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FG Ratifies Nigeria’s Membership of AfCFTA

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The Federal Government has on Wednesday endorsed Nigeria’s membership in the African Continental Free Trade Area, AfCFTA.

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This was decided upon at the weekly meeting of the Federal Executive Council presided over by the President, Muhammadu Buhari.

The Minister of Information and Culture, Alhaji Lai Mohammed, disclosed this to State House correspondents at the end of the meeting at the Presidential Villa, Abuja.

AfCFTA was created by the African Continental Free Trade Agreement among 54 of the 55 African Union nations.

The main objectives of the AfCFTA are to create a single continental market for goods and services, with free movement of business persons and investments, and thus pave the way for accelerating the establishment of the Customs Union.

Mohammed said with the ratification, Nigeria has beaten the December 5, 2020, deadline set for all countries to ratify their membership.

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Nigeria to Become Petroleum Product Refining Hub, Minister Says

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The Federal Government has said it will leverage the opportunities provided by the African Continental Free Trade Area Agreement to reposition the oil and gas sector in other transform the country into a petroleum products refining hub for the African region

 

The Minister of State for Petroleum Resources, Timipre Sylva, disclosed this at the AfCFTA Oil and Gas Virtual Workshop, with the theme: “Nigeria – Africa’s Refining and Services Hub under the AfCFTA.

 

Represented by Bitrus Nabasu, the permanent secretary Ministry of Industry, Trade and Investment, Sylva said Nigeria had approved the AfCFTA, which would begin implementation in January 2021.

 

According to him, the African Continental Free Trade Area Agreement aims to redefine trade relations between African states while enabling free movement of people and investments

 

Sylva also added that the government was also committed to deepening gas utilization as seen in its National Gas Expansion Programme and the Auto Gas Scheme.

 

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Business Africa

Nigeria to Strengthen Economic Cooperation With Algeria Says President Buhari

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President Muhammadu Buhari has reassured of Nigeria’s commitment to stronger economic cooperation with the republic of Algeria in various critical areas.

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The President restated the commitment on Thursday when he received the Algerian foreign affairs minister, and special envoy of the Algerian president, Sabri Boukadoum, in the Aso rock presidential villa in Abuja.

According to a statement issued by special adviser to the President on Media and Publicity, Femi Adesina, the president said projects like the Trans-Sahara road, international gas pipelines, and other areas of economic cooperation would be given adequate attention for the good of the people of the two countries.

Buhari also emphasized the need for peace, tranquility and security in African countries, saying development and growth would depend a lot on how peaceful and secure the continent is.

In his remark, the special envoy said Nigeria was the pillar of Africa, and he had brought messages from his president, for the two countries to explore areas of collaboration.

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Agriculture & Nigerian Economy

We Have to Reduce Oil Production Cost, Says Osinbajo

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Vice-president, prof. Yemi Osinbajo, has said the deal to cut oil production by the organization of petroleum exporting countries and its allies has resulted in lower revenue generation for the federal government.

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The vice-president, who was represented by the minister of state for petroleum resources, Timipre Sylva, said the collapse in crude oil demand due to the covid-19 pandemic caused the recent sudden slump in oil prices.

Osinbajo said on Tuesday that the ministry of petroleum resources had a mandate to drastically reduce the unit cost of crude oil production in the country in order to increase government revenue.

He expressed confidence that the country would achieve the desired goal of finding more hydrocarbon deposits in the Nigerian basins, notwithstanding the curtailment in production.

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