The Nation Newspaper

Tag: Nigerian Newspapers

  • GIGM to FIRS: expunge our name from list of tax defaulters

    Leading transport logistics firm, God is Good Motors (GIGM), has demanded the retraction of its name from a published list of tax defaulters by the Federal Inland Revenue Service (FIRS).

    The firm said it had fully paid documented tax liability as demanded by the services, wondering how it could have defaulted after meeting all obligations.

    Besides, it declared no demand notices were served on the firm in any of its branches nationwide as required by Sections 32 (d) and 33(1) of the FIRS Establishment Act before publication of its name among defaulters.

    In a nine-point rejoinder dated August 21 by Finance Director of GIGM, Mr Joseph Osanipin, the firm described FIRS action as most “unfair”.

    It said the embarrassing development was ”negatively affecting our mutual business dealings with both our foreign and local partners,” urging the FIRS to reverse it with immediate effect.

    The rejoinder titled: “unpleasant and unlawful publication of our company name as tax defaulters on print and social media” reads: “Sequel to your publication of names of tax defaulters on Public Media, amongst which our Company’s name was maliciously included, we respond thus:

    “Our Company; God is Good Motors Nigeria Limited is a duly registered Company in Nigeria with full compliance with the requirements of all relevant Government Agencies one of which is the Federal Inland Revenue Service. 

    “That the above stated Account name with Zenith Bank GOD IS GOOD MOTORS(VEHICLE SALESS A/C) is not a different Company nor a subsidiary of our company stated above, rather it is the same company but with a modified account name for ease of reconciling our transactions.

    “We registered our Business with the Federal Inland Revenue Service as far back as 2010 with a Taxpayer Identification Number: 09568000-0001, with all documented tax liability fully paid up as demanded by the service.           

    Read Also: FIRS to go after 40, 000 millionaire tax defaulters

    “FIRS has carried out series of Tax Audits on our Company with the latest being May, 2018 vide a letter from your same head office dated 18th April, 2018 and signed by the Director of Tax Audit Department which I suppose you could verify from your internal records.

    “We find it totally unfair, the manner in which our account name above was published on public media.

    “This is a malicious attempt at smearing the good name and brand we have struggled to build over the years without even a demand notice served on us as stipulated  in the FIRS Establishment Act Section 32 (d)….” the Service shall serve a demand notice upon the company or person in whose name a tax is chargeable and if payment is not made within one month from the date of the-service of such demand notice, the Service may proceed to enforce payment under this Act.”

    “Also Section 33(1) of the FIRS Establishment Act also states:…” Without prejudice to any other power conferred on the Board for the enforcement of payment of tax due from a company, where an assessment has become final and conclusive and a demand notice has, in accordance with the provisions of the  relevant tax laws tax in the First Schedule to this Act, been served upon the taxable person or upon the person in whose name the taxable person is chargeable, then, if payment of the tax is not made within the time limited by the demand notice, the Board may in the prescribed form, for the purpose of enforcing payment of the tax due.”

    “Both sections of the FIRS Establishment act stated above clearly states that a demand notice must be served on the intended taxpayer before enforcement procedures are carried out, hence we find it very embarrassing that no demand notices were served on us or any of our branches/outlets yet our name was published on public media as delinquent and defaulting taxpayers.

    “The FIRS should look into her records to confirm our points as stated in 1. – 8 above and update our records with your Agency to avoid any future embarrassment of this nature as our organization takes issues like this as topmost priority.

    “A counter publication should be made to expunge our Company name from the list of tax defaulters as this is negatively affecting our mutual business dealings with both our foreign and local partners.”

     

    “

  • Troops foil terrorists’ planned IED attack

    PLOY by terrorists to plant Improvised Explosive Devices (IEDs) in massive potholes dug on the Maiduguri-Konduga-Bama Main Supply Route (MSR) was on Wednesday foiled by troops of Operation Lafiya Dole, the Nigerian Army has said.

