Tag: Trade

  • Speaker Abbas moots Africa-Asia trade, investment frameworks at parliamentary conference

    Speaker Abbas moots Africa-Asia trade, investment frameworks at parliamentary conference

    …presents scorecard on gender inclusion, AI regulation bills, others

    The Speaker of the House of Representatives Hon. Abbas Tajudeen, has called for trade and investment frameworks between Africa and Asia, especially for green energy and digital economies.

    This is just as the Speaker has stated that the proposed Asian-African Parliamentary Council, which he approved, will enable African and Asian parliaments to address shared challenges and amplify the voices of the two continents in global affairs.

    Speaker Abbas made this known in his remarks at the ongoing First General Meeting of the Asian–African Parliamentary Council holding in Beirut, Republic of Lebanon. The event is slated for September 8 and 9.

    Addressing African-Asian lawmakers at the Lebanese Parliament on Monday, the Speaker said, “I urge us all to prioritise establishing frameworks for investment, trade, and the exchange of ideas. Africa’s resources should complement Asia’s progress in green energy and digital economies. In a changing world, our parliaments must lead the way in fostering partnerships based on opportunity and innovation.”

    While commending the gathering for “this visionary initiative to establish the Council,” Speaker Abbas noted that it is “a timely platform for parliamentary collaboration amid evolving global dynamics characterised by shifting geopolitics, multipolarity, and nationalistic economic policies and trade protectionism.”

    He added that it “enables us to address shared challenges such as inequality, climate change, and sustainable development, amplifying the voices of Asia and Africa for justice and equity in global affairs.”

    The Speaker, who noted that the agenda of the meeting captures the essence of the Asian-African Parliamentary Council, said Nigeria is eager to participate constructively in the sessions.

    He said, “We aim to foster parliamentary cooperation to address shared challenges and enhance our collective resilience. We are interested in discussions on justice and sustainable development, which align with President Tinubu’s Renewed Hope Agenda.

    “The agenda supports initiatives such as environmental sustainability policies, climate resilience projects, and poverty alleviation efforts. We also highlight the importance of international blocs, building on our recent acceptance as a BRICS partner country in January 2025, to foster South-South cooperation and economic opportunities with Asian nations.”

    While recalling the relationship between Asia and Africa, rooted in anti-colonial solidarity like the 1955 Bandung Conference, Speaker Abbas said it becomes more urgent in today’s contexts of technological advances and shifting alliances.

    Through this council, he said, “Parliamentary diplomacy can promote fair trade, innovation, and mutual respect; reduce dependencies; and establish norms on climate and digital governance.”

    The Speaker also pointed out that Nigeria has historically supported relations between Asia and Africa, and the country is a founding member of the African Union and the Non-Aligned Movement.

    He stressed that Nigeria has championed decolonisation and partnerships through forums such as the Forum on China–Africa Cooperation (FOCAC), and the Tokyo International Conference on African Development (TICAD).

    He said, “Under President Bola Ahmed Tinubu, Nigeria has further strengthened its efforts. In 2024, we entered into a strategic partnership with China focused on agriculture and infrastructure. Additionally, Nigeria signed MoUs with India in 2023 to enhance trade under the African Continental Free Trade Area (AfCFTA). Nigeria aims to expand these initiatives through this council and seeks to improve legislative oversight.”
    Speaker Abbas explained that the Nigerian National Assembly, especially the House of Representatives, anchors the Renewed Hope Agenda by aligning its Legislative Agenda to focus on governance, security, economic growth, social reform, inclusion, open parliament, foreign policy, and sustainability.

    “We have supported the removal of subsidies, freeing funds for infrastructure and education in the 2025 budget. We have enacted laws on human rights, gender-based violence, and disabilities.

    “In promoting gender inclusion, the 10th House has prioritised the Reserved Seats for Women Bill, which proposes creating special seats in the National Assembly (Senate and House of Representatives) and across all State Houses of Assembly.

    “This temporary measure, set for review after four election cycles (16 years), aims to address the significant under-representation, where women currently hold only 64 of 1,460 parliamentary seats nationwide. It seeks to strengthen democracy, reduce gender-based abuses, and unlock Nigeria’s full potential,” he said.

    Embracing the digital age, the Speaker said the 10th House is integrating technology and AI to improve parliamentary processes through digital platforms that promote transparency and efficiency in the National Assembly, as highlighted in our collaborations with the Inter-Parliamentary Union (IPU).

