TheNewsGuru

Tag: Trade

  • UBA America to Facilitate Investment, Development Capital, Trade Between North America and Africa, says CEO

    UBA America to Facilitate Investment, Development Capital, Trade Between North America and Africa, says CEO

    UBA America, the United States’ subsidiary of Pan African financial institution, United Bank for Africa (UBA) Plc, has pledged its continuous commitment to facilitate trade and investment between North America and the African continent.

    Speaking on Thursday from the Bank’s office in New York, the Chief Executive Officer, UBA America, Ms. Sola Yomi-Ajayi, disclosed that the bank’s major focus and strategy is to enable the flow of development capital, in line with its commitment to supporting companies achieve their aims of international trade between both continents.

    UBA America is the only sub-Saharan African bank licensed to operate a bank in the United States of America (USA) and armed with the fact that its parent company, UBA Group has operations in over 19 African countries and major financial capitals, continuously hinging on its pan-African strength and global connectivity to support African and international businesses.

    Speaking specifically on the subsidiaries’ activities and how UBA America has worked to solidify ease of operations of businesses, multinationals and parastatals in diaspora, Yomi-Ajayi explained that the bank ramped up its services and invested in necessary technology needed to propel business growth of these organisations.

    She said, “At UBA America, we deliver treasury, trade finance, and correspondent banking solutions to a broad range of customers, including Sovereign and central banks; Corporates, Financial institutions, Foundations and Multilateral and development organisations.

    “Overtime, we have leveraged our knowledge, capacity, and unique position as part of the international banking group – UBA Plc – as we seek to provide exceptional value to our customers around the world,” Yomi-Ajayi said.

    With its specific focus on being an enabler of international development organisations, she noted that UBA and indeed UBA America has been working with Corporate entities, financial institutions and development organisations on the continent, across the bank’s footprints, leveraging digital banking solutions to meet their needs.

    Continuing, she said, “Our focus viz-a-viz our presence in the US is to support American institutions that are operating in Africa. We work with these institutions to achieve their Corporate Goals on the continent, through the provision of innovative Trade, payments, correspondent banking and treasury solutions.

    It is no wonder therefore that UBA America’s CEO, Yomi-Ajayi who has headed the bank’s United States operations for several years, was appointed alongside 10 other members into the of United States Export-Import Bank (US EXIM) Sub-Saharan Africa Advisory Committee. Among other activities, the committee is expected to advise the EXIM Board on the development and implementation of policies and programmes designed to promote its’s activities in sub-Saharan Africa.

  • Nigeria gaining ‘nearly nothing’ from China trade – Agbakoba

    Nigeria gaining ‘nearly nothing’ from China trade – Agbakoba

    A former President of the Nigerian Bar Association (NBA), Dr Olisa Agbakoba (SAN), on Thursday lamented Nigeria’s trade imbalance with China.
     
    Agbakoba warned that the country was losing business opportunities by not taking advantage of its bilateral relations with the Asian superpower.
     
    According to him, the country’s large population provides a ready market for Chinese goods, but Nigeria, being import-dependent, gets “nearly nothing” in return.
     
    He spoke at the annual conference of the Nigerian Institute of Chartered Arbitrators (NICArb), which held at Oriental Hotel, Victoria Island, Lagos.
     
    The conference’s theme was, “Enforcement of arbitral awards and economic growth in West Africa.”
     
    Agbakoba said: “The trade between Nigeria and China is so skewed in favour of China and we are getting nothing; we are import-dependent; everything is imported. If everything continues to be imported where is our hope? We import toothpicks from China.
     
    “I was listening to the Director-General of NAFDAC (National Food and Drugs Administration and Control) today (Thursday) talking about drugs; we import everything. This has just got to change.”
     
    He warned Nigeria to be wary of becoming overexposed to Chinese loans in a way that could affect its sovereignty.
     
    Agbakoba said: “The other day I saw in Zambia, the head of Zambian Police decorating a Chinese policeman who had taken over the Zambian Police because Zambia defaulted on a loan. So, there are wider implications.
     
    “There is no way we can develop if we don’t take an interest in the immediate environment.”
     
