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AfDB Postpones Annual Forum Due to COVID-19




The Board of Directors of the African Development Bank (AfDB) Group and the Africa Investment Forum (AIF) founding partners have approved the postponement of the 2020 AIF to 2021.

According to a statement from the AfDB on Wednesday, the postponement is due to the ongoing COVID-19 pandemic.

The annual three-day investment marketplace was initially scheduled for November 2020 in Johannesburg, South Africa.

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The decision followed an evaluation of the impact and evolution of the COVID-19 global pandemic which considered the attendant risk of a possible second wave and its associated effects on global travel, investments, as well as social distancing rules.

According to the statement, the forum will continue to curate new deals, track investments and advance the financial closure of transactions and existing deals through its innovative digital platforms.

At the 2019 Africa Investment Forum, 57 deals valued at $67.7 billion were tabled for discussions. Fifty-two deals worth $40.1 billion secured investment interest.

The Africa Investment Forum founding partners are the African Development Bank, African Export-Import Bank (Afreximbank); Africa Finance Corporation; Africa50, the Islamic Development Bank, the Development Bank of Southern Africa and the Trade and Development Bank.

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Business Africa

Fuel scarcity looms as NUPENG threatens FG With Strike



fuel scarcity looms as NUPENG threatens FG With Strike

The Nigerian Union of Petroleum and Natural Gas (NUPENG) has issued a two-week strike notice to the federal government, raising the possibility of fuel scarcity across the country in the coming weeks.

This was contained in a statement jointly signed by NUPENG President, Williams Akhoreha, and General Secretary, Olawale Afolabi, Monday.

The union said the notice of strike was one of the decisions reached at its special national delegates conference Thursday.

It listed non-payment of workers’ salaries and benefits, among others, as reasons for its resolution.

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One of the issues, NUPENG said, was the outstanding payment of terminal benefits to its members that were declared redundant in 2012 by the management of Chevron Nigeria limited.

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Business Africa

LCCI pushes for growth in intra-African trade



LCCI pushes for growth in intra-African trade

The Lagos Chamber of Commerce and Industry has said it aims to promote intra-African trade at the 35th edition of its annual Lagos International Trade Fair.

The Director-General of the LCCI, Dr. Chinyere Almona, said in a statement on Wednesday that this year’s edition would feature business-to-business meetings simultaneously with the general interest fair.

She said, the focus this year is to encourage intra-African trade and position Africa as the preferred investment destination and an economic powerhouse adding that The exhibition will also facilitate networking amongst exhibitors and between exhibitors and visitors.

She said corporate organisations, including multinational corporations, indigenous conglomerates, financial institutions, and small and medium businesses, had indicated interest in participating at the fair and relevant agencies and departments of government would also be available to exhibit and attend to other exhibitors and visitors.

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She said agencies that had confirmed attendance to provide information and educate exhibitors and visitors were the Bank of Industry and Nigerian Export Promotion Council, among others.

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NEPC Empowers 60 Osun SMES for Export Business



NEPC Empowers 60 Osun SMES for Export Business

The Nigerian Export Promotion Council has organised a workshop for over 60 operators of Small and Medium-scale Enterprises in Osun State on how to make their products fit for export.

The workshop, which was held in Osogbo, was tagged ‘Facilitating strategic export market access programme in collaboration with the trade support institutions.’

The Assistant Director, Policy and Strategy Department, NEPC, Aliu Saddique, said the participants were SMEs owners with the potential to export to the international market.

He said the council was using the model developed by the Centre for the Promotion of Imports from Developing Countries to train the participants so as to enable them to have a good understanding of the demands of the international market.

While speaking, The Osun State Commissioner for Commerce, Cooperatives, Industries and Empowerment, Dr. Bode Olaonipekun, called for serious planning ahead of the time when crude oil would no longer bring revenue for the country again.

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Olaonipeokun, who also blamed the current economic hardship on the neglect of non-oil export, said planning for the era without oil must start immediately to avert economic crises.

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