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Content ISSUE 116/NOV. 2023
N5,000 / $12 / £10
H.E
João Lourenço H.E Bola Ahmed Tinubu
Exclusive
Angola-Nigeria BUSINESS
SUMMIT
2023
A New Era of Sustainable Business Partnership
27
1st interactive diplomatic forum of business 2023
06
HIS EXCELLENCY
independence Jose Bamoquina Zau speech by
12 18 21 34
ANGOLA: A Blessed Land END OF Fossil Fuel THE NIGERIAN ELECTRICITY ACT 2023 A Golden Opportunity for Investors... TOP 10 INVESTMENT Opportunities in Nigeria
49
EMBRACE, ENCOURAGE & EXPLORE
4
64
NIGERIA POLICY IMPLEMENTATION...
The African Free Trade Zone provides veritable
·
Enhanced trade and investment
opportunity countries on the continent to deepen
opportunities: Both countries have rich natural
trade cooperation and reverse the current situation
resources, especially oil and gas that can be
in the short and medium terms. Nigeria and Angola
mutually exploited and exchanged. They can also
both faces similar challenges and the best
diversify their economies by exploring other sectors
approach is for both countries to collaborate. The
such as agriculture, manufacturing, tourism, and
Federal Government of Nigeria and Angola have
technology. By creating a suitable environment for
recently strengthened their ties in an effort to drive
business people to interact and facilitate issues
economic development and foster bilateral trade.
such as visas, tariffs, and regulations, both countries
Nigeria's exports to Angola hit $ 16.8 million between
can boost their bilateral trade and attract more
2020 and 2022. The ties between both countries were
foreign direct investment.
marked by signing the first economic, technical,
·
scientific and cultural cooperation agreement in
stability: Both countries face similar challenges in
Strengthened regional security and
1976.
terms of peace and security, such as terrorism,
According to Domingos Lopes, the Secretary of
cooperating more closely in the areas of defence
insurgency, piracy, and transnational crime. By State for International Cooperation and Angola
and security, both countries can share intelligence,
communities “In the last three years (between 2020
expertise, and resources to combat these threats
and 2022), Angola's exportation of goods to Nigeria
and enhance their capacities to respond to
was estimated at USD 5.6 million and its importation
emergencies. They can also support each other in
stood at USD 16.8million, corresponding to a negative
multilateral forums such as the African Union, the
trade balance of about USD 11.2million,” he stated.
Economic Community of West African States, and
Concerning the main product group, Angola
the Southern African Development Community to
exported crude oil weighing about 42% to Nigeria,
promote regional integration and cooperation.
optics and precision accounting for 20%, and
·
mechanical machines and devices with their
countries have rich and diverse cultures that can be
Improved cultural and social ties: Both
function, accounting for 14% of the total volume of
shared and celebrated through various platforms
exports.
such as education, culture, and sports. By increasing
In the area of importation of the acquired product
the exchange of students, scholars, artists, and
group were machine and apparatus, CKD, plastics,
athletes, both countries can foster mutual
rubbers and other transport materials. These groups
understanding, respect, and friendship among their
in their total represent more than half of the total
peoples. They can also learn from each other's best
exportation during the period (41%, 19% and 15%
practices and experiences in areas such as health,
respectively). Thus the potentials are huge. Despite
education, and governance. We hope you would
the myriads of challenges of recent years in Nigeria
enjoy this edition.
and Angola, it is clear that a bold step towards increased cooperation would benefit both countries in various aspects. Some possible benefits are:
THE FINAL ADDRESS OF HIS EXCELLENCY
AMB. JOSÉ BAMÓQUINA ZAU, Ambassador extraordinary and plenipotentiary of the Republic of Angola to the Federal Republic of Nigeria.
ON THE OCCASION OF THE COMMEMORATION OF THE 48TH ANNIVERSARY OF NATIONAL INDEPENDENCE, 11 NOVEMBER 2023. HONOURABLE REPRESENTATIVE (S) OF THE
been built to boost the national economy, with
NIGERIAN GOVERNMENT.
heavy investment in roads, railway lines, ports
YOUR EXCELLENCIES MEMBERS OF THE
and airports, special economic zones, as well
DIPLOMATIC CORPS.
as other economic infrastructures to attract
DISTINGUISHED GUESTS.
direct foreign investment.
LADIES AND GENTLEMEN
Angola is a coastal state, bathed by the Atlantic
DEAR DIPLOMATS, MEMBERS OF THE ANGOLAN
Ocean, which is 1650 kilometres long and
COMMUNITY.
occupies an Exclusive Economic Zone (EEZ) of
The 48 years of independence that we are
around 518,433 km2.
celebrating here represent the sacrifices made
In this context and reinforcing the importance
by the Angolan people and the government's
of its Atlantic maritime dimension in the
determination to implement its main objective:
geostrategic framework and in the economic
the well-being of all Angolans and all other
and social sphere, Angola has been actively
citizens who have chosen Angola as their
following and participating in the major global
country to live in.
issues, with emphasis on the United Nations
Over the years, critical infrastructures have
Decade of Ocean Science for Sustainability
6
(2021-30), the Sustainable Development
position in connecting the regions of West,
Goals, the 2030 Agenda and the new world
Central and Southern Africa.
vision of the Blue Economy.
As part of the Angolan government's efforts
Today, Africa is on the path to the blue
to improve trade and economic
economy, implemented through the African
cooperation with Nigeria, on 19 October
Union with Agenda 2063, the 2050 Integrated
2023 our Embassy organized the First
Maritime Strategy, the African Blue Economy
Diplomatic Business Forum to bring
Strategy, at global and regional level, we have
together the political and business
great opportunities for valuing the national
stalwarts of Angola and Nigeria, leaders
maritime space and its resources, within a
from the Oil and Gas, Banking, Agribusiness,
framework of sustainability and protection of
Aeronautics, Mining, and other areas of
marine biodiversity.
interest to both countries, which culminated in the setting up of the Angola-Nigeria
Today, a major infrastructure of great
Business Council (ANBC).
economic importance for Angola was
The event served as a prelude to the
inaugurated in Luanda: Luanda's new
preparation of a larger event that will take
international airport, Dr. A. A. Neto, located 42
place at the beginning of next year: The
kilometres (km) from the urban centre, on an
ROAD SHOW Angola, an exhibition fair on the
area of 75km², with two runways and designed
potential and business opportunities in
to accommodate large aircraft such as the
Angola.
Airbus-A380, with a capacity to Handle 15 million passengers per annum, and the capacity to process 130,000 tonnes of cargo per annum, a volume five times greater than that handled at the current 4 de Fevereiro International Airport. Angola embarked on some important reforms in the National Civil Aviation System, with a thorough restructuring of the legal framework, especially the entry into force of the new Civil Aviation Law, as well as the modernisation of the air navigation system. In this regard, the airlines of the countries represented by Your Excellencies here, and particularly Nigeria, are invited to explore the opportunities offered by the new airport, taking advantage of Angola's geostrategic
7
Excellencies, Ladies and Gentlemen,
struggle and the history of our countries has
WHAT IS THE STATE OF HEALTH OF RELATIONS
an indelible record of events in this area: THEY
BETWEEN ANGOLA AND THE FEDERAL
SAY: "History cannot be erased; it can be told".
REPUBLIC OF NIGERIA?
Angola and Nigeria work together within the
We are talking about two (2) brother countries
framework of the Technical and
and giant crude oil producers at African level,
Methodological Coordination of the African
with relations of cooperation between the two
Petroleum Producing Organization (APPO),
peoples starting with the liberation struggle
extending to Organization of Petroleum
and ending with Angola's Independence.
Producing Countries (OPEC).
In fulfilment of the political will expressed by
The Gulf of Guinea Commission is one of the
the leaders of both countries in 1976,
Sub-Regional Organizations where
Diplomatic and Cooperation Relations, as well
coordinated action continues to gain
as the formation of the Bilateral Commission,
momentum, given the current challenges in
were given legal backing on 7 April 1979.
this Sub-Region, in the African Union, the two
During this period, four Bilateral Commission
(2) countries have always unequivocally
Sessions were held, where several
defended the ideals of Pan-Africanism.
Agreements were signed. Nigeria has always been at Angola's side from
In this regard, the leaderships of the two (2)
the very beginning of its national liberation
countries have always taken the lead in
8
fulfilling the principles defended by the founding fathers of the O.U.A. where we highlight: the intangibility of the borders of our colonial heritage, freedom for oppressed peoples, freedom of religion, but above all raising the great challenge of lifting millions of Africans out of poverty. The United Nations Organization is another forum where the two (2) countries and their leaders have expressed their desire for an increasingly fair world, with the re-founding of multilateral institutions on a global scale. Angola and Nigeria have faced enormous challenges, and their respective leaders remain committed to resolving the most essential problems. The strengthening of Bilateral Cooperation is on the action plan of the two (2) leaders, Their Excellencies Presidents JOÃO MANUEL GONÇALVES LOURENÇO and BOLA AHMED TINUBU. Since 2008, the Angola-Nigeria Bilateral Joint Commission has been waiting to be convened in time to be able to come together at the same table with the officials of the two (2) countries to work on socio-economic, political, defense and internal security issues and to consolidate the bilateral legal instruments that are needed in view of the dynamic that is to be created between the two brotherly countries. The Angola-Nigeria economic balance still doesn't reflect the strategic dimension of the two giants. The African Free Trade Zone is coming, so it is in everyone's interest to prioritize trade cooperation and reverse the current situation in the short and medium term. Ladies and Gentlemen. The Angola/Nigeria Chamber of Commerce and Industry was recently set up in Luanda with a view to ensure that the needs of the business
10
community in both countries are properly understood and catered for. As part of the implementation of the African Continental Free Trade Area, structural reforms have been made in various sectors: Legislative, Migration, Banking, agriculture, and we can highlight here the ease of the mobility of Nigerian businesspeople and not only to Angola, with the granting of entry visas at a very short time, contrary to the previous period. Always in the context of human mobility on a global scale, a total of 98 countries in the world were exempted from entry visas to Angola with immediate effect. This process of removing some barriers to the movement of people is
being
carried out gradually, with the progressive inclusion of more countries whenever the
technical and material conditions are created for this purpose. Excellencies, Ladies and Gentlemen I wouldn't like to end my speech without reaffirming that the Government of the Republic of Angola is open to ethical and sustainable business, with the opportunity open today for anyone, Angolans, as well as citizens of other nationalities, to acquire state assets that are being privatized in various sectors of the economy and we ask you to be spokespeople for your countries. To all present, we wish you a Happy Angolan Independence Day and invite you to raise your glasses for a toast and enjoy the Angolan cuisine at our disposal. Enjoy your meal - thank you for coming.
