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Moghalu Harps On Private Sector Bill Of Rights

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The Chairman, Board of Directors and Advisory Board, Africa Private Sector Summit, Prof. Kingsley Moghalu, has reiterated the importance of Private Sector Bill of Rights (PSBoR) in business development in Africa.
Moghalu in a statement made available in Lagos, spoke at the AfCFTA Joint Private Sector Session 2023 Afreximbank Intra-African Trade Fair, Cairo, Egypt, yesterday.
According to him, PSBoR must be adopted as companion instrument to the Regional Economic Communities (RECs) and the African Continental Free Trade Agreement (AfCFTA) in order to create Africa everyone wants.
Moghalu said: “Trade, business and economies in general cannot grow sustainably, create wealth and lift millions from poverty without strong, predictable enabling business environments.
“This is the value proposition of the Africa Private Sector Summit’s proposed Charter on the Private Sector Bill of Rights (PSBoR).
“As I hope that I have demonstrated, the PSBoR is an indispensable compliment to Africa’s Regional Economic Communities and the potentially transformative AfCFTA Treaty.
“The Private Sector Bill of Rights, when adopted, will provide many practical benefits to varied stakeholders including governments, stock exchanges, African businesses, development partners, and the continental and global publics.”
He said that thriving businesses would pay taxes to the government and increasing revenues, adding that a thriving private sector generates listings and sustainability of capital markets.
“Productive economies with skilled, well educated labour forces will position Africa to join the 4th Industrial Revolution.
“The complimentarity of the Private Sector Bill of Rights to the RECS and the AfCFTA equals an Africa that is truly open for business,” Moghalu said.
Describing RECs and AfCFTA – regional trade as the path to prosperity, Moghalu, a former Deputy Governor, Central Bank of Nigeria (CBN), said that decades ago, Africa’s political leaders recognised, with foresight, that regional integration and trade are a powerful path to achieving prosperity.
He recounted that the African leaders established eight RECs that became the regional building blocks of the African Union and, ultimately, the AfCFTA.
He stressed that AfCFTA is the world’s largest free trade area, with the main purpose of progressively reducing the steep tariff barriers and trade costs that have for decades prevented the growth of trade and prosperity within the continent.
According to him, trading across borders under the terms of the AfCFTA began on Jan. 1, 2021 and as of August 2023, 47 out of 54 African countries have ratified the treaty.
He said that when fully implemented, the AfCFTA would boost intra-African trade by 52 per cent, lift 30 million people out of poverty, and increase the continent’s GDP by USD 450 billion by 2035.
Highlighting roles of private sector and government, Moghalu said that the continental targets simply could not be achieved without the private sector.
He said that while governments had signed and ratified the AfCFTA, it was companies and business enterprises that trade across Africa, far more than governments.
“This means that the African private sector must be strengthened to leverage the provisions and protocols of the AfCFTA to expand intra-African trade to create prosperity,” Moghalu said.
Speaking further on the African Private Sector Summit (APSS) and the Private Sector Bill of Rights, Moghalu stressed the need to leverage the private sector’s ability to drive trade and investment in our continent.
According to him, to help achieve an enabling environment for business in the continent, APSS is engaging with African governments and other relevant parties for the adoption by all African countries of a Charter on the Private Sector Bill of Rights (PSBoR) for an enabling Blbusiness environment.
Moghalu added: “The Private Sector Bill of Rights contains 24 specific rights.
“These rights include the rights to easy establishment of businesses, a conducive legal framework for business, infrastructure, peace and security, and consultative relationships between governments and businesses in the making of regulations that govern or affect business.
“The adoption of the Private Sector Bill of Rights will fast-track the actualisation of the key Framework Protocols of the AfCFTA.”
According to him, the APSS’s goal is to have the Charter on the Private Sector Bill of Rights adopted by at least 22 African countries, but preferably all countries on the continent that are members of the 55-Member State African Union,.
He said that it should also be adopted by the Pan-African Parliament, and then adopted at the Summit of the Heads of State and Government of the African Union.
Moghalu said: “We will seek adoption by national parliaments and/or the Executive branches of government. We are walking a similar path as that which led to the successful adoption of the AfCFTA.
“The specific rights identified in the Private Sector Bill of Rights come from the protocols of the RECs and AfCFTA.
“The PSBoR is intended as an essential companion instrument to the AfCFTA treaty, one that domesticates the continental trade agreement inside national governments, private sector governing and coordinating entities, and in the operations of the African marketplace in reality.
“I believe that the Private Sector Bill of Rights when adopted by African countries and alongside the RECs and AfCFTA, addresses a fundamental conundrum that has confronted post-colonial Africa for decades.”
“Why have market-oriented economies created broad-based wealth in Europe, North America and increasingly in Asia but poverty remains high in the vast majority of African countries?
“Breaking this jinx is the goal of the AfCFTA and the African Union’s vision 2063 – The Africa We Want,” he said.
He attributed high poverty in the continent to the relatively low level of intra-African trade.
“The PSBoR guarantees, amongst other rights, the right to favorable credit terms to support short, medium and long term investment projects as well as trade credit supported by the Africa Trade Insurance.
“ It also guarantees the right to benefit from scientific progress (innovation) and the right to local content in intellectual property,” he said.

