Connect with us

Local

Africa: Tinubu Hails Afreximbank's Role in Breaking Africa's Trade, Financing Barriers

Published

on

31 Views

President Bola Tinubu, yesterday hailed Afreximbank’s role in shaping Africa’s trade landscape, and commitment to breaking down barriers, bridging financing gaps as well as empowering African businesses to compete globally.
The president said the feats had been accomplished through flagship initiatives including the African Continental Free Trade Area (AfCFTA) Adjustment Fund managed by the bank’s subsidiary- Fund for Export Development in Africa (FEDA);
the Pan-African Payment and Settlement System (PAPSS), and trade finance programmes.
Speaking at the unveiling of the
AFREXIM African Trade Centre (AATC) in Abuja, Tinubu, further noted that the impact of Afreximbank’s interventions continued to be felt across continent.
The unveiling of the magnificent trade edifice was graced by dignitaries including
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, Minister of Budget and Economic Planning, Senator Abubakar Bagudu, Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, and Minister of State for Finance, Dr. Doris Uzoka-Anite.
Other are Governor of Imo State, Hope Uzodinma, Africa’s richest man, Alhaji Aliko Dangote, Chairman, Heirs Foundation, Mr. Tony Elumelu, among others.
Represented by the Secretary to the Government of the Federation (SGF), Senator George Akume, the president acknowledged over $20 billion in trade finance facilities disbursed by the bank to facilitate intra-African trade with plans to double that amount by 2026.
He said the development financial institution had supported industrial parks and special economic zones development as well as boosted manufacturing and export capacity.
He also recognised the AfCFTA Secretariat’s partnership with Afreximbank which aims to operationalise the world’s largest free trade area, connecting 1.3 billion people and a combined GDP of $3.4 trillion.
Tinubu called on stakeholders to renew their resolve to build a stronger, more interconnected, and prosperous Africa.
To achieve these goals, he said the continent must unlock new trade corridors and reduce dependency on imports; empower SMEs and women-led businesses through access to markets and finance and harness digital technologies to streamline cross-border trade and reduce inefficiencies.
The president further commended Afreximbank for its visionary leadership and assured the institution of the federal government’s continued partnership to ensure that AATC achieves the objectives of growth in Africa’s trade ecosystem.
He reaffirmed the government’s steadfast commitment to support initiatives that drive inclusive growth, digital transformation, and sustainable industrialisation.
The president also said the commissioning of AATC remained a landmark project that embodies our “shared commitment to advancing intra-African trade, fostering economic integration, and unlocking the vast potential of our continent”.
He said the AATC symbolised realisation of a bold vision for Africa’s economic future.
Edun, hailed the President/Chairman, Afreximbank, Prof. Benedict Oramah, for positioning the bank as one of the most respected and valued financial institutions among its peers, with a passion for uplifting the continent’s economy.
He said the federal government was pleased with the bank’s thoughtfulness in situating the AATC edifice among its kind in Nigeria.
The minister noted that Nigeria remained the second largest shareholder of the bank after Egypt, adding the former will continue to play a critical role in the bank’s growth and success story.
Edun said since its inception in 1993, Afreximbank had disbursed over $49 billion in funded and unfunded support to the country’s public and private sector entities.
He said this has had a huge developmental impact on Nigeria’s economy and international trade sector.
The minister said the trade centre was built to contribute to the hospitality businesses in the country, and create a leading commercial and business center in Africa where all trade can be easily consummated, elevating Africa’s position in global trade.
The AATC houses modern office spaces, commercial areas, conference centers, exhibition halls, and business hotels, and is built to reflect the African culture, he said.
He said, “I commend Prof Oramah for his pan-African vision. Under his leadership, the bank has indeed been a catalyst for the development of Nigeria and Africa.
“Prof. Oramah, your fortitude and grit are unprecedented. You have left an indelible footprint on the sands of Africa.”
Edun said, “Afreximbank’s trade and project financing initiatives positively impact trade and economic development across the African continent through activities centered on the bank’s main strategic pillars.
“Across the continent, Afreximbank has demonstrated partnership and collaboration with the public and private sectors.
“Afreximbank has been very compassionate in providing solutions to African Trade problems.
“Afreximbank serves the interests of the African continent and has continued to rigorously pursue the growth and integration of Caribbean countries to support their trade and economic development.”
On her part, Oduwole, also commended Oramah’s relentless pursuit of Africa’s trade renaissance, which had strengthen institutions, reshaped mindsets and inspired a generation.
