Tag: Trade

  • The second slave trade

    I always feel very bad and sad when the international electronic media show hundreds of Africans drowning in the Mediterranean Sea virtually every day. Those rescued claim they are running away from undemocratic governments, female circumcision, also known as genital mutilation, ethnic cleansing and religious conflicts. The truth is that most of them are running away from poverty, unemployment, frustration and uncertain future arising from insensitive governments characterized by lack of serious planning. In other words, these people are economic migrants rather than being political refugees. The case can of course be made that economic deprivation is almost as bad as political and religious persecution. Both can lead to death and their separation is merely academic. To keep young Africans at home, one must provide them means of economic sustenance. The west therefore has self-interest in not colluding with African countries’ leaders to rob their people and they must also seriously engage Africa in fair trade rather than the ripping them off as they presently do. African produce and raw materials are bought cheaply and are returned to them as finished products and are sold at many times the cost of production. Foreigners dictate the price they buy African goods and also the price their goods are sold to Africans. Africa has no choice in this and this unfair exchange is also a manifestation of Africa’s weakness in global power relations .This is what is at the root of the present modern slave trade going on in Africa.

    The trans-Atlantic slave trade which lasted for  almost five centuries  and which has gone down into history as forced migrations which according to my friend and colleague, Professor Joseph Inikori of Rochester University  in the USA,  involved the transplantation of not less than 15million hapless Africans to the Americas, that is South and North America. Most of these people came from Portuguese Angola which according to Basil Davidson was reduced to a “howling wilderness” almost denuded of its people after five centuries of the Portuguese ferrying their black cargoes across the Atlantic. The area between the Bights of Benin and Biafra known then as the slave coast approximates most of the Nigerian coast provided the rest of these black cargoes of involuntary migration to the new world. It is an irony that the growing and cultivation of something so sweet as sugar should have involved so much bitterness and suffering to the victims of slave labour on American and West Indian sugar plantations. Africans largely sold their brothers into slavery  even though there is evidence that slave wars were encouraged by the European slavers to facilitate ample supply of slaves to the slave ships anchored in slave ports of Luanda, Lobito, Escravos, Warri, Lagos, Porto Novo,  Accra, Saint Louis  and others. Most of those shipped across the Atlantic were forced into it. African potentates, middlemen and merchants colluded with European slave traders to remove the young and productive young men and women from West Africa where trade was concentrated. This trade constituted the basis of western capitalism which enjoyed centuries of free and unpaid labour according to Eric Williams in his 1947 Oxford Ph.D. thesis which became a classic entitled “Capitalism and slavery” subsequently.

    But today, most of those running away are young people. In the past, they were people with little education or no education at all. Now those leaving are sometimes graduates of tertiary institutions who cannot find jobs. They are also using all kinds of routes legal and illegal and sometimes very dangerous roads such as crossing the Sahara desert and the Mediterranean Sea. While this voluntary movement of people is going on, there is the odious human trafficking where young people particularly girls are lured into the sex trade. Some of the young girls claim that their traducers promise them good jobs in Europe only to be dumped in brothels in Libya and Europe. There are those young girls who knew that what they were entering into right from beginning was prostitution. It is very sad that some parents aid and abet the trafficking of their children. Some parents even sell their old homes to finance their children’s movement. There were cases where parents did this horrible thing and when challenged they claimed they did it to assist their children to get out of poverty. There are instances of some of such children after a few years sending money home from their earnings from this nefarious trade to fund their parents businesses.  In cases of involuntary trafficking, the victims of the trade are sworn to oaths in juju shrines to keep their mouths shut if they are caught. They also sometimes swear allegiance to their captors not to bolt away until they have paid their madams ‘or masters ‘investment in their relocation and placement in brothels in Europe. Sometimes young girls are taken from Nigeria not to Europe but to brothels in poor wretched countries such as Mali and Burkina Faso  in West Africa where they endure worse situation than what is prevalent at home more or less jumping from fry pan into fire. The ones taken to Libya when Muamar Ghadafi was in power fared better but immediately after he was murdered, all hell broke out and they became shooting targets for wild armed gangs in the country fighting for political turf. This horrible situation is what is fuelling the desperate movement to Europe occasioning drowning in the Mediterranean Sea. But in spite of this terrible ordeal the movement across the Sahara continues.

