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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

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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.

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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.

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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.

47

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International Golf Tournament Panel Discussions Investment Opportunities Dinner & Exhibitions AI Presentations Award Presentations Beach Party Zumba dance Musical concert

FEATURING

I N T E R N A T I O N A L

2ND EDITIONOF

INVITATION TO ATTEND

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

52

53

54

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2020

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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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