    The rights activist lamented that the country was losing jobs and revenue from a failure to enact a national arbitration policy, as obtainable in China, Singapore and most Western countries.
     
    He observed that despite the existence of a highly competent arbitration community in Nigeria, most of the high-value disputes involving companies operating in Nigeria are still being taken abroad to be resolved by foreigners.
     
    He explained that a national arbitration policy could compel multinationals doing business in Nigeria to put a clause in their contracts stipulating that all arising disputes must be resolved in Nigeria.
     
    Agbakoba said: “When (former) Governor (Babatunde) Fashola was in office and I was the NBA President, I approached him and there were some policy initiatives by (former) Governor Fashola, to the effect that all the trades and transactions within Lagos State had embedded in them an arbitration clause making Lagos the venue and that created jobs.
     
    “We can’t sit down here and be training as arbitrators and becoming fellows and we don’t have jobs. The key thing in arbitration is to have work to do.”
     
    Also speaking, the 2nd Vice-President of NICArb, Prof Fabian Ajogwu (SAN), shared in Agbakoba’s concern that Nigerian-origin disputes were being taken abroad for resolution “to the detriment of jobs and wealth creation in Nigeria”.
     
    He blamed the trend on “the consumption attitude” of Nigerians and speed with which Nigerian courts set aside arbitration awards.
     
    The conference had in attendance the Presiding Justice, Court of Appeal, Lagos Division, Justice Mohammed Garba, who represented appeal court President, Justice Zainab Bulkachuwa.
     
    Also in attendance were the President, National Industrial Court, Justice Babatunde Adejumo; and Mr Muniru Liadi, who represented NBA President, Mr Paul Usoro (SAN)

  • Saraki urges U.S. to take its rightful place in trade, investment in Nigeria

    Saraki urges U.S. to take its rightful place in trade, investment in Nigeria

    President of the Senate, Dr. Abubakar Bukola Saraki, has called on the Government of the United States (U.S.) to take its rightful place in trade and investment relationship with the country.

    Saraki made the call while addressing the United States Chamber of Commerce on ‘Doing Business and Opportunities in Nigeria’ as part of a parliamentary visit to Washington DC by a National Assembly delegation at the weekend.

    The President of the Senate, according to a statement by his Chief Press Secretary, Sanni Onogu, stated that huge investment opportunities exist in Agriculture, Financial Technology (Fintech), Infrastructure, Health and oil and gas in the country that promise huge return on investment for any investor.

    Saraki said: “The unique history of Nigeria and the United States, make it imperative that she should remain by far our biggest and closest trade and investment partner. The evolving new vision for the Nigeria economy is within this context of our relationship matrix with the United States as we share similar and converging values.

    “However, in recent times, it would appear that China has been the more willing and enthusiastic partner for business and investment. China has already invested or financed a total number of $22billion projects $45bn in Nigeria with another $40b ready for the next phase of infrastructure financing and investments.

    “China is approaching Nigeria and the African continent as an investment destination and offering very soft loans to the continent. We are indeed happy. But we are also aware that this is the primary place reserved for our core allies like the United States. We want to see the united States and investors like you here, to development a new lens for assessing Africa.

    “We appreciate the aids and humanitarian gestures we receive, but it is no longer enough and in our mutual best interest to continue to ignore the vast opportunity for trade and investment on the continent particularly in Nigeria. We want to see the United States successful with Nigeria diplomatically and economically,” he stated.

    He noted that while Nigeria is one of the Sub-Saharan countries eligible for preferential trade agreements under the African Growth Opportunity Act (AGOA) of the U.S. Congress, but going forward, the country intends to exit AGOA at some point into a full fledged trade agreement based trade relations.

    “Thus, I urge you to take away from our conversations today to better harness the potentials of our investments, your approach to doing business with us has to be strategic and purposeful. We are opening up avenues for private sector to come in and play their own part,” he stated.

    He further stated that the present leadership of the country is not unmindful of the security challenges confronting the nation as it has since commenced action to reform its security architecture in order to boost security for everyone in Nigeria.