    The inhumanity of this trafficking ought to catch the attention of  leaders of African states and to lead perhaps to summoning of an extraordinary summit of the African Union or other regional bodies like ECOWAS or SADCC to tackle this shame and degrading horror. It is not just an African problem because people are coming from Bangladesh, Pakistan Afghanistan, Iraq, Syria and Yemen where wars are raging. The preponderant numbers in recent times are coming from Africa. Finding a solution to this problem is urgent because of its lasting effect on Africans and people of African descent.

    Racism is one of the residual effects of the trans-Atlantic slave trade where the justification of the trade was premised on the grounds that Africans were not really human and that enslaving them was freeing them from the barbarism of their African savage existence. It has taken centuries for Africans to partially shed this degrading and odious racism. The present, somehow voluntary, slave trade Africans are imposing on themselves will in future reinforce the belief of those like Rudyard Kipling  who felt that Africans are “half children, half devils “and not really people. We can thus see that it is in the interest of black humanity to so run the affairs of our countries that our children will have a future in our countries. I still remember my college days in Europe, America and Canada when Chinese were looked down upon as “china man” something derogatory like “nigger” and laughed at. But by their foot straps, the Chinese by fire and by force have pulled themselves into global reckoning. Nobody is laughing at the Chinese today. This was also the case with the Japanese. In London of the 1950s and 1960s, one could encounter advertisements for vacant apartments with the proviso “No Irish, no coloured (blacks) but Jap. Ok”. If we want to be respected, we must pull ourselves up, develop our countries and stop escaping to Europe and America and Canada in search of the Golden Fleece. There is enough opportunity at home if we look inwards. We have to mobilize our human and material resources to develop our countries .We have to put an end to stealing and looting our nations’ treasuries and stop colluding with the outside world to ruin ourselves. Unless we do this, we will always have a weak hand in dealing with the rest of the world. For us, as Nigerians, the time to get moving is now. The developed world will soon move away from reliance on hydrocarbons as a source of energy. Technology is going to render useless very soon what we depend on for foreign reserve. The way to go is industrialization, technological innovation and adding value to our agricultural produce. The days of relying on export of mineral and agricultural raw materials will soon be gone forever. The urgency of the situation needs to be understood by everyone so that instead of wasting our time on useless political disputation and our vast resources on importing cheap goods from Asian countries, we should settle down and seriously plan for the future of which this deplorable but salvageable present is part of.

  • Ayade, Chinese governor seal deal on trade, investment

    Ayade, Chinese governor seal deal on trade, investment

    In a continuation of his investment drive, Cross River State Governor Ben Ayade yesterday signed a partnership agreement with his counterpart in Shaanxi Province in China, Hu Heping, to bolster the injection of capital by Chinese business men into the Calabar Carnival, the power and solid minerals sectors.

    Shaanxi is a province of the People’s Republic of China.

    The China-Africa Development Fund, CAD Fund, in May 2016, signed a cooperation agreement with Shaanxi government in the capital Xi’an, the first of its kind with a provincial-level partner that aims to boost more investment in the African market.

    Hu Heping, governor of Shaanxi province, said the agreement had great significance for companies in Shaanxi, pointing the way for them to go abroad and accelerate their steps into Africa.

    According to the agreement, the two sides will establish Shaanxi Africa Industry Development Fund, which will help local companies in financing, project selection and loans for their businesses in Africa.

    “As a province with traditional heavy industry, including energy development and manufacturing, Shaanxi has a good number of companies which have an advantage in mining, oil exploration and large-scale equipment manufacturing. All those sectors are needed in Africa,” Hu said at the occasion.

    He added that the China Development Bank, together with CAD Fund which has nine years of experience in Africa-related investment, will help companies in Shaanxi gain more information and financial aid in their business expansion in Africa.

    Chi Jianxin, chairman of the fund, said there were unprecedented opportunities in China-Africa cooperation at present and the thing that Africa needed the most was capital.

    The bank allocated $3.2 billion in the CAD Fund for more than 80 projects, from infrastructure to agriculture to energy resources in 35 African countries including Nigeria.