    Speakers at the opening ceremony include the President of the Founding Council and Deputy Speaker of the Council of Representatives of Iraq, Mohsen Al-Mandalawi; Speaker of the Lebanese Parliament, Nabih Berri; President of the International Confederation of Asia and Africa Trade Unions, Saud Rashid Al-Hujailan; First Vice-President of the National Assembly of Mauritania, Sid’ni Soukhona;

    At the ceremony, the lawmakers adopted the provisional draft agenda of the meeting, while they had a general debate on the idea of establishing the Asian–African Parliamentary Council, with a focus on the importance of international blocs.

    There was also a presentation of the council’s strategic plan and submission of proposals and a presentation of the draft final communiqué.

  • Nigeria’s total trade for Q1 2025 stood at N36,024bn – NBS

    Nigeria’s total trade for Q1 2025 stood at N36,024bn – NBS

    The National Bureau of Statistics (NBS) has disclosed that Nigeria’s total merchandise trade stood at N36,024.66 billion in the first quarter of 2025.

    This is according to the NBS Foreign Trade in Goods Statistics Report for Q1 2025 released in Abuja on Wednesday.

    The NBS said that the figure represented an increase of 6.19  per cent compared to the value of N33,925.72  recorded in Q1 2024.

    It said that it also represented a decrease of 1.58  per cent compared to the value recorded in Q4 2024 at N36,604.83.

    The report said that total exports stood at N20,598.48 billion accounting for 57.18 per cent of total trade.

    The report said that total exports increased by  7.42 per cent compared to the amount recorded in Q1 2024 at N19,176.19.

    “Also, total exports in Q1 2025 increased by 2.92 per cent when compared to Q4 of 2024 which was recorded at N20,014.33 billion.”

    It said that in Q1 2025, Nigeria’s export trade continued to be dominated by crude oil exports valued at N12,955.03 billion which represented 62.89  per cent of total exports.

    The NBS said that the value of non-crude oil exports stood at N7,643.45  billion which represented 37.11  per cent of total exports in Q1 2025.

    “Non-oil products contributed N3,167.88  billion or 15.38 per cent of total exports.”

    The report said that the top trading export partners in Q1 2025 were
    India, The Netherlands, the United States of America, France, and Spain.

    It said that the most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, Urea, whether or not in aqueous solution, and Standard quality Cocoa beans.

    The report, however, said that total imports stood at N15,426.17 billion accounting for 42.82  per cent of total trade in Q1 2025.

    It said that total imports increased by 4.59  per cent compared to the value recorded in the first quarter of 2024 at N14.749.52 billion.

    “Total imports decreased by 7.02  per cent when compared to the value recorded in Q4 2024 at N16,590.51 billion.”

    The report said that China remained Nigeria’s highest trading partner on the import side in Q1 2025,  followed by India, USA,  The Netherlands, and The United Arab Emirates.

    It said the most traded commodities imported in Q1 2025  were, Gas oil, motor spirit , Petroleum oils and oils obtained from bituminous minerals.

    It listed Other most traded commodities as crude, Cane sugar meant for sugar refinery, and Durum wheat (Not in seeds).

    The NBS said that the merchandise trade balance for Q1 2025 remained positive at N5.172 billion, showing an increase of 51.07 per cent compared to the value recorded in Q4 2024.

  • Bilateral Relations: UK, Nigeria trade volume jumps to £7.1b

    Bilateral Relations: UK, Nigeria trade volume jumps to £7.1b

    Bilateral trade relations between Nigeria and Britain have reached £7.1 billion, according to British Deputy High Commissioner Johnny Baxter. He announced this at the Nigeria-Britain Association (N-BA) 2024 Presidential Cocktail held at his residence in Lagos.

     

    The event, organized in collaboration with the British Deputy High Commissioner, SCIB Nigeria & Co Limited, NEM Insurance Plc, and Sola Oyetayo & Co, provided a platform for attendees to engage in meaningful discussions and exchange ideas.

     

    In his address, Baxter highlighted the deep-rooted connections between Nigeria and Britain, emphasizing the significant ties between the two nations, including the impact of the Nigerian diaspora in the UK and the strong educational and cultural exchanges. He applauded the close bilateral trade relations, now valued at £7.1 billion, and expressed confidence in Nigeria’s economic reforms.

     

    Earlier, N-BA President Sola Oyetayo welcomed attendees and articulated the Association’s mission to strengthen cultural ties and business collaborations between the two countries. He noted that 2024 marks the Association’s 55th anniversary, reflecting its commitment to fostering partnerships and friendship. Since 2023, the Association has supported over 300 entrepreneurs and students.

