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THE LAGOS FIRE DEBACLE…

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By Nik Ogbulie

It is very sad episode!. A gory optic of some sought…! It is horrifying to watch human beings cascading from high-rise building, like debris from an escarpment; with by-standers waiting to take them to the morgue, confirming their levels of helpless in a country that is soaked with oil and gas and inhabited by over 220 million people of various skills and powers and principalities. In this period of AI occupation and destuption, not many believed that Nigerians who woke up from their homes to work could suffer the horror of a blaze that lasted just for few hours in a district considered Nigeria’s biggest business and financial environment; about 100 meters north from the Lagos annex of the Central Bank of Nigeria, 50 meters south from the head office of a financial institution that prides itself ‘Africa’s global bank’ and less than 500 meters from the country’s largest sea port and the biggest retail market in West Africa.

It was a failure of ingenuity if all these humongous institutions exist in such an environment with little or no cover, maybe, only the insurance cover from the seeming under-capitalized insurance companies which still bear no resounding strength. It is also a moral failure for institutions and their owners to continue to cultivate businesses with public funds without taking into consideration the rate of hazards that lock around the place, even as much as it is a careless miscalculation for government to continue to enforce some obnoxious laws in such areas where peoples’ lives and properties remain highly in danger.

This kind of development that takes large human lives and business questions the ingenuity of many corporate institutions and governments that pretend to be growing social responsibility demands in a country that its government lacks the capacity to maintain lives and property to a level that can improve business growth. This fire scandal which is a sad narrative in the history of Nigeria’s old capital city tries to cast very gloomy optics to a state whose annual revenue (both earned and unearned) is known to have been bigger than those of Ghana, Togo and Benin republics put together. The narrative even becomes so disappointing when a huge number of the investments around the main point of reference can as well boast of so many private jets and helicopters even when not even one fire-fighting aircraft can be deployed to cater for the entire Lagos Island, where about 75% of the revenue in Lagos metropolis resides. Many angry Nigerians blame the financially bullish Lagos State government for not being able to protect its financial centres with lively fire-fighting equipment, but a lot still believe that the Lagos Central Business District which is the home of over 40 banks and other financial institutions, as well as head offices of many petroleum companies has been abandoned to the whims and caprices of rude and wicked environmental hazards, most of which are easily contained by modern technology. The simple logic is that Nigerian business owners are a group of unconcerned and irresponsible operators whose business ideas have largely remained short of global standards. This is simply why there is no determined effort to put off the fire in a matter of minutes in an environment that harbours some of the critical government or public financial institutions.

The ownership of the structures involved does not matter to Nigerians, what matters is the wanton loss of lives, mainly lives of poor Nigerians who wallow about on daily basis in search of survival, but subjected to worst work environments, mostly owned by very rich Nigerians who can only consider it expedient to provide safety materials only in their homes. This could only happen in a country or state that has been captured by corruption and other tendencies that are not favourable to the masses. It is sad that a place like Lagos can only feel so good to watch human beings jumping from 10th floor of a building in search of safety that can easily be achieved through emergency ladders or operating cranes. Emergency alarm systems have become as important as edifices themselves for countries and owners that fancy lives so much. Even with this development, government agencies and owners will only keep cool for a few months and it would be work as usual again, without any regulatory institution enforcing any change to the status quo. It is one easy thing to do because poor people do not own skyscrapers; only the rich investors do.

Nigerians may begin to wonder why it is so difficult to enforce simple regulations in important places where many lives are endangered only for government to swiftly rush to areas where the poor live for flimsy functions like house demolition. Indications are rife that many such houses in Lagos are death-traps , but have been hanging with lives of many people because the corrupt institutions in the country see such oddities as their cash-cows. Each time such anomaly occurs comes a reminder of a major disaster few months or years ago, without any sensible action. It is neither a case of reaction or inaction because those in charge have remained largely insensitive to any situation. The proactive tendencies that should be part of some curious managers or government have died and since been buried on the alter of abject insensitivity.

