Nigeria in position to export US $3Bn in Cocoa derivatives to AfCFTA
April 8, 2021
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The Nigerian federal government has disclosed that by taking advantage of the African Continental Free Trade Area (AfCFTA), Nigeria has the capacity to export US $3Bn worth of derivatives from cocoa and US $300m from the sale of the raw unprocessed commodity.
According to local media reports, the Senior Special Assistant to the President on Public Sector Matters, Mr. Francis Anatogu, who is also the Secretary of the National Action Committee (NAC) for Nigeria’s AfCFTA implementation said that during the recession of 2016, not only did revenue from oil drop, but the tax revenue also decreased. With AfCFTA, Anatogu stated that compliance would be critical because there are some risks that if all stakeholders don’t comply, there will be issues.
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Taarifa Rwanda
Published 47 mins ago
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Kenya may take long to lift a ban on maize imports from East Africanneighbours following a domestic bumper harvest.
Kenya’s Agricultural and Food Authority (AFA) imposed the ban indicating that Kenya would not import the cereal from Tanzania and Uganda for now.
“Kenya would not need maize imports until June. There is plenty from North Rift,” said the crops inspector of the agency, Calistus Efukho, adding that maize imports from Tanzania and Uganda would not be considered until June.
On March 5 this Agricultural and Food Authority (AFA) banned imports of maize from the two countries, citing Aflatoxin contamination above the safety benchmarks.
Taarifa Rwanda
Published 19 mins ago
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Rwanda’s weekly coffee export has experienced a very big jump both in volume and revenue according to National Agricultural Export Development Board (NAEB).
“Last week we exported a total of366,780Kg of Rwanda Coffee which gained U$1,336,935. In comparison to the previous week, both quantities and revenues increased by 17.8% and 32.8% respectively,” NAEB in its update on Easter Monday.
NAEB also says the main countries of destination for Rwanda’s coffee included; Russia, China, Germany and Canada.
However, Rwanda Tea has suffered a setback as export volumes significantly dropped leading to a fall in revenue.
By Yinka Kolawole
The fears that Nigeria might become a dumping ground for manufactured goods, especially with the advent of the African Continental Free Trade Area (AfCFTA), has heightened as Nigeria’s Trade in Goods Statistics show rising deficit in manufactured goods trade.
Analysis of the Foreign Trade in Goods Statistics of the National Bureau of Statistics (NBS) from the fourth quarter of 2019 (Q4 2019) to Q4 2020 revealed a steady increase in the value of imported manufactured goods compared to exports in consecutive quarters.
Stakeholders in the manufacturing sector are apprehensive that without strict enforcement of rules of origin when the AfCFTA becomes fully operational, Nigeria may end up a dumping ground for foreign manufactured goods.