     

    Oyetayo also announced the launch of the N-BA secretariat building project, symbolizing the Association’s dedication to promoting Nigeria-Britain friendship and serving as the hub for all its activities.

     

    N-BA Patron Chief Emeka Anyaoku stressed the significance of the Association in strengthening Nigeria-UK relations. He highlighted extensive ties in education, trade, and culture, praising the N-BA’s role and sharing personal anecdotes to illustrate cultural differences.

     

    In her goodwill message, Minister of Tourism Lola Ade-John, represented by her Special Adviser on Policy and Legal Services, Jibike Teniola, praised the N-BA for fostering cultural and national connections, and promoting cultural exchange and business partnerships.

     

    Lagos State Governor Babajide Sanwo-Olu highlighted the strong partnership between the State and the Association, commending its efforts in fostering cultural, social, and educational connections.

     

    Other distinguished guests included N-BA Vice President and Director of the British Council in Nigeria, Lucy Pearson; Special Adviser on Investment to Ogun State Governor, Sola Arobieke; diplomats from the German, Danish, Guinean, and Liberian missions; key government officials from Nigeria and Britain; leaders of prominent multinationals operating in Nigeria; and members of the N-BA.

  • 5 Crypto coins to trade in the latter half of 2022

    5 Crypto coins to trade in the latter half of 2022

    Any cryptocurrency acquisition should only be made after careful consideration of the risk level and diversification needs of the buyer’s existing portfolio. The list up top, fortunately, provides a wide variety of options for different sorts of investors to consider when looking to lock in a return.

    Battle Infinity (IBAT)
    Based on our investigation, we have concluded that Battle Infinity is now the most promising new cryptocurrency. Battle Infinity mixes intriguing P2E components with a deep virtual world, making it a fully audited metaverse-based gaming platform.

    Further, users can try out six distinct platforms within the Battle Infinity metaverse’s ‘Battle Arena,’ with CoinSniper’s KYC checks covering the entire ecosystem. Even yet, this is not always a safe bet. Thus, pre-sales are extremely dangerous financial bets. As a result, you must take charge of your financial future and DYOR (Do Your Own Research) before making any financial decisions (DYOR).

    Lucky Block (LBLOCK)
    Lucky Block is yet another promising new cryptocurrency. In early 2022, Lucky Block, a crypto-gaming platform with a top-tier presale, will debut. An exact method of entering prize draws on a consistent basis has been proposed.

    In addition, the Binance Smart Chain (BSC) hosting service ensures that everyone, regardless of location, may access the Lucky Block platform and take part in the network’s frequent prize giveaways.

    LBLOCK, Lucky Block’s native BEP-20 coin, is what’s used to transact on the site. It’s official: LBLOCK is one of the year’s top low-cap cryptocurrency treasures.

    Pre-sale investors saw returns in the four-digit range once the company launched on PancakeSwap at the beginning of the year. More importantly than its potential economic value, LBLOCK is a cornerstone of the Lucky Block ecology.

    Customers can purchase entries into random daily drawings for prizes or get along with reliable training sites like bitcoin prime for greater revenues.

    DeFi Coin (DEFC)
    DeFi Coin is yet another promising new cryptocurrency that the crypto community will likely miss in 2022 and end up making a killing on. This coin is the foundational unit of the fresh DeFi Swap market. This DEX provides some of the fastest DeFi speeds available while letting users trade, yield, and deposit a wide variety of tokens.

    Furthermore, DEFC’s value is intrinsically tied to the development of the DeFi Swap market, as the token was originally developed for use on the platform.

    In May, with the release of DeFi Swap, the price of the token increased by more than 300% in a day.

    As a result of the several functions that DEFC serves inside the exchange, it has quickly become one of the most sought-after speculative investments in the DeFi market.

    Dogecoin (DOGE)
    Dogecoin was, without a doubt, among the most traded cryptocurrencies of 2017. And besides, Elon Musk tweeted favorably about it again and over again. At the start of 2021, Dogecoin, for instance, was trading at a price of just $0.002.

    In May of the same year, 2021, Dogecoin prices surpassed $0.76 per coin, a new all-time high. Gains of almost 19000% in just five months were achieved by doing so.

    However, Dogecoin fee forecasts expect the meme coin to rise above $1 by end of the year 2022. Given the potential growth of the Dogecoin market, now is a great time to buy Dogecoin at a steep discount.

    Ethereum (ETH)
    Ethereum is a platform where developers may build their own digital money and implement their own smart contracts.