To Nigerians, that building remains an important financial history of this country and deserves a kind of preservation. Whether anybody likes it or not, that building is the relic of what was known as UBA until the late 1990s, when what is now the new head office of the bank built by the Osagies became known as UBA’s new head office. As a reporter with The Guardian Newspapers in the early 1990s, that was where we go to meet the corporate affairs and planning hands of UBA, like Dr Boniface Chizie, and where we attend Alhaji Umaru Mutalab’s press conferences. Those who refer to it as UBA house may have been making use of hind sight and are not completely wrong. It was known as UBA House and popularly known as Raymond Office, also known as a place where wise men go to bank; If you remember the popular gingle, ‘Wise men bank with UBA…………’. Whether it is owned now by Heirs, Afriland or Transcorp is not any reason why it becomes an “evil forest”, where those who work there must die there. So many other banking structures still considered as relics are still the pride of the financial street, such as ACB building, Afribank house, Union Bank building and a lot others. But the Afriland Plaza as we want it called, is now “the Last Man Standing”, as the owners may like to call it. As a matter of fact, UBA and all other early homes of our medieval banks had their homes on BROADSTREET and deserve to be reserved and refered by their historic names. We hope that someone will not wake up one day to change Broadstreet, our reference to financial development, just like Wall Street, to one awkward name just like UBA to Afriland… just because someone acquired it.

Those structures found ‘Inside Broard Street’ must be made to keep the history of our environments and heroes pas!!

 

 

 

 

 

CHINESE GOVT SPLASHES TEDDY-PANDA TO VISITORS… AS CHINA MARKS 76 IN LAGOS

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By Nik Ogbulie (with some researches)

Its on record that when the Chinese government gifts pandas to other countries or persons, it’s a symbolic gesture of friendship, goodwill, and diplomatic relations.

This practice, known as “panda diplomacy,” dates back to the Tang Dynasty (618-907 CE) and has been used to strengthen ties with other nations. Pandas represent peace, friendship, and cooperation, making them ideal ambassadors for China.

This rare diplomatic maneuver was played up in Lagos this evening as the Chinese Consulate hosted a full house of friends and allies which celebrating her 76th year of nationhood in a star-studded celebration .presented by Yul Yinq, her Consulate General . Prominent government officials were in attendance while a whole lot were represented.

There are strong indications that Pandas symbolize China’s rich culture and its commitment to wildlife conservation, while a

– Panda gifts or loans often coincide with significant diplomatic events or anniversaries, fostering stronger relationships between China and recipient countries

– ” Hosting pandas can boost local economies through tourism and cultural exchanges

– Panda diplomacy promotes joint research and conservation initiatives, enhancing global knowledge and expertise in wildlife preservation.

– China uses panda diplomacy to establish long-term trade relations, reflecting shifts in its diplomatic focus and priorities.

Some notable examples of panda diplomacy include instances when China gifted pandas Ling-Ling and Hsing-Hsing in 1972, following President Richard Nixon’s historic visit, marking a new era in Sino-American relations. China loaned pandas Ri Ri and Shin Shin in 2011 to strengthen Sino-Japanese relations.

China loaned pandas Tian Tian and Yang Guang in 2011, promoting cultural exchange and conservation efforts. Overall, panda diplomacy serves as a unique tool for China to build relationships, promote cultural exchange, and demonstrate its commitment to wildlife conservation .

Today’s event, brought to the fore the ensuing diplomatic feat being proposed by the countries whichk have been positive. A deluge of exchanges among the countries is an indication that one day, (a life–Panda may be found within the country.

A recent visit in China noted that Nigerians also have infectious lo ve for Panda. The evening closed with thanks and a lavish diner,!!

The article describes a celebratory event marking China’s 76th National Day in Lagos, Nigeria, where the Chinese Consulate General, Yul Yinq, presented a teddy-panda as a gift to attendees. This gesture is rooted in “panda diplomacy,” a practice where China uses pandas as symbols of friendship, goodwill, and diplomatic relations.

Key Takeaways

– *Panda Diplomacy*: China uses pandas to strengthen ties with other nations, promote cultural exchange, and demonstrate its commitment to wildlife conservation.

– *Symbolism*: Pandas represent peace, friendship, and cooperation, making them ideal ambassadors for China.

– *Diplomatic Relations*: Panda gifts or loans often coincide with significant diplomatic events or anniversaries, fostering stronger relationships between China and recipient countries.

– *Cultural Exchange*: The event in Lagos highlights the growing diplomatic relations between China and Nigeria, with potential for increased cultural exchange and cooperation.

The article suggests that the gesture may lead to increased diplomatic efforts and exchanges between the two countries, potentially even resulting in a live panda being brought to Nigeria in the future. The event concluded with a lavish dinner, emphasizing the importance of diplomatic relations and cultural exchange between nations.

