Author: Okeoghene Oghenekaro

Average 5kg cooking gas price stood at N7,418.45 in May- NBS
Gas
By Okeoghene Akubuike
Abuja, June 19, 2024 (NAN) The average price of 5kg cooking gas increased from N6,521.58 recorded in April 2024 to N7,418.45 in May 2024, according to the National Bureau of Statistics (NBS).

This is contained in the Bureau’s “Cooking Gas Price Watch’’ for May 2024 released on Wednesday in Abuja.

The report said the May price represented a 13.75 per cent increase, compared to what was obtained in April 2024.

The NBS said the average price of 5kg cooking gas increased on a year-on-year basis by 70.12 per cent from N4,360.69 recorded in May 2023 to N7,418.45 in May 2024.

On state profile analysis, the report showed that Benue recorded the highest average price at N8,012.03 , followed by Enugu at NN7,926.21, and Ondo at N7,857.53.

It said on the other hand, Yobe recorded the lowest price at N5,842.31 followed by Jigawa and Katsina at N6,521.81, respectively.

Analysis by zone showed that the South-East recorded the highest average retail price of 5kg cooking gas at N7,680.87 , followed by the South-West at N6,593.93.

“The North-East recorded the lowest average retail price at N7,071.84,” the NBS said.

Also, the NBS said the average retail price for refilling a 12.5kg cooking gas declined by 0.07 per cent on a month-on-month basis from N15,637.74 in April 2024 to N15,627.40 in May 2024.

The report said the average retail price for 12.5kg cooking gas rose by 63.85 per cent on a year-on-year basis from N9,537.89 May 2023 to N15,627.40 in May 2024.

State profile analysis showed that Zamfara recorded the highest average retail price of N18,369.33, followed by Bayelsa at N17,772.21 and Abia at N17,538.02.

On the other hand, the report showed that the lowest average price was recorded in Bauchi at N13,076.43, followed by Ebonyi and Taraba at N13,788.09 and N13,860.3, respectively.

Analysis by zone showed that the South-South recorded the highest average retail price of 12.5kg cooking gas at N16,310.02 , followed by the North-West at N15,991.13.

The report said the North-East recorded the lowest price at N15,010.62(NAN) (www.nannews.ng)
OKE/VIV

=====

Edited by Vivian Ihechu

Kerosene price stood at N1,450.35 in May – NBS
Kerosene
By Okeoghene Akubuike
Abuja, June 19, 2024 (NAN) The National Bureau of Statistics (NBS) says the average retail price of a litre of kerosene increased from N1,439.64 recorded in April 2024 to N1,450.35 in May 2024.

The Bureau said this in its Kerosene Price Watch for May 2024, released in Abuja on Wednesday.

It said the May price of N1,450.35 represented a 0.74 per cent increase compared to what was obtained in April 2024 at N1,439.64

The report said the average price per litre of kerosene increased on a year-on-year basis by 20.26 per cent from N1,206.05 recorded in May 2023 to N1,450.35 in May 2024.

On state profile analysis, the report showed that Benue recorded the highest average price of N1,790.92, followed by Kaduna at N1,769.65 and Cross River at N1,722.94.

“On the other hand, the lowest price was recorded in Katsina at N1,230.81, followed by Kwara at N1,260.07 and Jigawa at N1,263.91.”

The NBS said the analysis further showed that the North-Central recorded the highest average retail price per litre of Kerosene at N1,534.12, followed by the South-West at N1,488.97.

It said the North-East recorded the lowest average retail price per litre of kerosene at N1,408.41.

The report said the average retail price per gallon of Kerosene paid by consumers in May 2024, was N5,196.69, indicating a 0.43 per cent increase from the N5,174.23 in April 2024.

“On a year-on-year basis, the average price per gallon of kerosene increased by 23.49 per cent from N4,208.27 recorded in May 2023.