She said the launch of the trade centre was more than just a new building but represented a clear step toward Africa taking greater control of its trade, both within the continent and globally.
Oduwole said Abuja AATC remained a “strategic nexus of finance, research, innovation, trade intelligence, and policy, exhibition center, SME and tech incubation hubs, and the digital trade gateway”
Oduwole said, “Afreximbank’s footprint in Nigeria is extensive. Over the last three decades, the bank has grown to become a consequential institution for the continent. In the last decade, it disbursed no less than $140 billion into the continent.
“Nigeria is the largest recipient of the bank’s trade and development finance; having attracted cumulative disbursements of about $52 billion, which has catalysed infrastructure, manufacturing, and export competitiveness across key sectors.”
In his remarks, Oramah said the AATC was envisioned to surmount some of the challenges to intra-Africa trade.
He warned that Nigeria, and Africa in general can’t continue to export raw materials, and import refined products in turn, stressing that value addition is the way to go.
However, he disclosed that the financing support to Nigeria had also helped to boost the oil refining capacity to about 1.2 million barrels per day and 7.5 million tonnes per annum of urea fertiliser production, up from under four million tonnes in 2019.
He said, “We expect urea capacity to rise to about 11 million tonnes by 2027, when Dangote Petrochemical company opens the new lines under development.
“These are remarkable and are contributing significantly to Nigeria’s non-oil exports revenues.
“Cognisant of the critical role of the Nigerian creative sector in expanding job opportunities for the youth and women, Afreximbank is investing in growing the country’s creative sector.
“The Bank provides support through credit lines, capacity-building initiatives and market access opportunities.
Recently, the bank opened the dedicated 200 million facility to support the sector, under an ongoing partnership with the Federal Ministry of Culture and Creative Industry.
“These supports have helped Nigeria to boost the export of its creative content to the rest of Africa and the world, while boosting youth employment.”
Get the latest in African news delivered straight to your inbox
By submitting above, you agree to our privacy policy.
Almost finished…
We need to confirm your email address.
To complete the process, please follow the instructions in the email we just sent you.
There was a problem processing your submission. Please try again later.
He said, “Today, we mark the standing up of an edifice that defiantly roars: that we must re-shape our future; that we can no longer be hostages to a colonial legacy deeply rooted on ‘divide-and-conquer’ – a legacy that makes Africans to regard their colonisers as masters and brothers and sisters, as enemies, and even aliens.
“Step-by-step we will, on the success of this platform, build a network of Afreximbank African Trade Centres (AATCs) that would offer strong physical institutional infrastructure for deepening connections and exchange of information among Africans and the Caribbean and indeed the wider African Diaspora.”
He said, “Today, we open AATC Abuja. In August, we expect to open AATC Harare, and in 2026, we expect to open AATC Kampala. In a few months, we would break ground for AATC Cairo and AATC Yaoundé and others.
*Step-by-Step, Afreximbank African trade centres would rise into the blue skies across Africa and in Barbados in the Caribbean, flying the banner that would embolden every African and restore the pride and dignity of our people.”
According to him, the Abuja AATC is the first of several AATCs being developed across Africa and the Caribbean, pointed out that some would be Afreximbank owned while others would be supported through a franchise-scheme.
He said, “With these, we expect to create a sizeable network of AATCs that will act as the lighthouses to guide the interconnections and flow of trade and investments within continental Africa and between Africa and Caribbean regions.
“This particular AATC Abuja has been a 41-month journey, one built on hope and determination. Like the other AATCs, the Abuja AATC would serve a multi-purpose goal. It will serve as a platform for fostering deeper regional and continental integration and house Afreximbank’s permanent regional office, bringing a three-decade-old aspiration to fruition.”
Read the original article on This Day.
AllAfrica publishes around 500 reports a day from more than 110 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.
Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.
AllAfrica is a voice of, by and about Africa – aggregating, producing and distributing 500 news and information items daily from over 110 African news organizations and our own reporters to an African and global public. We operate from Cape Town, Dakar, Abuja, Johannesburg, Nairobi and Washington DC.
Get the latest in African news delivered straight to your inbox
By submitting above, you agree to our privacy policy.
Almost finished…
We need to confirm your email address.
To complete the process, please follow the instructions in the email we just sent you.
There was a problem processing your submission. Please try again later.

