Nigeria: Buhari Bans Palm Oil Import and other 42 items 

President Buhari of Nigeria bans Palm oil Import, as the Central Bank of Nigeria distributes N30bn to producers. He also, directed the apex bank to include palm oil among the banned 42 items and to prosecute firms, owners and management that violated the order by importing the product into the country.

Trading Economics reported that,

imports to Nigeria rose 2.6% year-on-year to NGN 1002 billion in March 2019, boosted by purchases of energy goods (796.3%); manufactured goods (101.3%); solid mineral (70.8%); raw material (46.9%) and agricultural goods (61.3%). Imports in Nigeria averaged 227104.84 NGN Millions from 1981 until 2019, reaching an all time high of 2209385.78 NGN Millions in August of 2018 and a record low of 167.88 NGN Millions in May of 1984.

It is a constitutional taboo from the executive proclaimation of the Federal Republic of Nigeria for any company or individual to import palm oil into Nigeria, so as to boost local production and create more jobs. The presidential directive was disclosed yesterday by the governor of the CBN, Mr Godwin Emefiele.

Emefiele (middle) and others at a press conference yesterday.

Emefiele in a statements made yesterday at a press conference, reveals that, the main motive behind the ban is to grow the economy and provide jobs for more Nigerians,

we must go back to palm oil production explained that he has a new presidential directive to focus on the massive production of 10 commodities: rice, maize, cassava, tomatoes, cotton and so on.

The CBN boss  said that,

the presidential directive mandated the CBN and other relevant government agencies to expand, support people who want to expand the products in Nigeria.

The entire textile value chain, oil palm, pottery, fish, livestock and cocoa in Nigeria, adding that, “this is the programme we will be embarking upon in the next couple of years.

 

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The Central Bank of Nigeria set-up the Textile Revival and Implementation Committee

 

The Central Bank of Nigeria (CBN) has set up the Textile Revival and Implementation Committee (TRIC) to revive at least 50 textile companies across the country by 2023, the committee would have the responsibility of resuscitating the country’s cotton belt, identify textile clusters, improve cotton production nationwide and boost power supply to textile firms across the clusters as Nigeria loses over $2bn annually to textile smuggling.

The CBN would partner with the Nigerian Customs Service to curb smuggling of textile goods; ensure general reduction of cost of doing business by eliminating multiple taxation; as well as ensure zero per cent duty for machineries needed by the textile industry and CBN has engaged 100,000 cotton farmers to cultivate 100,000 hectares of cotton for the 2019 season.

To revive the country’s cotton, textile and garment industry that would boost the local economy and create millions of jobs. Nigeria remains a big market for the textile industry but currently, the Nigeria cotton/textile industry is the third largest in Africa, next only to Egypt and South Africa, to reclaim this industry from smugglers the government should be ready to fight economic saboteurs because the Nigerian market has been flooded with imported textiles for many years.

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Singapore; the world’s most competitive economy

 

For the first time in nine years, Singapore surpassed the United States and Hong Kong to clinch the title of the world’s most competitive economy, according to annual rankings compiled by Switzerland-based business school IMD.

In the decades after independence, Singapore rapidly developed from a low-income country to a high-income country. The overall growth of the Singapore economy was 3.2% in 2018 and Singapore had been following a simple recipe for competitiveness. Some considered Singapore to be a developed country, the fact is that Singapore is still a developing country, albeit a more advanced one, Singapore lacks depth in R&D and other capabilities that will ensure continued demand for our goods and services.

Singapore’s immigration laws, advanced technological infrastructure, availability of skilled labour and efficient ways to set up new businesses helped it advance to the top, IMD’s 2019 World Competitiveness Rankings found.

If expatriates have a housing allowance in Singapore they will live comfortably. Otherwise, it can become quite expensive. Singapore is one of the world’s most expensive cities

The top 10 economies by competitiveness. According to IMD: Singapore, Hong Kong SAR, USA, Switzerland, UAE, Netherlands, Ireland, Denmark, Sweden and Qatar.

 

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As Europe grapples with Brexit, the African Union seeks a more United States of Africa 

Since the United Kingdom voted for Brexit three years ago, the European Union has been struggling to work out a structure for its future relations with the country.

While debates about the unpredictability of economic and political relationships between the EU and Britain continue to linger, thousands of miles away, the AfricanUnion (AU) is creating a close-knit relationship among its own 55 member nations.

In 2013, the AU designed Agenda2063, a framework with set objectives to aid the socio-economic transformation of the continent over the next 50 years.

The vision is to maintain integration of Africans on the continent, according to Khabele Matlosa, the organization’s Director of political affairs.

“The goal is to realise the union of an integrated, prosperous and peaceful Africa driven by its own citizens,”

One of the ways the union is doing this is through the proposed launch of a continental passport known as the AU passport.

The passport will grant visa free access to every member state so Africans can move freely across the continent.

Presently, only Seychelles and Benin have no visa restrictions for Africa travelers. Read more via https://lnkd.in/d6dtQ5G

 

Mark-Anthony Johnson, CEO at JIC Holdings. Continue reading “As Europe grapples with Brexit, the African Union seeks a more United States of Africa “

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