On state profile analysis, it showed that Kano recorded the highest average retail price at N6,900.28, followed by Adamawa at N6,295.63 and Yobe at N6,140.17.

On the other hand, the report said Kwara recorded the lowest price at N4,235.42, followed by Delta and Akwa Ibom at N4,320.39 and N4,362.81, respectively.

Analysis by zone showed that the North-East recorded the highest average price per gallon of Kerosene at N5,951.06, followed by the North- West at N5,560.03
.
“The North-Central recorded the lowest average price per gallon of kerosene at N4,659.73 ,” the NBS said. (NAN)(www.nannews.ng)
OKE/VIV

====

Edited by Vivian Ihechu

Petrol price increased to N769.62 in May- NBS

Petrol

By Okeoghene Akubuike

Abuja, June 19, 2024(NAN) The National Bureau of Statistics (NBS) says the average retail price of a litre of petrol increased from N238.11 in May 2023 to N769.62 in May 2024.

It made the declaration in its Petrol Price Watch for May 2024 released in Abuja on Wednesday.

It stated that the May 2024 price of N769.62 represented a 223.21 per cent increase over the price of N238.11 recorded in May 2023.

“Comparing the average price value with the previous month of April, the average retail price increased by 9.75 per cent from N701.24.

“On state profiles analysis, Jigawa paid the highest average retail price of N937.50 per litre, followed by Ondo and Benue at N882.67 and N882.22, respectively.

“Conversely, Lagos, Niger and Kwara paid the lowest average retail price at N636.80, N642.16 and N645.15, respectively,’’ it stated.

Analysis by zones showed that the North-West Zone recorded the highest average retail price in May 2024 at N845.26, while the North-Central recorded the lowest price of N695.04 per litre.

The NBS also stated in its Diesel Price Watch Report for May 2024 that the average retail price was N1,403.96 per litre.

It said that the May 2024 price of N1,403.96 per litre amounted to a 66.29 per cent increase over the N844.28 per litre paid in May 2023

“On a month-on-month basis, the price increased by 0.78 per cent from the N1,415.06 per litre recorded in April 2024,’’ it added.

On state profile analysis, the report said the highest average price of diesel in May 2024 was recorded in Adamawa at N1709.00 per litre, followed by Sokoto at N1675.00 and Bauchi at N1657.92.

On the other hand, the lowest price was recorded in Niger at N1,140.20 per litre, followed by Kano at N1153.33 and Oyo at N1236.92.

In addition, the analysis by zones showed that the North-East Zone had the highest price of N1,605.91 per litre, while the South-West recorded the lowest price at N1,303.60 per litre. (NAN) (www.nannews.ng)

OKE/VIV

====

Edited by Vivian Ihechu

Africa
By Okeoghene Akubuike

Abuja, June 17, 2024 (NAN) Some African and Caribbean leaders have stressed the need for Africa to form a united force and end the continuous dependency on non-African countries/continents.

They spoke at the 3rd AfriCaribbean Trade and Investment Forum (ACTIF2024) at Nassau, The Bahamas.

The News Agency of Nigeria (NAN) reports that the 3rd Annual AfriCaribbean Trade and Investment Forum (ACTIF2024), organised by the African Export-Import Bank (Afreximbank), was incorporated into the Afreximbank Annual Meetings (AAM2024).

The events focused on the theme “Owning Our Destiny: Economic Prosperity on the Platform of Global Africa’’.

The events were monitored by NAN.

Mahamadou Issoufou, a former President of Niger, during a plenary session at the ACTIF 2024, said:“Africa must do away with this dependency syndrome, which gets us thinking that the solutions to our problems are outside the continent.”

According to him, there is a need for Africa to trust itself and move away from dependency on external solutions.

Issoufou underscored the importance of creating value chains, industrialising the continent, and modernising agriculture to ensure that Africans could trade goods among themselves.

He also called for strengthening democratic institutions to mobilise internal resources and reforming the global financial architecture to make it more equitable.