10
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Ang la A Blessed Land economies in the world. Angola's economic success is Angola is an African Country located
partly attributed to the proper utilization of the country's
in the Southern part of the African
natural resources. Some of Angola's most vital natural
continent and it spans through an
resources include the arable land, petroleum, and
area of 481,400 square miles. Angola's
diamond.
economy has gone through several
There are large reserves of iron ore in the southwestern
rough patches, particularly during
part of the country, but they are of low grade. Other
the Angolan Civil War. Despite the
minerals—copper, manganese, gold, phosphates,
turbulence that the economy faced, it
uranium, feldspar, and platinum—are known to exist in
began recovering in 2003. The
commercial quantities in Angola, especially in the area of
Angolan government implemented
the escarpment.
several ambitious policies to ensure economic reform, and as a result of the policies, the country's gross
OIL AND GAS
domestic product grew by
Angola is the second largest producer of oil in Sub-
approximately 20% from 2005 to 2007.
Saharan Africa and is producing about 1.55 million barrels
The Angolan economy is considered
in a day, which is about 1000 barrels below its capacity.
one of the most rapidly growing
The country is a member of the OPEC and also produces natural gas of about 17,904.5 million cubic feet. The
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country has about 9 billion barrels of proven oil reserves and approximately 11 trillion cubic feet of natural gas. As a result of the drop in global oil prices and the lack of foreign currencies in the country has led to limited investments in new exploration. About 75% of the oil produced in the country is from the fields in the offshore and produces light sweet crude oil coming with low sulfur content, which is suitable for processing light refined petroleum. The country is planning to increase its output by 2020, and it has embarked on restructuring the industry.
ARABLE LAND According to information from the World Bank, in 2014, arable land in Angola accounted for close to 4% of the nation's total area. The data indicates that the percentage of arable land in Angola has been increasing steadily since 2004. Angola's soils are some of Africa's most fertile and its climate is exceptionally conducive to agriculture. In the past, Angola was nearly agriculturally self-sufficient with wheat being the only exception. The civil war significantly affected the sector and limited the country's agricultural output. Currently, some of the main crops grown in Angola include coffee, bananas, and cassava. Data from the government indicates that close to two-thirds of the Angolan people rely on agriculture either directly or indirectly for their livelihoods.
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Coffee
most critical natural resources. One of Angola's
Since the colonial era, coffee has been one of
significant forests is the Maiombe forest which is
Angola's most important natural resources.
situated in Cabinda. Some of the trees exported
During the colonial era, Angola was one of the
from Angola include cypress, pines, and
world's leading producers of coffee. During this
eucalyptus.
period, coffee was mainly grown in the northwestern edge of the country. Angola's civil
Fish
war nearly decimated the nation's coffee
One of Angola's most important natural
industry since most of the Portuguese coffee farmers fled to Brazil. At the end of the civil war, the government immediately instituted reforms in the coffee sector in an attempt to return production to colonial levels. Industry experts believe that the relevant reforms are likely to cost the government $230 million. One of the main reforms meant to revitalize the coffee sector is the improvement of the transport sector particularly the roads.
resources is fish. The importance of fishing to the Angolan economy dates back to the colonial period. During the early 1970s, government records indicate that there were close to 700 fishing vessels within Angola's territorial waters. At the time, nearly 300,000 tons of fish were caught each year within Angola's waters. The civil war greatly diminished the value of Angola's fishing sector. Like most of the country's industries, the government has invested vast sums of money in ensuring that the fishing
Livestock
industry is revitalized. As part of its revitalization
Livestock is one of the most critical natural
program, the Angolan government allows
resources in Angola with some of the most
foreign nations to fish within its territorial waters.
commonly kept livestock being cattle, pigs, and
Some of the foreign nations that are allowed to
goats. Despite its importance livestock keeping,
fish in Angola's waters include Italy, Japan, and
like other agricultural sectors, faced a significant
Spain.
decline during the civil war. According to official government records, in 1973 approximately 36,500 tons of slaughtered livestock were produced in Angola. By the early 1980s, the production had declined significantly to slightly over 5,000 tons.
Forests In Angola, forests cover close to 18.4% of the nation's total area and form one of the country's
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Minerals Angola is considered to be one of the richest African nations regarding mineral resources. Some of Angola's most important minerals include diamonds, iron ore, manganese, and tin. The mining industry is one of Angola's most important in the country due to the high quality of the country's minerals. Despite the high value and quantity of Angolan minerals, the government has faced a significant challenge in attracting major investors to develop the sector. Some of the reasons that make investors avoid Angolan minerals include a history of human rights violations, rampant corruption particularly within the government and the smuggling of minerals particularly diamonds. The government has attempted to resolve the issues to convince investors to develop the mineral industry.
Diamonds Diamonds are the most vital of Angola's mineral resources. Angola's modern diamond mining
war, the National Union for the Total Independence of Angola targeted the diamond mining industry, and due to its attacks, the industry was crippled. The organization managed to cripple diamond mining in the most important region, along the Cuango River. To combat the organization, the government strengthened the security around the Cuango River, and mining could resume in the region. After the civil war, the Angolan government was able to put in place different measures to strengthen its diamond mining industry. One of the measures that it implemented was putting in place an anti-smuggling campaign dubbed Operation Brilliant. The operation was relatively successful as it led to the apprehension of more than 250,000 smugglers over three years from 2003 to 2006. Before the operation was put in place, it was estimated that diamond smuggling cost the government of Angola approximately $350 million worth of revenue in losses.
industry traced its roots to the colonial period in
The Angolan Economy
1912 when significant deposits of diamond were
Although Angola has abundant natural
found in the country's northeastern edge near a
resources, the country's output per capita is one
region known as Luanda. During the colonial
of the lowest in the world. Subsistence
period, diamond mining in Angola was carried
agriculture provides livelihood to more than 85%
out by an independent company known as
of the country's citizens. The oil industry and its
Diamond. After the nation attained its
associated activities account for 45% of the
independence, the government put in place a
country's GDP and about 90% of the country's
law to ensure that only it had the right to exploit
export. In some decades Angola was one of the
the country's mineral resources. During the civil
biggest exporters of food items in Africa, but currently, the country imports all its food requirements.
This article's content is to serve as a broad reference on the topic. You should consult an expert regarding your particular situation.
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END OF
FOSSIL WHAT HAPPENS WHEN THE FOSSIL FUELS RUN OUT IN AFRICA? Africa's energy needs are largely met by fossil fuels, just like those of the rest of the world. But as the global debate over climate change heats up and the limited supply of fossil fuels becomes more obvious, it is critical to investigate what happens in Africa when these resources inevitably run out. This article explores the possible outcomes, obstacles, and prospects that could emerge when the continent moves towards a post-fossil fuel future.
Economic Effects: Oil exports are a major source of income for many African economies. Fossil fuel resource depletion may result in economic difficulties, such as decreased government revenue, joblessness, and possible societal upheaval. It becomes essential to diversify the economy to avert these shocks. Infrastructural Modification: Many African nations now have infrastructure designed to ease the extraction, processing, and transportation of fossil fuels. Logistics difficulty will arise from the switch to alternative energy sources, which will necessitate substantial investments in new technologies and
WHAT ARE THE CHALLENGES? Energy Security challenge: To maintain energy security when fossil fuel supplies run out, alternative energy sources will become more and more important. To lessen the possibility of an energy crisis, Africa must invest in renewable energy sources such hydroelectricity, wind, and solar energy.
infrastructure. WHAT ARE THE OPPORTUNITIES TO EXPECT? Renewable Energy Potential: Africa has a wealth of resources for renewable energy. There is a plethora of chances for producing sustainable energy, such as using solar power in the vast deserts, wind energy along coastlines, and hydroelectricity in river-rich areas.
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INTERNATIONAL COOPERATION AND POLICY International Cooperation: International cooperation is necessary to meet the global issue of transitioning to a post-fossil fuel era. Africa may get access to finance, technology transfer, and expertise in constructing a sustainable energy future through collaborations with advanced nations, international organizations, and the private sector. Policy Structures: Africa's governments must create all-encompassing, flexible energy policies that support the switch to renewable energy sources. These regulations ought to deal Innovation in Technology: Africa may take advantage of this shift away from fossil fuels
with issues like funding, international cooperation, and regulatory frameworks.
and advance into cutting-edge technologies. The continent can take the lead in the global clean energy revolution by funding research and development for renewable energy technologies.
“
Job Creation: There is a good chance that the
There is a good chance that the renewable energy industry will generate a lot of jobs.
renewable energy industry will generate a lot of jobs. By enabling workers to engage in the green economy through training programmes and learning opportunities, unemployment issues resulting from the decline of conventional fossil fuel industry can be mitigated. Preservation of the Environment: The shift away from fossil fuels is in line with international initiatives to tackle climate change. By putting an emphasis on conservation and sustainable practices, Africa may establish itself as an environmental steward and protect its rich biodiversity for coming generations.
CONCLUSION In Africa, the depletion of fossil fuels brings opportunities as well as challenges. African countries can successfully traverse the transition by proactively addressing these issues through strategic planning, investments in renewable energy, and international cooperation. Adopting a sustainable, clean energy future benefits the environment and establishes Africa as a major actor in the international struggle to tackle climate change.
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The Nigerian
Electricity Act 2023:
A Golden Opportunity for Investors to Invest in Electricity Generation in Nigeria INTRODUCTION:
sector. This Act consolidates past reforms and
Nigeria, Africa's most populous country and one
aims to solve long-standing challenges in the
of the continent's largest economies, has long
sector. It includes, as listed below, several
struggled with insufficient energy generation
significant provisions that create an appealing
and distribution. The Nigerian government is
investment climate in the power generation
aware of the problem and has taken
sector:
substantial steps to address it. The enactment of the Nigerian Electricity Act
Deregulation of Electricity Generation: The
2023 represents a watershed moment for both
Act's deregulation of power generation is one of
domestic and foreign companies looking to
its most important aspects. This means that
invest in the country's electricity-producing
investors, both domestic and foreign, are now
sector. In this article, we will look at the Act's
permitted to invest in and operate power
essential components and why they are a
facilities. The Act establishes a framework for
game changer for potential investors.
license issues, guaranteeing a competitive market environment that promotes innovation
THE NIGERIAN ELECTRICITY ACT 2023
and efficiency in the sector.