    He said: “Indeed, we see the challenges as underscoring the urgent need for radical action on our part as Nigerian leaders. We are determined to bridge the gap of economic disparity in Nigerian society, so as to lift 87 million people out of poverty while creating opportunities and prosperity across board.

    “To do this successfully requires you, our partners, and investors, to join hands with us to build viable cooperation and partnership that will be of benefit to our two nations. Nigeria’ success holds the key to the success of Africa.

    “Our vision is to ensure that we form the nucleus upon which Africa can attain collective and sustained development. In order to do this, Africa needs you and we look forward to working with you,” he stated.

     

  • Rivers: Gov. Wike puts paid to street trading

    Rivers: Gov. Wike puts paid to street trading

    Rivers State Governor, Nyesom Ezenwo Wike has appealed to street traders to desist from plying their trades on major roads.

    Governor Wike also described as unfortunate the attack of Government Officials restoring sanity on the roads by hoodlums at the Slaughter Market in Port Harcourt. .

    He gave the management of the market two days to produce the hoodlums or face sanctions.

    He said that nobody will be allowed to disrupt the development process of the state, under any guise.

    The govenor spoke with the traders during his inspection visits to project sites on Thursday after returning Brussels where he was honoured with the Power of Sports Award by the International Sports Press Association Africa.

    He said that apart from the fact that the traders damage portions of the roads recently constructed and deface the roads, street trading poses danger to the traders who are susceptible to accidents.

    He urged the traders to move into different markets across Port Harcourt and Obio/Akpor Local Government Areas constructed for business activities.

    He said: “Please don’t trade on the streets. What you are doing damage and deface the roads. My plea is that you go into the markets for your safety and the aesthetics of the city.”

    Governor Wike said that the state government will take sustained measures to check illegal street trading, hence his personal involvement with the sensitization of traders.

    He added that the meshed wires fences are beings installed on roads in areas prone to street trading to keep the traders off the roads.

    “As we are working on these roads, everyone is happy. We will not allow street traders destroy the beauty of the city”, he said.

    During the inspection on Thursday, Governor Wike visited National Industrial Court, Mother and Child Hospital, Restaurants and Cinema, Port Harcourt Pleasure Park, Court of Appeal, Port Harcourt, Judges Quarters, Slaughter Road, Reconstruction of Government Offices at Mile One Fly Over,Traditional Rulers Secretariat, Land Reclamation at Ogbunabali/Nkpogu, Oil Mill-Elelenwo-Akpajo Road, Abacha Road, Mgboshimini Primary Health Care , Doctors Quarters among other projects.

    Governor Wike said that intense projects inspection will continue ahead of the third year anniversary.

    Majority of the projects visited by Governor Wike will be commissioned during the administration’s third year anniversary.

    Governor Wike expressed satisfaction with the quality of work done at the project sites, emphasising that the joy of Rivers people at the execution of projects is a motivation.

     

  • Trade barriers: Trump mounts pressure on President Buhari

    US President Donald Trump on Monday mounted huge pressure on President Muhammadu Buhari to consider taking down trade barriers between the United States and Nigeria.

    President Trump, who was speaking during a joint press conference with President Buhari in Washington DC, said the US is working on expanding trade and commercial ties with African nations, including Nigeria.

    “The United States is currently working to expand trade and commercial ties with African nations, including Nigeria; to create jobs and wealth in all our countries. We hope to be the economic partner of choice for nations across the continent and around the world.

    “Nigeria is a valued partner and a great friend. The United States is committed to working alongside Nigeria as we seek a future of strength, property, and peace for both of our countries,” he said.

    TheNewsGuru reports Trump went further to say he is pleased with Nigeria as one of the United States largest trade partners from the African continent.

    He said the US country is looking further to growing the trade relationships with Nigeria based on the principle of fairness and reciprocity.

    The US President revealed that his country gives Nigeria over $1 billion in aid every year; “And we have already started talking with the President about taking down the trade barriers”.

    “Very substantial barriers to the United States trading with Nigeria. So, we think that we are owed that,” he added.

    The US President, who commended President Buhari for steps he has taken in the fight against corruption in Nigeria, the largest democracy in Africa, said it will be easier for the US to invest in Nigeria if certain business barriers were removed.

