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Obasanjo urges Africans to seek trade opportunities in Africa instead of looking for aid

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7 years ago

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Former Nigeria President Chief Olusegun Obasanjo has asked Africa countries to look inward and explore the trading opportunities available in Africa instead of looking for aid and trading more with other continents. Obasanjo who is the Chairman of the Advisory Committee of the Intra Africa Trade was delivering an open remark in Cairo. He said that deals worth over $27 billion are expected to be concluded at the first ever Intra African Trade Fair (IATF). He said that African countries that believe in the continent’s progress should sign the African Continental Free Trade Agreement. He said “A situation where trade among African countries is a paltry 18 per cent, compared with 52 per cent among Asian countries, and 68 per cent among European countries, calls for a drastic positive action on our part.”

According to him “The trade fair follows hot on the heels of the African Continental Free Trade Agreement (AfCTA) which aims to pioneer, support, facilitate and drive free trade and economic development across our continent. Increased trading among ourselves in Africa will enhance increased trade with other parts of the world.” Obasanjo praised the efforts of Afreximbank and African Union (AU) towards organising the event. “Afreximbank and the AU have worked tirelessly since the announcement of the trade fair in Kigali in March this year.” He said he shared the conviction that “the trade fair will contribute immensely towards the implementation of the AfCTA which will play a vital role in transforming businesses and economy, creating employment and generating wealth, and building prosperity across the continent.”

He told the audience that the fair will be the first instrument towards implementing the AfCTA “which is set to transform the way we do intra-African trade. It is therefore imperative that all African governments who believe in African progress must not only sign the AfCTA, but ratify it at once, to get the 22 countries whose ratification will signal the commencement of the implementation of the agreement. Without uninhibited trading among African countries, intra-African trade fair will amount to sham. Africa needs to focus on what trade is needed, where the markets are, the size of the market, and the standards required by those markets, how and where to implement the value chains that serve the market.

“We also need to fashion out the medium of payment within Africa for intra-African trade expeditions. These factors need to be combined in ensuring that there is commercially viable return and that the markets chosen are sustainable.” He said when Africa actualises its potential, it will earn more respect from the human race. Professor Benedict Oramah, President, Afreximbank, on his part, gave an inspirational speech on Africa making history at the IATF, reversing the colonial strategy of divide and rule, adding that the event signalled Africa’s readiness for economic independence. Oramah said 1,150 exhibitors from 80 countries would participate in the fair.

“We converge in Egypt, the land of the Pharaohs, the cradle of civilisation, to usher in a new era for Africa. We do so united by a common purpose; driven by a common desire; propelled by a commitment to use the force of history to change the course of history. We gather here as brothers, sisters and friends to say a resounding “Never Again” to the divisions imposed on us by history and which have dug us into a depth of misery. While others look across their borders to seek friends and partners, we look into the horizon to find ours! But this week, here in Cairo, thanks to the benevolence of His Excellency, President Abdel Fattah El-Sisi, we look inwards with pride, we look across our borders to embrace our common heritage. The tremendous networking effects that this gathering presents equips us with the potent force to begin to dismantle the well laid out colonial structures that have disintegrated Africa for close to a century. Anyone doubtful of the urgency of the events of this week, the first ever intra- African Trade Fair, should be reminded of the words of Mr. Albert Sarraut, a former Colonial Administrator, who aptly captured the colonial strategy, and I quote: 

“Economically, a colonial possession means to the home country simply a privileged market whence IT WILL DRAW THE RAW MATERIALS IT NEEDS, DUMPING ITS OWN MANUFACTURES IN Moreover, by strictly imposing on its colonial dependency the exclusive consumption of its manufactured products, THE METROPOLIS PREVENTS ANY EFFORTS TO USE OR MANUFACTURE LOCAL RAW MATERIALS ON THE SPOT, AND ANY CONTACT WITH THE REST OF THE WORLD. THE COLONY IS FORBIDDEN TO ESTABLISH ANY INDUSTRY, ………., OR TO DO BUSINESS WITH THE NEIGHBOURING TERRITORIES for its own enrichment across the customs barriers erected by the metropolitan power.” 

