports in Delta State, located in Warri North Local Government.

    Some of the challenges identified include inadequate concessions to exporters by the new operating firm, poor road access to the port and perceived insecurity in the area.

    The stakeholders, who were participants at a one-day seminar organised by the Nigerian Shippers’ Council (NSC), called on the Federal Government to prevail on the operator, Creek-Shore Jetty and Terminal Limited, to allow certain concessions to exporters who utilise the port.

    The Chairman of Nigerian Ports Authority (NPA) Daily Berthing Committee, Delta Ports, Sir Chidi Njoku, said the recent development might force exporters, who had been convinced to utilise the port, to seek alternatives.

    Njoku, recalling the campaigns the committee embarked on in order to encourage patronage at the Koko Port, said: “With the way things are going, people using the port may back out. Such a place needs to be conducive for exporters.

    There are many things they should let go of as far as their (exporters) documentations are correct, for export to thrive.”

    Giving instance of an export vessel “blocked for over four days” by the operators, with “demurrage counting,” he said “these people using it now have started redirecting their vessels and making inquiries for other jetties to see if it will be more conducive. Government needs to do something.”

    Others called for a synergy between the federal and state government to fix the dilapidated Warri/Benin Expressway and the road leading to the port, as well as tackle kidnapping and armed robbery.

    Sunny Iwuji of the Shipping Trade Group, speaking about the Warri Port, lamented the high cost of operating at the place. He appealed for “waivers” to be issued them.

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    NSC Executive Secretary Emmanuel Jime, presenting a keynote address on the theme: ‘Export of Agricultural Produce through Koko Port: Issues and Prospects’, called for infrastructural rehabilitation, among others, to attract and encourage exporters to patronise Koko Port.

    Jime, represented by Nambol Nanle, underscored the advantages of utilising Koko Port for exportation and stressed the need for a more “virile export” in Nigeria.

    According to him, “the benefits of a virile export sector to the Nigerian economy cannot be overemphasised. They include foreign exchange earnings leading to favourable balance of trade, stabilisation of the exchange rate as the country exports more products, thereby giving strength to the naira, promotion of industrial activities, creation of employment opportunities for youths, among others.”

    He noted that the strategic location of Koko Port, one of the four ports in Delta State, made it to have comparative advantages in facilitating export by reducing transportation time and cost.

    Jime said the port was most suitable for the export of agricultural produce such as palm kernel, palm oil, cocoa and rubber to the international market.

    Delta State Commissioner for Transport, Onoriode Agofure, represented by Carthuris Ogbogbo, an engineer; said the state government looked forward to partnering the organisation on ways to promote export through ports across the state, as this would translate to economic benefits for the state and meaningful engagement of the populace.

    Others who spoke at the programme included the Director, NSC Southsouth Zone, Mr. Glory Onojedo; Delta State Coordinator, Nigerian Export Promotion Council (NEPC), Mr. Peter Onokpasa, represented by Godwin Oyibo; the President, Delta Shippers’ Association, Dr. Austin Egbegbadia and the Manager, Delta Ports, Makanjuola Bamidele, represented by Dr. Julius Obilor.

  • Shettima, Akume others for non-oil export conference

    Shettima, Akume others for non-oil export conference

    The Executive Director, CEO Nigerian Export Promotion Council NEPC, Ezra Yakusak has set machinery in motion to host the second edition of the National Conference on Non-oil Export with the theme, “Building a Sustainable National Economy through Non-oil Export” in Abuja.

    Amongst the expected guests is Vice President Senator Kashim Shettima to deliver the keynote address and declare the Conference open. 

    Other dignitaries who are expected to grace the occasion include the Secretary to the Government of the Federation, Senator George Akume, Governor of Benue State Rev (Fr) Dr. Hycinth Alia, Hon. Minister of Industry, Trade and Investment Dr. Doris Anite and her counterparts in the Federal Ministry of Transportation Senator Saidu Alkali and the Honourable Minister of Special Duties and Inter-Governmental Affairs, Hon. Zaphaniah Jisalo.

    Briefing newsmen in Abuja, the NEPC boss enjoined those involved in the non-oil export trade to take stock of the state of the non-oil export sector, recharge and reignite actors in the value chain to live-up-to or surpass the  expectations of the government and proffer solutions to the country’s emerging economic and trade challenges.

    The briefing is the first direct public engagement of NEPC with the highest echelon of the administration of President Bola Ahmed Tinubu since it took over the reins of government.

    Last year, precisely in April 2022, the maiden edition of the National Conference on non-oil export was held in Abuja with the theme “Export for Survival: Optimising Nigeria’s Non-Oil Export Potentials.”

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    Going down memory lane, Yakusak recalled that, “At the end of that conference a 19-point communique was issued. I am glad to inform you that the Council has worked tirelessly to implement the issues raised in the communique.