A former Prime Minister of Jamaica, Hon. Percival Patterson, also asserted the need for self-reliance and unity among peoples of Africa and African descent.

Patterson said it was important for Africa to exercise true sovereign power over its resources, saying “Africa must decide that it is the seller who determines the price.”

“ If we came here and we were fighting among ourselves, it would be headline news.

“We have come and we have renewed our pledge to work together as one’’

He also highlighted the significance of cultural and academic exchanges between Africa and the Caribbean to develop mutual understanding and pride in shared heritage.

“It is very important for us to develop that sense of knowledge, that sense of confidence, that sense of pride in ourselves.”

Hon. Isaac Cooper, Deputy Prime Minister of The Bahamas, harped on unity, resilience, and collaboration, emphasising the importance and potential for joint ventures.

“You are family, our brothers and sisters, and we love you, but I think this is an incredible opportunity to do more business with you.

“We no longer believe we have to play by the rules we did not create.

“We were victims of history, but if we stand together, we have the power to change history by fostering connections that will see us stronger, more united than ever before’’.

Amina Mohammed, Deputy Secretary General of the United Nations, in a video address, called for stronger alliances.

“The time is now to strengthen the African Caribbean Alliance and leverage strong historical ties, and reinforce the importance of inclusivity in building a prosperous future for all.

“As we plan ahead, let us ensure our efforts reach every corner of our continent, leaving no one behind, especially our women and youth.

“Together, we can build a future of prosperity and dignity for all.”

Highlighting Afreximbank’s role as a catalyst for change and underscoring the critical role of Africa’s leadership, she noted the urgent need to transform the current global system to meet the needs of the Global South, particularly Africa.

“Let us unite to address these challenges and build a resilient, innovative, and prosperous Global Africa,” she said.

Hon. Philip Davis, Prime Minister of The Bahamas, in his keynote address, highlighted the crucial role of unity and collaboration between Africa and the Caribbean.

Davis commended Prof. Benedict Oramah, President/Chairman, Board of Directors, Afreximbank, for his visionary leadership at the institution and called for a transformation of the global financial architecture.

“This transformation will be aimed at creating a fair and inclusive system that recognises and respects the unique needs and potentials of African and Caribbean regions.”

President William Ruto of Kenya, in his video message, identified the diverse prospects and unique advantages of Africa.

Ruto called for a united approach to reforming global financial systems, suggesting that African central banks and governments dedicate 30 per cent of their national reserves to the development of Africa.

He said the collective action for a prosperous future was very important.

“Our journey towards economic prosperity is deeply connected to our understanding and appreciation of our shared heritage and the collective strength of global Africa.

“We must embody the spirit of vigilance and an unbending principle, not only driven by economic interests but by the profound ethical imperative to advocate for a more inclusive and thorough global financial system.”

Hailemariam Desalegn, a former Prime Minister of Ethiopia, highlighted the importance of understanding Africa’s history and transforming its political economy.

“Our civilisation, the global civilisation, has begun in Africa. We can bring about the African Renaissance if we understand our history.”

According to Desalegn, recognising Africa’s role in global civilisation can inspire future generations.

However, to achieve true prosperity, he said Africa must move from a rent-seeking political economy to one that focuses on production and competition.

“This shift demands visionary leadership to drive change and unlock Africa’s full potential.” (NAN)www.nannews.ng

OKE/VIV

=====

Edited Vivian Ihechu

Inflation

By Okeoghene Akubuike

Abuja, June 15, 2024 (NAN) The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 33.95 per cent in May 2024.

The NBS said this in its Consumer Price Index (CPI) and Inflation Report for May, which was released on Saturday in Abuja

According to the report, the figure is 0.26 per cent points higher compared to the 33.69 per cent recorded in April 2024.

It said on a year-on-year basis, the headline inflation rate in May 2024 was 11.54 per cent higher than the rate recorded in May 2023 at 22.41 per cent.

