Business
FEC Okays Nigeria To Sign African Free Trade Pact
The Federal Executive Council (FEC) has approved that Nigeria should sign the framework agreement for the establishment of African Continental Free Trade Area (AfCFTA) in Kigali, Rwanda.
AfCFTA is the first step in the implementation of AU Agenda 2063: the “Vision” for an integrated, prosperous and peaceful Africa.
The Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah, made this known when he briefed State House correspondents alongside the Minister of Foreign Affairs, Mr Geoffrey Onyeama, on the outcome of the Council’s meeting.
The meeting was presided over by Vice-President Yemi Osinbajo at the Council Chamber of the Presidential Villa, Abuja.
Enelamah revealed that President Muhammadu Buhari would be signing the agreement on AfCFTA during the Extraordinary Meeting of African Union Heads of State and Government to be held on March 21.
“What we did today was to secure approval for the stage we are now.
“First, the Heads of State and Governments of the African Union (AU) in January 2012, made a decision in Addis Ababa to establish CFTA just as an economic policy and policy for regional integration and of course, in that process, we have got to a point where they set some deadlines.
“At meetings they had sometimes in 2016 and 2017, they wanted the framework agreement to be in place at the end of 2017 but they postponed it, that the heads of state will like to sign an agreement on March 21, 2018.
“So, that framework agreement is now scheduled to be signed in Kigali on March, 21 by the African Heads of State and Government,’’ he said.
The minister enumerated the benefits of the AfCFTA, saying that the agreement would expand market access for Nigeria’s exporters of goods and services, spur growth and boost job creation.
He said the agreement would “eliminate barriers against Nigeria’s products and provide a Dispute Settlement Mechanism for stopping the hostile and discriminatory treatment directed against Nigerian natural and corporate business persons in other African countries.
“Establish rules-based trade governance in intra-African trade to invoke trade remedies, such as safeguards, anti-dumping, and countervailing duties against unfair trade practices, including dumping, trans-shipment of concealed origin of products.’’
According to Enelamah, Nigeria will also express an interest to host the secretariat of AfCFTA in Abuja.
Also addressing the correspondents on the outcome of the meeting, the Minister of Water Resources, Alhaji Suleiman Adamu said the Council approved variation of the Jare earth dam project cost from N3 billion to N11 billion, with a mandate to complete the project within 36 months.
NAN reports that contract for the dam project, located in Bakori Local Government Area of Katsina state, was first awarded in 2006 at the cost of N3 billion, but was later abandoned
The Jare community had protested the non-completion of the dam for several years.
The community, under the umbrella of Jare Earth Dam Association, had in a letter to the government complained that they were short-changed by the committee responsible for the payment of compensation to people affected by the construction of the project.
Minister of the Federal Capital Territory (FCT)), Alhaji Muhammed Bello, who also spoke on the outcome of the meeting, said he briefed the council on the activities of the FCT since Nov. 2015.
He said that 17 projects were approved for the FCT by the Federal Executive Council in the period under review.
The minister added that the council approved N112 million for the final engineering work for the Karsana district in the FCT with a completion period of six weeks.(
The Nigerian Communications Satellite Limited (NIGCOMSAT), the country’s satellite operator, has called for immediate promolgation of policy action that will enable the country to harness the potentials of Artificial Intelligence (AI).
NIGCOMSAT, also warned that Nigeria risks missing out on Africa’s projected $1.2trillion share of the global AI economy by 2030.
Managing Director of NIGCOMSAT, Nkechi Egerton-Idehen, disclosed this in a statement issued at the weekend following her participation in the Meeting of the National Council for Communications, Innovation, and Digital Economy.
“Artificial intelligence is reshaping industries, economies, and societies worldwide, with projections that it will contribute up to $15.7trillion to the global economy by 2030. Africa stands to gain $1.2trillion of this if the right policies and innovations are in place”, Idehen said, citing a PricewaterhouseCoopers report.
The NIGCOMSAT MD underscored the transformative potential of AI in agriculture, highlighting its applicability in Benue State, widely regarded as Nigeria’s “food basket.”
According to her, machine learning tools could revolutionize agricultural practices by improving pest detection and optimizing planting schedules using satellite imagery.
“AI offers us the chance to not only flourish economically but also to achieve food security. However, we must ask ourselves if we are prepared to manage this technology responsibly”, she added.