    It said the terrorists had planned to launch the attack, thereby frustrating movement of troops, logistics and disrupting activities of other commuters.

    A statement on Wednesday by the spokesman for 7 Division, Colonel Ado Isa, said the affected area was scanned and cleared by a team of Engineers Ordinance detachment to prevent any unfortunate incident.

    The spokesman described the move by the terrorists as a desperate step to frustrate the gains recorded in the current war in the Northeast.

    He said the General Officer Commanding (GOC) 7 Division, Maj.-Gen. Bulama Biu, visited the scene alongside the Commander 21 of Special Armoured Brigade for on-the-spot assessment of the road.

    Quoting his boss, Ida said the conduct of intensive mobile patrols, ambushes and piqueting in the area incapacitated the terrorists’ suicide bombing methods.

    The spokesman added that they resorted to other means, including burying IEDs.

    Read Also: Buratai charges troops on loyalty, sacrifice

    “The affected area of the road was scanned and cleared by the team of Engineers Ordinance Detachment to allow for safe movement of troops and other road users accordingly.

    “The GOC charged the troops to remain more determined and committed in the operation in order to deny them (terrorists) freedom of action.

    “Super Camp Konduga mobilised its engineers and locals within the area to mend the affected parts of the road in order to ease free and safe movement of troops, logistics and other commuters.”

    “Members of the public are requested to cooperate with the Nigerian Army and other security agencies in observing, reporting suspicious activities within their respective areas and provide credible information to aid operation in order to combat the menace of terrorism and other insecurities,” he said.

     

  • Buhari re-appoints Adesina, Shehu, others

    PRESIDENT Muhammadu Buhari has approved the re-appointment of Mr Femi Adesina as his Special Adviser (SA) on Media and Publicity and Malam Garba Shehu as the Senior Special Assistant (SSA) on Media and Publicity.

    A statement by the Deputy Director (Information), Abiodun Oladunjoye, said the President also re-appointed Mr Laolu Akande as Senior Special Assistant (SSA) on Media and Publicity in the Office of the Vice-President.

    The statement said: “President Buhari equally retained Tolu Ogunlesi, Bashir Ahmad, Lauretta Onochie and Nazir Bashiru as Special Assistant, Digital/New Media, Personal Assistant, New Media, Personal Assistant, Social Media and Personal Assistant, Visual Documentation, respectively.

    Read Also: Be relentless, Buhari tells ministers

    “Following the election of Shaaban Ibrahim Sharada, the former Personal Assistant, Broadcast Media, as the lawmaker representing Kano Municipal Federal Constituency in the House of Representatives, the President has appointed Buhari Sallau as his replacement.”

    All appointments, the statement said, took effect from May 29, except that of Buhari Salau. Another statement by the Director of Information to the President’s wife, Suleiman Haruna, said President Buhari has approved the reappointments of Dr. Hajo Sani as Senior Special Assistant (SSA) to the President on Administration; Malam Hadi Uba, Special Assistant (SA) to the President on Administration and Dr. Kamal Abdurrahman Muhammad, Special Assistant (SA) to the President on Health and Personal Physician, all in the Office of the First Lady.

  • Federal Govt okays N600b for power sector

    THE Federal Government has approved N600billion  to be injected into the nation’s electricity market,  Transmission Company of Nigeria (TCN), said on Wednesday.

    Speaking with reporters at the Market Operator’s (MO) Participants/Key Stakeholders 2019 Third Quarter Interactive Forum in Abuja, its MO,  Edmund Eje, said the fund would be disbursed soon.

    According to him, the intervention is for the payment of the shortfall in electricity invoices for the entire market.

    He said the intervention is not restricted to a single chain in the market, but a holistic one.

    He said: “The intervention is at a very advanced level. It has been signed by President Muhammadu Buhari.”

    Read Also: TCN urged to arrest grid collapse

    Eje recalled that since 2015, the outstanding bill that the distribtution companies (DisCos) have recorded is about N250billion.

