Business

PAMA Lauds Banks Crucial Roles Towards Achieving Continental Integration

Published

3 years ago

November 14, 2023

OCHEFA

360 Views

By Ocheneyi Alli

Pan African Manufacturers Association – PAMA, has lauded Afreximbank, AFDB, AFC, and others stakeholders for the energy they are putting towards achieving continental integration and creating the world’s largest Free Trade Area- AfCFTA.

Engr Mansur Ahmed, the Interim Chairman of PAMA, gave the kudos during the relaunch of the Association on the sideline of the ongoing Intra-African Trade Fair (IATF 2023) in Cairo, Egypt.

” Despite facing numerous challenges, significant strides have been made to advance the African Union’s Agenda 2063 since 2013, thanks to the dedication of African leaders, the AUC, and institutions like Afreximbank and the African Development Bank,” said Engr Mansur.

He, however, noted that the road to “The Africa We Want” remains lengthy and arduous, with intra-African trade still below 18 percent, and Africa’s global trade contribution at a mere 4 percent.
He said that to change this narrative, transformation is required across every sector, but one sector stands out as critical for economic growth: manufacturing.
In the modern global economy, manufacturing accounts for around 70 percent of global trade and more than 30 percent of service jobs.

To achieve the goals of Agenda 2063, African manufacturing must undergo a transformation and expansion, which is no easy feat and cannot be left to chance. Both the public and private sectors must make sustained efforts to successfully implement AFCFTA and attain Agenda 2063’s objectives.

The road to “The Africa We Want” remains lengthy and arduous, with intra-African trade still below 18 percent, and Africa’s global trade contribution at a mere 4 percent.

Institutions like Afreximbank, AFDB, AFC, and others are already playing crucial roles in this effort, but it’s essential for the private sector, particularly African manufacturers, to engage actively in fostering the necessary collaborations and partnerships for sector integration, expansion, and diversification.

This is where the Pan-African Manufacturers Association (PAMA) must play a more prominent role in promoting the growth of the African manufacturing sector.

Related Topics:IATF2023 Cairo Egypt Pan African Manufacturers Association

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Naira Exchange Rates To Foreign currencies Friday, June 19

Today, the Naira is exchanging at the official market at US DOLLAR (USD) ₦1,363. 30 , while the Black Market rate goes for ₦1, 400

Published

1 hour ago

June 19, 2026

OCHEFA

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Official CBN Exchange Rates

US DOLLAR (USD) ₦1,363. 30

GREAT BRITISH POUND (GBP) ₦1,805. 70

EURO (EUR) ₦1,563. 07

SWISS FRANC (CHF) ₦1, 697. 97

JAPANESE YEN (JPN) ₦8.47

CHINESE YUAN (CNY) ₦201. 22

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858.07

SAUDI RIYAL (SAR) ₦363.22

SOUTH AFRICAN RAND (ZAR) ₦83.08

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 400 Sell ₦1,407

GREAT BRITISH POUND (GBP) Buy ₦1,870 Sell: ₦1,890

EURO (EUR) Buy ₦1, 590 Sell ₦1, 610

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

Business

FG Releases Tax Act 2025 Transition Guidelines

The Guidelines are intended to promote uniform implementation and support effective administration across the Nigeria Revenue Service, State Internal Revenue Services, the FCT Internal Revenue Service, Local Government Revenue Committees, tax practitioners and taxpayers nationwide.

Published

19 hours ago

June 18, 2026

OCHEFA

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• Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele.

The Federal Government has issued the General Guidelines for the implementation of the Tax Acts 2025, setting out the process for transition from the repealed tax laws to the new tax framework effective from January 1, 2026.

Issued by the Federal Ministry of Finance, the Guidelines provide direction to taxpayers, tax practitioners, revenue authorities and other stakeholders on how to address various issues arising from the old regime to the new framework.

Under the Guidelines, the Tax Acts 2025 comprising the Nigeria Revenue Service (Establishment) Act, the Nigeria Tax Act, the Nigeria Tax Administration Act, and the Joint Revenue Board (Establishment) Act apply from the respective commencement dates as enacted in each law. In particular, January 1, 2026 for the Nigeria Tax Act, 2025.

Tax liabilities, assessments, audits, investigations, disputes and enforcement actions relating to periods before that date will be treated under the repealed tax laws.

Tax returns relating to accounting periods ending before January 1, 2026, will be filed under the previous tax laws, while returns falling due from January 1, 2026, onward will be administered under the new tax framework.

The document also covers the treatment of income taxes, transaction taxes, development levies, tax incentives, exemptions, record-keeping obligations and transactions that span both the old and new tax regimes.

Existing tax incentives and exemptions granted under the repealed laws will remain in place until their expiration dates. New applications and pending requests, however, will be considered under the provisions of the Tax Acts 2025.

Speaking on the release of the Guidelines, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, said that the document provides a framework for managing transitional issues while ensuring that the new laws are not applied retrospectively.

He described the Tax Acts 2025 as a significant milestone in Nigeria’s tax reform programme, noting that the Guidelines set out how existing obligations, ongoing matters and future transactions will be treated under the new regime.

According to the Minister, the Guidelines are anchored on three key principles – clarity, fairness and administrative certainty.

The Government reaffirmed its commitment to building a transparent, efficient and modern tax system that supports economic growth, strengthens revenue administration, encourages voluntary compliance and improves Nigeria’s investment climate.