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Economy

AfCFTA Secretary-General allays fears of turning Nigeria into dumping ground

AfCFTA Sec.Gen, Wamkele Mene
Eyewitness reporter
The Secretary-General of the African Continental Free Trade Area(AfCFTA), Wamkele Mene, has allayed the fears of Nigeria over the possibility of being turned into a dumping ground for goods under the continental trade agreement.
Mr Mene, who stated this during the visit of the AfCFTA secretariat to Lagos ports Wednesday, said adequate measures have been built into the trade agreement to safeguard the country and other African nations from being turned into dumping grounds for foreign goods.
It could be recalled that it took Nigeria’s President, Mohammed Buhari to sign the trade agreement owing to fears being expressed by the government that Nigeria, as the biggest market in Africa, could easily be turned into a dumping ground under the continental trade agreement.
However, the AfCFTA scribe said though such fears are real, the agreement has taken care of its possibility.
He said the issue of dumping is a serious one but the agreement has given each country under the agreement powers to deal with the situation when it arises.
According to him, the agreement is intended to create jobs and not job losses, as dumping could lead to job losses.
“On the issue of dumping, it is a very very serious issue. This agreement is intended to create jobs, not job losses.

“So, we have to make sure that we are very vigilant against the transshipment of goods, against fraudulent invoicing.

” Any goods that are coming in that are not part of AFCTA, we should not hesitate to take action against such goods.
“That is why we are working closely with the customs authorities in Africa.

“In the agreement, there are rules: anti-dumping measures, all these rules are meant to protect domestic economies.

“If you see there is the importation of certain goods from certain countries, the agreement allows you to take action against those goods in that country.

“So we have built into the agreement safeguards to make sure that we minimize these.

“Fraudulent invoicing, and transshipment, like any other crimes, those things will always be there, the issue is to mitigate and make it difficult” Mr Mene declared.

He disclosed that in order to mitigate the issue of dumping, the AfCFTA secretariat is working closely with customs authorities in Africa to check against this menace.
“So we are working closely with the customs authorities, that is why we have hosted them in Accra, five times so that we can jointly together confront these challenges of the possibility of dumping of goods.

“What I always find interesting is that many times, we are willing to accept goods from a country whose name I would not mention that is not on this continent., substandard goods, goods that don’t meet our own requirements, these are the things we have to be vigilant against because it is not a Nigerian market, a Malian market, a Ghanian market, it is AFCTA market.

The AfCFTA chief said that dumping will not affect one county alone but the whole of Africa and that is why the secretariat viewed the issue with all seriousness.

“We are now creating one market, so if there is dumping in Nigeria, it impacts all of us. If it is dumped in another country, it imparts on all of us.

“So I really appreciate the sensitivity of this issue of dumping and I understand it.

“I mentioned in the previous session that in Southern Africa, there is a sugar that is being dumped from another part of the world that is being brought here, displacing the local market in Southern Africa, and creating job loss.

.”So we have to work together to make sure that we prevent this scourge of dumping” Mene stated.

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Economy

Nigerians to groan under fresh fuel scarcity for another two weeks- Independent Petroleum Marketers

The Eyewitness Reporter 
The current fuel crisis in the country may not go anytime soon as the Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned that the situation may likely persist for the next two weeks.
Speaking against the fresh fuel scarcity in the country, the IPMAN’s Public Relations Officer, Chinedu Ukadike disclosed that there is no petrol product available for supply in the country.
Ukadike, in a statement, said there is a breach in the international supply chain, adding that fuel is not available even for Nigeria’s sole supplier, the Nigerian National Petroleum Company Limited (NPCL).
This follows an ongoing turnaround maintenance of refineries in Europe.Ukadike explained that once there is a breach in the international supply chain, it will have an impact on domestic supply because they depend on imports.

“The situation is that there is no product. Once there is a lack of supply or inadequate supply, what you will see is scarcity and queues will emerge at filling stations.

“On the part of NNPCL, which is the sole supplier of petroleum products in Nigeria, they have attributed the challenge to logistics and vessel problems.

“Once there is a breach in the international supply chain, it will have an impact on domestic supply because we depend on imports.

” I also have it on good authority that most of the refineries in Europe are undergoing turnaround maintenance, so sourcing petroleum products has become a bit difficult.” IPMAN spokesman said.
According to him, “NNPC Group CEO has assured us that there will be improvement in the supply chain because their vessels are arriving”.“Once that is done, normalcy will return. This is because once the 30-day supply sufficiency is disrupted, it takes two to three months to restore it.

“We expect that by next week or so, NNPC should be able to restore supply and with another week, normalcy should return,” he said.

Ukadike further stated that “NNPC has said the marketers who have not been able to renew their licences will not be allowed to remain on their portal which has been shut for some time now.

” Because of this, we have not been able to request new products”.

 “At this nascent period of deregulation, you will discover that this leads to scarcity, even when the product arrives.

“As it is now, even by their data, out of 15,000 marketers that are on the portal with licences, only 1,050 renewed their licences.

“The requirement for renewal by NMDPRA is so much. Marketers are facing a hostile environment. NNPC placed a deadline of April 15, 2024, for marketers to renew their licences.

“We are, therefore, appealing to NNPC to extend this deadline and also to NMDPRA to hasten the release of licences of marketers who have completed their processes, and also reduce bottlenecks around licence renewals.”

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Economy

CBN sells $15.830m at N1.021 per dollar to 1,583 BDCs

CBN Governor, Olayemi Cardoso
The Eyewitness Reporter 
In its ongoing effort to ensure liquidity in the foreign exchange market which is expected to ease the pressure on the naira, the Central Bank of Nigeria (CBN) on Monday disbursed the sum of $15,830,000m to 1,583 licensed Bureau De Change Operators at $10, 000 each.
In a letter dated April 22nd, 2024 and addressed to the President of the Association of Bureau De Change Operators of Nigeria and signed by Dr Hassan Mahmud, the Director, Trade and Exchange Department of the CBN, the beneficiaries are mandated to sell allocated forex to eligible end users ” at a spread of not more than 1.5 percent above the purchase price.
The CBN said the sale of forex to the BDCs will meet market demand (retail-end) for invisible transactions.
The apex bank however advised all the BDCs to continue to abide by the rules and conditions as stipulated in the operational guidelines.
The beneficiary BDCs have trading locations at Lagos, Abuja, Akwa and Kano.
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Economy

News Alert! CBN revokes operational licenses of 4,173 Bureau De Change operators for breach of regulatory guidelines

CBN Governor, Olayemi Cardoso

The Eyewitness Reporter

In its continuous efforts to sanitize the foreign exchange market and halt the frightening slide of the naira in exchange for the dollars, the Central Bank of Nigeria has revoked the operational licenses of 1,173 Bureau De Change operators.

In a press release issued Friday, March 1st, 2024 and signed by Mrs. Sidi Ali Hakama, the Acting Director, Corporate Communications, the apex bank said the axed BDCs failed to observe at least one of the following regulatory provisions which include payment of all necessary fees, including license renewal within the stipulated period in line with the Guidelines, rendition of returns in line with the Guidelines, compliance with guideline, directives and circulars of the CBN, particularly Anti-Money Laundering(AML), countering the Financing of Terrorism(CFT)and Counter-Proliferation Financing(CPF) regulations.

The apex bank said it relied on the powers conferred on it under the Bank and Other Financial Institutions Act(BOFIA)2020, Act n0.5 and Revised Operational Guidelines for Bureaux De Change 2015(the Guidelines).

“The CBN is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria. Compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective.

‘Members of the Public are hereby advised to take note and be guided accordingly”, the statement concluded.

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