    “President Buhari has also taken steps to fight corruption and improve the Nigerian business climate and most of all and to me helping rip down the trade barriers.

    “It will make it easier for the United States and companies to invest, and we will be investing substantially in Nigeria if they can create that level playing field that we have to very much ask for and maybe demand,” he said.

    When asked what the US government is doing to repatriate stolen and illicit funds back to Nigeria to fund critical infrastructure, Trump said, “We have also discussed all of those topics at length over the last period of time”.

    He added: “In terms of corruption, Nigeria has a reputation as you understand very well for very massive corruption. I also know the President has been able to cut that down very substantially.

    “We talked about it. He is working on it and they have made a lot of progress and I think they will continue to make a lot of progress.

    “We have a lot of people in this country, and frankly speaking the country itself, that invest in Nigeria. So, cutting down on that element and a corrupt element is very important to us. And the President will be able to do that”.

    The US President stressed that more than anything else he discussed with President Buhari, being the first African leader to meet with Trump in the White House, was US agricultural products coming into Nigeria, which he said Nigeria wants.

    “But there have been certain barriers that do not allow that to happen. So for the good of our farmers, US farmers and for the good of Nigeria, and all of Africa, it is very important that we are able to sell our great agricultural products into Nigeria.

    “That will happen; and we are going to be working on that right away,” he said.

     

  • Nigeria, India to mark 60 years of diplomatic relations as trade hits $9.4bn

    Nigeria and India would mark 60 years of diplomatic relations in 2018 since the establishment of such relations in 1958.

    Indian High Commissioner to Nigeria, Mr Nagabhushana Reddy, said this at an event to mark the 69th Republic Day of India on Friday in Abuja.

    Reddy said that both countries had over the years remained strategic partners with improved levels of cooperation between them with a bilateral trade volume of 9.4 billion dollars in 2017.

    “India is now the largest trading partner of Nigeria globally and Nigeria is the largest trading partner of India in Africa with bilateral trade of 9.4 billion dollars last year.”

    Both countries have had existing relations in various areas including agriculture, defense, trade, capacity building, healthcare, infrastructure and socio-cultural relations.

    The envoy, in a separate interview, told NAN that most of the trade was reliant on oil import from Nigeria, which stands at 80 per cent compared to 20 per cent of Indian exports to Nigeria.

    “Though, we are the largest purchaser of crude oil from Nigeria, there is room for improvement.

    “The trade balance is 80-20 where 80 per cent is what we import from Nigeria and 20 per cent we export which is essentially in pharmaceuticals, engineering equipment, automobile to some of the specialised products particularly in the power sector.

    “We also have some amount of fuel being sold here by Indian oil companies.”

    NAN gathered from the website of India’s Ministry of External Affairs, that India imports around 12 per cent of its crude oil requirements from Nigeria.

    The ministry stated that petroleum imports from Nigeria accounted for 7.46 billion dollars out of total imports of 7.65 billion dollars in 2016 to 2017.

    India’s imports, however, declined significantly by 23 per cent to 7.65 billion dollars during the period 2016 to 2017 as against 9.94 billion dollars registered during the period 2015 to 2016 due to the fall in crude oil prices in the international market.

    The decline, however, did not affect India’s amount of oil imports from the country.

    Furthermore, India’s exports to Nigeria declined from 2.22 billion dollars in 2015 to 2016 to 1.77 billion dollars in the period of 2016 to 2017 due to Nigeria’s internal security and economic recession.

    The Indian high commissioner added that India was an emerging development partner of Nigeria with emphasis on sharing of knowledge and experience with a view to improve capacity building in diverse areas.

    He reiterated that about 500 training programmes annually were offered under the India Technical and Economic Cooperation programme.

    Furthermore, he reiterated the readiness and commitment of his government extend developmental assistance for projects of national importance to Nigeria.

    Director of Regions, Federal Ministry of Foreign Affairs, Amb. Olusola Iginla, expressed optimism in the relations shared between both countries.

    Iginla reaffirmed Nigeria’s readiness to “cooperate in the conclusion of all outstanding agreements” to strengthen bilateral relations.