    Meanwhile, the decision was that government should not reverse the privatisation of the distribution firms, it would rather invoke its regulation force to whip the debtors into line.

    He added that from May this year, the MO resolved that every market participant must ensure that his books are up to date or they would be informed to pay up or face a fine of N5.6million after five days.

    Eje noted that should the company fail to pay up in another five days, it would result in its suspension from the market.

    He said: “The outstanding bill on the DisCos is approximately N250billion. Until May when we said okay, instead of allowing the government to say we are going to fold the privatisation completely, let us use regulation out of the way. If you fail out of the way, you will not blame the government to say the government has seized your license.

    “From May we said every participant in the market has to pay 100 per cent. For paying  100 per cent, you will also mention that your bank guarantee is updated. Now, those of them that were not updated require a fine. We will inform them that it invoked a fine of N5.6million.

    “And you are given five days to fix whatever the default and within that five days you are expected to update your bank guarantee if it is not, you also make it good. If you fail to do it within these five days, we suspend you from the market.

    “Now market will empower the market operator to disconnect you from the grid. Now you know it is difficult to disconnect a distribution company from the grid you have obedient companies who have been paying.”

     

     

  • Ibadan 21 kings may lose crowns soon

    The 21 kings installed by former Oyo State Governor Abiola Ajimobi’s administration two years ago amid controversies may lose their crowns soon, it was learnt on Wednesday.

    Ajimobi, in a well-attended ceremony, handed the instruments of office to the kings in August 27, 2017 at the historic Mapo Hall, Ibadan.

    It followed the controversial review of the 1957 Olubadan Chieftaincy Declaration and Other Related Chieftaincies in Ibadan land by a panel headed by Justice Akintunde Boade, culminating in the elevation and crowning of the 21 kings, including the Olubadan high chiefs and baales.

    A source confided in The Nation yesterday that the state government has opted for out-of-court  settlement and discontinuation with the prosecution of the appeal before the Court of Appeal.

    Read Also: Why we reversed appointments of Perm Secs made by Ajimobi, by Makinde

    The terms of the settlement between the state government (appellant) and Senator Rashidi Ladoja (respondent/applicant) was filed in the Registry of the Court of Appeal, Ibadan on Tuesday, August 20.

    The terms of the agreement are in respect of the suit No. M/317/2017 and Appeal No. CA/99&99A/2018.

    The parties gave reasons why they wanted the out-of-court settlement as follow:

    • The parties herein are aware of the rancour and acrimony that exist upon the publication of the report of the 2nd respondent herein in relation to the Olubadan of Ibadan chieftaincy declaration and other chiefs in Ibadanland and the implementation of the said report;
    • The parties are aware of the disharmony created by the publication of Gazette No. 3 Vol. 43 dated March 29, 2018, and the subsequent elevation of chiefs in Ibadan among the chiefs and the Olubadan of Ibadanland;
    • It is of utmost importance to maintain peace and communal relationships that had existed before the said report and Gazette in Ibadanland; and
    • The new administration of Oyo State stands upon the doctrine of rule of law.

    They, therefore, opted for an out-of-court settlement and  discontinuing the prosecution of the appeal before the Court of Appeal.

  • Election petitions: Elections tribunal declines to compel Sanwo-Olu’s appearance

    The Lagos Governorship Election Petition Tribunal sitting in Ikeja on Wednesday declined to subpoena Governor Babajide Sanwo-Olu to appear before it in an election petitions filed against his election by the governorship candidate of the Alliance for Democracy (AD), Chief Owolabi Salis and his Labour Party (LP) counterpart, Chief Ifagbemi Awamaridi.

    The three-man panel, chaired by Justice Terhemen Asua, held that Governor Sanwo-Olu is covered by the immunity clause in the constitution as a sitting governor and that “because of the provisions of the constitution, he cannot be compelled to appear in the court”.

