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While nations and governments are looking to sign bilateral agreements with other useful nations, to boost trade between their economies, the Nigerian Government having achieved some with developed and emerging economies around the world, is looking within the continent to boost trade within African countries to remove tariff and non-tariff barriers.
The Minister of State for Trade and Investment, Samuel Ortom representing his boss, Olusegun Aganga, at this year’s Africa Industrialization Day, yesterday, said that, “Africa is, indeed, endowed with a wealth of natural and mineral resources, which if properly harnessed, will serve as an engine of economic growth and prosperity on the continent. It is, however, unfortunate that Africa has been very successful in integrating itself with the rest of the world, but has not been successful in integrating countries in the continent. The fragmentation of Africa in terms of trade is thus dramatic and resulting in the loss of billions of dollars of Gross Domestic Products and millions of jobs that ought to have been created.”
He continued, “Effective regional integration in Africa will not only enhance trade within Africa, but will also attract investment into the manufacturing sector. Nigeria aims at expanding intra-African trade by breaking down tariff and non-tariff barriers and enhancing mutually advantageous commercial relations through trade liberalisation schemes. Regional integration helps in developing larger markets, fostering greater competition and improving policy stance in many areas of the development agenda. In addition, pooling economies and markets together through regional integration provides a sufficiently wide economised market space to make economies of scale possible.”
The Central Bank of Nigeria on Wednesday announced that it would be redesigning the ₦200, ₦500, and ₦1,000 notes. Godwin Emefiele, the CBN governor, disclosed this at a press briefing. Read more about Business According to the apex bank, the new notes will begin circulating on December 15, 2022. However, the old notes will remain … Continue reading The CBN’s Plan To Redesign The Naira: 6 Facts You Should Know
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Following the resignation of Boris Johnson as Prime Minister of the UK on 7 July 2022, 46-year-old Nigerian-born woman, Kemi Badenoch among seven otherrs has been tipped to succeed Boris as Prime Minister. Similarly, other nominees who received at least 20 nominations to become the UK Prime Minister include Suella Braverman, Jeremy Hunt, … Continue reading Nigerian-Born Kemi Badenoch Nominated To Succeed Boris Johnson As UK’s Prime Minister