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AfreximBank to train African companies under AfCFTA

Published

5 months ago

July 12, 2024

The African Export-Import Bank declared that it would begin a programme of capacity building to enable African companies to capitalize on the advantages of the African Continental Free Trade Area.

The continental bank said in a statement on Wednesday that its academy will oversee the capacity-building initiative in coordination with the AfCFTA Secretariat.

With 54 of the 55 members of the African Union signing the AfCFTA, the number of participating countries makes it the largest free trade area in the world.

According to Afreximbank, the American University in Cairo will work with them to offer the training, slated to take place in September in Cairo, Egypt.

The bank declared that it will concentrate on the AfCFTA’s commercial ramifications and the many opportunities it offers African businesses.

“Afreximbank is a key supporter of the implementation of the AfCFTA, whose focus is on transforming Africa from a fractured, commodity-dependent group of economies to a vibrant, integrated single market of about two billion people with a combined GDP of about $3.4tn,” said Dr. Yemi Kale, Group Chief Economist and Managing Director of Research at Afreximbank, in response to the program.

“In this regard, we believe that well-informed and prepared businesses are key to driving intra- and extra-African trade and investment. Through this training program, which is one of the numerous capacity-building initiatives the Bank has put in place to promote intra- and extra-African trade and investments, we aim to empower African businesses to fully exploit the vast opportunities created by the AfCFTA, thereby enhancing their competitiveness and contributing to sustainable economic growth in Africa.”

Additionally, Tsotetsi Makong, Head of Capacity Building and Technical Assistance at the AfCFTA Secretariat, emphasized the significance of capacity building for the AfCFTA’s successful implementation.

Makong said, “Investing in capacity building for the corporates and SMEs will ensure that home-sourced investments are mobilised and deficits with third country markets reduced, proving the AfCFTA to be the single most important instrument that de-risks the African continent in its entirety when it comes to investments.”

Related Topics:Afreximbank Africa African companies Featured

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Nigeria’s Dangote Refinery exports first fuel to Cameroon

Published

2 days ago

December 12, 2024

Ifeoluwa Dada

The Dangote Refinery in Nigeria said on Wednesday that it had exported its first petrol to Cameroon, marking a significant milestone that may help stabilise gasoline costs throughout the region and open the door for regional energy integration.

When fully operational, Nigerian billionaire Aliko Dangote’s 650,000-barrel refinery in Lagos is intended to alter the trade of refined products in the Atlantic basin and compete with refineries in Europe.

According to a statement by Neptune Oil, an energy company based in Cameroon, both businesses were looking into new projects to create a dependable supply chain that would assist in stabilising fuel costs and opportunities throughout the area.

According to Neptune Oil, there were no middlemen involved in the petrol delivery deal.

It is anticipated that the refinery’s operations will spur growth in the upstream, midstream, and downstream sectors, increasing investments in cement manufacture, plastic and rubber production, chemical and pharmaceutical goods, and oil refining.

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Egypt’s November inflation drops to 25.5%, near 2-year low

Published

3 days ago

December 11, 2024

Ifeoluwa Dada

According to figures released Tuesday by statistics agency CAPMAS, Egypt’s annual urban consumer price inflation rate fell more than anticipated to 25.5% in November, the lowest level since December 2022.

Following the Russian invasion of Ukraine, which caused international investors to pull billions of dollars out of Egyptian treasury markets, inflation started to rise sharply in early 2022.

In September 2023, headline inflation reached a record high of 38.0%. It dropped to 26.5% by October 2024.

In a Reuters survey last month, 15 economists’ consensus prediction was for annual inflation to gradually decline to 26.4%.

According to CAPMAS statistics, headline inflation decreased from 1.1% in October to 0.5% in November every month.

Compared to October, when they fell 1.1%, food costs fell 2.8% over the month, making them 23.3% more than they were a year ago.

An increase in the money supply has been a major contributor to inflation. According to central bank data, Egypt’s M2 money supply increased by 29.54% in October compared to the same month last year.