    The tribunal gave this verdict while ruling in separate ex parte motion filed by the duo of Salis and Awamaridi.

    They are challenging the victory of Sanwo-Olu in the March 9, 2019 election held in the state.

    Aside from Sanwo-Olu, other respondents are Independent National Electoral Commission (INEC), All Progressives Congress (APC), the Lagos Resident Electoral Commissioner (REC), the Returning Officer (RO), the Commissioner of Police and the Army.

    Read Also: Sanwo-Olu to commissioners, special advisers: ensure Lagos remains top destination

    Salis and Awamaridi had filed separate motion ex parte, asking the governorship election tribunal to compel the governor and INEC to appear and testify before the court.

    The motion ex parte was brought pursuant to order 8, rule 1(3) & (4) of the Electoral Act (as amended) 2010 and under the inherent jurisdiction of the tribunal.

    In their separate applications filed by their counsel, Mr. Bola Aidi and supported by a nine-paragraph affidavit, they averred that they made several attempts to serve some of the witnesses listed in their petition, but they were to no avail.

    They alleged that Sanwo-Olu, INEC, the INEC Resident Electoral Commissioner for Lagos State and the Returning Officer were evading service to frustrate the hearing of their petition.

    Their counsel, Aidi, prayed the tribunal to consider the time-frame within which the petitioners are to call their witnesses and provide evidence in the petition.

    He said:  “It is imperative to serve some of these persons by way of substituted service.”

    Aidi, on behalf of the petitioners, therefore, prayed the tribunal “for an order for the subpoena duces tecum/testificandum on the listed persons by way of substituted service to wit serving their counsel representing them”.

    The tribunal, however, granted the petitioners’ request to serve the returning officers of the 20 local governments’ councils by way of pasting the court documents on the wall of INEC office in Lagos.

    “Upon perusing of the motion ex pàrte, we are satisfied that the good cause has been shown by the petitioners.

    “The prayer to serve the subpoena duces tecum/testificandum shall be served as prayed on the other respondents.

    “But as far as the first respondent (Sanwo-Olu) is concerned, he is covered by the immunity clause as a sitting governor; he cannot be compelled to appear in the court,” the tribunal held.

  • Fashola gets Works as Ngige, Amaechi, Lai retain portfolios

    FORMER Lagos State Governor Babatunde Fashola is minister of works and housing as President Muhammadu Buhari on Wednesday inaugurated his second term cabinet.

    The ministry of power which he supervised was carved out and assigned to Sale Mamman as minister and Goddy Jedi-Agba as minister of state.

    Dr. Chris Ngige (Labour & Employment), Geofrey Onyeama (Foreign), Chibuike Amaechi (Transportation), Lai Mohammaed (Information), Hadi Sirika (Aviation) Adamu Adamu (Education) and Zainab Ahmed (Finance) retained their portfolios. The Finance minister got an added assignment of running Budget and Planning.

    Former Osun State Governor Rauf Aregbesola got the ministry of Interior while Mr. Sunday Dare is the minister of youths and sports.

    The southwest zone also holds the ministries of mines and steel headed by Mr Olamilekan Adegbite and Labour (State) Senator Tayo Alasoadura.

    The second Kwara state representative in the cabinet, Gbemisola Saraki, is minister of Transportation (State).

    The ministers unfolded their plans  after President Buhari constituted his second term cabinet

    Forty three ministers including seven women were inaugurated and assigned portfolios.

    Many of the ministers were at their ministries after taking the oath of office.

    Dr. Ngige, promised to clear the cloud over the implementation of the new national minimum wage.

    He said: “We have so many outstanding issues to be addressed, some of them urgently too. As we speak, SSANU, NASU are on strike and the university system is not bubbling, but going comatose. So, we have to address that issue urgently.