source

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Local

Africa: Expanding Market Access – Unlocking New Opportunities for Entrepreneurs

Published

on

7 Views

Sometimes, one opportunity is all it takes to change the trajectory of a business. For many women in the WCW Programme, 2024 has been a year of breakthroughs – where barriers gave way to bridges, and small businesses found space to grow.
Thanks to focused coaching and training, WCW entrepreneurs opened the door to over 10 new markets, generating opportunities valued at more than US$200,000. With tailored procurement support, they went even further – securing five supplier partnerships in Tanzania and seven in Zambia. These aren’t just numbers. They’re new deals signed, new shelves stocked, and new markets won.
Behind this progress is WCW’s strong belief in insight before action. Partnering with a leading service provider, the programme is helping entrepreneurs decode market trends, customer behaviours, and competitor landscapes. Through boot camps in six countries, women are now equipped with sharper strategies to position and promote their businesses like pros.
In the agriculture and agro-processing sectors, WCW is collecting critical data to pinpoint entry barriers, market concentrations, and competitive pressures. These insights are more than academic – they’re fuelling policy advocacy aimed at making it easier for small businesses to enter and thrive in high-potential sectors.
Support is also happening behind the scenes. WCW has brought in seasoned service providers to guide entrepreneurs in securing offtake agreements – particularly in agribusiness, where the potential to scale is massive. Plans to roll out a collective/aggregation model are also underway, giving smaller businesses the power to move together and tap into bigger supply chains.
Key Voices:
“The programme helped me focus on customer needs, allowing me to improve service delivery and expand my product range.”
— Participant from Tanzania
“The WCW-I programme has been helping me develop confidence, refine operations, and expand my market reach.”
— Participant from Zambia
With clearer pathways and stronger partnerships, WCW is showing what’s possible when entrepreneurs are given the tools – and the trust – to lead their own growth.
Read the original article on Graça Machel Trust.
AllAfrica publishes around 500 reports a day from more than 110 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.
Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.
AllAfrica is a voice of, by and about Africa – aggregating, producing and distributing 500 news and information items daily from over 110 African news organizations and our own reporters to an African and global public. We operate from Cape Town, Dakar, Abuja, Johannesburg, Nairobi and Washington DC.
Get the latest in African news delivered straight to your inbox
By submitting above, you agree to our privacy policy.
Almost finished…
We need to confirm your email address.
To complete the process, please follow the instructions in the email we just sent you.
There was a problem processing your submission. Please try again later.

source

Continue Reading

Local

US to ban artificial food dyes in cereals, snacks and beverages

Published

on

7 Views

(BBC) US Health Secretary Robert F Kennedy Jr is set to announce a ban on certain artificial food dyes, according to a statement from the health agency.

Kennedy plans to announce the phasing out of petroleum-based synthetic dyes as a “major step forward in the Administration’s efforts to Make America Healthy Again” the US Department of Health and Human Services (HHS) said on Monday.

No exact dates for the changes were provided, but HHS said Kennedy would announce more details at a news conference on Tuesday.