    For example, the Council has established and launched additional three Export Trade Houses (ETHs) in Lome, Togo, Nairobi in Kenya and just recently in Hunan Province in China. Similarly, a Trade in Services Division has been established under the Office of the Executive Director in line with  recommendations of the last conference.”

    “The theme of this conference “Building a Sustainable National Economy through Non-oil Export” aptly reinforces the need to keep the conversation on the revitalisation of the economy on the front burner. Expediency dictates that the vagaries and vulnerabilities around oil which has placed uncertainties on what future it beholds, means that Nigeria must seek other ways of diversifying her economy.

    “In this regards, consistent stakeholder engagement, using the Conference as a pivot for galvanising policy makers, economic pundits, development partners and more importantly the exporting community is key to proffering solutions to some of the challenges affecting the sector, especially in the area of trade facilitation, access to affordable finance and the issue of infrastructural deficit.

    “The 2nd Non-oil export conference will hold on Wednesday and Thursday (4th – 5th October, 2023 in Abuja, it is also  important  as such is needed to advance the course of a sector in search of earning better forex, creating more wealth and employment, and diversifying Nigeria’s economy away from the sole dependence on crude oil.”

  • What’ll make export processing terminal effective, by expert

    What’ll make export processing terminal effective, by expert

    A member of the International Chartered Institute of Logistics and Transportation, Adeniyi Adeoye has identified the likely obstacles to the effective implementation of export processing terminal (EPT).

    At a seminar entitled: “Assessing economic benefits of maritime and blue economy in Nigeria”, organised by the Research Centre for Integrity Assessment and Evaluation (RCIAE), Adeoye commended President Tinubu for  establishing the Ministry of Maritime and Blue Economy.

    The seminar addressed two major problems that arise from the operation of the recently initiated export processing terminal by the  administration.

    In his paper, Adeoye stated that the first obstacle is the loopholes which might affect estimated revenue from maritime, adding that the second challenge is the avoidable additional cost to be bored by transporters and exporters which might discourage exportation of cargoes through Nigerian ports.

    He said: “Implementing an Export Processing Terminal (EPT) policy is, undoubtedly, a commendable initiative.

    “However, it’s crucial to ensure that this policy is thoughtfully crafted and executed to benefit not only the government but also stakeholders in the transport, maritime industry, and the public. The policy should aim to address existing challenges, not exacerbate them.”

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    “At present, there are lot of loopholes (likely to encourage fraudulent practices) and inefficient operational procedure in the operation of EPT that are likely to jeopardise President Tinubu’s purpose of creating ministry of maritime and blue economy and also cause crisis between transporters and EPT, as well as terminal operators, customs are parts of the crisis as well.

    “To uphold the spirit of the EPT policy, it’s imperative to tackle the issue of unauthorised and illegal charges, policies and excessive costs incurred by drivers. This can be achieved through proper regulation and enforcement to create a fair and cost-effective transportation environment.”

    “Adopting holistic approach in the implementation of EPT policy will successfully address critical issues that are likely to militate against achieving the objective of creating EPT and ministry of maritime and blue economy.”

    “This approach should focus on cost reduction, regulatory efficiency, and fostering cooperation between the EPT and existing port terminals to ensure a smooth and successful transition is covered in the Export Processing Terminal (EPT) operational system.”

    “Implementation of EPT policy to justify its establishment will require critical analysis of its operational procedure which will determine sustainability of the project, its advantages and disadvantages to all the stakeholders in the exportation business.”

     “President’s decision to diversify national economy is a good development, long overdue and will play crucial role in the national development. If the resources available in the maritime sector are judiciously, effectively and logically exploit, manage, control and utilize this sector of Nigerian economy will comfortably fund one-third of the national budget annually.”

     “As a nation blessed with oceanic resources, such as fishing, aquaculture, coastal tourism, undersea cabling, seabed extractive, renewable energy,  biotechnology maritime shipping, water desalination, industries, deep-sea mining and enough qualified human resources, the new ministry of maritime and blue economy has responsibility of ensuring sustainable utilization of these unending ocean resources to foster economic growth, create jobs, improve livelihoods and move Nigerian economy out of recession.”

    In his remark, the Operation Manager for RidakGate Nig Ltd, Mr. Saheed Alabi condemned the mode of operation of the EPT. He said, “we initially thought establishment of EPT would eradicate the existing problems experienced by exporters and transporters, unfortunately reverse is the case, EPT has compounded and complicated the problems.”

    “We appeal to Goverment to engage qualified and experienced professionals in the industry to map out ideas and strategy that will guarantee success of EPT operation in Nigeria.”

    Meanwhile, the Director of Education/Programmes at the Research Center for Integrity Assessment and Evaluation (RCIAE), Adedayo Aremu assured participants of the research center’s commitment to equity, fairness and justice in governance and administration in Nigeria.