In addition, the report said, on a month-on-month basis, the headline inflation rate in May 2024 was 2.14 per cent, which was 0.15 per cent lower than the rate recorded in April 2024 at 2.29 per cent.

“This means that in May 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in April 2024.”

The report said the increase in the headline index for May 2024 on a year-on-year basis and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.

It said these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, and transport.

Others were furnishings, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverage, tobacco and kola, recreation and culture, and communication.

It said the percentage change in the average CPI for the 12 months ending May 2024 over the average of the CPI for the previous corresponding 12-month period was 29.06 per cent.

“This indicates a 7.86 per cent increase compared to 21.20 per cent recorded in May 2023.”

The report said the food inflation rate in May 2024 increased to 40.66 per cent on a year-on-year basis, which was 15.84 per cent higher compared to the rate recorded in May 2023 at 24.82 per cent.

“The rise in food inflation on a year-on-year basis is caused by increases in prices of Semovita, Oatflake, Yam flour prepackage, Garri, and Bean,

“Others are Irish Potatoes, Yam, Water Yam, Palm Oil, Vegetable Oil, Stockfish, Mudfish, Crayfish, Beef Head, Chicken-live, Pork Head, and Bush Meat.”

It said on a month-on-month basis, the food inflation rate in May was 2.28 per cent, which was a 0.22 per cent decrease compared to the rate recorded in April 2024 at 2.50 per cent.

“The fall in food inflation on a month-on-month basis was caused by a decrease in the average prices of Palm Oil, Groundnut Oil, Yam, Irish Potato, and Cassava Tuber.

“Others are Wine, Bournvita, Milo, and Nescafe.”

The report said that “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 27.04 per cent in May on a year-on-year basis.

“This increased by 7.21 per cent compared to 19.83 per cent recorded in May 2023.’’

“The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy.”

It said the highest increases were recorded in prices of Actual and Imputed Rentals for Housing Class, Bus Journey intercity, and Taxi Journey per drop.

“Others are Accommodation Service, X-ray photography, Consultation Fee of a medical doctor, Laboratory service, among others.”

The NBS said on a month-on-month basis, the core inflation rate was 2.01 per cent in May 2024.

“This indicates a 0.18 per cent decrease compared to what was recorded in April 2024 at 2.20 per cent.”

“The average 12-month annual inflation rate was 23.45 per cent for the 12 months ending May 2024, this was 5.34 per cent points higher than the 18.11 per cent recorded in May 2023.”

The report said on a year-on-year basis in May 2024, the urban inflation rate was 36.34 per cent, which was 12.61 per cent higher compared to the 23.74 per cent recorded in May 2023.

“On a month-on-month basis, the urban inflation rate was 2.35 per cent, which decreased by 0.32 per cent compared to April 2024 at 2.67 per cent.’’

The report said on a year-on-year basis in May 2024, the rural inflation rate was 31.82 per cent, which was 10.63 per cent higher compared to the 21.19 per cent recorded in May 2023.

“On a month-on-month basis, the rural inflation rate was 1.94 per cent, which increased by 0.024 per cent compared to April 2024 at 1.92 per cent.’’

On states’ profile analysis, the report showed that in May, all items’ inflation rate on a year-on-year basis was highest in Bauchi at 42.30 per cent, followed by Kogi at 39.38 per cent, and Oyo at 37.73 per cent.

It however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 25.97 per cent, followed by Benue at 27.74 per cent, and Delta at 28.67 per cent.

The report, however, said in May 2024, all items inflation rate on a month-on-month basis was highest in Kano at 4.24 per cent, followed by Gombe at 4.06 per cent, and Bauchi at 3.75 per cent.

“Ondo at 0.57 per cent, followed by Kwara at 1.19 per cent and Yobe at 1.24 per cent recorded the slowest rise in month-on-month inflation.”

The report said on a year-on-year basis, food inflation was highest in Kogi at 46.32 per cent, followed by Ekiti at 44.94 per cent, and Kwara at 44.66 per cent.