Flour Mills of Nigeria Meets All FG’s Silo Concession Revitalization Conditions

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Following the Federal Government’s ongoing drive for food self-sufficiency in Nigeria by combating food wastage through the silo concession revitalization program, Flour Mills of Nigeria (FMN) has emerged as the only private company to have met all conditions and is performing optimally.

The revitalization program by the Minister of Agriculture and Food Security, Senator Abubakar Kyari, is a transformational project in line with the 2017 silos concession project by the FG through the Infrastructure Concession Regulatory Commission (ICRC). The program conceded about 22 out of 33 silo complexes across the country to the private sector, to ensure grain availability and affordability nationwide. In a statement issued by the ministry’s Head of Information, Mr. Ezeaja Ikemefuna, Kyari said, ‘’Out of the 17 silo complexes conceded to five private companies, only Flour Mills of Nigeria, which operates three silo complexes under three separate Special Purpose Vehicles (SPVs), has met all conditions and is performing optimally.”

The Company’s foray into the Agricultural sector started in 1978, with the acquisition of a 10,000-hectare farm in Kaboji, Niger state, as part of an investment and expansion strategy designed to create value in the Sugar supply chain and reduce the reliance on imported raw materials. Since then, FMN has made substantial investments in the local cultivation of various crops like soybeans, palm fruits, cassava, wheat, maize, sugar cane, sorghum, and the storage, aggregation, and distribution of locally sourced grains.

Speaking on FMN’s over six decades of unwavering commitment to Feeding and Enriching the Lives of millions of people every day, the Group CEO, Mr. Boye Olusanya, said, “FMN is more than a Company to Nigeria but also a strong ally in growth and development. For over six decades, the Group has been a source of livelihood for millions of Nigerian families by providing both direct and indirect employment. And more than any other business in the country, we have guarded our national heritage with trust, ensuring that our activities are sustainable for the country, the environment, and most importantly, for the people.

Flour Mills of Nigeria exemplifies the significant potential of strategic alignment between major private sector actors and national economic policy. Its consistent, long-term investments in backward integration, import substitution, and farmer empowerment demonstrate a deep commitment to operating in lockstep with Nigeria’s development aspirations.

“FMN remains a committed ally and partner for the Federal Government and the Ministry of Agriculture and Food Security under the leadership of Senator Abubakar Kyari in his transformative projects towards driving food self-sufficiency in Nigeria,” Mr. Olusanya said.

 

 

China’s Global Governance Initiative (GGI)

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Our world faces escalating geopolitical tensions, conflicts, ars, terrorism, ethnic strife, civil unrest, and global challenges such as economic inequality climate change, poverty, and health crises. These realities demand a clarior call and immediate collective action, The international community must act together, cooperate, and participate fully to address these problems, safeguard global stability and security and enable sustained progress anc development.

China responded by launching the Global Governance Initiative (GGI) at the Shanghai Cooperation Organizatior (SCO) Plus meeting. aiming strengthen and mmprove the current global governance mechanism. This initiative emphasizes extensive consultation, joint contributions, and shared benefits to build a more equitable governance system worldwide China acknowledges the many key actors in global governance, including the United Nations, the World Health Organization, and he Internationa Monetary Fund, among others
China has proposed ways to make the United Nations more effective and efficient.

The UN remains a vital pillar of global governance because it was established to promote international peace and security, protect human rights, deliver humanitarian aid, anc support sustainable development and climate action. Yet, recent years, hreats to humanity and the globa community have increased, creating ar urgent need to introduce new ideas, strategies, and practical methods to strengthen the UN’s effectiveness.

China has advanced this vision through its Global Governance Initiative (GGI). It argues that the principle of sovereign equality among nations is non-negotiable, principle fullv articulated in Article 2(1) of the UN Charter, which affirms that the organization rests on the sovereign equality of all its members. The GGI underscores that sovereignty and dignity are inalienable rights of nations and that every country must remain free from interference while exercising its right to determine its own development path, social system, and lecision-making processes.

Secondly, the GGI calls on nations to abide by the international rule of law, as enshrined in Article 1(1) of the United Nations Charter, which requires states to act in conformity with the principles of justice and international law. The GGI argues for and champions the need to build broad consensus in formulating international rules, insisting that the law must apply uniformly and equally, without bias, preference, double standards, or external imposition.

