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UBA, AfCFTA sign $80m financing agreement for Zambia’s SMEs

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The United Bank for Africa (UBA) Group has penned an agreement with the African Continental Free Trade Area (AfCFTA) aimed at providing financing of up to $80 million to Small and Medium Enterprises (SMEs) in Zambia.

The East African country was allocated the sum in the agreement to provide financing to eligible SMEs from a $6 billion three-year financing agreement signed between the UBA Group and AfCFTA.

UBA Country Chief Executive Officer, Chinedu Obeta, who made the announcement in a statement in Lusaka on Thursday, said each beneficiary SMEs would have access to an amount of up to $150,000 or its equivalent the local currency, Kwacha.

Obeta said the products under the financing agreement will asset finance, working capital finance, facilities such as short term loans and overdrafts.

“It is designed to provide the much needed financing to African and Africa based Small and Medium-scale Enterprises in various sectors including Agro-processing, automotive, pharmaceuticals and transport and logistics,” Obeta said.

He added that Zambia which has a vibrant SME sector, stands to benefit immensely from the initiative while the sectors being targeted in the first phase of the partnership are largely import dependent.

“By focusing on these sectors, we aim to promote the development of SMEs by providing technical and financing solutions for intra-Africa/domestic alternatives,” Obeta said.

He further noted that the initiative aligned with the objectives of the AfCFTA which was to improve access to finance and markets for SMEs, thereby encouraging their growth and contribution to the social-economic development of Africa.

“By providing much needed financing, we aim to empower Zambian SMEs to compete on a global scale, thereby boosting the Zambian economy as a whole,” he added.

Metro

Tinubu’s tax reforms meant to revitalise economy, not frustrate Nigerians— VP Shettima

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Nigeria’s Vice President, Kashim Shettima, has allayed fears of citizens over the tax reforms being implemented by the President Bola Tinubu administration, saying the tax reforms are targeted at revitalizing the country’s economy and not to frustrate and impoverish Nigerians.

Shettima who gave the assurance on Saturday during the close-out retreat of the Presidential Fiscal Policy and Tax Reforms Committee held at the Transcorp Hilton, Abuja, said contrary to speculations in some quarters, the reforms will benefit the country in the long run.

While addressing the audience, the Vice President who was represented by the Special Adviser to the President on General Duties (Office of The Vice President), Aliyu Moddibo Umar, said:

“We are not here to frustrate any sector of our economy but to create an administrative system that ensures the benefits of a thriving tax system for all our citizens.”

He explained that the policy thrust of the Tinubu administration’s tax reforms has taken into consideration the dynamics of the nation’s fiscal landscape which prompted the government to pause and reconsider the direction it was going.

“Our aim remains the revitalisation of revenue generation in Nigeria while sustaining an investment-friendly and globally competitive business environment,” he stated.

Shettima expressed confidence in the ability of the Tax Reforms Committee to deliver on the mandate given to them by the President, and also emphasised the significance of the task ahead.

“We are gathered today because we are transitioning from the phase of proposal in the operations of this committee’s work to the phase of implementation.

“I am confident that both the federal and state governments stand ready to ensure the effective implementation of your reform proposals, and we shall provide the institutional framework to guarantee the adoption of the consensuses of this committee, aligning them with our economic agenda,” he added.

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Zambia Police denies suspending officers for failing to prevent Lungu’s public ‘tour’

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The Zambian Police has denied allegations that six of its officers were placed on suspension for refusing to block former President Edgar Lungu when he took a tour of Lusaka’s Central Business District.

Lungu had, on Thursday, caused a minor stir when he decided to take a walnut around the Lusaka’s Central Business District which turned into a rowdy scene as traders and residents cheered his name, while others whistled and motorists honked in solidarity as he strolled through the area.

Local media reports that despite the potential risks his presence could have generated, Lungu was warmly welcomed at Lusaka’s biggest trading marketplace, Soweto, as he waved at the traders, and motorist while assessing the cost of living and engaging with traders.

Lungu’s actions however, drew a cautious response from the Zambia Police, who have always warned against organising unlawful assemblies.

On Friday, there were various reports that the police had suspended six officers who failed to prevent the ex-President from embarking on the march due to its potential of causing a breach of public peace.

However, the police, in a statement, said the claims were baseless and misleading.

The statement issued bu Police Public Relations Officer, Rae Hamoonga, said contrary to the allegations, no police officer had been suspended on the said allegations.

“Our investigation has revealed that such an incident did not occur, and therefore, no disciplinary action has been taken against any officers in connection with this matter,” Hamoonga said.

The police spokesman urged the public and media outlets to verify information before disseminating it to avoid causing panic and confusion.

“Even the typo errors can show that the statement was done in a hurry by a person with ill motives with such mistakes as ‘commandi’ instead of Command,” he noted.

He further pointed out that Zambia Police Service had no Public Relations Officer with the name ‘Rea Hamoonga, which was quoted as the person who released the statement.

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