“Adamawa at 31.72 per cent, followed by Bauchi at 34.35 per cent and Borno at 34.74 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

The report, however, said on a month-on-month basis, food inflation was highest in Gombe at 4.88 per cent, followed by Kano at 4.68 per cent, and Bayelsa at 3.62 per cent.

“While Ondo at 0.02 per cent, followed by Yobe at 0.95 per cent and Adamawa at 1.02 per cent, recorded the slowest rise in inflation on a month-on-month basis.” (NAN) (www.nannews.ng)

OKE/JAN/EEE

≈==========

Edited by Joan Nwagwu/Ese E. Eniola Williams

Empowered youths will be driving force behind emergent global Africa- Afreximbank

Youths
By Okeoghene Akubuike

Abuja, June 15, 2024(NAN) Mrs Kanayo Awani, Executive Vice-President, Intra-African Trade Bank, Afreximbank, says empowering the youths will be the driving force behind the emergent global Africa.

Awanu said this at the ongoing 31st Afreximbank Annual Meetings (AAM2024) in Nassau, The Bahamas.

The meetings are being monitored by the News Agency of Nigeria (NAN).

She said the youths, creatives and innovation were three powerful catalysts of Africa’s successful economic development.

Awani said a common feature of the demographic structure of the African and Caribbean regions was the dominance of youths who represented 70 per cent of the combined population of the two regions estimated at 1.4 billion.

She said the youths, when well harnessed and empowered, hold the key to a shared aspiration of economic transformation.

“Their creativity and innovation can reshape our economies and drive us towards a prosperous future.

“At this significant juncture in our collective journey, we must recognise that we need an empowered youth, fed with sufficient capital, and given the right tools, education and training.

“Also, giving them unfettered access to affordable modern technology and capacity for innovation, enabling market access, will constitute the driving force behind the emergent global Africa.

“This emergent global Africa envisions a unified and prosperous Africa and the Caribbean leveraging our shared resources, talent and innovation for economic growth and development.”

Awani said it was the duty of policymakers and agents of development to create a conducive environment and install supporting systems for the youths. .

She said Afreximbank had continued to support African youths through several initiatives like the Youth Alliance for Leadership and Development in Africa.

“We renewed our partnership with the Grand Africa initiative as well, aiming to train 300 young entrepreneurs in intra African trade and entrepreneurship.

“ The bank’s SME development programme as well supports Small and Medium Scale businesses.”

Awani said Afreximbank, through its Creative African Nexus (CANEX) Programme, was supporting creative and cultural industries, which helped African and Caribbean brands to reach international markets.

She said yearly, the bank supported the Portugal and Paris fashion shows, which gave the designers in Africa and the Caribbean a platform to expose them to global brands.

NAN reports that the 31st AAM2024 is being held in Nassau, The Bahamas from June 12 to June 15.

It has the theme: “Owning our Destiny: Economic Prosperity on the Platform of Global Africa’’(NAN)(www.nanews.ng).

OKE/VIV

===

Edited by Vivian Ihechu

Afreximbank, First Bank sign $200m facility agreement to finance clients’ needs

Agreement
By Okeoghene Akubuike

Abuja, June 14, 2024(NAN) Afreximbank and First Bank of Nigeria(FBN) have signed a 200 million dollar facility agreement for financing the needs of FBN’s numerous clients.

The News Agency of Nigeria(NAN) reports that the signing took place at the ongoing 31st Afreximbank Annual Meetings (AAM2024) in Nassau, The Bahamas, on Friday.

The meetings are being monitored by the NAN.

The facility will finance the needs of FBN’s numerous clients engaged in oil and gas and energy, manufacturing, telecommunications and associated infrastructure projects.