The Nigerian Energy Act 2023 is a comprehensive piece of legislation designed to
Investment Incentives: The Act provides
overhaul and rejuvenate Nigeria's energy
several incentives to investors, including tax cuts, access to attractive financing options, and assurances against expropriation, to stimulate investment in the area. These incentives make it easier for investors to put their money into power-generating projects.
21
meet the country's power needs while earning a high return on investment. Economic Growth Prospects: A steady and adequate supply of power is critical for economic progress. Investing in energy generation may boost numerous businesses, Access to the Grid: The Act addresses grid access by guaranteeing that independent power providers have equitable and equal access to the national grid. This ensures that electricity generated by private enterprises is distributed to consumers in a reliable manner, improving project commercial viability. Regulatory Framework: A robust regulatory structure is in place to monitor the sector and ensure transparency and accountability. The Nigerian Electricity Regulatory Commission (NERC) is designated as the primary regulator, with responsibility for setting pricing, monitoring compliance, and resolving disputes. WHY INVEST IN ELECTRICITY GENERATION IN NIGERIA? The government has made it easier for investor as it has provided incentive as listed above. As the popular African proverb reads, “No matter how good a housewife is, she cannot cook without ingredient”, the following therefore are the why it makes a lot of economic sense for an investor to invest in the electricity sector: Enormous Market Potential: Nigeria has a population of about 200 million people, and demand for power significantly outnumbers supply. The supply-demand imbalance represents a large market ready to be exploited. Investing in electricity generation allows you to
create jobs, and promote Nigeria's economic development. Favorable Government Support: The Nigerian government is committed to tackling the challenge facing the power sector of the economy, and the Nigerian electricity Act 2023 underlines its commitment to reforming the sector. Investors may expect the government to support and provide a stable policy environment. Long-term Sustainability: Electricity generation projects have the potential for longterm sustainability since they meet a core societal requirement. Electricity demand is only anticipated to rise as the country develops. CONCLUSION The Nigerian Energy Act 2023 marks a watershed moment in the country's energy sector, leaving investors with a golden opportunity to participate in electricity generation. Nigeria is an appealing place for companies wishing to engage in the energy sector due to deregulation, investment incentives, and largely untapped market potential. As the country works to close the gap between supply and demand for electricity, investors may play a critical role in boosting economic growth, raising living standards, and reaping large returns.
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Embracing the
Examining African Citizenship in Practice
23
African citizenship is a broad notion that cuts
inequality lead to migration both inside and
across national boundaries as well as cultural
outside of countries, complicating matters
and historical contexts. It represents the rich
with citizenship.
fabric of identities, languages, and customs that the different people of the continent have woven together. This essay aims to explore the complex and varied realities of African citizenship, considering the difficulties and changes that come with being an African citizen in the contemporary world. UNITY IN DIVERSITY: With more than 50 countries, each with unique cultures, languages, and customs, Africa offers unmatched diversity. This diversity is encompassed by the idea of African citizenship, which celebrates the continent's diversity while also recognizing the oneness that unites it. CITIZENSHIP'S CHALLENGES: Border Dynamics: Communities and ethnic groupings in Africa are frequently divided by the effects of colonialism. This calls into question
CHANGING THE DYNAMICS: Pan-Africanism and Regional Integration: Movements that go beyond national identities promote solidarity and togetherness among Africans. Initiatives for regional integration, like the African Union (AU), seek to redefine the limits of citizenship by promoting collaboration and facilitating cross-border mobility. Youth, Technology, and Globalization: By embracing technology and globalization, African young are redefining what it means to be a citizen. New forms of African identity are being created via social media, connectedness, and transnational networks, which foster a sense of belonging across geographical boundaries.
the inclusiveness and flexibility of citizenship both inside and outside of these arbitrary
“
borders. Identity and Belonging: In Africa, nationality refers to more than just official documents. It encompasses a feeling of community, cultural legacy, and kinship, all of which may occasionally clash with official citizenship rights.
...nationality refers to more than just official
Statelessness and Displacement: Getting
documents. It
citizenship is difficult for many Africans, which
encompasses a
results in statelessness. Furthermore, problems
feeling of community,
like war, global warming, and economic
cultural legacy, and kinship, ...
24
Changing Legal Frameworks: To address concerns of inclusivity and belonging, African countries are reviewing their citizenship laws. Realizing the value of inclusive citizenship policies, some nations have started reforms to expedite naturalization procedures and provide citizenship to underrepresented groups.
ADOPTING A SHARED VISION: Even while African citizenship continues to present challenges, the continent is beginning to recognize the importance of inclusivity, equity, and togetherness. To shape a future where African citizenship transcends frontiers and includes everyone who identifies with the continent, it is imperative that we embrace diversity while cultivating a sense of shared
... shared vision IN SUMMARY: African citizenship is a complex reality that goes beyond definitions found in laws. It includes a common goal for a united continent, a sense of cultural heritage, and a sense of belonging. To embrace this complexity, problems must be solved, borders must be rethought, and a shared identity that values Africa's diversity must be developed. The path to a more inclusive and cohesive African citizenship ultimately consists of appreciating, honouring, and fostering the multiplicity of identities that make up the rich fabric of the continent.
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SPEECH DELIVERED BY HIS EXCELLENCY, THE SECRETARY OF STATE FOR INTERNATIONAL COOPERATION AND ANGOLAN COMMUNITIES,
ON THE OCCASION OF THE FIRST ANGOLA-NIGERIA HELD ON THE
19 OCTOBER, 2023 Your Excellency, Minister of Information and
Allow me before anything else, to express my
National Orientation of The Federal Republic of
great pleasure and satisfaction, for the wonderful
Nigeria.
reception accorded us by the Nigerian
Your Excellency, the Ambassador Extraordinary
government.
and Plenipotentiary of the Federal Republic of
And it is also a great honor to convey to you on
Angola accredited to the Federal Republic of
behalf of the people and the government of the
Nigeria,
Republic of Angola, greetings for the celebration
Distinguished Representatives of Nigerian
of the 63rd independence anniversary of Nigeria,
Government,
and seize this occasion together celebrate the
Distinguished guests,
seven the 47th anniversary of a good political
Ladies and gentlemen,
diplomatic religions, based on mutual respect
It was with great honor and pleasure that I
and African solidarity.
received from his Excellency, Tete Antonio, the
The ties between the people of our two states
minister of external religions and the instructions
were marked by signing the first economic,
to represent him at this 1st diplomatic business
technical scientific and cultural cooperation
forum between the Republic of Angola and the
agreements, on the 7th of April 1976, from then, the
Federal Republic of Nigeria.
exchange between our two countries have been
27
remarkable in the diplomatic, defense and
production.
security, petroleum, education, culture and transportation.
To achieve this objective, the Angolan
In the last three years (between 2020 and 2022)
government intend to count on the support of
Angola exportation of goods to Nigeria was
friendly countries who are always on its side,
estimated at USD 11.2 million.
and one of these is indisputable, the Federal Republic of Nigeria.
Concerning main product group, Angola exported crude oil weighing about 42% to Nigeria,
On historic, political and diplomatic ties which
optics and precision (geodesy and topographic
unites us, our opting for Nigeria is also for the
instruments and apparatus, oscilloscope,
fact that Nigeria had experience various
spectrum analyzers and other instruments)
movements of structural reforms have yielded
accounting for 20%, mechanical machines and
positive results for the people and the
devices with their own function, accounting for
government of Nigeria.
14% of the total volume of exports. Nigeria has succeeded in reducing the In the area of importation of acquired product
participation of petroleum from 32.4% to 14.4%
group were machines and apparatus, ckd,
and also succeeded in integrating the
(recognizable parts as exclusive for engines or
telecommunication sector from 0.8% to 8.8%
meant for engines parts 84.07 or 84.08) plastics
and film industry which represents 1.4% of
and rubbers (plastic materials) other transports
Nigeria's gross domestic product. These are
materials (parts and accessories of automobile
positive signs demonstrated by Nigerian
vehicles, vehicles for transportation of goods)
people that yes, it is possible to considerably
these groups in the total represents more than
reduced defence on petroleum. The Republic of
half of the total exportation during the period 41%, 19% and 15% respectively. Ladies and gentlemen, The present international system is facing various challenges very volatile and unpredictable. In this form, being exposed to conflicts and crises that may alter the way members of the system relate. The Republic of Angola being part of the system is witnessing a special moment marked by structural reforms that aim to transform its macroeconomic situation through the means of changing the paradigm of dependence on petroleum, with the aim of making its economy less vulnerable to the volatilities of oil price, through massive diversification of the economic
28
Angola intends to invest more in strengthening
diversification of its It is also important to
economic and commercial relations with
emphasize that there are five sectors that are of
Nigeria, to gain in the best manner, from its vast
great interest to Angola economy which foreign
experience in the diversification of economic
investors may take advantage of namely;
production.
agriculture, agro -industry, industrial
Ladies and gentlemen
transformation, construction and tourism as well
We seize this occasion to reiterate that the
as others which are no less important. These are:
Angolan market is open to all Nigerian
·
businessmen and women, and at the same time
projects in the petroleum and gas sector,
present various competitive advantage, some
·
of which we highlight below:
technology and communication,
1. Angola has an extensive maritime coast of
·
1650km, and many navigable waterways from
and real estate.
the Atlantic ocean, namely River Zaire and river
The Angolan government embarked on reform
Kwanza, besides others navigable rivers,
process aimed at transforming from an
2. Has Benguela railway from Lobito port which
economic model, led by the states, and financed
connects the Atlantic Ocean to Indian Ocean
through petroleum to a model of an inclusive
passing through Republics of Zambia more
sustainable growth led by the private sector.
Mozambique
The process includes, measures to stabilize
3. Has an estimated population of 35 million, and
macroeconomic, fundamental reforms which
more than 60% of these are living in the coast
include a flexible exchange rate, management of
area, of the entire Angolan population, 45% are
active debts, creation of new legislation,
less than 15 years and 60% are women, data
preventing and combating money laundering,
which affirms the abundance of human
fiscal reform and responsibility, and privatization
resources that are becoming well trained.
law.