Thirdly, the GGI advocates for multilateralism, the very concept tha inspired the creation of the nited Nations when nations united to pursue the common goal of a peaceful, sustainable, _ and _ prosperous world. Article 1:2 of the UN Charter affirms this principle by stating that nations should develop friendly relations to strengthen universal peace. The GGI calls on al nember states to engage in extensive consultation and joint contribution when addressing global issues, thereby designing a governance system that delivers mutual benefits.

Similarly, the GGI promotes a people-centered approach that emphasizes concrete actions in globa governance. Article 1: 3 of the United Nations charter stipulates the respec or human rights and the fundamenta freedoms for all without distinctions to race, sec, language or religion. GI regards people as the foundation of governance and urges nations to prioritize their citizens’ needs, improve quality of life, initiate reforms that foster shared development, and consistently champion human well-being at all times.

President xi highlighted five actior plans as core strategies for improving and reforming the United Nations’ role in global governance. He emphasizes hat the central goal is to strengthen the capacity of international systems and institutions to take decisive action, idapt to change, work efficiently, and respond swiftly to the multiple limensions of today’s global challenges.

He argues that the reforms he advocates aim to ensure these global institutions serve the interests of all countries, particularly developing nations.

President Xi also urges for high-leve cooperation across the globe to address shared challenges. Economically, he calls on nations to embrace open cooperation through the Belt and Roac Initiative and deepen economic integration to achieve universally beneficial and inclusive globalization., cientifically, he encourages countries to adopt artificial intelligence in theil operations and explore opportunities such as the international lunar research station project.

Psychologically, he urges nations to embrace new ideas, remair open, and join China in advancing the principles of extensive consultation, joint contribution, policy communication, coordination, and consensus building as pathways to improving global governance.

Many countries such as Maldives, Egypt Kyrgyzstan, Malaysia, Myanmar, Mongolia, Russia, Uzbek, Kazakh, Indonesia, Pakistan, Turkey, Belarusian Nepal, Turkmenistan, Tajikistan, Azerbaijani, Armenian, Iran, Vietnam [ndia, Cambodia and Nigeria have all endorsed, supported and agreed with China’s proposal for the reform of the United Nations and its mechanism for a new Global Governance Initiative.

Nigeria the Giant of Africa has called the GGI a valuable platform to advance shared priorities of the world, it offers inclusive governance in emerging areas such as cyberspace, outer space, irtificial intelligence while promoting equitable development. Nigeria has pledged its support to work globally with countries to achieve a sustainable and equitable global order througr consensus, mutual respect and shared responsibilities.

China’s GGI stands as a laudable ‘nitiative because it reminds the world that all nations are equal, and that their sovereignty and dignity remain non-negotiable, free from externa nterference. Secondly, it elevates the notion of cooperation by championing leep and extensive collaboration across all sectors of life to address global challenges and build collective capacity It reinforces a people-centric ideology on the global stage, an approach that, if adopted by nations, would inspire reforms, innovations, and policies rooted in the real needs of people.

Lastly it calls for equality under the law and fair representation of Global South countries, who for years have beer marginalized and sidelined in international affairs.

Adetoro Olanivi Banwo Senior Lecturer, University of Lagos. Nigeria

WAIFEM Director General, Baba Musa Elected Nigerian Economic Society President

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……..Pledges to develop a new strategic plan for the Nigerian Economic Society

……..Commits to building the next generation of economic leaders

…….Promises to foster a culture of innovative, rigorous and relevant economic research

Dr. Baba Yusuf Musa

The Director General of the West African Institute for Financial and Economic Management (WAIFEM), Dr. Baba Yusuf Musa, has been elected as the 45th President of the Nigerian Economic Society (NES). Before his election, Dr. Musa was the Vice President and Council Member of the Nigerian Economic Society.

Dr. Musa’s emergence as President of NES is one of the high points of the 66th Annual Conference of the Nigerian Economic Society which came to a close in Abuja on Thursday. Dr. Musa succeeds Professor Adeola Adenikinju who bowed out on Thursday at the end of his two-year tenure.

The conference which was declared open on Tuesday by the Vice President, Senator Kashim Shettima, featured Secretary to the Government of the Federation, Senator George Akume, who chaired the opening ceremony; and Professor James Robinson, a joint winner of the 2024 Nobel Prize in Economics and joint author of the book Why Nations Fail: The Origins of Power, Prosperity, and Poverty as one of the speakers

Dr. Musa is stepping into the position that was once occupied by economic greats like Professor Ojetunji Aboyade, Chief Philip Asiodu, Dr. Pius Okigbo, Prof. Sam Aluko, Dr. Shamsudeen Usman, Alhaji Abubakar Alhaji, Professor Akpan Hogan Ekpo.