    By the end of 2016, the bank hit its target of pooling $5 billion to go into the fund, aiming at further diversifying financial vehicles that facilitate Chinese investment in Africa.

    Ayade said: “It is the enormous opportunities that this fund avails Africa that Cross River State wants to tap into. We have the assurances of the governor and the people of Shaanxi that the favorable business climate in Cross River state will be utilised by Shaanxi.”

     

  • Lagos to partner trade groups to reduce fire outbreaks

    The Lagos State Government has said it will partner  trade associations to curtail incidence of fire outbreaks in the markets, which results in losses for artisans and tradesmen across the state.

    Speaking with The Nation, the  Commissioner for Wealth Creation and Employment,Mr. BabatundeDurosimi-Etti, said the state was ready to work with trade associations on enlightenment campaigns.

    He stressed the need for businesses to examine their operations and take safety precautions mitigate the impacts and losses caused by fire outbreaks.

    The Commissioner said the government hasd made tremendous progress with  the  compulsory Health Insurance Scheme for residents to ensure adequate healthcare services, which artisans and tradesmen will benefit from

    The scheme would enroll a family of six including the mother, father and four children. The premium will be paid in monthly installments. The family is expected to pay N40, 000 yearly as premium,  N3, 333 monthly.

    However, there are allowances for single or unit enrolments. The premium for single enrolment is N8, 500 per annum, which is N708 premium monthly. Payment platforms will be multi-media and can be made through the phone, community and banks.

    Durosimi-Etti explained that artisans were expected to be residents of the state and must have Lagos State Residents Registration Agency (LASRRA) cards to benefit from this scheme.

  • Nigeria, UK trade volume to hit $4.5b

    The Commonwealth Secretariat has predicted that the existing trade volume between Nigeria and the United Kingdom (UK) is likely to increase from $3.7billion to $4.5billion.

    Executive Director/CEO, Nigerian Export Promotion Council (NEPC), Mr. Olusegun Awolowo disclosed this during a one-day stakeholders forum on BREXIT organised by the NEPC  in collaboration with Commonwealth in Abuja, with BREXIT: Opportunities and Challenges for Nigeria as theme.

    He said: “Nigeria needs to maintain a strong economic relationship with Britain in alignment with its membership of the commonwealth.

    “With the proposed Trade and Investment Cooperation Agreement (TICA) between both countries, the United Kingdom foreign Direct Investment (FDI) could increase to 421/2 billion pounds by the year 2030 if both countries implement programmes to improve trade competitiveness and ease of doing business between them.”

    According to the Commonwealth report, Nigeria export to the UK may be further strengthened with the new trade and investment arrangements given that a number of professional service sectors are patterned after the UK’s. Also, there are enough similarities exist between the the two countries to propose the signing of mutual agreement for identified professional service sector.

  • Trade exhibitions: The new fad in networking

    Trade exhibitions: The new fad in networking

    Retailers and chain store operators are making brisk businesses and deals by connecting with old and prospective customers at specialised trade exhibitions, writes TONIA ‘DIYAN

    Sales and marketing are gradually changing. It is now a trend for salespersons to tie up a business transaction with ease.

    To achieve this feat, they don’t rely on the traditional marketing platforms but literally think off the box.

    Enter trade exhibitions. Yes, proactive business people come up with various strategies for trade development with the objective of boosting trade by connecting shoppers with products of their choice.

    One of such is the Guaranty Trust Bank Food and Drink Fair which, like the Lagos International Trade Fair, has also become a yearly event.

    The recently-held two-day event offered small businesses in the  food industry a free and vibrant platform to connect with a wider segment of their target markets as well as experts in their business fields.

    The second edition of the fair, which at GTBank head office, Akin Adesola Street, Victoria Island, Lagos, last week.

    For food lovers, and shoppers, it was, indeed, a place to be. From sales exhibitions by small businesses in the food industry to cooking MasterClasses chaperoned by some of the most renowned international and indigenous chefs, the presentation room of the GTBank head office was filled with an array of all manner of items used in the hospitality and food industry.

    Among the exhibitors were internationally renowned chefs. Owners of small businesses and sales exhibitions by small businesses. Last year’s edition of the GTBank Food and Drink Fair had over 90 exhibitors from the food sector and attracted more than 25,000 guests.

