Business
Afreximbank, WTO sign MoU to promote global trade
African Export-Import Bank has signed a Memorandum of Understanding (MoU) with the World Trade Organisation (WTO) to amplify the impact of their strategically aligned joint efforts of promoting global trade.
A statement issued by Vincent Musumba, Afreximbank’s Manager, Communications and Events, said the two organisations would promote global trade by leveraging Africa’s unique resource endowment.
Musumba said the MoU would allow the two organisations to pursue a collaborative framework for harmonising and coordinating their efforts towards deepening key trade development activities on the continent.
He said Afreximbank and the WTO are part of an inter-agency partnership championing transformative change in the cotton industry in Africa’s Cotton-4 plus (C4+) countries.
Musumba said the countries include Benin, Burkina Faso, Chad, Mali and Côte d’Ivoire as an observer.
“The MoU will afford the bank and the WTO Secretariat the opportunity to expand and deepen their collaboration to support the cotton sector beyond the C4+ countries.
“Their support will entail the development of local and regional value chains of cotton in Africa as well as their integration into the global value chain.”
He said another area of collaboration under the understanding would be on Trade Finance matters, addressing non-tariff barriers to trade, and the digital economy.
“Others are capacity building, the oceans’ economic and fisheries subsidies, the sports and creative economies and trading in the context of the African Continental Free Trade Agreement.”
Musumba quoted Prof. Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank, who spoke at the MoU signing ceremony as saying:
“The WTO Secretariat is a natural partner to Afreximbank given our shared mandate of promoting trade and trade-related activities.
“We are already working with the Secretariat on FIFA’s C4+ Cotton Initiative, for which we have committed financing for project preparation for cotton transformation projects in Africa.
“ Formalising our relationship today signifies that we can go beyond our present collaboration to include other equally impactful interventions across key economic sectors in Africa.”
Oramah said Afreximbank recently signed a Charter with Confédération Africaine de Football (CAF) and the Rebranding Africa Forum (RAF) to build a robust sports economy.
He said the Charter would include commercialising and monetising African-made sports apparel and athleisure wear.
“This is yet another undertaking that will benefit from this MOU with the WTO Secretariat,” he said.
He quoted Dr Ngozi Okonjo-Iweala, Director-General, WTO Secretariat as saying, “the signing of this MOU is timely as it reflects some of the key priorities of many of our Members.
“ I am particularly pleased to see that it will support Members’ efforts in agriculture and food security, advance efforts to address harmful fisheries subsidies and promote cooperation on trade finance.
“ I am especially pleased that Afreximbank has committed to explore the opening of a finance window that would assist the C4+ countries on their journey to scale value addition on the continent.
“ I look forward to seeing real, on-the-ground results from this partnership,” she said.
Musumba said the C4+ countries have historically exported raw cotton for processing outside of the continent.
He said developing local industries to process and transform cotton into textile, could potentially create 500,000 jobs in the West African region.
Musumba said if harnessed well, it was expected that within the next 10 years, the C4+ countries could process up to 25 per cent of their cotton crops.
“This undertaking requires about five billion dollars in investment in production facilities and training for workers.
“Which in turn calls for capacity building, access to finance for businesses, and improved infrastructure”.
By Opeyemi Abdulsalam
The NDIC has identified a issue with former Heritage Bank customers’ account names not matching their BVN records, leading to delays in refunding their deposits.
According to the NDIC, discrepancies in account names associated with former Heritage Bank customers’ BVN numbers are hindering the timely reimbursement of their deposits.
Recall that the NDIC has undertaken to begin payment of the 2.3 million depositors following the withdrawal of Heritage Bank’s operational licence.
The commission noted that 99% of the bank’s total customers had deposits less than N5 million.
The NDIC Managing Director, Mr. Bello Hassan, told the newsmen in Abuja on Sunday that a substantial amount has been paid to depositors without BVN-related issues.
He urged those that are not receiving their payments to visit the NDIC website to complete verification forms, including those without BVN-linked accounts.
He said, “We have already commenced the payment of customers since June 6. We have paid a substantial amount to the customers. What we leverage in making the payment is the BVN of customers. We trace alternate accounts in other banks and pay them their insured amounts.
“There are some that we have challenges linking up because of some discrepancies between the names and others. We are calling on customers who have not received their alerts in their alternate accounts to come forward and complete their verification forms so that we can pay them.”
Hassan stated that depositors with more than five million naira would receive a liquidation dividend.
He mentioned that the NDIC has begun selling the bank’s physical assets and is working to recover loans and advances previously granted by the bank.
According to him, “That is what we use in paying those liquidation dividends. We are not going to wait until we recover everything, no. As we recover, we will also advertise to say that we will pay liquidation dividends so that concerned depositors will be on the lookout for alerts in their accounts.”