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Nigeria, UK To Strengthen Bilateral Ties

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The United Kingdom’s Foreign Secretary, David Lammy, arrived in Nigeria yesterday on his first official visit to Africa, underscoring a renewed emphasis on economic collaboration and growth-centered diplomacy between the UK and African nations.
His visit marks the beginning of a five-month consultation aimed at reshaping UK-Africa relations to prioritise African voices and ambitions across the continent.
This was contained in a statement signed and released by the Senior Press and Public Affairs Officer, British Deputy High Commission in Lagos, Ndidiamaka Eze, on Sunday.
In Nigeria, Lammy will advocate for deeper trade and investment ties, supporting what he described as a fresh, respectful approach that builds “long-term growth rather than short-term solutions.”
Lammy stressed Africa’s significant potential, noting that by 2050, it is set to account for a quarter of the world’s population.
His goal is to build relationships where “the UK and our friends and partners in Africa can grow together.”
“Africa has huge growth potential, with the continent on track to make up 25 per cent of the world’s population by 2050.
“Our new approach will deliver respectful partnerships that listen rather than tell, deliver long-term growth rather than short-term solutions, and build a freer, safer, more prosperous continent.
“Growth is the core mission of this government and will underpin our relationships in Nigeria and beyond. This will mean more jobs, more prosperity, and more opportunities for Brits and Africans alike,” the statement read.
The visit came as part of a broader strategy to elevate UK engagement in Africa, with Lammy scheduled to meet with President Bola Tinubu, Foreign Minister Yusuf Tuggar, and Lagos State Governor Babajide Sanwo-Olu.
His agenda includes furthering the UK-Nigeria Enhanced Trade and Investment Partnership, which was signed earlier this year to expand trade and market access between the two countries.
The partnership aimed to boost economic opportunities, fostering jobs, and prosperity for both British and Nigerian citizens.
As part of his commitment to supporting Nigeria’s economic reforms, Lammy will introduce a technical assistance package designed to support the Nigerian Ministry of Finance.

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Reps To Probe $2bn Renewable Energy Investment