Idehen also noted that internet access remains a significant barrier to AI adoption in Nigeria.
“For AI tools to be effective, basic digital infrastructure is essential. Addressing this gap must be a priority.
“AI is happening. We have the opportunity to manage this technology revolution responsibly, both in Africa and globally, through innovation and governance”, she said.
In August 2024, the Federal Ministry of Communications, Innovation, and Digital Economy released a draft National Artificial Intelligence Strategy, aiming to position Nigeria as a global leader in AI.
Corlins Walter
The Chairman of Emohua Local Government Council, Chief David Omereji, has said the council has so far spent over N1 billion for the electrification of communities in the area.
Omereji said this while addressing staff of the council at the council headquarters recently.
He said the move was part of his administration’s resolve to ensure peace and development of the LGA.
According to him, the Council spent about N29 million on monthly basis for the maintenance of the Emohua Local Vigilante group known as OSPAC, with each member being paid a stipend of N100, 000 monthly.
He diaclosed that 11 out of the 14 wards are currently enjoying electricity, while efforts are on to light-up the remaining ones.
“I also want to use this opportunity to inform the political class for purposes of records and for the understanding of the people that the Council under my watch have done more than enough”, he said .
The Emolga boss explained that all that have been achieved were through the personal effort of the Council, without support from anybody as rumoured in some quarters.
Omereji further reaveled that a number of other projects, including roads, fencing of schools, hospitals, courts premises, and reconstruction of some abandoned buildings at the Council Headquarters are being undertaken by his administration.
He enjoined the people of the area to support his administration’s drive to bring purposeful development to the LGA.
The Emohua Council boss, who reiterated his hatred for noise making, stated that his works would speak for him, and solicited the support of staff of the council and the entire people of the area.
He noted the fact that some people may not be happy with his achievements, saying that he would remain focused, while advising critics of his government to do so constructively with facts and figures.
King Onunwor
The Movement for the Survival of the Ogoni People (MOSOP) has raised some ethical questions over a Financial and Technical Services Agreement (FTSA) between Sahara Energy and West African Gas Limited (WAGL), an affiliate of the Nigerian National Petroleum Company (NNPC).
MOSOP said the agreement was not done in good faith, not in the interest of the Nigerian people, and did not follow due process.
Foremost Ogoni born activist and MOSOP leader, Fegalo Nsuke, who made this known in Abuja, weekend, described the Sahara-WAGL deal as fraudulent, deceptive and an insult on the intelligence and integrity of the Nigerian nation.
Nsuke called on President Bola Ahmed Tinubu to cancel that FTSA between Sahara Energy and WAGL, noting that the agreement is fraught with irregularities and deceptive.
“What Sahara and the NNPC did in the FTSA between Sahara and WAGL is shameful and depicts high level corruption in public service of our country.
“WAGL is an affiliate of Sahara and the NNPC. How then can Sahara go into an agreement with its own affiliate? It’s as good as going into an agreement with itself. This is deceptive and fraudulent”, Nsuke said.
He continued that “Sahara Energy is certainly not a company the Ogoni people want on their soil and we are calling on Mr. President, Bola Ahmed Tinubu, to terminate any deal between the NNPC and Sahara Energy over OML 11, and to allow for an inclusive arrangement that considers a fair treatment of the Ogoni people in the distribution of revenues from natural resource extraction on Ogoni soil.
“The last Ogoni Congress has been unequivocal on the Ogoni demand for justice and has given a clear path to resolve the three decade old conflict between all critical parties.
“It will be good to explore this path to peace and development for Ogoni and for our country”.
Nsuke accused Sahara Energy and the NNPC of frustrating the progress made by MOSOP to achieve a permanent solution to the Ogoni problem.
He urged a presidential intervention with deep consideration for a fair treatment of the Ogoni people in order to permanently address the problem.
He noted that Sahara Energy should give up on the Ogoni area to allow for an engagement in the interest of the country and the people.
Recall that MOSOP and Sagara Energy have recently been engaged in a row in what MOSOP describes as an unholy relationship between Sahara Energy and the NNPC over OML 11.
MOSOP expressly rejected Sahara Energy and called for a fair treatment of the Ogoni people in natural resource extraction in Ogoni.
It noted that Ogoni people, led by MOSOP, paid the sacrifice to take the oil from Shell, hence “the position of MOSOP must be taken into consideration in decisions relating to resumption of oil production in Ogoni”.