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AfCFTA: Free Trade Bloc can be a Game Changer for African People, Business

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Exploring strategies to deepen private sector participation in the implementation African Continental Free Trade Area (AfCFTA) was the highlight of a panel session during the 2021 WTO Aid-for-Trade Stocktaking meeting.

The African Development Bank, the United Nations Industrial Development Organization (UNIDO) and International Trade Centre (ITC) organized the session held on Wednesday 24 March.

“The success of the AfCFTA hinges on the ability of African firms to understand and capitalize on the trade related opportunities offered by the AfCFTA,” said Pamela Coke-Hamilton, International Trade Centre (ITC) Executive Director.

The Aid-for-Trade initiative – which promotes the role of trade in development and supports building productive capacities– should focus on three priorities to boost the private sector’s role in AfCFTA: empowering businesses with skills and know-how; fostering multi-stakeholder partnerships to attract investment for greater value addition and enhancing market connections using e-commerce and digital platforms, Coke-Hamilton said.

Also participating were: Mr. Alan Kyerematen, Ghana Minister of Trade and Industry; Mr. Li Yong, Director-General of UNIDO; Mr. Solomon Quaynor, African Development Bank Vice President, Industry, Infrastructure, Private Sector and Trade; Ms. Tania Rödiger-Vorwerk, Director, Private Sector, Trade, Employment and Digital Technologies in Germany’s Ministry for Economic Cooperation and Development; Ms. Glwadys Tawema, CEO of Benin firm, Karethic; Mr. Emmanouil Davradakis, Senior Economist, European Investment Bank; Mr. Paul Walters, Director for Trade & Development, UK Foreign, Commonwealth and Development Office and Mr. Michael Kottoh, Head of Strategy & Research, AfroChampions.

“This is a trade area of the people, so we need to understand and engage the people to go forward and believe in this dream of an African free trade area,” said Ambassador Usha Dwarka-Canabady, Permanent Representative of Mauritius at the United Nations Office at Geneva and coordinator of the African Group at the World Trade Organization, who moderated.

Discussion focused on boosting private sector involvement in policy dialogues on trade, investment and infrastructure, strategies to increase participation by micro, small and medium enterprises, and the need for greater partnerships to attract investment in promising industries.

Kyerematen proposed that bridging information gaps between governments and the private sector would help build confidence around the free trade agreement and noted that fiscal incentives, including subsidies, might be needed in some instances.

Li emphasized the private sector’s role in speeding up industrial development and economic diversification, particularly in the context of the ongoing pandemic and other development challenges.

“The private sector accounts for 80% of total production, two thirds of investment, three-quarters of credit and employs 90% of the working age population.”

He also noted “several determining factors, including an enabling business environment, affordable connectivity, accelerated digitalization and opportunities to forge strong public-private partnerships” as crucial to ensuring businesses’ commitment to trade and invest in the AfCFTA.

The African Development Bank, UNIDO and the ITC have each engaged with the private sector at the continental, regional and sub-national level to facilitate the African business community’s access to the new single market, said Vice-President Quaynor.

The African Development Bank is actively supporting or looking to support initiatives to boost trade and improve livelihoods for Africans, Quaynor said, citing the Ethiopian Commodity Exchange as a model to be replicated across Africa, referring to the commodities exchange established in 2008 that is transforming the country’s agricultural trade.

“African farmers receive only 20-25% of the final price of their market produce, compared to the 70-85% that Asian farmers receive.”

Quaynor also named AfroChampions, a public-private partnership designed to accelerate economic integration and support the emergence of African multi-nationals, as an initiative that is making an impact.

The meeting comes in the wake of the entry into force of the AfCFTA on 1 January 2021. The free trade area brings together 1.3 billion Africans in a $3.4 trillion economic bloc.

The bloc is the largest free trade area since the establishment of the World Trade Organization, and economists project that its benefits and impacts could lift tens of millions out of poverty over the next 15 years.


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Ministers Panic over Looming Cabinet Reshuffle

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Indications have emerged that several ministers in President Bola Tinubu’s cabinet are gripped by anxiety over a potential reshuffle, as speculation mounts regarding their performance and contributions to the Renewed Hope Agenda.

Ministers Panic over Looming Cabinet Reshuffle

This development follows recent comments from Bayo Onanuga, special adviser to the President on Information and Strategy, who hinted at an impending cabinet reshuffle aimed at evaluating the effectiveness of the ministers.

Those found lacking in activity and contribution could face removal from their positions.

Criticism of the current ministers has been growing, with detractors arguing that many were appointed based on political patronage rather than merit.

Prior to the announcement of Tinubu’s cabinet, there were high expectations for a team predominantly composed of technocrats, further fueling dissatisfaction among observers.

According to Vanguard, sources close to the presidency revealed that before the president’s two-week trip to the United Kingdom, a comprehensive performance review of the ministers was prepared by Mrs. Hadiza Bala Usman, special adviser to the President on Policy Coordination and head of the Central Delivery Coordination Unit.

It is understood that Mrs. Usman has taken on the challenging task of compiling this performance data, a job she has reportedly executed diligently.