    But this year’s edition expanded on the favourite features of the previous event, such as MasterClasses led by internationally renowned chefs and sales Exhibitions by small businesses.

    It also provided new and exciting features such as a Farmers’ Market, where small and medium scal enterprises (SMEs) in agriculture showcased and sold fresh and organic farm products, and a Baking Masterclass for children. There were diverse restaurants offering mouth-watering dishes, outdoor grills and thrilling entertainment as well as savoury wine tastings to enable attendees experience exciting and eclectic mix of undiscovered brands and household names alike.

    Also noteworthy were enticing exhibitions and amazing sales at the heart of the Food and Drink fair offered by over 100 SMEs in the food industry who were provided with free storefronts. Geared towards promoting indigenous agriculture and supporting small businesses, the exhibition provided a platform for SMEs to showcase a wide variety of products ranging from fresh organic groceries to dry foods, confectionary and pastries, ready to eat consumables and drinks as well as top quality crockery.

    Expectedly, it was not only an avenue to connect sellers and buyers, but also a money-making avenue. It was a platform to showcase the best farm produce which were on sale at the fair.

    Small businesses involved in agriculture brought a wide range of locally farmed fresh foods, giving shoppers a farm market experience.

    Amid music and entertainment, a convivial atmosphere and colourful displays, shoppers had a good time and a lot to eat. Some were on hand to patronise the sellers. Others came to ‘window shop’ and have a feel of the occasion.

    Some came to learn new skills, just as others came to discover some recipes. Miss Abosede Akoberu, a shopper, was visibly excited.”I have looked forward to attending this event. I knew I would be able to learn how to make some international recipe and I am happy I have achieved that.”

    The varieties of cuisines at the fair were such that shoppers could munch their ways around the world. Food lovers loosen their belt for the gastronomic delights that was served by a diverse restaurants offering mouth-watering dishes. Those who love drinks had savoury wine tastings and finely mixed cocktails.

    The MasterClasses were led by internationally renowned Chefs, such as Raphael Duntoye, chef patron of la petite maison, famous food and fitness expert Kevin Curry, TV chef and pop-up restaurateur – Lerato Umah-Shaylor and renowned food blogger, Jehan Powell.

    Other Masterchef headliners included Ronke Edoho, founder of 9jafoodie.com, Nkesi Enyioha, owner of HSE Café, Chef Abiola Akanji of Red Dish Chronicles and Chef Benedict Okuzu, the West African Chef Ambassador for German home appliance brand, “Miele.”

  • Nigeria-China trade volume hits $10b

    The total trade volume between Nigeria and China for the first quarter of this year has hit $10billion but while China’s is surplus, Nigeria’s is deficit, the Chinese Foreign Trade Centre has said.

    Speaking through the Centre’s Deputy Director-General and China’s Import and Export Fair Secretary General, Xu Bing, yesterday, at the concluding ceremony of the 121st session of the Canton Fair in Guangzhou, China, he said 1, 531 Nigerian businessmen visited the fair, being the second largest visitors next to Egypt.

    The event attracted 200,000 buyers from 210 countries of the world. There were 24,000 exhibitors at the Fair.

    According to him, there is great cooperation potentials between Nigerians and the Canton Fair, which exhibition it hopes to bring to the Nigeria soon.

    The Fair, which holds biannually on April 15 and October 15, is the second largest import and export market in the world, contributing $2.1 trillion to the Chines gross domestic product (GDP).

    It is organised by the China’s Central Bank as a comprehensive form of export of small and medium size Chinese merchandise and products.

    Bing said: “This is our own way of contributing and promoting an open world policy to the world and drive its implementations.

    “That is why over the years, the fair has never been halted since inception, including during the SARS, disease outbreak in 2003.”

  • Fed Govt approves 48hr for import, export trade deals timeline

    Fed Govt approves 48hr for import, export trade deals timeline

    The Federal Government has approved the reduction of documentation requirements and timeline for import and export trade transactions to 48 hours.

    A circular to authorised dealers, signed by the Central Bank of Nigeria (CBN) Director, Trade and Exchange Department, W.D. Gotring explained that the revised documentation requirements and timeline for processing Form ‘NXP’ include the Revised Import Documentation: Bill of lading, Certificate of Origin (formerly Combined Certificate of Value of Origin), Commercial Invoice and Exit Note (formerly Exit Gate).