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The House of Representatives Committee on Renewable Energy has invited stakeholders to an investigative hearing on the $2bn renewable energy grants and investments in Nigeria.
According to the Committee, the investment has not had a proportional impact on the nation’s energy security challenges.
In July 2024, President Bola Tinubu disclosed at the Africa Natural Resource and Energy Investment Summit in Nigeria that the nation had attracted over $2bn of investment in the sector in the past decade.
“Over the past decade, Nigeria has attracted over $2bn in investment in the renewable energy sector, making it a fast-growing part of the economy. Our commitment is to continue on this path and attract more private sector involvement in the renewable energy space, including manufacturing locally produced solar panels and batteries.
“By encouraging local production of equipment, we can reduce implementation costs, thereby lowering the threshold for electrification,” the President was quoted as saying.
Scheduled for Tuesday and Wednesday, 5 and 6 November 2024, the investigative hearing follows the mandate given to the Committee on 6 June 2024 to investigate Ministries, Departments, and Agencies involved in investments, procurement, and receipt of grants for renewable energy sector development.
In a statement issued on Sunday by the Committee Chairman, Victor Ogene, in Abuja, the probe will cover the period from 2015 to 2024.
The lawmaker said the House was shocked that “Despite the government attracting over $2bn in renewable energy investments in the past decade, as reported by the Rural Electrification Agency in 2023, there has been no noticeable improvement in the sector.
“The House of Representatives was alarmed that the dysfunctional electricity generation and supply system persists, contrary to the objectives behind government investments and grants aimed at developing the renewable energy sector. Hence, the resolution to probe these investments to determine the integrity of the procurement and execution processes.”
He noted that the probe is not a witch-hunt but an exercise to discourage shady dealings and promote transparency and objectivity in managing government or public resources.
The House’s resolutions followed the adoption of a motion titled “Need to Investigate Investments in the Renewable Energy Sector and Foreign Grants Received from 2015 Till Date,” sponsored by the lawmaker representing Oshodi-Isolo II Federal Constituency, Lagos State, Mr Okey-Joe Onuakalusi.
Leading the debate, the lawmaker said the parliament was aware that poor electricity generation, transmission, and distribution pose a significant threat to the nation’s industrial and technological development goals.
According to the lawmakers, successive governments since 2015 have made substantial investments and attracted multimillion-dollar foreign grants for Nigeria’s renewable energy subsector to create a viable and sustainable alternative energy supply.
They noted that in December 2023, the World Bank approved a $750m facility to boost renewable energy in Nigeria, aiming to provide over 17.5 million Nigerians with improved access to electricity through distributed renewable energy solutions.
They also noted that in 2020, the Federal Government launched a $200m renewable energy project, the ‘Nigeria Electrification Project,’ targeted at providing off-grid energy to over 500,000 people across 105,000 households in rural communities, funded by the African Development Bank.
Agencies invited to the public hearing include, but are not limited to, the Rural Electrification Agency, Nigerian National Petroleum Company Limited, Nigerian Content Development and Monitoring Board, Nigerian Sovereign Investment Authority, National Agency for Science and Engineering Infrastructure, and the Ministry of Petroleum Resources.
Also invited are the Country Representative of the European Union, Union Bank Plc (Compliance Department), Ministry of Science, Technology and Innovation, Federal Ministry of Power, Energy Commission of Nigeria, and Federal Ministry of Finance.
Other invited entities include the Niger Delta Power Holding Company, Federal Ministry of Marine and Blue Economy, Federal Ministry of Environment and Ecological Management, Federal Ministry of Petroleum (Gas Resources), Niger Delta Development Commission, United States Agency for International Development, Federal Ministry of Budget and Economic Planning, Federal Ministry of Agriculture and Food Security, Accountant General of the Federation, and Renewable Energy and Energy Efficiency Associations, among others.

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Rosicrucians Prioritise Societal Dev

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Rosicrucian Order, English Grand Lodge for West Africa, has urged Rosicrucians all over the world to contribute their quota towards the political and economic development of their countries.
The Order, which gave the task at the AMORC Convention, Port Harcourt 2024, also called on them to remain exemplary in their conducts.
It charged them to radiate love wherever they find themselves as the theme of the convention was “Universal Love.”
Declaring the convention open, the Imperator and President Supreme Grand Lodge (AMORC), Frater Claudio Mazzucco, urged members to ensure a better society for present and future generations.
He also described the convention as historic, and charged them to continue to radiate love to all humanity.
Meanwhile in his message, the Grand Master-designate, Eugenius Idiodi, urged the delegates to reflect on the theme of the convention.
“As we come together under the guiding theme of ‘universal love’ let us pause for a moment to reflect on the profound significance of this gathering and the journey that has brought us to this point”.
Idiodi also described members of the Order as “seeds of various kinds sown into the soil, each with the potentials to bloom into something unique and beautiful”.
“Yet no matter their individual forms, all these seeds share common nurturing light of the sun, the sustaining nourishment of the Earth and the gentle touch of water”, he added.
Grand Master-designate said each member of the Order is like a seed which has the potentials to blossom into its highest level.
In his words, “And just as the seeds in the garden depend on the forces of nature, we too require the nourishing power of universal love to flourish, not as individuals but as a global community bound by the sacred principles of the Rosicrucian tradition”.
Idiodi described the convention as a symbol of collective journey, stressing that members are on a journey towards deeper understanding, compassion and enlightenment.
The Chairman of Local Organising Committee, Edwin I. Obani, said the convention would mark the golden jubilee of the English West Africa Lodge and the installation of the Grand Master-designate, Frater Eugenius Idiodi.
Obani said the event would afford members from the different countries in West Africa to rekindle the love of universal love.
Later at a press conference, members of the Order, including the Imperator and President Supreme Grand Lodge, Claudio Mazzucco, Frater Kenneth Idiodi, Eugenius Idiodi, Lucy Crawford Sandison and Olabimpe Giwa, said love remains the only antidote to solving all societal problems.
They urged members of the society to show love not only to fellow humans but also to mother earth.
The convention marks the Golden Jubilee of the West African Lodge.

By: John Bibor

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