    Read Also: Be relentless, Buhari tells ministers

    “We also have the issue of minimum wage consequential adjustment. My Permanent Secretary is handling it and they have made some progress. By tomorrow (today), we will get the hand over note from him and myself and the Minister of State will study it and know how to key in.”

    Aregbesola pledged to work with the staffers and Service Chiefs to ensure internal security of the country.

    He noted that the issues of insecurity, economic development and the fight against corruption remained the policy thrust of President Muhammadu Buhari’s administration.

    Aregbesola said security would be given the highest focus, adding that he would support the staffers to be more efficient in their duties.

    The minister expressed happiness for the rousing welcome from the staffers, saying “they gave me the best African welcome ever”.

    Minister for Police Affairs Mohammed Dingyadi pledged to work with staffers to fight insurgency and other forms of instability in the country.

    He promised to work in line with the cardinal objectives of the Buhari administration.

    He expressed optimism that the ministry would give priority to fighting insurgency in the Northeast and other parts of the country, noting that nothing positive could be achieved without peace.

    Inspector General of Police Muhammed Adamu expressed joy for having the Police Affairs ministry re-introduced by President Buhari.

    “It is a great joy for me that the Police has its own ministry out of the ministry of Interior. We are very happy today,” he said.

    Minister of Mines and Steel Development Mr Olamilekan Adegbite promised to lift Nigerians out of poverty by developing the nation’s endowed natural resources.

    “I intend to learn the robes quickly with the Minister of State, so that we can contribute our quota to the development of the country, especially with regards to lifting people out of poverty.

    “Mr President has promised to lift 100 million people out of poverty in 10 years, at the end of tenure of this administration which is four years. We want to at least achieve 40 per cent of that,’’ he said, adding: “I intend to learn quickly from all of you. I have been following the progress of Dr Kayode Fayemi, the immediate past minister of this ministry who did a lot of work.

    Adegbite expressed optimism that the administration would achieve a lot at delivering the dividends of democracy.

    The minister said he would stamp out corruption in the sector in line with the agenda of the Buhari administration.

    He said: “Corruption fight begins with all of us, if we can be disciplined in the little things we do in our privacy, it will be easier to fight corruption in the country.

    Dr Uchechukwu Ogah, the Minister of State for the ministry said: “We will all work as a team to take this ministry to an enviable position.’’

    Minister of Aviation, Senator Hadi Sirika, promised to work with aviation unions to advance the sector and position it to meet emerging challenges. .

    The minister commended the unions and staff for welcoming him warmly into office, declaring their support and solidarity as “amazing”.

    “I promise that there will be good understanding between you and me to drive the activities of our industry towards enhancing national development.

    “I will do everything possible to make the ministry grow up.

    “This task, I think, is for you as well; not for me alone. It is for all of us.

    “We will continue to hold stakeholders’ meetings with the unions, staff and the management.

    “We will make what you are doing better. The roadmap is there; we will make things better including your welfare,” Sirika said.

    According to him, Nigeria will work together with other countries to promote the aviation sector globally, pointing out that the sector contributes much to the Gross Domestic Product (GDP) of any country.

    He also said that efforts would be made to improve safety and security in the sector.

    Minister of Works and Housing, Mr Babatunde Fashola (SAN) advised the staff of the ministry to consider how they could reduce cost and  wastages.

    The minister said he expected all departments, agencies and parastatals under the ministry to evolve ways of cutting costs during project  implementations.

    The minister said the measure would assist the government to ensure utmost prudence in handling projects.

    Fashola also advised the staff to always ensure thoroughness while preparing the ministry’s annual budget to boost efficiency.

    “For this reason, members of staff will need to make their travelling   and going on annual  leave falling within  October and November very flexible to ensure successful budgeting,” he said.

    Minister of State, Abubakar  Aliyu, said  he had a long working relationship with Fashola, adding: “ I pledge to work harmoniously with him and the staff of the ministry.”

    Minister of Niger Delta Affairs, Senator Godswill Akpabio pledged his commitment to ensure effective development of the Niger Delta region, especially  infrastructure.