    “I will conclude by expressing Nigeria’s gratitude to the Indian High Commission for sustaining the excellent relations that exist between the two countries.

    “I also request that the high commissioner conveys the willingness of the Government of Nigeria to partner with the Government of India and its private sector in accelerating the Economic Recovery and Growth Plan of Nigeria for the mutual benefit of both countries.”

    January 26 marks the Republic Day of India and 2018 would mark the 70th anniversary of the country’s independence from colonial rule.

     

  • Macron says EU needs coordinated stance on Chinese trade

    French President Emmanuel Macron on Tuesday during an official visit to Beijing called for a more coordinated European Union (EU) approach to trade with China.

    Macron said that too often in the past, European countries had come to China with widely varying agendas with some seeking more openness and others wary of granting more access to their markets.

    “We need a coordinated European approach that gives China more visibility about our agenda.

    “That’s why France is in favour of defining strategic sectors where we want to protect investments.

    “It’s a question of sovereignty as you yourselves have understood very well,” Macron said after a commercial contract signing ceremony.

  • D-8 Summit: Prioritise incentives for trade, investments – Buhari tells member countries

    President Muhammadu Buhari on Friday urged D-8 leaders to prioritise incentives and measures aimed at increasing trade and investments among member-countries.

    Buhari said this in a statement issued his Senior Special Assistant on Media and Publicity, Malam Garba Shehu in Abuja on Friday.

    The President spoke at the ongoing 9th summit of the D-8 in Istanbul, Turkey.

    Buhari said the private sector and business communities in the D-8 must be assisted with incentives to widen economic cooperation among Member-States.

    “As the D-8, we need to intensify our activities with a view to enhancing various measures and incentives introduced to promote trade and assist the business communities from Member-States to invest in our countries and widen our cooperation.

    “We need to work hard to establish integrated manufacturing structures and markets.

    “I will like to reiterate the importance of increasing trade and investment among our Member-States,’’ he said,

    While reiterating Nigeria’s commitment to international trade and development, Buhari affirmed the country’s readiness to host the Meeting of D-8 Ministers of Industry scheduled to hold between Nov. 14 and Nov. 17 in Abuja.

    The President, who highlighted the attractive business and investment opportunities that abound in the country, stressed the need for prospective investors to take advantage of the Federal Government’s new policies on trade facilitation.

    “Nigeria is committed to, and is actively pursuing a policy of trade and investment facilitation for growth.

    “The gains from trade are reflected in greater competitiveness, improved productivity, job creation, consumer welfare and prosperity.

    “Economies that grow fastest and at more sustainable rates are those that actively promote trade and attract investment.

    “We are committed to creating an enabling environment and making Nigeria an attractive place for business and investment,’’ he said.

    The President also urged D-8 member-countries to support efforts of the African Union (AU) to establish the first ever single market for trade in goods and services on the continent.

    He described the AU-backed Continental Free Trade Area for Africa as a “win-win for all, including member countries of the D-8.’’

    “I am pleased to inform you of positive market developments presently in Africa that will support our efforts as Members of the D-8 to enlarge our markets, facilitate our trade and investments, and develop our economies.

    “In Africa, we are on the threshold of finalising negotiations to establish the first ever Single Market for Trade in Goods and Services on our Continent in the Continental Free Trade Area for Africa.

    “This will be a win-win for all, including member -countries of the D-8.

    “As partners, I urge that we work together to support this effort of the African Union that will have a positive effect on global economic development and integration.’’

    Earlier, President Buhari had congratulated the outgoing Chairman of D-8, Pakistani Government, and Dr. Seyed Ali Mohammad Mousavi, the outgoing Secretary-General, on their commitment and strong resolve to move the organisation forward even in the face of serious challenges.

    He also congratulated Turkey on assuming the new leadership of the economic organisation.

    He assured D-8 leaders that Nigeria would continue to support the Secretariat in its assignments to achieve the visions and objectives of the organisation.

    The D-8 member-countries include Bangladesh, Egypt, Indonesia, Iran, Malaysia, Pakistan and Turkey.