    Other documentations are Form ‘M’, Packing List, Single Goods Declaration and Product Certificate. Other revised export documentation include Bill of Lading, Certificate of Origin, Commercial Invoice, Single Goods Declaration, Nigerian Export Proceeds (NXP) Form, Clean Certificate of Inspection (CCI).

    The CBN said the timeline for processing Form ‘NXP’ by the authorised dealers shall be a maximum of 48 hours from the receipt of the application subject to appropriate documentation.

    “Authorised dealers shall submit returns to the CBN on compliance with the 48 hours timeline. All authorised dealers are therefore advised to note and bring the provisions of the circular to the attention of their customers,” the circular explained.

  • Nigeria, Israel to strengthen bilateral trade ties

    Nigeria and the Israel have entered into a partnership to strengthen their bilateral trade relation.

    Bank of Industry (BOI) Acting Managing Director Mr. Waheed Olagunju,told Israeli Ambassador to Nigeria Mr. Guy Feldman, who visited him that the deal was timely.

    He said the ambassador came when Nigeria was trying to increase its agro-processing capacity, urging domestic and foreign investors to take advantage of the opportunity to invest in the agricultural sector.

    Olagunju said the deal would also seek areas of collaboration in the Federal Government’s recently launched Economic Recovery and Growth Plan (ERGP).

    The BoI chief maintained that there is a lot of money to be made by Isreali investors in Nigeria. “Most foreign companies that invested in Nigeria reaped profitably. We believe if the Israeli business model is right, they can reap much more in the Nigerian economy because of our vast natural and resource endowments,” he said.

    While pointing out that there is no country as blessed as Nigeria, Olagunju assured that BoI was  ready to work with Israelis who want to do business in Nigeria.

    “Whoever wants to do business in Nigeria can always work with BoI and we will give them all our support. We are on ground in Nigeria to hold the hands of both domestic and foreign investors who want to do business in the country,” he said.

    According to Olagunju, the  Development Finance Institution (DFI) was looking forward to a very good time with its foreign and domestic development partners, with Israeli investors being one of the most outstanding.

    “You are coming at the right time when the country is trying to improve and increase its agro processing capacity because we have had bumper harvest last year and we are still going to have more in the coming years. If steps are not taken urgently to improve the agro processing industry, there could be post harvest losses and this will serve as a disincentive to farmers,” Olagunju noted.

    He explained that Nigeria was stepping up her agro-processing capacity to ensure that she preserves and adds value to her agricultural produce, while also preparing them for the export market.

    Responding, Feldman said the Israeli Government believes that there is much more both economies can do in terms of trade, stating that the partnership would identify areas on how to improve and strengthen bilateral trade agreements between Nigeria and Israel.

    “Israel has ideas and innovations where Nigeria can tap from to drive any sector of the economy. The trade between the two countries is something which we have more with the smallest countries in Europe and other places and this shows that something is definitely wrong somewhere, because we believe Nigeria is a huge economy and we believe we can do na whole lot more,” he said.

    The Israeli envoy said he believes that if both countries do what they should to make the trade bigger than what it presently is, Nigeria, in the middle of this century, will be comparable with China because the growth in any aspect of Africa is the biggest in the world.

    “Nigeria is a huge market where the possibilities are incredible. We can support the Nigerian economy with communication, cyber security intelligence, agricultural and small business support. We share lots of things we can do together, but we need to find the mechanism to strengthen our partnership,” Feldman said.

    He, however, added that the Israeli government has decided to push very hard on coming back to Africa, saying that Nigeria is one of the top 20 biggest economies in world in terms of Gross Domestic Product (GDP).

    “This is why we are yearning to come back to be a part of it. We are here to some good business,” Feldman noted.

  • Awolowo: Agreement ‘ll broaden trade

    Nigeria has ratified trade facilitation agreement as the country pushes for expanded global multilateral trade, the Executive Director/ CEO Nigeria Export Promotion Council (NEPC), Olusegun Awolowo, has said.

    He said with the ratification,  the country will go ahead to domesticate and implement the agreement to the letters.