    “I love leaving marks wherever I visit, it is a great privilege on our part being selected to work with you, to see how we can turn around the fortunes of the Niger Delta region.

    “Of course you know why this ministry was set up, specifically that region would have been like a golden egg but has been neglected for long.

    “If not because we’re just coming for the first time, I would have asked for your achievements so far,  especially in the areas of construction of bridges,  employment and others.

    “Being a Niger Delta person, I will ensure that things are better for further and effective development of the region.”

     

     

     

     

  • Banks face U.S. sanctions over North Korea, Iran deals

    HEAVY fines await banks processing transactions for North Korea and Iran, Adjunct Senior Fellow, Energy, Economics and Security, Centre for a New America Security (CNAS), Peter Harrell, said on Wednesday.

    Such banks risk being cut off from their correspondent banks across the world.

    Speaking at a workshop organised by the Compliance Institute Nigeria (CIN) and CNAS in Lagos, Harrell said that banks have also been advised not to process transactions that are going to any entities or countries that have been sanctioned by the United States (U.S.), European Union (EU) and United Nations (UN).

    North Korea, Iran and Sudan are under the U.S., EU and UN sanctions lists. They were sanctioned for working against the interest of global environment. They are being accused of promoting terrorism, proliferating weapons of mass distraction and threatening world security.

    Harrell said that enforcement cases in recent years showed that violations are more in Middle East and Asia. He said that although the U.S. has not seen a lot of North Korea and Iran trade in Nigeria, but as restrictions in Middle East, Asia and elsewhere tighten up, the North Korea and Iran could be looking for new markets.

    Harrell said that many Nigerian banks are coming under more pressure from their U.S./European correspondent banks on compliance issues because the U.S. and European banks are also under regulatory pressure.

    Read Also: Banks drive lending with salary advance

    He said that banks with international operations tend to invest more on compliance than a bank that is locally focused.

    Harrell said: “We have taught the banks general best practices in sanction compliance, how they should test and screen software, and also understand what their sanction risks are.

    “What can banks do to get ahead of problems and ensure their compliance programmes are best in class? We also looked at specific transactions we are seeing here in Africa from North Korea and general/ best practices on how banks can deal with their due diligence.”

    Continuing, he said the banks need to know the specific due diligence needed on particular transactions to enable them stay safe.

    He said that any bank that fails to comply will face real risk of significant fines that U.S. Government has imposed on banks in Europe, Middle East and Asia.

    “These fines can be in tens of millions of dollars. It is very significant fines for institutions that process prohibited transactions through the U.S.”, he said.

    He went on: “We saw just a month ago, the U.S. sanctioned Russian bank for North Korean transactions. The bank did not have to pay a fine, it was added to the US sanctions list. It was cut off from the United States. That’s a very severe penalty for a financial institution or any company to deal with.

    “Compliance with sanctions costs money. If you are doing a trade finance with Iran, you got to give up that business. The question for the banks is: should it go ahead with the business and get the profit? If you do that, you will be paying fines far higher than the profits you are making from that business. We are talking about negative incentives here than the positive incentives.”

    According to him, the main thing is to get financial institutions in Nigeria understand some tactics that they may be trying to use even if they have not been doing a lot in the last couple of years.

    He said: “It is a pleasure to be here in Lagos, and I will be in Abuja tomorrow (today). The workshop here in Lagos and Abuja, are part of series of workshops we are organizing around the world, to help educate both government officials and the private sector on the sanction issues, particularly around North Korea and Iran.

    “We want to increase knowledge about these issues. We want to make these workshops interesting and informative for banks, telling them how to avoid getting in trouble with regulators. Will help government implement UN polices and Financial Action Task Force recommendations.”

  • Suspected kidnappers of Chief Imam’s son, others nabbed

    The police in Ogun State have arrested four suspected members of a gang that kidnapped three persons on Eid-el-Kabir (Sallah) day.