The dyes – which are found in dozens of foods, including breakfast cereals, candy, snacks and beverages – have been linked to neurological problems in some children.

On the campaign trail alongside Donald Trump, Kennedy last year pledged to take on artificial food dyes as well as ultra-processed foods as a whole once confirmed to lead to top US health agency.

The move comes after the Food and Drug Administration (FDA) earlier this year banned one dye, Red Dye 3, from US food and pharmaceuticals starting in 2027, citing its link to cancer in animal studies. California banned the dye in 2023.

Most artificially coloured foods are made with synthetic petroleum-based chemicals, according to nutrition nonprofit Center for Science in the Public Interest (CSPI).

Some of the petroleum-based food dyes include Blue 1, used in candy and baked goods; Red 40, used in soda, candy, pastries and pet food; and Yellow 6, also used in baked goods and drinks. Synthetic food dyes are found in dozens of popular foods including M&M’s, Gatorade, Kool-Aid and Skittles.

The only purpose of the artificial food dyes is to “make food companies money”, said Dr Peter Lurie, a former FDA official and the president of CSPI.

“Food dyes help make ultra-processed foods more attractive, especially to children, often by masking the absence of a colorful ingredient, like fruit,” he said. “We don’t need synthetic dyes in the food supply, and no one will be harmed by their absence.”

Companies have found ways to eliminate many of the dyes in other countries, including Britain and New Zealand, said former New York University nutrition professor Marion Nestle.

For example, in Canada, Kellogg uses natural food dyes like carrot and watermelon juice to colour Froot Loops cereal, despite using artificial dyes in the US.

How harmful the synthetic dyes are is debatable, said Ms Nestle.

“They clearly cause behavioural problems for some – but by no means all – children, and are associated with cancer and other diseases in animal studies,” she said.

“Enough questions have been raised about their safety to justify getting rid of them, especially because it’s no big deal to do so,” she added. “Plenty of non-petroleum alternative dyes exist and are in use.”

In 2008, British health ministers agreed to phase out six artificial food colourings by 2009, while the European Union bans some colourings and requires warning labels on others.

In recent months, Kennedy’s food-dye ban has found momentum in several state legislatures. West Virginia banned synthetic dyes and preservatives in food last month, while similar bills have been introduced in other states.

The post US to ban artificial food dyes in cereals, snacks and beverages appeared first on ZNBC-Just for you.