The following were also elected into the 2025-2027 NES Council: Prof. Aliyu R. Sanusi (Vice President I), Prof. Emeka Osuji (Vice President II), Dr Victor Akidi (National Secretary), Dr Ekesiobi C. Sylvester (Assistant Secretary), Prof. Abiodun Folawewo (Editor), Prof. Evans Osabuohien (Assistant Editor), Prof. Mohammed Yelwa (Assistant Editor), Dr Ekundayo Mesagan (Assistant Editor). Ohers are Dr Idris M. Idris (Business Manager), Dr Oluwafemi Adeboje (Publicity Secretary), Dr Jeremiah Dandaura (Internal Auditor), Prof. Adeola Adenikinju ((Ex- Officio), Prof. Uche Uwaleke (Ex Officio), Prof. Amaka Metu (Ex Officio), Prof. Salamatu Isa (Ex Officio).

In his acceptance speech, Dr. Musa said “in the coming months, we will embark on collaborative process to develop a new strategic plan for the Nigerian Economic Society.” The plan, he stated, will be a collective effort that welcomes the invaluable input of the members, the wisdom of the College of Fellows and Past Presidents, and the dedication of the council members, noting that “this document will serve as our guide, a compass to reposition us, define our future trajectory, and ensure that our actions are deliberate, impactful, and aligned with our shared vision”, pointing out that “this vision will be anchored on four core pillars forming the bedrock of our work”.

He listed the four pillars as:

 Reclaiming our voice: Evidence-based advocacy

 Investing for Tomorrow – Youth and Capacity Building

 The Data Revolution – Driving Research and Innovation

 A Collective Endeavour – Fostering Partnerships and Collaboration and Completing the NES Building.

Throwing more light on the four pillars with regard to ‘Evidence-based advocacy’, he said “We will establish a new Policy Advocacy and Engagement Committee that will be the bridge between our members’ research and the corridors of power”. The committee, he said, will be tasked with Quarterly Policy Briefs, Structured Dialogue, and State-level Impact. According to him, the state-level impact will involve empowering and supporting state chapters of NES to engage directly with their state governments, providing expertise on state-specific economic challenges and helping to develop tailored solutions that can drive growth from the grassroots up.

With regard to Youth and Capacity Building, he said “We will transform our society into a launchpad for young talent through the following initiatives: The NextGen Economists Programme, National Economic Debating Championship, and Digital Learning Hub”.

On The Data Revolution – Driving Research and Innovation, he said he will foster a culture of innovative, rigorous, and relevant economic research through the establishment of a National Economic Data Portal, The Annual Economic Research Grant, and rebooting of The Nigeria Journal of Economic and Social Studies.

Dwelling on A Collective Endeavour – Fostering Partnerships and Collaboration and Completing the NES Building, he said he will build strong, strategic partnerships that amplify the impact of NES and extend its reach. This, he said, will be done through engaging the private sector. He explained that “We will work closely with the private sector, leveraging their expertise and resources to drive innovation and create jobs. Our insights will help businesses make better decisions, and their data will enrich our research”.

Harping on engagement with the media on economic and financial reporting, he said “Our knowledge must not be confined to academic circles. We must support the government to disseminate policies with sound practice. We need to support the government to train the media to report accurately so that the public will be well-informed. We will simplify complex economic issues, empower our citizens with knowledge, and build a more economically literate society”.

He concluded his speech with a call to action: “Let us work together to ensure that the Nigerian Economic Society is not just a society of economists but a society of builders, of innovators, and of patriots. Let us be the voice of reason in a time of uncertainty. Let us be the source of light in a time of darkness. Let us be the architects of a new Nigeria, built on the foundations of knowledge, integrity, and shared prosperity”.

Dr. Baba Yusuf Musa is an internationally acclaimed economist, seasoned public finance expert, and leading authority in sovereign debt management, with an illustrious career spanning over three decades of transformative service across the African continent. As the current Director General of the West African Institute for Financial and Economic Management (WAIFEM), a flagship institution founded by the central banks of The Gambia, Ghana, Liberia, Nigeria, and Sierra Leone, Dr. Musa has championed a bold vision for economic transformation, institutional resilience, and regional integration through capacity development and policy innovation.