    The victims included the son of a Chief Imam.

    It was gathered that the suspects were nabbed yesterday by operatives of the command’s anti-kidnapping unit at Ijebu Waterside.

    Their victims, identified as Adamson Bamidele, Adam Jelili and Sanni Azeez, who were kidnapped on August 11, were rescued five days later inside the creek where they were taken to.

    One of the suspects was arrested that day.

    Confirming the arrest of the four suspects, police spokesman Abimbola Oyeyemi, a Deputy Superintendent of Police (DSP), said Commissioner Bashir Makama ordered the squad to arrest the fleeing suspects.

    Read Also: Oyo NURTW offers to tackle kidnappers, insurgency in South West

    “The operation to rescue the victims was led by the police commissioner. The command’s helicopters and other intelligence arsenals were deployed to survey the creeks and smoke the suspects out of their hideout.

    “They were forced to release their captives when they could not withstand the attack anymore. The command did not stop at reuniting the victims with their families, as the anti-kidnapping unit was deployed to fish out other members of the gang.

    “They have been transferred to the command’s headquarters for further action. This is a warning to other criminals that there is no hiding place for them in Ogun State,” he said.

    The police also arrested two suspects, Lekan Odusote, 27, and Monday John, 22, for allegedly killing a motorcyclist in Ijebu-Ode on Tuesday.

    The suspects were said to have killed the unidentified motorcyclist before stealing his motorcycle, which they sold for N120,000 at Ijebu-Igbo.

    It was learnt that the suspects lured their victim to Ikangba at Obalende in Ijebu-Ode where they killed him, took his body to an uncompleted building, dug a shallow grave and buried him there.

    Trouble, however, started following their disagreement over the sharing formula, which caused an argument.

    The Nation gathered that as they threw tantrums, some of the words they used made people around to be suspicious and the police were alerted.

    The Divisional Police Officer (DPO) in charge of Obalende was said to have dispatched his men to the scene upon receipt of the information and the suspects were arrested.

    “They confessed to have lured the motorcyclist to an isolated place, killed him and took his motorcycle, which they sold.

    “The suspects have taken the police to the uncompleted building where the victim was buried and the body has been exhumed and taken to the mortuary.

    “The commissioner of police has ordered the transfer of the suspects to Homicide Section of the State Criminal Investigation and Intelligence Department (SCIID) for further investigation and prosecution,” said Oyeyemi.

  • ‘15% intra-African AfCFTA trade abysmal’

    AFRICA’s share of global trade remains abysmal with intra-African trade standing at 15 per cent, African Continental Free Trade Area (AfCFTA) said on Wednesday in Lagos.

    Its Senior Expert of Customs, Willie Shumba, in his presentation at the second edition of the “AfCFTA Dialogue Series,” regretted that African countries were not trading among themselves; that Africa’s fundamental role in global trade has been to provide raw commodities in exchange for manufactured goods.

    “Intra-Africa trade is just 15 per cent of its total trade, compared with 19 per cent in Latin America, 51 per cent in Asia, 54 per cent in North America and 70 per cent in Europe,” he said.

    Read Also: ‘Oil service firms to benefit from AfCFTA‘

    According to Shumba, the low level of intra-African trade can change if the continent effectively addresses the supply side constraints, weak productive capacities, and infrastructural bottlenecks.

    He listed other issues that must be addressed to include trade information networks, access to finance for traders and other economic operators, trade facilitation and trade in services and free movement of people etc.

    Shumba pointed out that to overcome dependence on exportation of primary products and promote social and economic transformation for inclusive growth, industrialization and sustainable development in line with “Agenda 2063”, AfCFTA has to be explored.

    He stressed that AfCFTA’s implementation was necessary to realise the potential to expand and accelerate the growing diversification and dynamism of intra-African trade including the aim to increase trade among African countries by 50 per cent by 2022.