    Ethereum is a major player in the market, but it pales in comparison to bitcoin. The unique technology behind it has allowed it to surpass other cryptocurrencies despite arriving on the market years after them.

    Over To You
    This article provides a detailed evaluation of the top five cryptocurrencies to buy in the second half of 2022.

    This is why NFT investing presents so many opportunities to win rewards and enhance monetary profits. nonetheless, always follow the investing’ rule of thumb which is only invest the amount you can afford to lose while maintaining here levels of patience.

    We hope your investment succeeds.

  • [Devotional] IN HIS PRESENCE: Your trade versus your ministry

    [Devotional] IN HIS PRESENCE: Your trade versus your ministry

    By Oke Chinye

    Read: ACTS 9:6-16, 18:3

    Meditation verse:

    “Paul called to be an apostle of Jesus Christ through the will of God…” (1 Cor  1:1).

    The work that we do can be divided into three basic categories. A ‘Job’ which  simply pays the bills. A ‘Profession’ which is work that we undergo training for.  A ‘Calling’ which is work that is at the core of who you are and is a vital part of  your identity. Let’s look at some differences between the last two.

    Profession involves prolonged training, or a formal qualification and you get to  decide which profession you want and undergo training for it. Calling on the  other hand is divinely inspired. God decides your calling and equips you with  special gifts to fulfil it.

    Your profession is targeted at fulfilling your own needs. You are the centre of  focus, and you will reap ephemeral rewards like money, status, and fame. Your  calling fulfils the needs of others. God is the centre of focus, and He will give you  eternal rewards.

    Your profession is specialized work, and you gain mastery by continuous  training. With calling, the Holy Spirit inspires and teaches you. It is a place where  you can attain full expression of yourself because your calling is at the core of  who you are. Whilst you will not be required to give an account of your  profession on the last day, you will certainly give an account of how you fulfilled  your calling.

    To which do you allot more time, energy, and other resources? Choose wisely.

     

    IN HIS PRESENCE is written by Pst (Mrs) Oke Chinye, Founder of The Rock Teaching Ministry (TRTM).

    For Prayers and Counseling email rockteachingministry@gmail.com

    or call +2348155525555

    For more enquiries, visit: www.rockteachingministry.org.

  • Time to License the Vote Trade – By Chidi Amuta

    Time to License the Vote Trade – By Chidi Amuta

    The recent presidential nomination primaries of the two big parties and the just concluded Ekiti state governorship elections are united by a paradox. In both, Nigerian democracy recorded some dubious progress. An orderly and fairly credible electoral processes seems to have finally evolved. Correspondingly, however, the monetization of the electoral process hit the highest peak in our history.

    In a sickening Arab street bazaar at the presidential nomination conventions, APC and PDP delegates exchanged their convictions for wads of dollar bills reportedly ranging in value from $5000 to upwards of $35,000. In the Ekiti governorship election, the entire state became a retail market place for haggling over the price of each vote and finally settling for a range between N3000 and a princely N15,000 per vote cast.

    As things stand, our electoral outcomes are beginning to look more like validations of financial prowess rather than vindications of genuine intentions of public good. In both the APC and the PDP presidential primaries, the two presidential candidates that finally emerged happen to be the richest citizens among the aspirants. In Ekiti, it seems that a well to do candidate backed by the treasury prowess of the incumbent state administration also won. In both sets of elections, therefore, we may have reached that point in our descent into decadence where electoral victories may have acquired a new Nigerian name: Coronation of the Highest Bidder.

    At the centre of this aberration is a helpless acceptance of vote buying and selling of votes as a legitimate seasonal trade. As has been variously reported, serial bribing of delegates and retail vote buying at polling sites dominated both exercise. Most observers have concluded that the outcome of the presidential nomination conventions of the two big parties merely confirmed the primacy of cash as the deciding factor in the outcome. This is only a foretaste of what is likely to transpire at the real general elections in 2023.

    On the scale of state governorship elections, the Ekiti governorship election now holds the gold trophy in retail direct vote buying and selling. From informed reports, pay masters of the leading candidates were located strategically at vantage points in the vicinities of the polling booths with cell phone cameras focused on the balloting point for verification. Once the voter thumb printed the correct party emblem, he/she qualifies to received the agreed price of the vote at the point of exit from the polling area. Eye contact and thumb signals were the confirmation signals. Reportedly, the going rates in Ekiti ranged from N3,000 to N15,000 depending on the depth of the candidate’s pocket. The highest rate guarantees the more certain win. In one epic unguarded moment, a social media viral photo showed a leading candidate personally openly handing out wads of naira notes to a throng of supporters at a last minute campaign. No one has cared to deny that footage!