A dynamic strategist and institutional reformer, Dr. Musa’s professional journey reflects an unyielding commitment to strengthening public financial management systems and building sustainable macroeconomic frameworks. At WAIFEM, he leads strategic programming that has trained thousands of senior officials from central banks, ministries of finance, planning commissions, and debt management offices in areas including macroeconomic analysis, debt sustainability, fiscal governance, and monetary policy design. His tenure has seen the Institute become a pan-African centre of excellence in economic training and research, enhancing economic governance and human capital development across Anglophone West Africa and beyond.

Before he was appointed Director General, Dr. Musa served with distinction as Director of Fiscal Policy, Debt Management, and Regional Integration at WAIFEM from 2011 to 2018. He earlier spent over 21 years at the Central Bank of Nigeria (CBN), where he held several key technical and policy roles, contributing significantly to macroeconomic stabilization, financial sector reform, and public debt coordination efforts at both national and sub-national levels.

Before he was appointed Director General, Dr. Musa served with distinction as Director of Fiscal Policy, Debt Management, and Regional Integration at WAIFEM from 2011 to 2018. He earlier spent over 21 years at the Central Bank of Nigeria (CBN), where he held several key technical and policy roles, contributing significantly to macroeconomic stabilization, financial sector reform, and public debt coordination efforts at both national and sub-national levels.

 

 

 

 

 

 

 

 

 

 

 

WAMKELE, AfCFTA CEO, MOVES RESOUNDING CHEERS FOR OUT-GOING BENEDICT ORAMAH…

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BY Nik Ogbulie (from Algiers)

Obviously very impressed with the resounding record of Professor Benedict Oramah’s years in Afreximbank, the Executive Secretary of the African Continental Free Trade Area (AfCFTA), Mr. Wamkele Mene, yesterday at the closing ceremony of the 4th IATF25 in Algiers urged the huge participants to give all to the out-going President and Chairman of Board of Afreximbank believes that was everything to a bank that has shown impeccable service to a bank that has been everything to Africans and the Caribeans .

 

The huge crowd obliged him in tremendous unison, even as Oramah, sitting ,was looking humbled.

 

Wamkele’s uncommon declaration after the closing toast to the attendees by the bank’s Director of Communications and Events, Ms Anne Ezeh, was a moving appreciation that summarises the Oramah Years, generally described as an era of uncountable gifts to a continent in search of the way forward, especially with his founding of the iconic IATF.

 

It was a moment of awe as many attendees quietly began a recount of Afreximbank’s attributes under the Nigerian-born leader who gave all.

 

Wamkele’s sudden outburst which came as what many considered an emotional outburst, may have been an expression of the good collaborative years of challenges and nice results while putting AfCFTA together and at the same time pushing the IATF to realise the full intents of an integration of the African economy.

 

The serial successes on the IATFF trajectory which were further embellished in Algiers with an approximate 10% growth in all the previous records of the IATF events since the last eight years may have bouyed the demand for such a resounding greeting to Oramah.

 

With an outstanding about 50 billion dollars as new deals, a huge over 7billion more than the previous event and an impressive turnup of 2148 exhibitors, 49 countries in full participation, 20 heads of states over 120,000 targets with 9 countries celebrating their special days at the event and about 132 countries from across the globe represented out of the about 180 countries in the world the 8 day trade fair is believed to have taken its place among the 10 best economic fairs that may have become of the “go-to-place” calibre in the world.

 

The deals report which was cinosure of all participants and many interested followers have continued to progress in leaps and bounds with systemic increases that have justified the increasing interests of Africans from less than 1000 exhibitor at the inception to about 2500. The quality of attendance, exhibition and global relevance can be seen from the scope of innovations being created by the promoters which has revealed many new additions to the trend and market innovations for the future of intra-Afrian trade.

 

One very important submission to the event is the fact that financial institutions in African must be an integral part of the event which was made by the out-going President remains quite distinct and has been one obvious missing link in the entire Intra-African Trade market access . This observation by Oramah becomes very apt because finance is the oil with which trade is consummated, especially, now Africa’s next major leap is the development an integrated global financial access which PAPSS is critically driving.

 

Participants yesterday tried to preview what the event would look like in 2027, when the biggest economy in Africa will be made to unleash her huge market, oil and gas economy and some 250 million people population to bear on Africa. They said that only the bank’s Executive Vice President Intra-Africa Trade , Kanayo Awani , can hazard a guess.