4. Richly endowed in innumerous mineral
The government of Angola also implemented
resources such as copper, iron, crude oil, bauxite,
structural programmes with the aim to increase
uranium, gold, phosphates, diamond, rare earth,
productive web, namely, livestock, fisheries to
polymetallics of silver among others;
reduce reliance on importation, ensuring self-
5. Endowed with suitable climates and stable
sufficiency and food security, as well as
political situation, positive development
guaranteeing job creation, income and
administratively
sustainable utilization of natural resources.
6. Has one of the largest reserves of water in Sub-
The Republic of Angola will be hosting from the
Saharan Africa, and one of the fertile biggest
23rd to 24th November this year the 3rd edition of
arable land for agriculture.
Pan African forum for the culture of peace and
So, these conditions permit both medium- and
non-violence, called “Angola Bennell”, with the
long-term development in agricultural,
theme education, culture of peace and African
industrial, mines and technological sector and,
citizenship as tools for the sustainable
certainly with Nigeria experience in private and
development of the continent.”
public sector, Angola can also achieve this
29
Logistic infrastructure including new Telecommunications and information Banking commerce finance insurance
Your Excellencies Ladies and gentlemen I will not like to conclude this address without reaffirming that the government of the Republic of Angola takes the organization of this event as a big opportunity to utilize to the maximum. The exchange of experience and know- how among the actors in the private and public sectors of our two countries. The transformation, rehabilitation and modernization of social and economic infrastructures, among others other things that may transform the lives of our people in a radical and positive way. In conclusion, it is important to say that physical and geographical distance were not obstacles for the establishment of diplomatic and political relations between our two countries, we equally believe that they will not be obstacles for the creation and maintenance of economic, commercial and business ties, better if the parties are interested in continuing to work to furthermore strengthen the cooperation ties. Therefore, the challenge is before the Nigerian businessmen and women from the public and private sector to come together and join hands with the Nigerian community resident in Angola, and visits Angola and verify in loco, what we have in Angola, supports and contributes to efforts for true diversification of the economy, with strong investments in sectors that create more jobs.
30
31
EMBRACING
AGENDA
63
CHARTING A PATH TO A
THRIVING FUTURE FOR AFRICA
Peace and Security: The agenda prioritizes good governance, peace, and security. By settling disputes, bolstering democratic institutions, and encouraging an atmosphere of peace, stability, and unanimity among African countries, it aims to put an end to the use of firearms. Cultural Heritage and Identity: African culture, legacy, and values are prioritized for promotion
As a bold and ambitious blueprint for the
and preservation in Agenda 2063. It celebrates
continent's development, Agenda 2063 aims to
the diversity of Africa's civilizations and
create an integrated, wealthy, peaceful, and
attempts to instill in Africans a sense of pride
citizen-driven Africa. It captures the aspirations
and solidarity.
of all Africans to work together to build a brighter future. The relevance of Agenda 2063
Connectivity and Infra Integration: To
and its critical role in directing Africa's
promote intra-African trade and strengthen
development and progress towards
regional integration, the agenda envisions a
sustainability are examined in this article.
linked Africa with updated infrastructure,
Going further let us take a dive into the
effective transport networks, and enhanced
objectives of the vision 2063 as it relates to the
connectivity.
future of the Mother Continent; Africa. Having known these objectives, what strategies of implementation will ensure the objectives Economic Upswing: With the help of technological advancement, sustainable development, and equitable economic growth, Agenda 2063 seeks to industrialize and develop Africa. The main goals are to increase employment, encourage entrepreneurship, and use Africa's abundant resources to the advantage of all Africans.
come to fruition as it is not enough to have a dream, it is much better to follow it with the requisite action.
EXECUTION TECHNIQUES Empowerment and Education of Youth: The youth of Africa must be empowered if Agenda 2063 is to succeed. Sustainable development requires funding for education, career training, and the creation of opportunities for youth leadership and engagement.
32
Gender Equity and Women Empowerment:
inclusion, and encourage research and
The agenda acknowledges women's critical
development.
role in Africa's development. By guaranteeing women's involvement in all areas of society and
Partnerships and Collaboration: Partnerships
removing obstacles in their path, it seeks to
and collaboration are important, and Agenda
achieve equal opportunities for women.
2063 recognizes this, both within Africa and with the rest of the world. Obtaining finance
Technology and Innovation: Using technology
and resources, utilizing experience, and
to its full potential and encouraging innovation
interacting with global players are all
are two of Agenda 2063's main goals. For Africa
necessary for the agenda to be implemented
to leapfrog into the future, it is imperative that it
successfully.
invest in technical infrastructure, support digital
“
...Getting Africans involved and mobilized—especially the youth—will be essential to advancing the agenda
POSSIBLE ROADBLOCKS AND THE WAY FORWARD Although Agenda 2063 offers a promising future
As a way of concluding, a transformative
for Africa, there are a few issues that need to be
framework for Africa's growth and
resolved. These include of poor infrastructure,
development, Agenda 2063 is a ray of hope.
unstable political environments, inequality in
Through unifying around this shared vision,
the economy, and environmental issues. It will
Africa can overcome obstacles, realize its
take coordinated efforts from governments,
immense potential, and become a major
private industry, civic society, and international
player on the world stage. The agenda is more
partners to overcome these obstacles.
than just a paper; it is a pledge to realize "The
To convert Agenda 2063's vision into concrete
Africa We Want" by 2063, a continent that would
measures, commitment, efficient government,
inspire future generations with its resilience,
open leadership, and a shared resolve are
inventiveness, and prosperity.
essential. Getting Africans involved and mobilized—especially the youth—will be essential to advancing the agenda.
33
Top 10 investment
Opportunities in Nigeria for 2024
Investing is an essential aspect of building long-term wealth. With the right investment strategy, you can build a solid financial foundation and secure your future. Nigeria, with its abundant natural resources, growing population, and thriving economy, presents a vast array of investment opportunities. The 10 Top investment opportunities in Nigeria for 2024 1.
Natural resources
2.
Real Estate
3.
Cryptocurrency
4.
Small and Medium Scale Enterprises (SMEs)
5.
Foreign Exchange Trading
6.
Tech
7.
Treasury Bills
8.
Mutual Funds
9.
Agriculture
10.
Tourism
DO YOU KNOW? ...Gold production in Nigeria started by 1913 and peaked in the period 1933-1943 when about 1.4t of gold were produced...
Let us start with the Natural Resources. Nigeria is one of those countries in Africa that has a wide variety of different natural resources. Nigeria is richly endowed with a variety of Natural Resources raging from precious metals various stones to industrial such as Barites, Gypsum, Kaolin and Marble. Most of these are yet to be exploited. Statistically, the level of exploitation of these minerals is very low in relation to the extent of deposit found in the country. One of the objectives of the new National Policy on Solid Minerals is to ensure the orderly development of the mineral resources of the country.
34
Nigerian States and Their Natural Resources S/N
STATE
NATURAL RESOURCES
1
Abia
Gold, Lead/Zinc, Limestone, Oil/Gas & Salt
2
Abuja
Cassiterite, Clay, Dolomite, Gold, Lead/Zinc, Marble & Tantalite
3
Adamawa
Bentonite, Gypsium, Kaolin & Magnesite
4
Akwa Ibom
Clay, Lead/Zinc, Lignite, Limestone, Oil/Gas, Salt & Uranium
5
Anambra
Clay, Glass-Sand, Gypsium, Iron-ore, Lead/Zinc, Lignite, Limestone, Phosphate & Salt
6
Bauchi
Gold, Cassiterite (tine ore), Columbite, Gypsium, Wolfram, Coal, Limestone, Lignite, Iron-ore & Clay
7
Bayelsa
Glay, Gypsium, Lead/Zinc, Lignite, Limestone, Maganese, Oil/Gas & Uranium
8
Benue
Barite, Clay, Coal, Gemstone, Gypsium, Iron-Ore, Lead/Zinc, Limestone, Marble & Salt
9
Borno
Bentonite, Clay, Diatomite, Gypsium, Hydro-carbon, Kaolin & Limestone
10
Cross River
Barite, Lead/Zinc, Lignite, Limestone, Manganese, Oil/Gas, Salt & Uranium
11
Delta
Clay, Glass-sand, Gypsium, Iron-ore, Kaolin, Lignite, Marble & Oil/Gas
12
Ebonyi
Gold, Lead/Zinc & Salt
13
Edo
Bitumen, Clay Dolomite, Phosphate, Glass-sand, Gold, Gypsium,Iron-ore, Lignite, Limestone, Marble & Oil/Gas
14
Ekiti
Feldspar, Granite, Kaolin, Syenite & Tatium
15
Enugu
Coal, Lead/Zinc & Limestone
16
Gombe
Gemstone & Gypsium
17
Imo
Gypsium, Lead/Zinc, Lignite, Limestone, Marcasite, Oil/Gas, Phosphate & Salt
18
Jigawa
Butyles
19
Kaduna
Amethyst, Aqua Marine, Asbestos, Clay, Flosper, Gemstone, Gold, Graphite, Kaolin, Hyanite, Mica, Rock Crystal, Ruby, Sapphire, Sihnite, Superntinite, Tentalime, Topaz & Tourmaline
20
Kano
Gassiterite, Copper, Gemstone, Glass-sand, Lead/Zinc, Pyrochinre & Tantalite
21
Katsina
Kaolin, Marble & Salt
22
Kebbi
Gold
23
Kogi
Cole, Dolomite, Feldspar, Gypsium, Iron-ore, Kaolin, Marble, Talc & Tantalite
24
Kwara
Cassiterite, Columbite, Feldspar, Gold, Iron-ore, Marble, Mica & Tantalite
25
Lagos
Bitumen, Clay & Glass-sand
26
Nasarawa
Amethyst (Topaz Garnet), Barytex, Barite, Cassirite, Chalcopyrite, Clay, Columbite, Coking Coal, Dolomite/Marble, Feldspar, Galena, Iron-ore, Limstone, Mica, Salt, Sapphire, Talc, Tantalite, Tourmaline Quartz & Zireon
35
24
Kwara
Cassiterite, Columbite, Feldspar, Gold, Iron-ore, Marble, Mica & Tantalite
25
Lagos
Bitumen, Clay & Glass-sand
26
Nasarawa
Amethyst (Topaz Garnet), Barytex, Barite, Cassirite, Chalcopyrite, Clay, Columbite, Coking Coal, Dolomite/Marble, Feldspar, Galena, Iron-ore, Limstone, Mica, Salt, Sapphire, Talc, Tantalite, Tourmaline Quartz & Zireon