    In all this drama, we need to accord INEC its deserved credit. It may have finally made election rigging and vote robbery less attractive than ever before. So far, hardly anyone has alleged that either the presidential primaries of the big parties or the Ekiti governorship election was rigged in any material way. The announced results have so far corresponded neatly with the numbers of accredited delegates and voters in each case. INEC’s adoption of new anti fraud technologies seem to be working. In Ekiti, tallying of votes and the issuing of results were completed in about one day. Some INEC staffers still function as facilitators of residual electoral fraud. But most importantly, potential election riggers and vote thieves now need to think faster than INEC and its new devices. That is bad news for habitual election fraudsters and other ugly Nigerians.

    In all fairness, INEC’s contract with us ends with delivering credible, accurate, free and fair elections. It has no responsibility when it comes to regulating the conduct of voters and the behaviour of candidates and party supporters. Security s the business of the security people. The brazen monetization of our elections is a matter of social deviance that ought to preoccupy government and the political parties that give birth to them. And yet it is the very parties themselves and their leaders that are the source of the brazen monetization of the electoral process.

    We have every cause to celebrate the general acceptance of orderly electoral process as the best way to advance the cause of democracy. Already, lovers and champions of democracy have saluted the progress and success in Ekiti. The United States government has congratulated Nigeria on the success in Ekiti. Even the habitually litigious Nigerian politicians in Ekiti have carefully focused their attention on the open vote buying and selling than on the credibility of INEC’s procedures and processes. The complaint seems to be that they were out bidded in the bazaar!

    But we should all be ashamed that our endemic corruption culture has assumed a permanent seat in something as strategic as our electoral process. Democracy dies the moment the choices made at elections do not reflect the genuine wishes and aspirations of the people but accord with a market logic. Worse still, when cash stands between political aspirants and the genuine feelings of the people, it is hard for electoral outcomes to reflect the desirable direction of public policy. The aberration befuddles the real needs and urgencies of the society and fuels the existing decay of the state.

    There is yet another way of viewing the matter. As it stands now, the quantum of monetization in the recent electoral contests indicates the emergence of the vote trade as something of a new economic trend and nascent sector. We may in fact have indirectly created a seasonal economic sector with a quantum cash turnover. An industry of sorts has found a place among the gamut of new nefarious undertakings now struggling for prominence in our infinitely entrepreneurial nation.

    The trade in votes has just joined the ranks of other illicit trades now thriving in our midst. Cyber crime, trading in babies produced by ‘baby factories’, trade in human body parts, human trafficking across state and international boundaries, online fake celebrity endorsement scams and circuses etc. These are the faces of the ‘new economy’. Add these to the already flourishing lethal sectors of transactional kidnapping and industrial banditry.

    The vote trade is the complementary face of our new era politics. Let us call it transactional politics. It is informed by the Nigerian craze of “cash and carry” or “carry go” in popular parlance. The ‘Ghana must go” politics is the unofficial certification of a cargo cult political culture that feeds on compulsive corruption. While the new INEC is the face of a promising future for democracy in our country, the rise of transactional politics is the death knell of democracy as well.

    The unscripted understanding is that politicians have no moral obligation to attend to the needs of their constituents once they have bought off their votes at election time. The business of the next four years becomes how to recover the investment made at election time and ensure some return on investment. The avenues for investment recovery are well known in our political economy. Inflated and phantom contracts, dubious claims of perks and entitlements, padding of annual budget provisions, countless official trips and tours to all corners of the earth in the name of either finding foreign investors or learning new tricks in nation building or institution management. There is of course the familiar serial scam of oversight visits to public institutions and departments by federal and state legislators. It is an endless cesspool.

    Once sold, the citizens’ vote is a blank cheque that relieves the political office holder of all responsibility for delivery of the benefits of democracy and accountability to the electorate as citizens. The insensitivity of politicians is only complemented by the indifference of an electorate that has sold its votes for a pittance or was absent on election day.