IATF: PAPSS, CANEX STAND OUT IN AFREXIMBANK BOUQUE

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By Nik Ogbulie

Three years down the line since the two became part of the innovation to the iconic project now globally known as IATF, they seem to have added the most anticipated technical and intellectual value to the economic integration plot of the bank.

Market indications from banks and the import community in Nigeria are rife with the applause that introduces PAPSS as the market beater and probably one of the newest points-of-sale of many commercial banks in Nigeria today. The users have graphically aligned with the fact that the PAPSS innovation has become a plus to doing business within African countries, as it has not only facilitated doing-business but has optimised the belief in what is gradually becoming an African-home-grown innovation in strategic problem solving.

These indications have been copiously corroborated by revelations at the media workshop on PAPSS on the sidelines of the IATF by Mr. Ogbalu II, CEO of the digital arm of the Intra-African Trade Initiative.

A very deep understanding of the technological depth and intellectual content of PAPSS makes the entire innovation a head-turner, as the discovery has created a sought of distinction that has removed innovators from inventors.There is a clear distinction as to what PAPSS has come to do, economically, technologically and politically in the global transaction space. It’s inclusion into the operational moderlities of IATF has removed the institution from a mere African economic experiment to a strategic plan on which the entire content of the African economy will stand.

It’s ascendancy to the matrix created for the African Economic Intigration is not far removed from the CANEX waves, which have amplified the modalities for sustainable innovations.

While PAPSS is the cerebral component of market development, CANEX remains the philosophical content of the IATF as the broad spectrum of a new innovation. PAPSS and CANEX have inadvertently become the drivers of the IATF ideologues who would soon be confronted with the challenges of neo-expansionism that the two innovations are bringing to bear to Afreximbank management.

Technical and cultural innovations in business settings have remained business buffers but have consequently remained separate institutions that can continue to be identified as the turning points of market expansion and ideas cultivation.

In the not too distant future in the life of IATF, these two emerging innovations will become stand-alones in the African Economic Integration space, and they will remain the paraphernalia of the Afreximbank’s African Trade phenomenon.

The rate of their acceptance is rapid and their penetration is impressive, pointing a way forward to a time their products and services will be seen as different brands of the same creations. These are the cocks that will bouy the Intra-African Trade. They have remained
completely creative and valuable.

IATF 2025: OILSERV SUES FOR MORE OPPORTUNITIES BY PAN-AFRICAN TO EPCs

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IATF 2025: from left; General Manager, Commercial and Business Development, Oilserv Group, Engr. Cheta Okwuosa, Arsenal Fan TV host, Robbie Lyle and Chief of Staff of Oilserv Group of Companies, Mr. Cephalus Wariri, at the ongoing Intra-African Trade Fair, IATF 2025, in Algiers, Algeria.

One of the biggest oil and gas servicing companies in Africa, Oilserv Nigeria Limited, has urged International Oil Companies (IOCs) operating in Africa to improve on the opportunities offered to them especially within the African space.

The company which has put in over 30 years in the sector has been identified by industry players as rich in capacity and has been the major driver of oil and gas based construction and engineering since inception, and has continued to expand in scope and application all through Nigeria.

 

Speaking in a session, the Group Chief Executive Officer of Oilserv Group, Emeka Okwuosa, who was represented by Chief of Staff of the Company, Mr. Cephalus Wariri, at the ongoing Intra-African Trade Fair(IATF25), explained that need has arisen based on the ability of the companies to have successfully carried out complex and standard engineering contracts within Nigeria and other countries. They are of the opinion that they have over some time leveraged the benefits of working with Afreximbank for some massive transformation, which offered them both skill and capacity.

According to the executives of the company which has handle huge Turn-Key projects and is currently driving Africa’s biggest gas project and has dominated the area and has developed flow stations which have made it possible to bring service and products through collaboration with Nigeria, NNPCL across areas of need. They have also taken their services to countries like Benin, Ghana, Senegal and other Pan-African economies.

As major providers of major oil and gas sector infrastructure plroviider, they are of the position that they have all it takes to offer the oil companies quality work to drive their needs at the speed such projects were needed. At moment, the approach of the company is extend its services to more companies as it has really conquered the Nigerian5 industry and ready to offer their services to more countries in the continent. “All oil companies need our infrastructure to progress. We are ready to provide all the facilities as infrastructure to clients.