27
Niger
Gold, Lead/Zinc & Talc
28
Ogun
Bitumen, Clay, Feldspar, Gemstone, Kaolin, Limestone & Phosphate
29
Ondo
Bitumen, Clay, Coal, Dimension Stones, Feldspar, Gemstone, GlassSand, Granite, Gypsium, Kaolin, Limestone & Oil/Gas
30
Osun
Columbite, Gold, Granite, Talc, Tantalite & Tourmaline
31
Oyo
Aqua Marine, Cassiterite, Clay, Dolomite, Gemstone, Gold, Kaolin, Marble, Silimonite, Talc & Tantalite
32
Plateau
Barite, Bauxite, Betonite, Bismuth, Cassiterite, Clay, Coal, Emeral, Fluoride, Gemstone, Granite, Iron-ore, Kaolin,Lead/Zinc, Marble, Molybdenite, Phrochlore, Salt, Tantalite/Columbite, Tin & Wolfram
33
Rivers
Clay, Glass-Sand, Lignite, Marble & Oil/Gas
34
Sokoto
Clay, Flakes, Gold, Granite, Gypsium, Kaolin, Laterite, Limestone, Phosphate, Potash, Silica Sand & Salt
35
Taraba
Lead/Zinc
36
Yobe
Soda Ash & Tintomite
37
Zamfara
Coal, Cotton & Gold
There are tremendous opportunities for investments in the solid mineral sector of the Nigerian economy. Prospecting licenses for investors (both local and foreign) to participate in the exploitation of the vast mineral resources in Nigeria is granted by the Federal Ministry of Solid Minerals Development. PROFILE OF SOLID MINERAL DEPOSITS IN NIGERIA The Proven Nigeria oil reserves are 23 Billion barrels; the gas reserves are 160 Trillion cubic meters. Talc Over 40 million tonnes deposits of talc have been identified in Niger , Osun, Kogi, Ogun and Kaduna states. The Raw Materials Research and Development Council (RMRDC)'s 3,000 tonnes per annum catalytic Talc plant
Gold Miners, Zamfara State, Nigeria
in Niger state is the only talc plant in the country. The talc industry represents one of the most versatile sectors of the industrial minerals of the world. The exploitation of the vast deposits
36
Gold
would therefore satisfy local demand and that for export. Gypsum Gypsum is an important input for the production of Talc
cement. It is also used for the production of Plaster of Paris (P.O.P) and classroom chalks. A strategy for large-scale mining of gypsum is urgently required
Iron Ore
to sustain the existing plants and meet the future expansion. Currently, cement production is put at 8 million tonnes per annum while the national requirement is 9.6 million tonnes. About one billion tonnes of gypsum deposits are spread over many states in Nigeria. Iron Ore There are over 3 billion metric tonnes of iron ore in deposits found in Kogi, Enugu and Niger States as well as the Federal Capital Territory . Iron Ore is being mined at Itakpe in Kogi State and is already being beneficiated, up to 67 per cent of iron. The Aladja and Ajaokuta Steel complexes are ready for consumer of billets and other iron products for down-stream industries. Lead/Zinc An estimated 10 million tonnes of lead/zinc veins are spread over eight states of Nigeria . Proven reserves in three prospects in the east-central area are 5 million tonnes. Joint venture partners are encouraged to develop and exploit the various lead/zinc deposits all over the country. Bentonite and Baryte These are the main constituents of the mud used in the drilling of all types of oil wells. The Nigerian baryte has specific gravity of about 4.3. Over 7.5
Gypsum
Lead
million tonnes of baryte have been identified in Taraba and Bauchi States. Large bentonite reserves of 700 million tonnes are available in many states of the federation ready for massive development and exploitation. Gold There are proven reserves of both alluvial and primary gold in the schist belt of Nigeria located in the south-western part of the country. The deposits are mainly alluvial and are currently being exploited on a small scale. Private investors are invited to stake concessions on these primary deposits. Bitumen The occurrence of bitumen deposits in Nigeria is indicated at about 42 billion tonnes; almost twice the amount of existing reserves of crude petroleum. Analytical results suggest that this potential resource can be used directly as an asphalt binder. Most bitumen used for road construction in Nigeria is currently imported.
37
Coal
Source: https://nigeria.gov.ng/about-
Nigerian coal is one of the most bituminous in
nigeria/people-of-nigeria/
the world owing to its low sulphur and ash content and therefore the most environmentfriendly. There are nearly 3 billion tonnes of indicated reserves in 17 identified coal fields and over 600 million tonnes of proven reserves. Rock Salt The national annual demand for table salt, caustic soda, chlorine, sodium bicarbonate, sodium hydrochloric acid and hydrogen peroxide exceeds one million tonnes. A colossal amount of money is expended annually to import these chemicals by chemical and processing companies including tanneries and those in food and beverages, paper and pulp, bottling and oil sector. There are salt springs at Awe (Plateau State), Abakaliki and Uburu (Ebonyi State), while rock salt is available in Benue State . A total reserve of 1.5 million tonnes has been indicated, and further investigations
Real Estate The Nigerian real estate industry holds immense potential for investment in the country, owing to the rising population and housing demand. This market guarantees high returns on investment and includes a variety of properties in high demand such as: Ÿ
Residential Properties
Ÿ
Commercial Properties
Gemstones
Ÿ
Land
Gemstones mining has boomed in various
Ÿ
Mixed-Use Properties and more.
are now being carried out by Government.
parts of Plateau, Kaduna and Bauchi states for years. Some of these gemstones include sapphire, ruby, aquamarine, emerald, tourmaline, topaz, garnet, amethyst; zircon, and flourspar which are among the world's best. Good prospects exist in this area for viable investments. Kaolin An estimated reserve of 3 billion tonnes of good kaolinitic clay has been identified in many localities in Nigeria.
Cryptocurrency Investing in cryptocurrency in Nigeria has become increasingly popular in recent years. Cryptocurrencies such as Bitcoin, Ethereum, and others have gained significant attention and adoption among Nigerian investors. One of the reasons for this is the country's large population of tech-savvy youth, who are attracted to the decentralization and borderless nature of cryptocurrencies.
38
Additionally, the high inflation rate and unstable
startups that have attracted substantial
local currency, the Nigerian Naira, has led many
investments from both local and foreign
Nigerians to seek alternative investment options.
investors.
To invest in cryptocurrency in Nigeria, you first
Furthermore, Nigeria boasts of a rapidly
need to open an account with a reputable
expanding pool of tech talent, which is
cryptocurrency exchange. Some popular
supported by a plethora of tech hubs and
exchanges in Nigeria include Busha, Binance, and
incubators. Consequently, the industry has
Quidax. These exchanges allow you to buy and
access to a vast talent pool, robust funding
sell cryptocurrencies using Nigerian Naira or
mechanisms, and favourable policies that
other major currencies.
position it for exponential growth. Investing in Nigeria's tech startups typically
Small and Medium Scale Enterprises (SMEs)
capital. Interested investors can choose to invest
Small and Medium Scale Enterprises (SMEs) are
through venture capital firms, angel investor
the backbone of the Nigerian economy. The
networks, or by directly investing in the startups
National Bureau of Statistics reports that Small
themselves.
involves providing seed funding or venture
and Medium-sized Enterprises (SMEs) make up 96% of businesses and 84% of employment in Nigeria. These SMEs number around 17.4 million, and they generate approximately 50% of industrial jobs and almost 90% of the manufacturing sector, measured by the number of businesses operating.
Foreign Exchange Trading Forex involves buying and selling currencies to make a profit. The Nigerian Forex market is regulated by the CBN and offers several
Nigeria Treasury Bills
opportunities for investors.
NTBs are short-term debt securities issued by the
Some Forex trading strategies that you can use
government to raise funds from the public. They
include trend trading, range trading, and
are considered one of the safest investment
breakout trading. These strategies involve
options in Nigeria because they are backed by
analyzing market trends and making trades
the full faith and credit of the federal
based on those trends.
government. Treasury Bills have different tenures ranging from 91 days to 364 days, and they are
Tech
issued through auctions held by the Central Bank
The technology industry in Nigeria has
of Nigeria (CBN).
experienced remarkable growth in recent years,
The returns on Treasury Bills are not fixed and
evidenced by the emergence of various tech
vary based on the investment period. As of
39
January 2023, Market Forces Africa reported that the yield on 364-day bills was 4.78%. Conversely,
Agriculture Investments
the yield on 91-day bills was 0.29%, while that of
Nigeria's agricultural sector is the largest
182-day bills was 1.80%. You can earn more
employer of labour in the country and
significant returns by opting for longer tenures,
contributes significantly to the GDP. The sector
but this comes with the risk of interest rate
has immense potential for growth and
fluctuations.
development, given the country's vast arable
Ÿ
How to Invest in Treasury Bills
land and favourable weather conditions.
Investing in Treasury Bills is easy and
You can explore various investment
straightforward. You can participate in the
opportunities in Nigeria's agricultural sector,
auctions by filling out an application form and
such as:
submitting it to an authorized dealer bank. The
·
Crop cultivation
minimum investment amount is usually N50,000.
·
Livestock farming
At the end of the tenure, the principal and interest
·
Agro-processing
are paid directly into your bank account. Treasury
·
Export of agricultural products.
Bills can also be traded on the secondary market.
The expected returns on agricultural
Mutual Fund
investments vary depending on the type of investment and the level of risk. You can expect
A mutual fund is a professionally managed
to earn attractive returns on investments in
investment fund that pools money from many
agricultural commodities such as rice,
investors to purchase securities. Mutual funds
cassava, plantain poultry and catfish farming.
offer you the opportunity to diversify your
You can also earn returns by investing in agro-
portfolios and invest in a variety of assets such as
processing ventures or by leasing land to
stocks, bonds, and real estate. They are
farmers.
managed by experienced fund managers who make investment decisions on behalf of investors.