“Aware of the enormity of the structural barriers imposed on us by history, the late Dr. Kwame Nkrumah, in his 1963 speech on the occasion of the establishment of the Organization of African Unity (OAU), asked, and I quote: “By belonging to different economic zones, how will we break down the currency and trading barriers between African States, ………. How will we retain our own capital for our development? How will we establish an internal market for our own industries?”  Your Excellencies, Distinguished Ladies and Gentlemen, the answer to the questions posed by Dr. Nkrumah is obvious. We must reverse- engineer the colonial strategy of divide-and-rule; we must create an integrated market for our continent. 

“When Their Excellencies, African Heads of States, signed the African Continental Free Trade Agreement (AfCFTA) in March 2018, they fulfilled the Political Will and sent a strong message to the World that Africa was ready to chart a new course, a path to economic independence and a look inward for industrial growth; but that was only the beginning! We need to turn the Political Will into economic dividend; to integrate both on paper and on the ground; to build the inter-connectedness that only markets can unleash. Access to trade information is key to this process. Of what significance will it be, if we remove trade barriers but there is nothing to trade?; of what benefit is it, if we open our borders but African businesses remain ignorant of the opportunities that exist and what goods are available in other countries?; of what use will it be if the AfCFTA becomes operational and Kenya continues to import leather from outside Africa that Burundi produces; that Nigeria imports pharmaceuticals from outside Africa that Egypt produces, all because of lack of information? Since Afreximbank made the promotion of Intra- African trade the arrow-head of its strategy, we have discovered the explosive power of trade information. That is why we have been able to make it possible for Egyptian and Tunisian companies to implement over 2.5 billion US dollars in supply and construction contracts across Africa; that is why we have opened thriving Egypt-Nigeria pharmaceutical trade; that is why we have been able to facilitate the partnership that has led to the Cape-to-Cairo Fibre-optics cable attracting over 400 million intra-African investments; and that is why we are fostering a furniture supply chain between Gabon and Egypt, attracting over 150 million US dollars in investments. 

“Your Excellencies, Distinguished Guests, Ladies and Gentlemen, the Intra-African Trade Fair, perhaps one of the largest Trade Exhibitions ever in the continent, is an important step in resolving the information problem. There are almost 1,100 exhibitors from about 42 country pavilions; several thousand deal-makers with expected value of trade and investment deals to be signed exceeding 25 billion US dollars. There will also be 2 Country Days that promise great opportunities and entertainment; and a conference running alongside that boasts over 300 speakers and over 2500 delegates. Your Excellencies, you will agree with me that Africa has finally arrived! 

By creating this platform for interaction among African businesses, banks, artists and others, we are building the foundations for the emergence of robust continental supply chains. I foresee a tectonic shift in the dynamics of Africa’s trade as Africans begin to exploit the rich and diverse African market. As the continent becomes a sustainable market, private investments in infrastructure will follow. Today, distinguished ladies and gentlemen, I am proud to declare that we stand at the turning point of history. We are most grateful to His Excellency President Abdel-Fattah El-Sisi, President of the Arab Republic of Egypt, for supporting this initiative.  His leadership in the creation of the African Continental Free Trade Area (AfCFTA) is a testament to his belief in the power of regional integration in driving Africa’s development. 

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FG earned N2.78trn from Company Income Tax in second quarter 2025—NBS

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1 week ago

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November 28, 2025

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National Bureau of Statistics has said that Nigeria’s Company Income Tax rose sharply in the second quarter of 2025, hitting N2.78 trillion.

The figure represents a significant 40.27 per cent increase compared to the N1.98 trillion recorded in the first quarter of the year, reflecting both improved tax compliance and stronger corporate performance across key economic sectors.

The NBS report said that domestic company income tax payments accounted for the bulk of the revenue, contributing N2.31 trillion, while offshore collections stood at N469.36 billion during the period under review.