By Esther Agbo
The Director of Consultancy & Executive Services at the Nigerian Building and Road Research Institute (NBRRI), Makava David, has revealed that using alternative building materials like bricks and laterite can reduce housing construction costs by 25 to 30 percent, making homeownership more attainable for Nigerians.
He announced this over the weekend in Calabar following a presentation at the Cross River State Ministry of Housing. The presentation detailed NBRRI’s partnership with the Regional Sustainable Energy Centre of Excellence for Sub-Saharan Africa to initiate a 3,000-unit low-cost housing scheme across the state’s three senatorial districts, with backing from international agencies and local banks.
Speaking to journalists after the presentation, Mr. David stated that the use of alternative building materials would make houses much more affordable for the average person.
He said, “The cost of materials now is on the high side, the technology that NBRRI is bringing is mainly the use of locally sourced material used in building houses .
“We will use clay for the blocks, fibre for the roofing sheets and this will practically bring down the cost of the building up to 25 to 30 percent compared to conventional building material.
“The aesthetics is next to none, when it’s cold outside it’s warm inside and when it is hot outside it’s cool inside, that is why we are bringing this technology to the good people of Cross River with a payment period of 30 years, so that our people can have affordable houses they can call their home.
“Our target and the mandate of the consultant is to provide 3,000 units of low cost housing units in the three Senatorial districts of the state, and it takes less time to build once the materials are in place.”
Cross Rivers Commissioner for Housing, Dr. Beatrice Igwe, expressed government support for the initiative, highlighting Governor Bassey Otu’s commitment to projects that improve living standards. She lauded the tripartite meeting as a significant step towards reducing the state’s housing challenges by providing affordable, quality housing.
She noted, “The tripartite meeting you just witnessed is the birthing of a project that can reduce the housing challenges of the people of Cross River with a view to giving them modest and affordable housing.
“Alternative building materials are the future and the way forward. The presentation we have witnessed has shown that if properly executed there will be progress as well as a boost in the availability of low cost housing in the state.
“I can assure the partners , and other stakeholders that our Governor who has always put the people first , will key into any programme that will alleviate the suffering of the people and improve their living standard.
“I believe he will surely key into any good program that will make life comfortable for the common CrossRiverian.”
Project facilitator Sir Clay Ogeh Ekpong noted the state’s housing deficit, which prompted the outreach to both foreign and local partners to initiate low-cost housing estates.
He praised Governor Bassey Otu, describing him as a people-friendly leader, for his full support and commitment to the housing scheme.
Ekpong emphasised that the project aligns with the governor’s vision of providing homes for Cross River residents, significantly reducing housing challenges. He stated that plans are underway to construct 1,000 bungalows each in Odukpani, Ikom, and Ogoja/Yala local government areas.
Additionally, the CEO of RSECESSA, Dr. Ibrahim Aminu, expressed enthusiasm and anticipation for the project’s start.
CEO of RSECESSA, Dr. Ibrahim Aminu, expressed enthusiasm for the project’s commencement, noting that it aims to deliver affordable, high-quality housing without financial strain on buyers. The broader program targets building one million houses across Nigeria and the FCT, in partnership with NBRRI.
Aminu stated, “The partners have already put plans in motion to make the project a reality, the idea of reducing the challenges of housing is one aspect and then using alternative materials to build is another major aspect with a view of giving the people quality for their money without breaking the bank.
“We want to ensure that we bring affordable housing to our people and make sure they can also pay for these houses with ease and no pressures, and after retirement they can own good houses at the end of the day.”
By Esther Agbo
Minister of Works, Sen. David Umahi, has issued a warning that the Federal Government is prepared to terminate contracts with Julius Berger, CCECC, and RCC firms involved in two major South South road projects if they fail to demonstrate commitment within one week.
Speaking in Uyo, the Minister addressed Senate President Godswill Akpabio and other stakeholders from Akwa Ibom, emphasising President Bola Tinubu’s intention to launch the Calabar-Akwa Ibom sections of the Lagos-Calabar Coastal Highway by August.
Umahi specifically identified the Eleme-Onne Section of the East-West Road in Rivers State under RCC, and the Calabar-Itu Road sections managed by Julius Berger and CCECC as projects of concern.
He criticised the contractors for prolonged delays and incomplete work, accusing some of lobbying government officials to avoid penalties from the Works Ministry.
Umahi stated, “By end of this coming week, if Julius Berger fails to re-mobilise to site and CCECC fails to re-mobilise to at least 3 Sessions, their jobs will be terminated.”
Regarding the Eleme-Onne section of the East-West Road, Umahi stated, “The worse of the roads in the entire South South is that Section on the East West Road. RCC has collected over N40 billion. 15km of Road, N156 billion inherited from the past administration.
“We’ve been on them to change their ways. And by the end of next week the 14 days notice of termination will elapse and we will terminate the contract.”
Senate President Akpabio and Akwa Ibom Governor Umo Eno urged Umahi to address other neglected federal road projects in the state and ensure contractors fulfil their obligations to benefit residents and travellers.
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