The parties who signed the agreement included Olusegun Alebiosu, Acting CEO, FBN, Awani Kanayo, Executive Vice- President, Intra-African Trade Bank (IATB), Afreximbank, and Viswanathan Shankar, CEO, Gateway Partners on behalf of African Credit Opportunity Fund.

The 31 AAM2024 is being held in Nassau, The Bahamas from June 12 to June 15, with the theme: “Owning our Destiny: Economic Prosperity on the Platform of Global Africa’’, NAN reports.

The AAM is taking place alongside the 3rd edition of the AfriCaribbean Trade and Investment Forum (ACTIF2024). (NAN)(www.nannews.ng)

OKE/VIV

====

Edited by Vivian Ihechu

Agreement
By Okeoghene Akubuike

Abuja, June 14, 2024 (NAN) Dr Doris Uzoka-Anite, Minister of Industry, Trade, and Investment (FMITI), says developing the African Caribbean Free Trade Agreement will require a multi-faceted approach. Inclusive

Uzoka-Anite said this at a Plenary Session: “Towards An Afri-Caribbean Free Trade Agreement: The Pathway to Self-Determination” at the ongoing 31st Afreximbank Annual Meetings (AAM2024) in Nassau, The Bahamas.

The meetings are being monitored by the News Agency of Nigeria (NAN).

Uzoka-Anite said the agreement would involve multi-stakeholders whose roles would need to be clearly defined.

“ The role of government, the private sector, international development communities, and civil society have to be defined. There has to be a multi-stakeholder engagement to address all the issues.

“When we have a focused and inclusive discussion, listening to diverse opinions and considering them in negotiations, we take the first step in breaking down barriers, because we are going to see a lot of barriers.

Uzoka-Anite said strong political will from the political leaders was also needed to achieve the development of the African-Caribbean Free Trade Agreement.

She mentioned that the African Continental Free Trade Area (AfCFTA) was successful because the African Union leaders backed it with their political will.

“We need to see the same thing happen between the African and Caribbean countries.”

The minister also said there was a need to clarify how the two regions would develop communication and infrastructure, citing no direct flights, and visa restrictions between the regions as a challenge.

She, however, said the partnership between the regions was supposed to address those challenges.

“Opening the trading routes and developing market access so that there is a free flow of goods either through the sea are things we should be looking at.

“So, we need to do seaports, airports, road networks infrastructure, and digital network infrastructure for communication to happen. All that infrastructure has to be developed.”

Uzoka-Anite said a strong policy framework needed to be in place by harmonising them to ensure their alignment, including the different agreements the two regions already had in place.

She emphasised the need to create incentives for private sector involvement in the agreement, as the sector would be the major driver of the agreement.

Uzoka-Anite said there was also the need to ensure the removal of tariff and non-tariff barriers to trade, however, not at the detriment of each country’s nationalistic objectives.

“Even though we are looking for global and economic integration within the regions, every country has their nationalistic objective and their duty to provide infrastructure, job creation and sustainable growth for their citizens.

“ Therefore, you do not want the free trade agreement to destroy what you are building. All this has to be considered,” she said

She said dispute resolution mechanisms have to be in place to ensure the agreement is enforced in an equitable, efficient, and transparent way “where everybody feels they are part of it.”

The minister said there was also the need to harmonise different standards even amongst the financial services.

“How do I bring the banking sector from Africa into the Caribbean? how do I ensure there is free movement of professionals with different licensing regimes, different qualifications, etc?

“ All these need to be considered in developing the free trade agreement itself.”

She said apart from the challenges, there were many opportunities to benefit from the economic, and regional integration that the African Caribbean free trade area would offer.

Uzoka-Anite said the creative sectors- fashion, music, film, technology, agriculture and tourism sectors; and cultural exchange, all had strong potential for growth.

“Even harvesting technology transfers between emerging areas like renewable energy and some industries. Now the Caribbean is discovering oil.

“We have a lot of skills and technology especially in Nigeria for example that we can transfer this knowledge, and lessons learnt between ourselves.