According to the NBS, the financial and insurance sector recorded the highest quarter-on-quarter growth, rising by an astonishing 772.29 per cent, driven by improved profitability among banks, fintechs, and insurance firms following robust half-year earnings.

This, according to NBS, was followed by wholesale and retail trade, as well as motor vehicle repair activities, which grew by 538.38%.

Activities of households as employers also surged by 526.79%, although their overall contribution to total company income tax remained negligible.

On the flip side, some sectors experienced sharp declines in company income tax remittances.

Activities of extraterritorial organizations and bodies dropped by –45.01%, while education, public administration, defence, and compulsory social security recorded declines of –26.61% and –18.17% respectively.

The contraction in these sectors, particularly education and public administration, highlights persistent structural and fiscal challenges confronting government-funded institutions.

In terms of contribution to total tax revenue, financial and insurance activities led with a dominant 44.13%, reflecting the sector’s continuing expansion and strong capital flows.

Manufacturing followed with 15.57%, bolstered by increased production output and improved supply chain activity.

Mining and quarrying ranked third, contributing 9.18%, supported by higher commodity prices and renewed interest in solid mineral development.

At the bottom of the contribution chart were activities of households as employers, which accounted for just 0.01%, as well as activities of extraterritorial organizations and bodies, and water supply, sewerage, waste management, and remediation services, each contributing 0.04%. Despite economic headwinds, year-on-year company income tax collection still rose by 12.66% when compared to Q2 2024, underscoring moderate but steady improvement in government revenue mobilisation.

Company income tax collection in the same period of 2024 rose by 150.83 per cent N2.47 trillion. In the first three months of the year, company income tax collection stood at N984.61 billion. According to the report, local payments in the period under review amounted to N1.35 trillion, while foreign CIT payments contributed N1.12 trillion. On a quarter-on-quarter basis, the agriculture, forestry, and fishing sectors exhibited the highest growth rate at 474.50%, followed by financial and insurance activities at 429.76%, and manufacturing at 414.15%.

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Lagos govt promises MSMEs continued visibility, market access

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3 weeks ago

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November 16, 2025

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Lagos State government has reaffirmed its unwavering commitment to supporting micro, small, and medium enterprises (MSMEs) across the state through visibility, capacity building, and market access. Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose-Medebem, made the pledge on Sunday at the closing ceremony of the 2025 Lagos International Trade Fair (LITF). The 38th edition of the event, organised by the Lagos Chamber of Commerce and Industry (LCCI), had its theme as “Connecting Business, Creating Value.”

Ms Ambrose-Medebem said every entrepreneur, regardless of scale, deserves an enabling environment to thrive and contribute meaningfully to the state’s economic prosperity. She said the state, through strategic investments in infrastructure, institutional reforms, and continuous engagement with the private sector, was building a Lagos that worked for business. The commissioner added that the state would continue to foster innovation, competitiveness, and sustainability.

“As a government, we remain steadfast in our commitment to making Lagos the preferred destination for commerce and enterprise. This fair has once again demonstrated the power of connection: connection between producers and consumers, investors and innovators, the government and the private sector, and local entrepreneurs and global brands. Every handshake, every conversation, every business card exchanged here is a building block toward the future we are creating, a future of prosperity that leaves no one behind,” she said.

The commissioner urged businesses to continue to connect, collaborate, and create value, saying, “In Lagos, we do not just trade goods; we trade ideas, build futures, and transform lives. “Together, let us continue to make Lagos not just a place of commerce, but a symbol of progress, innovation, and endless opportunity.” Gabriel Idahosa, president of LCCI, urged governments at all levels to continue addressing the issues of creating an enabling environment in the country.Mr Idahosa said focus should be on infrastructure, security, and implementing the right policies to address the key drivers of high inflation.