According to the source, “some of the Ministers are jittery and have tried to lobby her but she is not the kind of person to be manipulated. She is a strict and thorough person right from the time she was the Managing Director of the Nigeria Ports Authority.

“The President is going to rejig his cabinet to bring fresh hands that will help to translate his Renewed Hope Agenda into a complete reality.”


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realme Launches in Nigeria with Premium Smartphones for Every Budget

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realme, one of the world’s fastest-growing smartphone brands, has officially launched its operations in Nigeria. With a focus on combining affordability with cutting-edge technology, realme’s market entry aims to address the growing demand for high-performance mobile devices in the country.

The market entry was marked by a grand launch event held at the Balmoral Convention Center in Ikeja, Lagos State, over the weekend. The event saw the attendance of trade partners, dealers, celebrities, tech influencers, and other notable guests.

Welcoming the guests to the launch event, Marketing Manager for Gulf Countries and Africa, Zena Ma stated, “Africa is at the forefront of global mobile growth, and realme is committed to being a key player in this vibrant market. We’re not just selling smartphones, but delivering value and making sure that advanced technology is within the reach of every Nigerian.

At the center of realme’s launch is the Note 50 , a device tailored for users who desire top-level performance without compromising on design or price. The Note 50 is equipped with a 6.7-inch HD+ display with a 90Hz refresh rate and IP54 dust and splash resistance and a 7.99mm thickness, which is the only product in the same price range that can reach IP54 level warterproof and dustproof.

Its durability far exceeds our expectations. The realme Note 50 runs on Android 14-based realme UI T Edition and is powered by a Unisoc T612 chip onboard paired with 3GB of RAM and 64GB of inbuilt storage (expandable to 128GB). realme Note 50 comes with 5,000mAh battery, which can be used for a long time.

Alongside the Note 50, realme unveiled two other devices catering to different segments of the market: the GT6, a premium flagship device, and the C61, a budget-friendly smartphone. GT6 is equipped with the latest and most powerful mobile phone chip: Snapdragon 8 gen3, which can meet almost all your requirements for mobile phone chips. At the same time, its AI camera and AI eye protection mode also use the most advanced technology.

Commenting on the launch, realme’s Sales Manager for Nigeria, Olamide Kaka said, “Nigeria is a dynamic market with immense potential. The youth are tech-savvy, passionate, and constantly on the lookout for innovative technology that doesn’t break the bank. With the launch of the Note 50, alongside our flagship GT6 and the affordable C61, we are confident that realme will become a household name in Nigeria in no time.”

“We believe in empowering the Nigerian youth with the technology they need to make bold strides in a digital world. This is just the beginning of our journey in Nigeria, and we are excited to grow with this market.” He added.

realme’s entry into Nigeria is part of its broader expansion strategy across Africa, aiming to provide affordable, innovative technology to the region’s fast-growing youth population.

With a focus on design, performance, and value, realme plans to partner with local retailers and telecommunications companies to ensure that its products are widely accessible across the country. Additionally, realme is committed to investing in Nigeria’s technology ecosystem.


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Empowering Global Health: QNET Champions Quality Nutrition on World Food Day 2024

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In celebration of World Food Day, QNET, a global leader in wellness and lifestyle products, reaffirms its commitment to revolutionizing health through advanced nutritional solutions.

QNET

At the heart of QNET’s mission is the belief that quality nutrition is the foundation for a healthier future.

This year, the company underscores the vital role of dietary supplements in improving overall well-being, particularly for communities facing limited access to essential nutrients.

With global malnutrition affecting nearly 1 in 5 adults, as highlighted by a recent WHO report, the need for effective nutritional supplements has never been more critical.

QNET’s diverse range of products is designed to address this gap by providing essential vitamins, minerals, and nutrients that are often missing from regular diets.

These supplements are particularly crucial for vulnerable populations, including children and the elderly, who face heightened risks of health complications due to poor nutrition.

In Nigeria, the malnutrition crisis is severe, with 32 percent of children under five suffering from stunted growth.

QNET’s innovative approach to nutrition aims to tackle such challenges by delivering products that bridge dietary gaps and support overall health.

The company’s dedication to health equity ensures that everyone, regardless of location or economic status, has access to high-quality, nutrient-rich supplements. (RAM3 COAR.rdl (unicef.org)

“QNET’s mission is simple yet profound: to provide holistic nutrition solutions that empower people to live healthier lives,” said Biram Fall, Regional General Manager for QNET Sub-Saharan Africa.

“Our focus on quality ingredients, advanced research, and collaboration with leading health experts ensures that our products are both effective and accessible. Every person deserves the right to quality nutrition.”

Among QNET’s standout offerings is EDG3 PLUS, a supplement packed with powerful ingredients like water-soluble turmeric, an amino acid blend, and vitamin D3, all formulated to support digestion, enhance nutrient absorption, and boost immunity.

As World Food Day highlights the importance of the “Right to Food for a Better Life and a Better Future,” QNET continues its mission to foster global wellness by encouraging informed nutritional choices.

Through its innovative products, QNET empowers individuals to take control of their health and contribute to a more sustainable and healthy future.


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