“When we put the opportunities and the benefits before our negotiating parties or before our countries and we understand that we are stronger together than separately, it begins to help us move in that direction.”

Albert Muchanga,  AU Commissioner for Economic Development,  Trade, Tourism, Industry and Minerals,  said it was necessary to build stakeholders ownership to achieve the trade agreement between the two regions. 

Christopher Edordu,  Former President,  Afreximbank,  suggested going slow to achieve positive results on the trade agreement.

Mrs Pamela Coke-Hamilton, Executive Director, International Trade Centre,  said the political will was needed to achieve the trade agreement between the two regions. 

“ Next is  to drill down to the specifics then get  the youths to feel it is worth it for them. If they don’t buy the idea there is no point.”

Albert Ramidin, Minister of Foreign Affairs, Suriname,  said the discussion on the agreement between the two regions would require political ownership and commitment.

“I believe we need as soon as possible a document outlining the scope of this endeavor,  present it to the African and Caribbean leaders, receive their mandate with a timeline and roadmap to execute and the rest will follow.”

Dr Didadus Jules,  Director-General,  Organisation of Eastern Caribbean States, said all the sectors should be brought to the table, especially the private sector and the youth economy.

“The youths  have the greatest appetite for innovation.  Also Open up the means of communicating for  people, so that  exchange can happen.”(NAN)(www.nannews.ng)

OKE/VIV

====

Edited by Vivian Ihechu

Energy
By Okeoghene Akubuike

Abuja, June 13, 2024(NAN) Mr Osi Okonkwo, General Manager, FranzEnergy Ltd, says the development of renewable energy resources can significantly contribute to economic diversification in Africa, with specific policies needed for that transition.

Okonkwo spoke at a Panel Discussion on “Driving Economic Transformation in Global Africa: The Role of Emerging AfriCaribbean Giants’’, at the ongoing 31st Afreximbank Annual Meetings (AAM2024) in Nassau, The Bahamas on Thursday.

The meetings are being monitored by the News Agency of Nigeria (NAN).

According to him, with regards to the renewable energy storyline, if done properly, it should mean a cleaner, healthier, more financially prosperous Africa with lots of jobs.

Okonkwo said it would require going further down into the value chain, and not just pushing energy and commodities off the continent.

“This is because there are opportunities therein,’’ he said.

He said some strategies could be put in place to enable renewable energy to go much further down the value chain.

“There is a need to delve into the actual production of solar panels, inverters and batteries, on the continent.

“There is so much more that can be done. But to do this, when you talk about strategy, a few things need to be done.

Okonkwo cited the instance of China that just launched a five GigaWatts (GW) solar farm, saying that the five GW capacity was about all of the power connected at the moment in Nigeria.

“So, when you think about the Chinese story, and try to use that as a template, there are a few things we have to do.”

He said there was a need to lean into the transition fuels first and foremost, such as gas, then facility; and use that as a transition fuel, for a cleaner future.

According to him, coming into the renewable space, there is also a need to go a little bit deeper and depend more on the more consistent replenishable versions of renewables.

“So, we have to think of hydro dams, geothermal where it is applicable.

“ Lean into that first and foremost, because the run off the mill solar farms and wind are more inconsistent,” he said.

With regards to policy, Okonkwo said there should be fewer but clear policies which allow for meritocracy of access to resources, and funding, among others.

He also said that the platter of policies should not get to a point where they would interfere and impede private sector ventures.

Okonkwo said the private sector had a key role to play when it came to strengthening African Caribbean economies.

He, however, said there needs to be significant development, increased access to capital, steering up industrial capacity and reducing the overdependence of commodities.

Mr Jean Louis-Ekra, former President, of Afreximbank, said that it was necessary to change the structures of African economies’, shifting away from relying solely on exports.

He said basic infrastructure needed to be in place as many countries still lacked power adding that nothing much could be done on transformation without power.

“We need to take advantage of the African Continental Free Trade Area(AfCFTA), and the issues of moving money, among others.