This, he said, was needed to fully harness the vast enterprising resources of domestic and foreign investors for the diversification of our economy and the welfare of our people. He pledged the commitment of the organised private sector to stand solidly behind the state in its quest to actualise its innovative initiatives on all fronts. NAN

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Jumia posts $17.7m pre-tax loss in Q3, down 1% in 12 Months

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3 weeks ago

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November 12, 2025

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Jumia Technologies AG posts a $17.7 million loss before income tax in the third quarter of 2025, down 1% year-on-year from $17.8 million in the third quarter of 2024. The road to profitability has remained long as ecommerce continues to face uncertainties, including widening competition with rivals in the same industry. The e-commerce company revenue came in at $45.6 million compared to $36.4 million in the third quarter of 2024, representing a 25% year-over-year surge in the period. The company reported gross merchandise value of $197.2 million compared to $162.9 million in the third quarter of 2024, up 21% year-over-year. Excluding South Africa and Tunisia, physical goods GMV grew 26% year-over-year, Jumia revealed in the unaudited financials.

Jumia said in its report that the GMV growth was driven by supply and strong marketing execution, partially offset by lower corporate sales in Egypt. Excluding corporate sales, GMV in reported currency grew 37% year-over-year. Nigeria’s momentum accelerated, with order growth up 30% and GMV up 43% year-over-year, Jumia said. The e-commerce giant’s operating loss reduced by 13% year-over-year to $17.4 million compared to $20.1 million in the third quarter of 2024. The company’s adjusted earnings before interest tax depreciation and amortisation loss dropped by 17% to $14.0 million compared to $17.0 million in the third quarter of 2024.

Jumia reported a loss before income tax of $17.7 million, a slight reduction of 1% compared to $17.8 million in the third quarter of 2024. Liquidity printed at $82.5 million, a decrease of $15.8 million in the third quarter of 2025, compared to an increase of $71.8 million in the third quarter of 2024, which included the net proceeds from the August 2024 At-the-Market (ATM) offering, and a decrease of $12.4 million in the second quarter of 2025.

Its net cash flow used in operating activities settled at $12.4 million compared to net cash flow used in operating activities of $26.8 million in the third quarter of 2024 and $12.7 million used in the second quarter of 2025. The result includes a positive working capital contribution of $0.4 million.

Jumia reported that customers’ orders grew 34% year-over-year, driven by strong execution, enhanced product assortment, and healthy consumer demand across key categories. It said quarterly active customers ordering physical goods grew by 23% year-over-year, highlighting continued engagement and customer loyalty. As of September 30, 2025, the Company’s liquidity position was $82.5 million, comprised of $81.5 million in cash and cash equivalents and $1.0 million in term deposits and other financial assets, it said in the report Jumia’s liquidity position decreased by $15.8 million in the third quarter of 2025, compared to an increase of $71.8 million in the third quarter of 2024, which included net proceeds from the August 2024 At-the-Market (ATM) offering, and a decrease of $12.4 million in the second quarter of 2025.

Net cash used in operating activities was $12.4 million in the third quarter of 2025, compared to a net cash used of $26.8 million in the third quarter of 2024 and $12.7 million used in the second quarter of 2025. The result includes a positive working capital contribution of $0.4 million in the third quarter of 2025, compared to a negative working capital contribution of $9.1 million in the third quarter of 2024, primarily reflecting improvements in operating performance.

 In addition, the Company reported $1.4 million in capital expenditures in the third quarter of 2025, compared to $0.9 million in the third quarter of 2024, primarily reflecting investments in infrastructure and facility enhancements to support business growth. “This quarter marks a significant acceleration in customer demand and order growth, driven by strong execution across our markets and growing consumer trust in the Jumia brand. We believe Jumia has reached an inflection point as our compelling value proposition, and improved operational discipline position us for sustainable, profitable growth.

“We continue to strengthen our cost structure and sharpen operational discipline, reinforcing our path toward profitability. Our focus remains on execution and customer engagement as we build a more efficient business.
“We believe that we are on track to reach breakeven on a Loss before Income tax basis in Q4 2026 and achieve full-year profitability in 2027, positioning Jumia for long-term growth and value creation.”

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