    She said that the center is planning a more expanded seminar for the players in maritime sector in December 2023.

  • ‘Shea butter policy’ll boost export, create jobs’

    A policy document on shea butter production will create more jobs and increase exportation of the product, the Federal Government has said.

    The Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Mr. Sunday Akpan, spoke during the presentation of the draft policy document on shea butter in Abuja, during the week.

    He said the government was working towards ensuring that Nigeria stopped the importation of Shea-based products like vegetable oil, soap and other cosmetics.

    Akpan, represented by the ministry’s Director, Department of Commodity Produce and Inspectorate (CPI), Mrs. Omololu Ope-Ewe, said Nigeria will build a virile shea hub.

    According to him, the shea hub will take the country to a point where she will be exporting high quality shea butter and other products instead of exporting the raw nut, which yields nothing.

    “The policy will enable thousands of Nigerians to find new opportunities in shea business and engage millions in both direct and indirect jobs for wealth creation,’’ Akpan said.

    According to him, the country must evolve new strategies to gain market access for shea products.

    He said Nigeria needed to agree on the right method that would attract and stimulate new and sustainable investment in the shea sector.

    Read Also: ‘We empower rural women through Shea butter production’

    Akpan added that the National Shea Policy would guide, regulate, protect and support stakeholders in the sector.

    “Nigeria accounts for about 57 per cent of global shea supply, producing about 400, 000 metric tonnes yearly.

    “It is, however, disturbing that more than half of the total quantity produced is unaccounted for due to poor post-harvest handling.

    “Others are lack of modern processing equipment, low investment, lack of innovation, research and development,” Akpan said.

    The Deputy Director, Commodities and Products Inspectorate Department, Mr. Napoleon Abalaka, said the challenges of the sector had been non-improvement on production and processing methods.

    Other challenges include lack of credit for expansion and handicap in producing high quality products for global export.

    He, however, said the policy document would encourage investors who would be willing to put their hard earned money in the sector.

    According to him, most investors were not willing to invest in the sector because of the absence of a protective mechanism and safety net that would meet their expectation in Return on Investment (RoI).

    A representative of Management Strategy Advisory Limited, Mrs. Funmi Ilamah, said Nigeria lacked a solid structure and plantation to boost the sector.

    According to Ilamah, the country produces 75 per cent of shea while it exports only 10 per cent of it.

    She said the sector was faced with issues like lack of domestication and cultivation of shea trees in Nigeria.

    She, therefore, advocated for improvement on the production of shea through research and development of resource management.

  • ‘Upping the export’

    Those in the export business are looking inwards, cultivating safe and high-quality commodities to reduce or, possibly, halt the rejection of export-bound products at the international market, DANIEL ESSIET reports.

    The Managing Director, Vintage Farms and Products, Chief Mike Elechi, is positioning himself to earn revenue from exports.

    As part of such effort, he has been engaging his employees on Good Agricultural Practices (GAP)  such as restriction on the use  of pesticides and fungicides in cultivating crops.

    Elechi, who is also the First Deputy President, Port Harcourt Chamber of Commerce, Mines and Agriculture (PHCCIMA) produces organic produce, which, according to experts, does not require use of pesticides and fungicides.

    The exporter threw his hat in the organic produce business because organic agro produce always attract  the best prices at the world market. Elechi, who also cultivates a variety of crops including vegetables, told The Nation that he sembraced organic agriculture to prevent his produce from being rejected at the international market.

    Apart from routine engagement with his farm hands on GAP, Elechi has also taken  steps to improve  safety and quality of   produce. He has also received  series of trainings on how to grow crops without  chemical  fertiliser  to  meet international requirements.

    Some of these steps became imperative because with zero certification on global GAP certification, Nigerians find it difficult to export agro-allied produce to Europe.

    The Managing Director and CEO, ABX World Nigeria, Mr. John Okakpu, who made this concern known, has since been visiting farms to get them certified by GLOBAL GAP, the non-governmental organisation that sets voluntary standards for the certification of agricultural goods around the world.

    Through such visits, Okakpu has been helping farmers and exporters learn good agricultural practices such as the minimal use of pesticides and fungicides.

    He also trains them on a variety of things including the use of fertiliser, chemicals, hygiene, health or safety, and on how to bring a quality product that is acceptable for export to the marketplace.

    To   prevent exports rejection, Publicity Secretary, National Cashew Association of Nigeria (NCAN), Anga Sotonye, said he has established a cashew nursery in Ogun State with 200,000 seedlings. The farm is operated 100 per cent organic to prevent exports rejection.

    To increase  the national  production from  220, 000 metric tonnes of cashew to 500,000, Sotonye said   more  cashew trees have  to  be planted to catch  up with  competitors such as  Ivory Coast.