    Interestingly, neither politicians nor the general public find transactional politics unusual or minimally offensive. Our politicians have no qualms about openly negotiating or bidding to buy your votes. Neither do voters feel any moral reservations about selling their votes. It is an anomaly that has found a fertile ground in an atmosphere and culture of endemic corruption. The unwritten common wisdom is that the public sphere is a no man’s land, a place where the treasure of the nation belongs to no one and in which politicians once in office are entitlement to help themselves to the public till. Since the citizens’ vote is the only ticket that grants access to the feast called government, politicians and the citizens have vicariously placed a monetary value on the vote as the ticket to political power. The trade in votes therefore becomes a normal transaction process in the business of political exchange. There is a desperate demand for votes by politicians and a ready supply by voters eager to cash out and move on.

    In the business of the vote trade, then, we are dealing with a market situation. Able buyers and willing sellers which is the basic requirement for the creation of a market. Never before in the history of electoral democracy in Nigeria has adversity created such a thriving ready market in a basic instrument of democracy: the vote.

    Here then is one toxic dividend of Nigeria’s democracy under Mr. Buhari’s presidency. The democratization of abject penury and crippling poverty, the generous distribution of misery among the populace has created a country in which the distrust of politics and politicians is so thorough that people only believe in instant encashment of their citizenship rights in order to survive in the present as against belief in a forlorn hope that things will get better any time soon. Ultimately, the article of trade here is power, the sovereign power to decide the fate of a nation of over 200 million people most of whom are held hostage in the fangs of poverty and desperation.

    The currency is the vote now symbolized by the Permanent Voters Card or PVC. The raging demand for PVCs is driven by two opposing forces. One is the desire by more citizens, especially the youth, to genuinely vote their convictions hoping it will change this ugly present. The opposite is the existence of humongous troves of cash in a few political hands ready to buy any number of PVC carrying voters in order to gain or retain power.

    In the election season, however, the trade in votes becomes brisk business with a fleeting expiration date. The day after the election, life resumes. Delegates smile home and to the banks while bribed voters content themselves with perhaps ‘one nice pot of soup’ in the parlance of former Ekiti governor, Ayo Fayose, who invented the term ‘stomach infrastructure’ to capture the politics of instant gratification of the poor electorate in a period of ravaging hardship and virtual mass starvation.

    In the immediate aftermath of every monetized election, politicians tally their vote haul. The highest bidders head for the streets to celebrate. Those who could not hit the benchmark going prices for votes on sale quietly head home to lick their wounds, recalibrate their depleted bank accounts and console their disappointed spouses.

    It is futile to continue to deny the existence of the vote trade, the unbridled unregulated free market of vote buyers and sellers. After all, this is a free market (free racket!) economy. Instead, perhaps what we urgently need is to recognize and perhaps regulates the vote trade as a seasonal sub sector of our economy. In terms of quantum of cash in circulation, the election season witnesses such a high volume of transactions in a regime dominated by a largely of invisible trade. The greater part of the money movement is undocumented and part of our robust underground economy. It is all about of cash, undocumented unofficial transfers via numerous electronic and human channels. The benefits of these transactions do not accrue to the official public treasury.

    Perhaps the best way to re-inject the monetary benefits of this vast seasonal economic activity is to recognize the vote trade as a legitimate activity. Why deny the existence of something you know will always be there? Let us ‘legitimize’ vote buying, delegate payouts etc as legitimate transactions in the political sector of the economy.

    Therefore, payments to delegates should be declared just like gratuity is entered in your hotel meal invoice. There should be a tax on both the paying party and receiving parties. There should be extra taxes levied on bank accounts with unusual traffic during election seasons.

    Beyond this cynical suggestion, I recognize the urgent need to save our democracy from the scourge of monetization. But sermons and preachments will not do it. Legislation will not do it either. Existing anti graft agencies are as useless as they have been in fighting corruption. Instead, it is better to fight what money has caused with money in the form of higher prices for votes znd open declaration of transactions in the vote trade.

    First, vote buying and selling need to attract heavy financial penalties for its perpetrators and beneficiaries alike. The political parties should lead the charge. They should fix the applicable rates. After all the parties fixed the price tags for their nomination forms for all elective offices which may have helped to exclude those who could not afford the princely sums.

    Since voters now know the rate of return on investment by politicians, they should charge appropriate prices per vote. Let us ask politicians to pay each voter say a minimum of N100, 000 per ballot. That way, the average voter can set up a small cottage business to take care of their needs since the politicians will not look their way once in power. Let the parties ask each governorship aspirant to pay each nomination delegate a minimum of N20 million. Similarly, each presidential aspirant should pay each nomination delegate a minimum of N50 million. At least those who trade their votes and their conscience will become players in the Small to Medium Enterprises sector instead of waiting for government patronage. If the financial cost to individual politicians is high enough, perhaps it might become a disincentive to discourage the survival of the vote trade. Confronted with such high price tags, politicians will come to value each vote and opt to discuss with their constituents instead. I believe such dialogue will lead to the death of transactional politics as both sides will realize that it is cheaper to revert to the original intention of democracy which insulates it from undue financial influence.

