Metro
Manufacturers Association of Nigeria urges FG not to sign AfCFTA agreement in Kigali
The Manufacturers Association of Nigeria (MAN) on Wednesday strongly supported the move by the Federal Government on its refusal to sign the agreement establishing the African Continental Free Trade Area (AfCFTA).
The Manufacturers Association frowned at the contents of the agreement, noting that it will lead to gross unemployment in the country as most manufacturing companies in the country will be made to die a quicker death.
The Association President, Dr. Frank Jacobs said his association would not support Federal Government’s adoption and ratification of the agreement establishing the African Continental Free Trade Area (AfCFTA) until issues of market access and enforcement of rules of origin are addressed.
According to MAN, the agitation from the private sector was a result of lack of consultation and inclusion of inputs of key stakeholders before Nigeria’s position was presented at the meetings of the African Union-Technical Working Group on CFTA in the build-up to AfCFTA negotiation by Nigeria.
The AfCTA is expected to create a trade bloc of 1.2 billion people with a combined gross domestic product (GDP) of more than $2 trillion. The agreement commits countries to removing tariffs on 90% of goods and to liberalize services.
Addressing journalists yesterday, Association of Manufacturers President, Dr. Frank Jacobs explained that the issues of market access that allows only 10 percent of products to be protected as well as government’s enforcement mechanism in the area of enforcement of rules of origin need to be clearly defined before local producers can support the agreement.
Noting that MAN is not oblivious of the benefits inherent in installing a continental trade agreement like AfCFTA that could improve intra-African trade and enhance economic growth and sustainable development, Jacobs said that Nigeria’s national interest should however be the primary consideration in the decision to sign-on to such an arrangement.
In his recommendations, Jacobs urged the government to set in motion a process that will enable all stakeholders on the international trade value chain in Nigeria to quickly review the text of the draft AfCFTA agreement and come up with comments on areas that are not in the best interest of the Nigerian economy and sectors.
“Government should, as matter of urgency, convene a special meeting of the relevant stakeholders, including experts on trade policy to consider tariff lines rates along the line of efficiency, sectoral and sub-sectoral preferences that would be most beneficial to Nigerian businesses under the AfCFTA dispensation as well as reconsider the national position on EPA vis-a-vis the AfCFTA especially on tariff lines of products on the sensitive/exclusion list, with a view to ensuring that the EU-EPA is not reintroduced through the AfCFTA’s back door.
“Review presentations and prepare a detailed submission for the Government on ways and means of participating in the AfCFTA in a manner that our national interest and that of the budding manufacturing sector are effectively protected”, he added.
Customers of Zenith Bank have taken to social media to voice their frustration over difficulties encountered during online banking transactions.
Reports emerged on Tuesday of challenges related to payments and various features, leading to widespread discontent among users on social media platforms like X.
In a statement shared on X on Saturday, Zenith Bank announced that routine maintenance would commence on September 29 and conclude on October 1, running from 12:01 AM to 5:00 AM. The notice, titled ‘Notice of Routine Maintenance,’ stated, “Please be informed that we are currently undertaking routine maintenance of our Information Technology Infrastructure to enable us to significantly improve the quality of service rendered to you.”
However, customers reported that the maintenance did not begin as scheduled, causing considerable inconvenience.
On Tuesday, October 1, 2024, the bank’s Mobile Banking App, USSD Service, Internet Banking, and Corporate Internet Banking platforms remained unavailable for an extended period, specifically between 12:01 AM and 2:30 PM WAT.
One dissatisfied customer, Adetunji Akeem, expressed his frustration, sharing that he was unable to withdraw money for food and transportation to work, which forced him to borrow from colleagues.
“It is frustrating. I haven’t eaten all day because I wasn’t able to withdraw money today. Zenith said they would be undergoing maintenance on Saturday through a pop-up message on the bank app, but they didn’t start until this morning,” he lamented.
Another customer, Adeleye A. P., known on X as #deji4ever, criticised the bank for not scheduling maintenance during the night, especially at the end of the month when many employees are expecting their salaries.