    He said: “We expect remarkable outcomes for international trade through TFA (Trade Facilitation Agreement), which aims to expedite the movement, release and clearance of goods including goods in transit. It will reduce bureaucracy at the borders for faster, cheaper and easier trade and is expected to increase trade and investment.

    “The agreement promotes trade by establishing harmonised rules to further expedite the movement, release and clearance of goods crossing borders, including goods in transit. It offers opportunities especially for SMEs (Small and Medium Enterprises) to engage in formal export of goods, which have so far, been informally traded across borders.

    “With TFA, a larger number of exporters to partake in global value chains, thereby enabling all businesses to tap into the huge potentials of trade, Of particular importance for non-oil export is the commitment to accept electronic documentation, test procedures and method of handling perishable/rejected goods.

    “For Nigeria, the much-advocated National Single Window (NSW) initiative would bring about faster services at the borders for both imports and exports. It will also ensure correct revenue collection and create room for transparency in governance, better public service and modernization through e-legislation, thus creating a win-win situation for both government and business.

    “NEPC is therefore committed to support and work closely with the relevant government agencies, private sector and international organisations to ensure full implementation of the Agreement. We will maximise the benefits of TFA especially to make export trade the catalyst for achieving national economic turn-around for sustainable development, enhanced annual GDP growth job creation, higher incomes, improved welfare, reduced trade costs, and ultimately landmark improvements to the ease of doing business index for the country.”

    Awolowo said he hopes It that many small businesses that hitherto have found it impossible to trade internationally due to complex regulatory requirements will henceforth be able to be part of global trade which leads to sustainable growth, and growth that results in prosperity.

  • NNPC okays 39 firms for oil trade

    NNPC okays 39 firms for oil trade

    State-run  Nigeria National Petroleum Cooperation (NNPC) has finally unveiled 39 companies which will trade Nigeria’s oil for this year’s crude oil term contract.

    The 39 companies emerged from 224 which participated in an open bid.

    The list, which was released by the oil firm, includes 18 indigenous companies, two NNPC trading companies and a host of international companies.

    The NNPC, in a statement, said: “The contract will run for one year, effective  January 1 2017 for consecutive 12 circles of crude oil allocation.

    “The list involves 18 Nigerian companies, 11 International Traders, five  foreign refineries, three National Oil Companies (NOCs) and two NNPC trading arms. All the contracts are for 32,000 bpd except Duke Oil Ltd, a subsidiary of NNPC, which shall be for 90,000 bpd.”

    For refineries contract, Hindustan Refinery; Varo Energy; Sonara Refinery; Bharat Refinery; Cepsa emerged winners while for international traders,Trafigura; ENOC Trading; BP Trading; Total Trading; UCL Petro Energy; Mocho; Tevier Petroleum; Heritage Oil; Levene Energy; Glencore; Litasco Supply and Trading were okayed by the NNPC.

    Under the government to government

    contract, there is India (Indian Oil Company); China (Sinopec); South Africa (Saccoil) while Oando; Sahara Energy; MRS Oil and Gas; A.A Rano; Bono; Masters Energy; Eterna Oil and Gas; Cassiva Energy; Hyde Energy; Britania-U; North West Petroleum; Optima Energy; AMG Petroenergy; Arkleen Oil & Gas Ltd; Shoreline Limited; Emo Oil; Setana Energy; and Prudent Energyare indigenous firms that got approval. NNPC trading companies-Duke Oil Limited and Carlson Hyson are also involved in the contract.

    During the open bid in November last year, the Group Managing Director of NNPC, Maikanti Baru,  had said the number of bidders for the contract dropped from 278 that applied for the contract in 2015 due to  the new requirements introduced by the corporation.

    Baru explained that the process, which prioritised refiners and big crude oil lifters,  would be concluded next month.

    “When we sell this crude oil, the money goes straight to the Central Bank of Nigeria (CBN) account on behalf of the federation. NNPC does not operate any of those accounts.

    “The best input from the NNPC is confirmation that the money has been paid but we have no signature rights on this account, contrary to the perception that NNPC is hoarding some money on behalf of the Nigerian people, all the crude oil that we sell goes to the Nigerian people. There is nothing that is hidden, it is all open for everybody to see,” Baru had explained.