40
Tourism Nigeria's tourism industry is expected to grow significantly in the next few years, with a projected revenue total of $2.95 billion in 2023. The credit is due to the government's efforts to promote the sector and attract more tourists to the country. According to the World Travel and Tourism Council (WTTC), the industry is expected to contribute 6.2% per year to the GDP in the next ten years. It currently employs over 20% of the workforce and accounts for 34% of the country's total GDP. One of the prime reasons for the growth of their tourism industry is the country's rich heritage, with over 250 ethnic groups and a diverse array of traditions, arts, cuisines, and the world's most beautiful landscapes, national parks, and waterfalls. The government has extensively worked on
addressing the challenges that have been hampering the tourism industry for the past few years, like a lack of infrastructure and security concerns. The Nigerian Tourism Development Corporation (NTDC) has been the face of all government efforts to develop tourism sites and improve infrastructure such as roads and airports to make it easier for visiting tourists. The government has also been collaborating with the private sector to develop the industry. They launched the Tourism Master Plan in 2017, which outlined strategies for developing tourism and travel while attracting investment. The plan
Obudu Cattle Ranch
aims to increase tourism's contribution to the country's GDP from 4.8% to 10% by 2023. The private sector has been of great help in investing, with several hotels and resorts opening up in recent years. International chains such as Marriot and Hilton have also announced their plans to expand in Nigeria. Another important factor driving the tourism sector is the rise of the middle class in the country, as they are Zuma Rock
Agbokim Waterfalls
41
Ikogosi Warm Springs Resort
expanding ways to spend their disposable income,
Nigerians might be lifted out of poverty as a
leading to an increase in domestic tourism and a
result of the industry's capacity to generate
slow rise in demand for international travel as well.
jobs and stimulate economic growth as it
The COVID-19 pandemic had a global impact on
expands.
the tourism industry due to travel restrictions and border closures, causing a sharp drop in tourism
In conclusion, Nigeria is a land of immense
activity. The government has been trying to rectify
potential, and the investment opportunities
the downfall by introducing the Nigerian Economic
available in the country are numerous and
Sustainability Plan as a support. Also, the Tourism
varied. Whether you are looking to invest in
Support Fund provided financial support to tourism
agriculture, tech, or real estate, there is
businesses affected by the pandemic.
something for everyone.
The tourist sector in Nigeria has a generally
While each investment opportunity has its
favourable outlook, with analysts predicting
own unique set of risks and rewards, it is
considerable development over the coming few
important to remember that investing always
years. Nigeria's rich cultural legacy and natural
carries some level of risk. As an investor, it is up
beauty, along with the government's attempts to
to you to do your due diligence, conduct
promote the industry and draw investment, make
research, and make informed decisions
the nation a desirable travel destination. More
based on your risk tolerance and financial
Lagos Beach
Olumo Rock
42
Registering a
Company in Nigeria
It is a legal requirement that all business enterprises must be registered with the RegistrarGeneral of the Corporate Affairs Commission (Registrar of Companies). It is essential that a foreign investor wishing to set up business operation in Nigeria should take all steps necessary to obtain local incorporation of the Nigerian branch or subsidiary. Business activities may be undertaken in Nigeria as a: Private or Public limited liability company; Unlimited liability company; Company limited by guarantee; Foreign Company (branch or subsidiary of foreign company) Partnership/Firm; Sole Proprietorship; Incorporated trustees; Representative office. Some Notable Exemptions to the Legal Requirements Where exemption from local incorporation is desired, a foreign company may apply in accordance with Section 56 of the Companies Act, to the National Council of Ministers for exemption from incorporating a local subsidiary if such foreign company belongs to one of the following categories: 1.
Foreign companies invited to Nigeria by or
with the approval of the Federal Government of Nigeria to execute any specific individual project; 2.
Foreign companies which are in Nigeria for
the execution of a specific individual loan project on behalf of a donor country or international organisation; 3.
Foreign government-owned companies
engaged solely in export promotion activities; and 4.
Engineering consultants and technical
experts engaged in any individual specialist project under contract with any of the governments in the Federation or any of their agencies or with any other body or person, where such contract has been
approved by the Federal Government. 5.
The application for exemption from
disclosing certain details about the applicant is to be made to the Secretary of the Government of the Federation (SGF). If successful, the request of the applicant is granted upon such terms and conditions as the National Council of Ministers may deem fit. Representative Offices Foreign companies may set up representative offices in Nigeria. They only serve as promotional and liaison office. As a rule, a representative officer has to be registered with the Corporate Affairs Commission. Investment Incentives and Guarantees The Federal Government has made available tax holidays for pioneer companies-those producing for export, establishing new industries or expanding production in sectors vital to the economy. The Government also grants non-tax incentives to nonpioneer firms. In addition, the Government offers a number of general and industry-specific incentives. General incentives ·
A debit-conversion programme allows
foreign companies to obtain an enhanced exchange rate when they are injecting new equity into a production project that has been approved by the Central Bank of Nigeria (CBN). ·
Small and medium-scale industries are
43
eligible for loans from the Bank of industry and
Industry-specific incentives
other development banks.
Agro-industrial ventures benefit from a five-
·
The Raw Materials Research and
year tax holiday, an agricultural credit scheme
Development Council provides grants for
guaranteed by the CBN, subsidised fertilisers
research and development that leads to the
and zero import duties on raw materials used to
greater use of Nigerian raw materials in domestic
make livestock feed.
industry.
Nigeria Export Processing Zones Authority (NEPZA) The Nigeria Export Processing Zones Authority was set up under the Nigeria Export Processing Zones D e c r e e
6 3
o f
1 9 9 2 .
The Authority has the mandate to grant all requisite permits and approvals for operators within the zones, to the exclusion of other government bodies and agencies. Investment Procedures within the Nigeria
·
Project description;
Export Processing Zones Authority (NEPZA)
·
Market survey;
i.
Any company, person or group of persons
·
Funding proposals;
wishing to carry out approved activity within a
·
Financial projections;
zone shall apply to the Nigerian Export Processing
·
Environmental impact statement and control
Zones Authority (NEPZA) using the prescribed
measures
forms and shall submit such documents and information in support of the applications. The
ii.
forms shall specify the application fees and such
the zone duly received, shall be considered by the
other details as the Authority may stipulate from
Authority within 30 days of receipt and the
time to time. A feasibility study in respect of the
Authority shall notify the applicant in writing of its
investment project, which the applicant wishes to
decisions to grant the said approval or otherwise.
undertake in the zone, shall be attached as an
The approval shall be subject to such terms and
annex to the application and shall contain the
conditions as may be imposed by the Authority.
Application to undertake approved activity in
following among others:
44
iii.
If the application is approved the investor
may proceed to carry out the following: 1. Apply for company registration
building shall be between 60%-70% of the leased land and construction shall start within 3 months after signing the lease contract.
2. If outright purchase of factory building is desired.
v.
With condition(s) in (iii) fulfilled, the
· Payment of 10% deposit of the selling price of
investor may proceed to carry out the following:
the standard factory building within 3 months
Remittance of Investment Capital through banks
of approval;
in the zone and notify the Authority on arrival.
· Payment of the balance 90%, 5 month after; 3. Renting of factory building
vi.
· Down payment of one-year rent required
investor(s) may bring in machinery for installation
not exceeding 3 months after signing the
and workers employed. Therefore, the Authority
rental contract.
shall be required to carry out pre-inspection, and
· Thereafter, rental charges shall be paid in
if found satisfactory, a certificate to commence
the first quarter of every year.
When the factory building is ready,
production will be issued.
4. Leasing the standard factory · Payment of 40% lease value on approval;
vii.
· Payment of 30% at the end of the 5th year;
25% of their total production in the domestic
· Payment of 30% balance at the end of the
market will be required to notify the Authority for
10th year. 5. Leasing of serviced plots
Companies intending to sell the permitted
necessary documentation and payment of appropriate levies and charges as applicable.
· Down payment of 40% on completion of factory building;
viii.
The Company shall apply to the Authority
· 30% at the end of the 5th year;
for assessment of invested capital for later
· 30% at the end of the 10th year.
repatriation purposes. This is applicable to companies which are 100% foreign owned and
iv.
Construction must be completed within a
those with part foreign equity participation only.
period of one year, which can be extended for another 6 months. A plan of the building shall be submitted to the Authority for approval. The land lease contract shall be signed within 2 months after allocation of land. The area occupied by such
45
Investment Reqirements INVESTMENT REQUIREMENTS
- Biscuits and Confectioneries
1.
Industries must be guaranteed to be
- Printed Materials, Office Equipment and
environmentally friendly.
Appliances
At lease 75% of total products to be
- Paper Materials
exported.
- Food Processing
Maximum of 25% of products can be
- Pharmaceutical Products
2. 3.
exported to the customs territory on 4.
payment of appropriate levies and duties.
Operating Licenses
Minimum investment capital outlay is
Certain enterprises require approvals and/or
500,000 US Dollars or its Naira equivalent.
licences to operate whether they are owned by
Types of Industries Permissible in Nigeria Export Processing Zones
Nigerians or not. Examples of the sectors where licences are needed are banking where a · Central Bank of Nigeria license is
- Electrical and Electronic Products
needed,
- Leather Products
· Insurance where a license from the
- Plastic Products
National Insurance Commission is
- Petroleum Products
required,
- Rubber Products
· The oil sector where Department of
- Cosmetics
Petroleum Resources licences are
- Garments
needed and,
- Chemical Products
· The telecommunications sector where
- Metal Products
licences from the Nigerian
- Educational Materials and Equipment
Communications Commission are
- Communication Equipment and Materials - Sports Equipment and Materials - Machinery - Handicraft - Optical Instruments and Appliances - Medical Kits and Instruments
needed. The detailed regulations identifying the various licences available and stating what is required to obtain each of them are numerous. It is therefore important to check with the relevant body.
46
Taxation Companies income tax rate is 30%. There is an
There are also a tax holiday and tax allowance
additional education tax of 2% on the income of
incentives for investors. For example, tax holidays
companies. Withholding tax of 5% is chargeable
for up to five years may be granted to investors in
on unearned income. For foreign investors, the
the manufacturing and gas utilisation sectors.
10% withholding tax on dividends is the final tax on
Companies operating in Nigeria's export
dividends. The top personal income tax rate is
processing zones are exempted from all taxes
25%.
including both import and export duties.