    It is time to kill the vote trade by granting it terminal license.

    Beyond nominations and primaries, the rates and price tags for buying and selling of votes in general elections should perhaps be fixed and controlled by market forces determined by the wealth and status of previous holders of the office being sought. Those vying for re-election as councilors, state assembly members, federal legislators, governors and presidents should pay higher than new entrants. But in general, there should be a graduated sliding rate scale for the different levels of public office determined by their potential for return on investment. These rates should be so high in anticipation of the dividends to be reaped as to discourage the faint hearted.

  • Forex Trading Mistakes to Avoid

    Forex Trading Mistakes to Avoid

    Forex or simply FX, otherwise known as the foreign exchange market is a preferred choice of investment for many people. Trading with currency pairs using the right strategy can yield a significant return on investment (ROI), especially in short-term periods. That’s why there are well over $5 trillion of currencies being traded in the FX market every day.

    What’s great about forex is that anyone can invest. If you use reliable sources, if you use reliable forex brokers, such as Hotforex Nigeria, you can start trading right away. The important thing is to avoid rookie mistakes that have the potential to ruin your financial status. With that in mind, here are a few forex trading mistakes to avoid.

    Trading without any practice

    Every forex trader needs practice every now and then. This is especially true for the beginners. However, even experienced traders practice from time to time so that they can test out different strategies.

    The fact of the matter is that you can always use a demo account. Demo accounts are provided by your brokers and they are basically a simulation of the real-time trade. You don’t have to spend real money on demo accounts and you can practice trade strategies and other tactics.

    Trading without a plan

    Every currency trade requires a good plan. Without a plan, you’re basically going in blind. A trading plan outlines optimal strategies that work out best in specific market conditions. That said, 95% of rookie trades manage to fail at their first trade attempt.

    They believe that they can multiply their investment on a single trade. The fact of the matter is that you cannot successfully predict the outcome of the trade. That’s why you need a plan that will help you develop an exit strategy and allow you to mitigate your losses.

    Relying on speculations and random news

    Information flows everywhere you go, including the forex market. However, that doesn’t mean you should listen closely to everything you hear. Economic statuses and current state of affairs in various countries may affect currency pairs you trade with.

    That being said, day trading isn’t affected by the fundamental points of view. Your trading plan and strategies and your trading plan should give you an advantage. Relying on news and speculations of others will hurt your investments. The main reason is that you shouldn’t divert from your original strategies because you heard a rumor.

    Closing Words

    Forex trading can be quite complex to figure out. However once you figure it out, you can actually devise a strategy that will allow you to gain profits on both short-term and long-term investments.

     

  • AfCFTA: Trade negotiation ongoing between Nigeria, African countries

    AfCFTA: Trade negotiation ongoing between Nigeria, African countries

    Ms Funmi Folorunsho, African Continental Free Trade Agreement (AfCFTA) Co-champion on Transportation, says trade negotiation is ongoing between Nigeria and other African countries on trade opportunities in the transportation sector.

    Folorunsho made this known in an interview with the News Agency of Nigeria (NAN) on Tuesday in Lagos.

    She said that AfCFTA Transportation Group had come together to look at legislation, trade negotiation, cross border matters to address challenges in providing transportation services across board.

    According to her, a lot is going on and there is still a lot of work to be done and it will be a gradual thing.

    Folorunsho stressed the need to be patient with the process.

    “Let me assure everyone that AfCFTA has come to stay, we are working on it and the whole continent is working on it.

    “Some are 10 days, one year ahead, some are just starting but it has come to stay and like any other race in life, the race is not for the swift.

    “Good planning is what Nigeria is doing and now that we finally have the transportation group; we are sitting together to look at business and trade opportunities with the Office of Trade negotiation.

    “We are looking at what trade is available, who needs service in what part, we are now negotiating trade opportunities for the transportation sector,” she said.

    Folorunsho said that the negotiation which was among various African countries, would see Nigeria sitting across the table with countries like Sierra Leone and others.

    The Co-champion, who said it was a huge task, commended the Ministry of Transportation for being on top of it, especially in terms of mode of transportation under their jurisdiction.

    She, however, said that from the private sector, they would make transportation services available not only to Nigerians but to other African countries.