source

Continue Reading

Local

Africa: Captain Ibrahim Traoré – the Soldier Selling Africa False Hope

Published

on

6 Views

Traoré’s anti-democratic posture is not a blueprint for development — it is a calculated strategy to entrench military rule under the guise of a populist revolution.
What Traoré is selling is not a radical reimagining of governance. It is an age-old authoritarian tactic: discredit democracy, invoke national pride, and suppress dissent — all while consolidating power… Since assuming power through a 2022 coup, Traoré has suspended political parties, cracked down on the press, and muzzled civil society organisations. He claims these actions defend national sovereignty and promote a “popular, progressive revolution.”
Clad in fatigues and fluent in fiery rhetoric, Captain Ibrahim Traoré of Burkina Faso has emerged as a poster child of a new wave of African populism. To his supporters, he is a revolutionary — bold, youthful, and principled.
To the disillusioned youth across the continent, he offers a seductive promise: progress without the inconveniences of democracy. But behind the revolutionary slogans and Sankara-inspired aesthetics lies a far less romantic reality.
Traoré’s anti-democratic posture is not a blueprint for development — it is a calculated strategy to entrench military rule under the guise of a populist revolution. Let us be clear, Africa has every right to interrogate the forms and functions of democracy on the continent.
For decades, many African states have endured dysfunctional governance, hollow elections, and endemic corruption — even under democratically elected leaders. But that frustration must not be manipulated into legitimising authoritarianism.
What Traoré is selling is not a radical reimagining of governance. It is an age-old authoritarian tactic: discredit democracy, invoke national pride, and suppress dissent — all while consolidating power.
Since assuming power through a 2022 coup, Traoré has suspended political parties, cracked down on the press, and muzzled civil society organisations. He claims these actions defend national sovereignty and promote a “popular, progressive revolution.”
But there is little “popular” about a regime that stifles dissent and sidelines citizen participation. Beneath the rhetoric, his governance follows a familiar authoritarian script: glorify the military, delegitimise the opposition, and centralise authority.
His framing of democracy as a Western construct is both lazy and intellectually dishonest. Democracy is not a Western invention — it is a universal aspiration. It is not perfect — no system is — but it provides tools for accountability, the protection of rights, and peaceful transitions of power.
Traoré’s assertion that no country has developed under democracy ignores glaring counterexamples: India, Indonesia, Botswana, Mauritius, and even South Africa — imperfect democracies that have made tangible developmental progress.
Democracy is not the enemy of progress; bad leadership is. Traoré frequently cites China and Rwanda as models of authoritarian success. But cherry-picking these exceptions while ignoring the graveyard of failed autocracies is deeply misleading.
For every China, there are countless Zimbabwes, Sudans, and Libyas — nations brought to their knees by unchecked power. Even China’s economic gains have come at great human cost: widespread censorship, suppression of dissent, and the erosion of personal freedoms — trade-offs many Africans are neither willing nor ready to accept.
In truth, Traoré’s appeal is more symbolic than substantive. His military garb, rejection of Western aid, and Pan-Africanist slogans serve a performative function — designed to project the image of a revolutionary, while masking the repressive nature of his regime.
It is political theatre, expertly staged for a generation hungry for change but jaded by the failures of democracy. And let us not be fooled by his youth or populist flair. Africa has seen this movie before.
From Mobutu in Zaire to Mengistu in Ethiopia, the continent’s post-independence history is littered with military strongmen who promised renewal but delivered repression. They all began with charismatic appeals and revolutionary fervour.
They all ended with censorship, violence, and economic ruin. Traoré’s growing popularity among young Africans — many of whom have no memory of the brutality of past military regimes — is understandable, but dangerous.
Get the latest in African news delivered straight to your inbox
By submitting above, you agree to our privacy policy.
Almost finished…
We need to confirm your email address.
To complete the process, please follow the instructions in the email we just sent you.
There was a problem processing your submission. Please try again later.
Disillusionment with democracy should fuel reform, not nostalgia for dictatorship. Africa does not need another soldier-saviour. It needs strong institutions, functional systems, and an empowered citizenry — not one infantilised by authoritarian paternalism.
If Captain Traoré is genuinely committed to African sovereignty and development, let him invest in institution-building. Let him empower an independent judiciary, uphold press freedom, invest in civic education, and be accountable to the people — not just through speeches, but through action.
Anything less is not leadership — it is manipulation. The truth is, democracy does not fail because it is un-African. It fails when it is hijacked by corrupt elites, undermined by weak institutions, and eroded by poverty and exclusion.
The solution is not to discard democracy — but to fix it, to deepen it, to make it real. That is the only sustainable path to development, dignity, and self-determination.
Umar Farouk Bala writes from Abuja. He can be reached via: umarfaroukofficial@gmail.com.
Read the original article on Premium Times.
AllAfrica publishes around 500 reports a day from more than 110 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.
Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.
AllAfrica is a voice of, by and about Africa – aggregating, producing and distributing 500 news and information items daily from over 110 African news organizations and our own reporters to an African and global public. We operate from Cape Town, Dakar, Abuja, Johannesburg, Nairobi and Washington DC.
Get the latest in African news delivered straight to your inbox
By submitting above, you agree to our privacy policy.
Almost finished…
We need to confirm your email address.
To complete the process, please follow the instructions in the email we just sent you.
There was a problem processing your submission. Please try again later.

source

Continue Reading

Trending

Copyright © 2024 an24.africa