Value added tax (VAT) is chargeable on goods
Further, import duty relief may be obtained on
and services at 5%. The Capital Gains Tax rate is
certain machinery, and there are tax allowances
10%, and shares in companies are exempt from
for using local raw materials in manufacturing,
capital gains tax. This is a very significant tax relief
being a labour-incentive (and therefore
for investors. Stamp duty is chargeable on various
employment-generating) business, expenditure
documents at various flat and ad valorem rates,
on training, infrastructure, research and
depending on the nature of the instrument, up to
development and in economically disadvantaged
a maximum of 2% of the value involved. There are
areas.
Pay-As-You-Earn income tax regulations, and various social insurance-type contributions are
You may contact us for more information
compulsory.
africanpeacemag@gmail.com
This article's content is to serve as a broad reference on the topic. You should consult an expert regarding your particular situation.
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EMBRACE, ENCOURAGE & EXPLORE Around African countries, there are common conversations like these that go thus: In Ghana; KOFI (admires): Hey brother you look good! I love your shoes, are they Italian? MENSAH : Oh no. It's my close friend who made this. He's a shoemaker KOFI: You mean it's made here in Ghana? MENSAH: Yeah, it is. KOFI (frowns): Oh. I don't wear Ghanaian stuff. It's too local. In South Africa;
MADE IN AFRICA by Sandra Chinenye
ZOLA: Hey Sis. You're going somewhere? IMANI: Oh yes! I have a wedding to attend. ZOLA (compliments): Oh you look nice and your bag is giving the vibes! Is it Givenchy or Prada? IMANI: Not at all dear. I got it at a store somewhere in Cape Town. This is from Themba. He's so good at designing great bags to match any outfit. ZOLA (rolls her eyes in disappointment): I don't like anything from South Africans. I'm sure this product won't last. In Nigeria; BIMBO (expresses admiration): Babe, you look so good! I love this fabric and the design just suits you perfectly. What designer are you wearing? NKECHI: Thanks for the compliment. I have this fashion designer at Ibadan. She's the one who designs my entire unique outfit. Her name is
49
Funke Ojo. I can give you her complimentary
Africa is a great continent with diverse creative
card so you visit her office or place an order.
minds and intellectuals. All we need do is to
BIMBO (looks surprised): You mean this was
encourage these people to do more by
designed by a Nigerian?
patronizing them, helping them bring their
NKECHI: Yes it is. And so are my other outfits you
ideas and aspirations to reality, advertise their
admire.
products to foreigners of other continents. A lot
BIMBO: Ibadan here? That's just at my backyard?
of foreigners are interested in trying out
NKECHI: Yes! Funke is so good. She's one of the
products from Africa, but they find it quite
best we have around.
difficult to explore our products because we as
BIMBO (shakes her head disapprovingly): I don't
Africans are either not interested or
trust any Nigerian made product. Any Nigerian is
encouraged to advertise our own products to
definitely not for me. If it's not Turkey wears, I
them.
don't get involved at all. It's just not my thing. Daily, conversations like these as expressed
On this note, I beseech Africans to start uniting
above are very rampant on the lips of most
and teaming up to promote African products
Africans. Once an African entrepreneur
to people from other continents. Taking this
introduces a product that was made, created or
amazing step would definitely move Africa
designed in Africa or by an African, fellow
from a consuming continent to a producing
Africans tend to disapprove or reject these
continent.
products even before trying it out.
Embrace, Encourage and Explore Africa
If we want to boost our economy and plan for a
today!
bright future as Africans, we must try to embrace, encourage and explore African made products and entrepreneurs. By doing so, we cut down on exorbitant expenses and also promote our talents and culture to the rest of the world.
MADE-IN AFRICA ARE ELEGANT you are the one thinking otherwise...
50
...The progress of one is The progress of all... H.E. Alhaji Mohammed idris affirms.
Nigeria is extremely interested in
between the two nations.According to Alhaji
supporting Angola's internal and external
Idris, in order for Angola and Nigeria to have a
goals for the country's overall
strong shared position on the continent and in
development, the Minister of Information
the international arena, they must forge deep
and National Orientation, HE. Alhaji
and solid ties.
Mohammed Idris, made plain in his speech at the Forum.Indeed, we anticipate the same in this respect. "One person's progress is everyone's progress," stated Minister Alhaji Idris.The diplomat disclosed that a Memorandum of Understanding on Public Communication and Media Exchange is being signed as a show of bilateral alignment to strengthen ties
51
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58
Sliced yams
on cold flames - by NGUMCII ABILITY CALEB ABRAHAM
When you tore lose our barns,
And given us stories to quench our hate,
And sliced our yams to rings,
And trust you with the next custody.
When you called our mouths to lunch, And raised our sleeping bowels,
We gave you our last yams,
With a promise of a hot delicacy,
And we were glad we did,
With a vow for eternal satisfaction...
For it was your chance to redeem,
We came in legions for the feast,
Our long lost trust,
And gave you all our last yams.
To rescue or bury our dying dreams.
YOU lured our pipes to hunger,
Then you set the stones in place,
You dragged our tongues to taste,
And lit the flames to heist the pot.
We came in legions for the feast,
When the pot climbed your stones,
And gave you all our last yams,
Our appetites were rudely resurrected,
,
Our hunger became nastily impatient,
Then YOU soaked our yams,
We eagerly awaited the cooking yams,
And put each piece atop The other,
That we may eat and die or live eternal.
Then you added your bowls of water, Then,
And lit the coals for a cook.
Just when the yams began to sing, Our intestines began to play
The poto poto of a boiling pot,
impatient drums
The foams began to rise from fumes,
Our mouths began to dream big,
We could see that our yams would be
Dreams of a festive delicacy,
done.
Dreams of a delicious dish, Then suddenly, We cared less,
From somewhere strangely estranged,
That these were our last yams,
From your bowels of overfed greed,
It mattered not,
From the sold conscience of an ill-titled
That YOU were a thief,
vendor, Or
Who in time past,
Whatever your conscience stifled,
Had stolen from our barns,
And left you with disastrous bestiality.
59
You came with that drum,
When your baby cries forever?
That container of confusion,
Can a mother sleep?
That ice our eyes beheld,
When her sick child wails?
And the pipe began to splash its
Tell me now?
liquid hate, on our hope.
What prize can price your pride? And buy you this cheaply?
And oh,
Can a man watch his house burn?
You drenched your fire place,
Just to feed fat on his awarded Feast?
And soaked your pot with our yams, You drenched your fire place,
Know this!
And stripped our yams on cold
If ever our hearts doesn’t bleed,
flames,
The hate of you,
And left us with silent tears of
Now bleeds our hearts like a
hopelessness,
slaughtered cow,
And NOW,
Shame on you,
Our last yams are finally gone.
Reproach rest with you, And our hate on your bearers forever!
Now, Our hunger is back to us, And you have had your shameless fill, Tell me now? How can you sleep?
“
under the gloves, the ugliest hand is hidden
60
Business Coucil of the
Angolan Embassy in Nigeria - ANBC inaugurated by H.E Ambassador Bamoquina Zau
Eminent figures from the oil and gas industry, banking, aviation, mining, and business executives from Angola and Nigeria convened in Abuja for the Diplomatic and Business Forum. On this particular occasion, H.E. Ambassador Jose Bamoquina Zau formally inaugurated the Angolan Embassy in Nigeria's Business Council (ANBC), an advisory council that provides guidance on the best ways to advance moral and sustainable business relations between the two nations within the framework of economic and investment diplomacy. The main goal of the ANBC is to advance trade cooperation, and it is committed to being a key player in fostering economic ties and accelerating their expansion for the benefit of both countries. The VicePresidents of the Council, which consists of prominent individuals from Angola and Nigeria, are business people Antonio Henriques da Silva and Bento dos Santos from Angola, while the Chairperson is the Nigerian Princess Fifi Ejindu, a businessman and 2023 African Women Entrepreneurs Award winner. The Chambers of Commerce and Industry of Angola and Nigeria are also represented, together with Senator Grace FolashADE and businesswoman Sabena Johannes, among other visitors.In addition, the Business Council will have a Council of Patrons that includes well-known individuals like Olusegun Obasanjo, the former president of Nigeria.
61
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Nigeria Policy Implementation
Strategies of its Multilateral Trade Agreements under
AfCFTA and ECOWAS - An interview session with Professor Mohammed Tawfiq Ladan, Director General of the Nigeria Institute of Advanced Legal Studies
INTRODUCTION The African continental free trade has
Question: Perhaps I'll start by asking you or
remained a major issue on the front burner on
rather tapping into your background of
the continent and of course Kenya recently
economic integration, law, policy and
gave us a blockbuster announcing it is going
practice, it may seem Nigeria came a bit late
to grant free entry to Africans, yes you heard
to the dining table when we're talking the
me right you can enter Kenya subsequently
AFCFTA so where is our position as a country,
without any visa and this is one of the most
are we on the table or we still standing in the
interesting twists to the free trade area
doorway?
agreement Kenya has taken that bold step but where is Nigeria in the mix of things and
Professor Muhammed Tawfiq Ladan: Thank
where are our businesses headed. To have an
you very much for this valid question, I think
understanding of how the AFCFTA is affecting
this has always been a frequently asked
you and I and how it is going to affect you,
questions by Nigerians and also by a number of actually Africans and I think the starting
Question: The dream for Africa to trade with
point to locate where Nigeria is, is to
Africa has come alive because it is come of
understand actually the fact that the African
age and expectations are still high although there are still concerns over barriers to trade within the continent by a member nation. Professor Mohammed Tawig is the Director General of the National Institute of Advanced Legal Studies and together we shall be exploring the profitability of the AFCFTA for economic growth, thank you Professor Laden for joining me in this conversation. Professor Muhammed Tawfiq Ladan: Thank you very much Leah for having me I'm grateful
64
Continental Free Trade Area agreement short-
fact that Nigeria was instrumental in the 1991
term actually after itself started in Abuja in 1991
treaty that defined the phases of the African
under the Abuja treaty on the establishment of
Community in six phases in Abuja 1991 the
the African Economic Community as the
fact that it was also actually signatory and
ultimate goal of Africa. So, because the Treaty
today is a state party to the African
of 1991 called Abuja treaty itself has six phases
agreement and it has put in place as at
which must be achieved according to the
today a national implementation action
founder's and dreamers of the Africa for this
committee to implement after in Nigeria
African Economic Community as the ultimate
since November 2019 to be precise and we
goal, they actually make sure that the six
have a second general that is responsible
phases are achievable in the lifespan of about
actually for that and secretarial activities
48 to 50 years. So, Nigeria is still at the forefront,
and a self-consultant then you have the
Nigeria is it because Nigeria has signed African
private sector, the CSO, academia and all the
after agreement itself which is essentially on
MD's are represented in different
trading goods, trading services. It has a
subcommittees to ensure that Nigeria
mechanism for dispute settlement
actively maximize actually the benefits
mechanism and then the scope of the after
derivable from after agreement. So, to
agreement itself is beyond some areas today,
answer in summary your first question, the
as at February 20th 2023 today, the AU summit
truth of what actually is that Nigeria actually
in Adisbaba adopted three additional
has been instrumental to the new business
protocols as under phase two to make it 6
actually continental trade agreement on
protocols, so the six protocols have essentially
and after and it is also capitalizing on the
defined the scope as at 2023 which actually is
need actually for both the country and its
part of Nigeria zero effort to drive the process at
citizens particularly the private sector CSO
the continental level and then to come back
must benefit actually from the agreement
home to put implementation on ground. So the
and 6 protocols.