    Sotonye  said the development of new plantation and replanting of old and uneconomical cashew gardens with high yielding varieties should be major activities of the cashew growing states. He said this will ensure increased production of the commodity.

    The situation is the same in the cocoa segment of the export business. For instance, the National President, Federation of Agricultural Commodities of Nigeria (FACAN), Dr. Victor Iyama, said Nigeria faces a shortage in cocoa supply, as the nation is running out of cocoa farmers.

    He noted that there is need to raise awareness about critical issues that are presently not receiving sufficient attention. He also said there is need to initiate strategies to ensure the sustainability of the cocoa industry.

    According to Iyama, the cocoa supply chain has not been  economically viable because farmers often face low yields due to low productivity, degraded soil fertility, pests and other environmental factors.

    To boost export, he said more farmers have to be trained in good agricultural practices so that they can grow cocoa more sustainably and improve yields.

    Iyama said his association is working with industry partners to provide direct investment in cocoa growing communities to help improve production and ensure a reliable supply of high-quality cocoa for exports.

    Looking back at the past years, Iyama said Nigeria needs  to do more to contribute to global agricultural production and trade.

    He said there should be  increased diversification of agricultural exports, both in terms of destination and type of products.

    Experts note that diversification, along with strong public policies  will allow the country to better deal with the impact of fluctuating commodity prices in international markets.

     

  • NEPC, LCCI to ease Nigeria’s export within ECOWAS

    A Committee  has been formed for ease of goods movement within the Economic Community of West African States (ECOWAS).

    In the committee are the Nigerian Export Promotion Council (NEPC),
    Lagos Chamber of Commerce and Industry (LCCI) and regulatory agencies in the export sector, such as the Nigeria Customs Service (NCS), and the National Agency for Food and Drug Administration and Control (NAFDAC).

    At the committee’s inauguration  tagged: “Nigeria ECOWAS Export Development”, it was noted that the West African sub-region is a huge market with huge potential for growth if well harnessed by member states.

    According to the committee, the potential of export from Nigeria into the ECOWAS region can be seen in the items of import into the region from Asia, America and Europe.

    It listed the top 10 products being imported into the region from various parts of the world to include fuel, vehicles, tractors, cycles, machinery, mechanical appliances and boilers, cereals, plastics, pharmaceuticals, fish and seafood.

    LCCI President Mr. Babatunde Ruwase noted that the forum presented an opportunity to review the state of economic integration in the sub-region, identify the challenges and proffer solutions, especially from the private sector perspective.

    He said: “For too long, private sector organisations and institutions have confined themselves to the comfort of their individual countries, while our counterparts in other parts of the world are advancing the frontiers of their economies and markets through integration.

    “In these days of the growing forces of globalisation, this individualistic disposition and outlook may not be sustainable. We need to broaden our perspectives and thinking beyond our individual countries. We should begin to develop not only national, but also continental and global outlook for our businesses and economies.”

    Ruwase emphasised the need to tackle current frustrating barriers to trade in the sub-region, noting that the trade treaties were not being implemented.

    He added: “Compliance levels are very low and commitment to the trade protocols is very weak. After 43 years of ECOWAS, we are still grappling with numerous tariff and non-tariff barriers to trade.”

     

  • JSC Russian Export Centre joins Afreximbank to boost African trade

    JSC Russian Export Centre joins Afreximbank to boost African trade

    The African Export-Import Bank (Afreximbank) says JSC Russian Export Centre ( REC ) has become the latest international financial organisation to join Afreximbank as a shareholder to boost African trade.

    A statement on Tuesday in Lagos by Mr Obi Emekekwue, the bank’s Head of Corporate Communication and Event Management, said that REC’s shareholding followed its successful subscription to Class “C” shares of the bank.

    Emekekwue said that the shareholding became effective on Dec. 29, 2017.

    He said that the shareholding agreement was signed by Dr Benedict Oramah, President of Afreximbank and Petr Fradkov, Chief Executive Officer of REC on Dec. 11, 2017.

    He said that the new partnership would focus mainly on mining and transport infrastructure.

    REC is owned by the State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank (VEB).

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    Afreximbank shareholders are a mix of public and private entities divided into four classes.

    The Class “A” shareholders are African states, African central banks and African public institutions, including the African Development Bank, while Class “B” is made up of African financial institutions and African private investors.

    Class “C” shares are held by non-African investors, mostly international banks and export credit agencies, while Class “D” shares, a tier approved in December 2012, are shares that can be held by any investor.

    Afreximbank is the foremost pan-African multilateral financial institution devoted to financing and promoting intra and extra-African trade.

    The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors.

    Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations.

    Since 1994, it has approved more than 51 billion dollars in credit facilities for African businesses, including about 10.3 billion dollars in 2016.

    Afreximbank had total assets of 11.7 billion dollars as at December 31, 2016 and is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch). The bank is headquartered in Cairo.

    NAN