He tweeted, “The worst bank award should be given to Zenith. Why deny customers transfer privileges to other banks on the last day of the month? It’s a bad business strategy to ensure money doesn’t leave its coffers.”
Dave Oriss, tweeting under the handle #orissonline, echoed similar sentiments, adding, “#ZenithBank, you should keep frustrating your customers. Some have emergencies, and you are busy shifting the time for maintenance.”
Iran fired 200 missiles, including hypersonic weapons, at Israel in a major escalation of the ongoing conflict, state television reported on Wednesday.
The barrage, which Iran claims targeted military bases near Tel Aviv, came as retaliation for the recent killing of Hezbollah leader Hassan Nasrallah by Israeli forces.
This picture shows a projectile flying above the Jordanian capital Amman towards Israel, on October 1, 2024. – Iran’s Revolutionary Guards said a missile attack under way against Israel on October 1 was in response to the killing of Hezbollah chief Hassan Nasrallah last week as well as that of the Hamas leader. (Photo by Khalil MAZRAAWI / AFP)
Iran’s Islamic Revolutionary Guard Corps (IRGC) confirmed the missile launches, stating that “90 percent” of the projectiles hit their intended targets, which included three military bases.
The footage of the missile strikes was broadcast on Iranian media, showing a significant show of force by Tehran.
This picture taken from the West Bank city of Hebron shows projectiles above the Israeli city of Ashdod on October 1, 2024. (Photo by HAZEM BADER / AFP)
The Israeli military countered that 180 missiles had been fired into their territory, with most being intercepted by Israel’s advanced defense systems.
Despite the intercepts, the attack marks the first reported use of hypersonic missiles by Iran against Israel.
This picture shows projectiles being intercepted by Israel above Jerusalem on October 1, 2024. (Photo by Menahem Kahana / AFP)
Hypersonic missiles, capable of traveling at speeds of up to 15 times the speed of sound, pose a unique threat due to their low-altitude flight path and ability to evade conventional missile defenses.
Iran unveiled this advanced missile technology in June 2023, with then-president Ebrahim Raisi proclaiming it as a cornerstone of Iran’s deterrence capabilities, designed to maintain peace and stability in the region.
Israeli Prime Minister Benjamin Netanyahu responded swiftly to the attack, warning that Tehran had made a “big mistake.” He vowed to make Iran “pay” for the strikes, further raising tensions in an already volatile situation.
Fire erupts between Ben Gurion International Airport near Tel Aviv and the city of Modiin following an Iranian missile attack, on October 1, 2024. Iran’s Revolutionary Guards said a missile attack under way against Israel on October 1 was in response to the killing of Hezbollah chief Hassan Nasrallah last week as well as that of the Hamas leader. (Photo by Ahmad GHARABLI / AFP)
In Washington, the United States indicated that it was discussing a joint response with Israel.
Meanwhile, Iran’s chief of staff issued a stern warning that Tehran would strike key Israeli infrastructure if Iran’s territory were attacked in retaliation. The region now braces for potential further escalation amid growing fears of a broader conflict.
No fewer than 60 bodies have been recovered following a tragic boat accident in Niger State, officials confirmed.
According to a statement released by Abubakar Dakani, Press Secretary to the Chairman of Mokwa Local Government, the boat was carrying over 300 passengers when it capsised at the notorious Gbajibo River in Mokwa Local Government Area yesterday evening.
Dakani disclosed that the ill-fated boat was en route from Mundi to Gbajibo for the Annual Maulud celebration when the disaster occurred.
The Chairman of Mokwa Local Government, Abdullahi Muregi, acknowledged the recovery of about 60 bodies and confirmed that 10 survivors have been found so far. Rescue operations, involving the State Emergency Management Agency and local volunteers, are ongoing in a bid to recover the missing passengers.
This incident brings painful memories of a similar boat tragedy in September 2023, when a boat carrying over 50 passengers capsized, killing 24 people who were traveling to their farms for harvest.
Authorities have expressed concerns about the recurring boat accidents in the region, calling for urgent measures to improve safety on the waterways.
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