They have also noted that finance has been a major deal affecting projects, indicating that local banks cannot are not capable of helping much which brings them back multilaterals, most of the time Afreximbank.

 

“As an intra-African construction company,we conceived Nigeria’s most ambitious oil and gas pipeline project called AKK in 2014 and have been doing excellently with it inspite of some unforeseen natural challenges which are also under control.”

 

They indicated that apart from the challenges of difficult financial presence to complement the Afreximbank support, there are issues of insecurity, problems of ease of doing business , currency instability issues. All these come into conflict with our focus which is a stable African economy. Because we have benefited from Afreximbank collaborations we have been able to find our way into several activities that needed much financing. This has enabled us make various contacts to participate in the installation of infrastructure within and across certain economies in Africa , he said.

They also feel that the bank must look into visa logistics and travel because it impacts on time applications because time is money. Also, they are worried about the lack of uniformity within the African countries.

DANGOTE; EVERYBODY LOOKS TO AFRICA AS GLOBAL PARTNER .. Mansur Ahmed

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By Nik Ogbulie

“It has been a slow progress but consistently aligned with global approach”, is Mansur Ahmed’s verdict of the progression of the Intra-African Trade Fair (IATF) since it came into beign some eight years ago.

Mansur Ahmed was Interim President Pan-African Manufacturers Association, and now Special Adviser to the President Dangote Group.

According to him, “today everybody is saying that Africa come of age. By and large, everybody is looking to Africa as a global partner. You can now look at Africa as a major source of doing business as Africa is quickly adding value. Africa is the fasted growing market and it is growing. To this extent, this project works in two major ways; exposing Africa’s potentials through IATF and other products, it will continue the flow of finished products to the world.”

According to Ahmed, the IATF has come to stay and will remain stronger even in terms of atttentiin: that’s why it will continue to drive integration . This is believed to affect all areas of human endeavour such as digital technology, manufacturing, innovation and creativity.

He explained that the exact size of growth in market penetration may not be easily ascertained because one main area of challenge is still the ability to provide market information (data). He believes that the growth must be corroborated since there is positive growth. But he also believes that reasonable measures of data is being created .He also indicated that the major check is data integrity which must not be compromised. “The data against the existence of 15-18 per cent or more cannot be corroborated, but if you look around you can see the growth but may not put any number to it or may not see it.

The industry Chieftain insists that there is increasing collaboration but what is important now is also consistency and resilience, too.

NACCIMA lauds FG for securing IATF 2027 hosting right… MoneyREPORT

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The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has congratulated to the Federal Government on the announcement by the African Export-Import Bank (Afrexim Bank) granting Nigeria the hosting rights for the Intra-African Trade Fair (IATF) 2027 in Lagos.

NACCIMA described the development as both a national honor and a continental responsibility, reaffirming Nigeria’s leadership role in advancing the objectives of the African Continental Free Trade Area (AfCFTA) and promoting sustainable economic growth across Africa.

The association believes that hosting IATF 2027 in Lagos will create an unparalleled platform for Nigerian businesses, particularly Micro, Small, and Medium Enterprises (MSMEs), to showcase their products, services, and innovations to African and global markets.

NACCIMA recognizes the immense benefits that this prestigious event will bring, including:

– Strengthened visibility and competitiveness of Nigerian enterprises in the African market

– Expanded access to trade finance, investment capital, and cross-border partnerships for MSMEs

– Job creation and value-chain development across priority sectors of the economy

– Enhanced positioning of Lagos as a gateway city for trade, investment, and innovation in Africa

As the umbrella body of the Organized Private Sector in Nigeria, NACCIMA has committed to mobilizing its extensive network of Chambers of Commerce and strategic partners to ensure active private sector participation and to maximize the accrual benefits of IATF 2027 for Nigerian businesses.

The association has commended the Federal Government for its vision and decisive engagement in securing this hosting right and has affirmed its readiness to collaborate with the FGN, Lagos State Government, Afrexim Bank, the African Union, and other stakeholders to deliver a successful and impactful IATF 2027.

On behalf of the Nigerian private sector, NACCIMA warmly welcomes Africa and the world to Lagos in 2027 and invites MSMEs, entrepreneurs, and investors to seize this historic opportunity to connect, trade, and prosper together.

With this development, Nigeria is poised to take a significant step towards promoting intra-African trade and investment, and NACCIMA looks forward to working with all stakeholders to make IATF
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