    According to her, these Africans may not have the skill and infrastructure that Nigeria has.

    “For example, in terms of ships, maritime industry, we can provide port services, it is a nightmare right now but it is not insurmountable.

    “For us the shipowners, there are various African countries looking for joint venture partners for transportation services.

    “Right now, we have one of the European countries with large vessels seeking the hands of Africans and Nigerians for vessels acquisitions.

    “This can be done through soft loans among others, ” she said.

  • Nigeria-Vietnam Trade/Cultural Association Debut

    Nigeria-Vietnam Trade/Cultural Association Debut

    The Nigeria-Vietnam Economic, Trade and Cultural Association, (NVETCA) has been born with the aim of promoting economic and cultural relations between the two countries.

    The prime promoter of the association, Alhaji Sani Bako stated that he was delighted that after rigorous scrutiny by the Ministry of Justice and various organs of government and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, (NACCIMA) the association was eventually registered.

    Alhaji Sani who was Nigeria’s pioneer Envoy to the Asian country, further reiterated that “the association intends to promote bilateral economic, trade and cultural relations between the two counties “.

    It would be recalled that Alhaji Sani Bako opened the Nigerian Embassy in Hanoi, the Vietnamese capital in 2007 as the Charge d’ Affairs before it was fully upgraded full mission afterwards.

    It was him who spearheaded the first visit of the then Nigerian President, Chief Olusegun Obasanjo to Vietnam during which Nigeria procured some gun boats from that country for the Nigerian Navy.
    During his term as the head of mission in Vietnam, Alhaji Bako took cognisance of the advancement of Vietnam in agriculture, pharmaceutical and technology and did a lot to promote collaborations between the two countries.

    His efforts in this regard brought about the coming of Vietnamese rice farmers to begin rice farming in some states in Nigeria.

    There have also been quite a number of collaborations between the citizens of both countries in pharmaceuticals and several other sectors including exports and imports which were made possible through his encouragement of person to person relationships.

    It is believed that it is the same initiatives that have propelled Alhaji Sank Bako to pursue the formation of this association to the end.

  • Osinbajo canvasses inclusive trade to boost ECOWAS economy

    Osinbajo canvasses inclusive trade to boost ECOWAS economy

    Vice President Yemi Osinbajo says the opportunities presented by the African Continental Free Trade Area (AfCFTA) agreement necessitate more inclusive trade initiatives and expanded intra-regional trade.

    Osinbajo’s spokesman, Laolu Akande, in a statement on Sunday in Abuja, said the vice president spoke at the inaugural gala night of the Economic Community of West African States (ECOWAS) Trade Promotion Organisations (TPO) Network.

    The President of ECOWAS TPO Network is Mr Segun Awolowo, Executive Director, Nigerian Export Promotion Council (NEPC), while Mr Guy M’Bengue, the Chief Executive Officer, Cote d’Ivoire Export Promotion Organisation, is the vice president.

    Osinbajo said that the TPO Network, which was established with the support of the International Trade Centre (ITC), was a farsighted and insightful initiative of the ECOWAS, trade promotion organisations in the ECOWAS community.

    “The network must present a trustworthy platform for cross learning and the sharing of knowledge and information assets.

    “The vision of our Heads of State and Governments in resolving to establish this network (TPO) is to build a more robust and broader economic space for trade and investment.

    “A major part of that effort is that the network serves as a platform for businesses and trade promotion agencies in our region to share knowledge and business opportunities, and develop trade capacity in our region.”

    According to Osinbajo, ECOWAS TPO Network is a public-sector led entity and will work in partnership with the ECOWAS Commission to drive inclusive trade development initiatives within West Africa and beyond.

    The vice president said the network had world class human resource capacity to succeed in achieving its set objectives.

    “The combined experience of the TPOs that form the network is mind boggling.

    “Second is our confidence in your resilience and commitment, which assures us that beyond the tunnel of those obvious challenges lies the bright light of a new era of trade prosperity for the people of the West Africa region and, indeed, the continent,” he said.

    He commended the ECOWAS and the TPO network for the success of the inauguration and its First Annual General Assembly.

    According to the vice president, there is the imminent task of enabling our region benefit maximally from the AfCFTA and other intra and extra regional export opportunities.

    Dignitaries present at the event included the wife of the Vice President, Mrs Dolapo Osinbajo, Ministers of Foreign Affairs, Geoffrey Onyeama, Industry, Trade and Investment; Otunba Niyi Adebayo and his colleague Minister of State, Ambassador Mariam Katagum, among others.