65
“
...we have no other choice but to make sure that our trade policy reflects the vision and mission that will enable us to be the key role player in our regional treat regime, in our continental trade regime ...
Question: But then I would want to get your
regime, because Nigeria actually is hosting all
position on Nigeria's AFCFTA policy where we
the three critical organs of ECOWAS in Abuja.
try to understand how most of these things
So, we have no other choice but to make sure
work, trade is at the heart of AFCFTA what is
that our trade policy reflects the vision and
your take on the policy as a whole?
mission that will enable us to be the key role player in our regional treat regime, in our
Professor Muhammed Tawfiq Ladan:
continental trade regime and also in our
Frankly speaking, we have been having some
global trade regime. Three striking features of
missteps in terms of government policy
the policies is set out some guiding principles,
inconsistencies, poor policy implementation
it also put Nigerians into triggering the policy
not only in the trade actually regime but in
to discharge its treaty obligations on a these
practically almost every sector of the Nigeria
three levels in addition to the bilateral trade
economy for decades and this has really
agreements between other nations and I think
affected our economy, it has also affected
it's also accommodated the new trend which
investors in terms of confidence in our
is part of the trade dynamics and that is
system, in our economy and it has also
ecommerce, the fact that it has delineated
essentially move even domestic investors
roles and responsibilities for various actors in
away from having investment in the system.
the public and private sectors to have a role to
So it is gratifying actually to note that at least
play shows that we are making progress in our
as at today we have a new national trade
policy content that carries all relevant
policy which action was reviewed last year
stakeholders along, for me it is very important
and then it was adopted and approved by
that the policy should now have
Federal Executive council in Abuja in April this
missing and that is implementation plan of
year so we have a new trade policy that
action which must clearly actually be activity
clearly sets out our vision and mission that
base, it must have timelines it must also have
also
respect our multilateral trade
some verifiable indicators against each
agreement obligations under World Trade
activity OK and then we must also delineated
Organization WTO, under the African
roles and responsibilities. Who is doing what,
featured era agreement AFTA and then even
at what point in time, what are indicator set for
under the ECOWAS ETLS which is the trade
that particular MDA or private sector or CSO or
agreement component under the ECOWAS
any other entity or even the media.
66
what is
Question: Of course, just recently we heard the chairman of the tax reform Policy Committee put together by the President Mr. Taiwo, make a case for MD's over 60 of them that have left their primary mandate of various descriptions to rather pursue a revenue, for the purpose of this discussion I am particularly interested in the Nigeria Custom Service which was designed in the first instance to facilitate trade but clearly,
regulations that we had before April 2023 this
they've lost that mandate. If we're going to
year when the custom service actually legal
look at the sharp divide that will be stepping
instruments was reformed, so as of today it is
into now do you see these are turning around
true that in the last two or three months we've
the fortunes of Nigeria in terms of regional
had a new custom service in Reform Act let me
and continental trade?
put it that way which took into consideration the need to address outdated scattered
Professor Muhammed Tawfiq Ladan: I think
pieces of unhealthy custom instruments that
with regards to custom, you need to put
hinder treat that push even custom service
things in a in a context all over the world and
itself instead of doing custom administration
even by the world customs union codes and
trade facilitation determining rules of origin of
other actually instruments relevant for their
goods and then even promoting electronic
operation it's very clear that customs service
filing of properties doing of business in Nigeria
anywhere in the world is primarily not
by all investors and all actually businesses
supposed to be a revenue generation entity
whether within Nigeria outside Nigeria or
it is not, custom is supposed to facilitate
cross-border and instead of also making sure
trade and through actually that effort it can
that legal instrument assist custom to have
actually provide actually mechanisms
the capacity to promote cross-border trade
regulation mechanisms and guidelines and
with ease the scattered piece of instrument
codes that will promote for instance
before April 2023 essentially hindered trade
certification of rules of origin of goods from
and also did not really actually assist custom
where to where and who is it and how do you
to promote trade facilitation. So the truth of the
get it actually better either imports or exports.
matter is that custom has to pursue a lot of
It is also the responsibility actually of the
things, trying to facilitate trade, trying to
custom service anywhere in the world to
custom police in the borders, and at the same
ensure that they have a sense of legal
time trying to be revenue generating entity
certainty in their own regulatory instruments
because in the last 40 years or so customs was
not the scattered pieces of instruments and
actually seen more as an entity done trade facilitator.
67
Question: What is the way forward for Nigeria
entities like the oil and gas sector for
actively participate in the continental trade
instance
when foreign exchange has continued to
money meaning actually getting more
remain a great source of concern for people
dollars into the economy from the sale of oil
doing businesses and entrepreneurs on the
and gas, we were actually not at the
continent?
forefront of maximizing this opportunity and
at the peak of making more
I think the starting point is for us to Professor Muhammed Tawfiq Ladan: I think
understand that there must be some
we should put it also in the context Nigeria is
drastic measures that seek to actually say
not an island actually to itself and the reason
OK fine this is how we're going to address our
being that there is actually a global actually
forex scarcity and this is actually the level of
economic crisis almost all countries
commitment that all stakeholders need to
including developed economies our devices
commit to and what is more actually
strategies from the shock of actually post
important is for us to understand why it's
COVID era and also trying to contend with the
important not to support rent seeking entity
implications or effect of the Ukrainian war
or groups, you can't actually be having an
and then for us in Africa we were already
economy where the exchange rate are
actually having our own actually major crisis
differentials between the official market and
in terms of triple shocks first containing with
the black market rate is almost 3 to 400%.
the post COVID shock ,two our own insecurity challenges ,three most African countries are
Question: I will sincerely thank you professor
in debt trap so there must be actually some
Laden for making out time to join this
radical economic measures that need to be
conversation.
actually put in place to address this triple shocks I think
we know that in Nigeria for
instance we've had some misuses and
Professor Muhammed Tawfiq Ladan: Thank you very much for having me
abuses of our foreign actually exchange of not actually really put some economic
Professor
Muhammed Tawfiq Ladan Director General of the Nigeria Institute of Advanced Legal Studies
68
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Unveiling Indigenous
S LUTI NS:
APPLYING AFRICAN SOLUTIONS TO AFRICAN PROBLEMS
There is a prevailing voice in Africa
economic growth, and invest in areas that
advocating for creativity and perseverance,
are complementary to local strengths.
emphasizing the need to address problems using homegrown approaches, as the
Environmental Sustainability: There are
adage says, "charity begins at home". The
environmental issues facing Africa. To lessen
idea of "African Solutions to African Problems"
the effects of climate change, indigenous
represents a significant turn towards using
methods of conservation, sustainable
local resources, expertise, and inventiveness
farming methods, and renewable energy
to address the complex problems facing the
sources are essential.
continent. This article celebrates Africa's rich tapestry of solutions derived from its people
Medical Care and Wellness: Promising
and cultures as it sets out to investigate the
approaches include disease preventive
depth and significance of this approach.
tactics, integration of traditional medicine,
"African Solutions to African Problems" is
and community health programmes that
based on the idea that the African continent
are specifically designed to meet the needs
has innate knowledge and the ability to
of various communities.
provide lasting solutions to its problems. It celebrates Africa's variety while
Leadership and Governance: Localized
acknowledging that regional circumstances
solutions can improve Africa's governance
call for customized strategies that are
environment. It is crucial to support initiatives
considerate of local customs and
that advance responsible leadership,
requirements.
inclusive decision-making, and institutional building.
SOME KEY AREAS OF CONCERN Economic Empowerment: It is critical to take advantage of Africa's entrepreneurial spirit and implement programmes that promote small enterprises, encourage inclusive
“
...Africa’s rich in solutions... derived from its people and culture...
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HOW DO WE FOSTER LOCAL INITIATIVES? No matter how good and viable a seed is, it will only thrive on a land fertile enough to support its growth. This speaks to what is playing out in the African continent. If we are ready to gain independence from foreign solutions to challenges that would have been best tackled by our indigenous solutions, the following point are some crucial cultures we must imbibe. Empowering the youth through investment in education and innovation: Africa's youth are leading the charge in bringing about change. Fostering sustainable solutions requires encouraging their creative ideas, offering avenues for entrepreneurship, and making investments in education and skill development. Community Involvement: Giving communities a say in how problems are
Although the idea of African solutions seems promising, difficulties still exist. Implementing effective solutions is hampered by a lack of funding, unstable political environments, and the requirement for capacity building. Stakeholder cooperation, investment, and unwavering commitment are necessary to overcome these obstacles. Summarily, "African Solutions to African Problems" is more than simply an idea; it is indicative of the continent's fortitude, resourcefulness, and solidarity in the face of hardship. Adopting this approach means fostering a legacy of empowerment, sustainability, and growth in addition to solving current problems. Africa is creating a vivid story of indigenous wisdom that is setting the path for a prosperous future as it moves forward, utilizing its cultural wealth and collective might.
solved gives them the ability to take responsibility for the solutions. Communityled projects that tackle problems at the local level can produce significant outcomes. Cross-border Collaboration: Working together, African countries can share resources, best practices, and knowledge. Organizations like the African Union offer opportunities for regional cooperation and group problem-solving, and these platforms should be used to solve the challenges facing the continent rather than pursuing selfish interests.
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