     

     

    NAN

  • Good governance, education will enhance African trade- Obasanjo

    Former President Olusegun Obasanjo says that basic education and good governance will boost intra-African trade. Obasanjo said this at the ongoing 24th Annual General Meeting of the African Export-Import Bank (Afreximbank) on Friday in Kigali.

     

    He said that there should be education for all, adding that it was the foundation for development

     

    According to him, at least basic education is required by all to enable citizens to read and write and be useful to himself, his country and his neighbors.

     

    He said it was only when all were educated that the problem of cross-border trade would grow and also hasten the economic integration of the continent.

     

    The former president also expressed concern that lack of good governance in Africa due to massive corruption, impunity, and inconsistency in fiscal policies had impeded the growth of trade in Africa.

     

    “When these stop, Africans will then begin to have basic needs of life and develop trade across borders.

     

    “Thriving shipping companies owned by African countries and harmonized fiscal policies will lead to better life for Africans and a booming cross-border trade.

     

    “A situation where an African fills two separate documents to enter another country will not help African trade, rather it will retard trade and development,’’ he said.

     

    Obasanjo appealed to African leaders to believe in their own, adding that a facility from Afreximbank, African Development Bank, and others owned by Africans was better than obtained elsewhere.

     

    He stressed the need for African leaders to understudy capitalism and learn how to deal with it.

     

    According to him, how will one explain the exportation of raw materials to Europe at a cheaper prize and buy the finished raw material in an exorbitant prize?

     

    He said the World Bank and IMF and other western finance institutions were designed by the western world to sooth the western world, adding that the institutions had “bitter pills an African must swallow’’.

     

    “No one can run away from the institutions’ bitter pills because the pills have been designed in such way that if you swallow it, you will fail and if you don’t, you will still fail.

     

    “During my tenure as president of Nigeria, I told the then Central Bank of Nigeria (CBN) Governor Charles Soludo that when these institutions come don’t chase them away but just listen to them and learn how to deal with the overtures.

     

    “So, I was able to study capitalism and approached our creditors to do something about my country’s debt, which was in billions of dollars and they listened. A large chunk of the debt was written off,” he said.

     

    Obasanjo said that Africans were not weak but their mindset about themselves had been the problem.

     

    According to him, Africans should desist from saying to these institutions; just help me, I am in a problem without understanding what his country wants before taking a facility?

  • Adopt common currency to boost trade, Obasanjo charges ECOWAS

    Adopt common currency to boost trade, Obasanjo charges ECOWAS

    Former President Olusegun Obasanjo on Thursday called on the leaders of the Economic Community of West African States (ECOWAS) to agree on common currency to boost the regional trade.

    Obasanjo made call at the ongoing 24th Annual General Meeting of the African Export-Import Bank (Afreximbank) in Kigali.

    He spoke on: Can Regional Economic Communities Work for Africa: Lessons from a Founding Father.

    He said that the issue of common currency was getting delayed because the regional leaders had put forward “ECO” as a name for the currency but wondered why it had not been adopted.

    According to him, the currency is required to move the current level of the regional trade from 25 per cent to more than 50 per cent.

    He said the various currency zones like the Naira zone, the Cedi zone, among others should not be allowed to mitigate the flow of trade within the region.

    He blamed too many internal conflicts and changes in policies, among others, as some of the challenges facing the region.

    Obasanjo, however, lauded ECOWAS countries for their ability to resolve their issues on their own, adding that ECOWAS on its own had resolved conflicts in Liberia, Sierra Leone and The Gambia.

    He said that in the case of The Gambia, ECOWAS leaders agreed that a military option should be adopted but it should be without firing a bullet.

    “I was sure the ousted president Yahya Jammeh will leave but when he started delaying ECOWAS leaders met, it was agreed a military option should be adopted.

    “The tactics worked and when the countries leaders were saying the ousted president Yahya Jammeh had left the country with huge sums of money. I told them to allow him to go with the money so far he allows the country to remain in peace,” he said.

    He said the region had been most democratic region going by free and fair elections done in the countries.

    He told the audience that in the region, elections had been held without violence and wherever there was crisis the region had resolved such crisis peacefully.

     

     

    NAN