“Once we have dealt with some of the basics, then we can move forward and very quickly, to exporting among ourselves and take advantage of opportunities in the Caribbean’’

Louis-Ekra said that Africans had not done enough to use their financial resources.

“ We need to generate resources before we talk about financing.

“ I believe we have not harnessed enough of our own resources in our continent, to make it available to financial institutions so they can finance the change,” he said.

Dr Kingsley Mordi, Director, Bono Energy, restated the importance of putting basic infrastructure in place, with particular emphasis on energy.

NAN reports that the 31st AAM2024 is being held in Nassau, The Bahamas from June 12 to June 15.

It has the theme: “Owning our Destiny: Economic Prosperity on the Platform of Global Africa’’.
The AAM is taking place alongside the 3rd edition of the AfriCaribbean Trade and Investment Forum (ACTIF2024). (NAN)(www.nannews.ng)

OKE/VIV

====

Edited by Vivian Ihechu

Report
By Okeoghene Akubuike
Abuja, June 13, 2024(NAN) The African Export-Import Bank (Afreximbank) has unveiled the 2024 edition of its African Trade Report and African Trade and Economic Outlook at its Annual Meetings (AAM) 2024 in Nassau, The Bahamas.

The African Trade and Economic Outlook Report forecasts that African economies will grow on average by 3.8 per cent in 2024.

The report, titled ‘A Resilient Africa: Delivering Growth in a Turbulent World,’ provides an analysis of the economic environment, trade patterns, debt scenarios, and future projections for African economies.”

A look at the report which was unveiled on Wednesday showed it is slightly ahead of the predicted global growth of 3.2 per cent prior to an increase of 4 per cent in 2025.

Presenting the reports, Dr Yemi Kale, Afreximbank’s Group Chief Economist and Managing Director of Research and International Cooperation, said: “ Ongoing global challenges undermined the performance of Africa’s trade, which contracted by 6.3 per cent in 2023 after expanding by 15.9 per cent in 2022, while intra-African trade expanded by 3.2 per cent over the same period.

“This performance is reflective of the resilience of the African economy and the potential impact of the African Continental Free Trade Area (AfCFTA) single market for the continent as a tool to protect them from global shocks.

“Our analysis in the report also revealed large untapped potential in intra-African trade, especially concerning machinery, electricity, motor vehicles, and food products.”

The News Agency of Nigeria (NAN) reports that the documents reveal that African economies faced several downside risks, including increasing levels of sovereign debt and associated sustainability risks

Others were excessive exposure to adverse terms-of-trade shocks, escalating geopolitical tensions in some cases, and volatile domestic political environments in certain African countries and high commodity prices and inflationary pressures, and potential food insecurity”

Also, in a statement, Vincent Musumba,Manager, Communications and Events (Media Relations), Afreximbank , said most macroeconomic indicators were expected to improve in 2024 and 2025.

“Growth in the continent is projected to be higher than the global average, and although inflation is currently high, it is expected to decrease, with this downward trend continuing into 2025.”

Musumba, on the African Trade Report 2024 titled “Climate Implications of the AfCFTA Implementation”, he quoted Kale as saying, “ the report concludes that the AfCFTA offers a path to achieving the developmental goals of African nations while also addressing climate change concerns.”

Kale said that while the benefits of the AfCFTA could be seen, the debate on its impact on climate change was still ongoing.

“One group believes that increased urbanisation and industrialisation associated with the AfCFTA will worsen carbon emissions.

“The second group believes that by emphasising intra-African trade and reducing extra-African trade, carbon emissions will be eliminated through shorter shipping distances.”

Overall, the report stated that optimising the AfCFTA could result in potential gains through increased intra-African trade and investment.

“This will create economic prosperity and fulfil the vision of the founding fathers.”((NAN)(www. nannews.ng)

OKE/VIV

=====

Edited by Vivian Ihechu