Business
Nigeria gears up to host Intra-African Trade Fair 2027
While Nigeria was taking over the baton from Algeria which hosted the highly successful fourth edition that recorded US$49.94 billion in trade and investment deals, the 2027, IATF2027 is targeting over US$50 billion in trade and investment deals, 100,000 visitors, 2,500 exhibitors, and participation from more than 100 countries.
• Chief Olusegun Obasanjo, IATF Chairperson
The Nigerian government has declared its readiness to host the fifth Intra-African Trade Fair 2027 (IATF2027), scheduled to take place from November 5 – 11 in Lagos.
The host agreement signing ceremony was held in Lagos, the designated ‘host city.
Dr. Jumoke Oduwole, Federal Minister of Industry, Trade and Investment, signed on behalf of Nigeria, while Dr. George Elombi, President and Chairman of the Board of Directors of African Export-Import Bank (Afreximbank)., Francisca Tatchoup Belobe, AU Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, and Cynthia E. Gnassingbé-Essonam, Director of Private Sector Engagement and Communications at AfCFTA Secretariat, who represented Wamkele Mene, Secretary General, AfCFTA Secretariat, signed for the IATF.
While Nigeria was taking over the baton from Algeria which hosted the highly successful fourth edition that recorded US$49.94 billion in trade and investment deals, the 2027, IATF2027 is targeting over US$50 billion in trade and investment deals, 100,000 visitors, 2,500 exhibitors, and participation from more than 100 countries.
The Fair will be held under the theme “Global Africa, Smart Trade- From Market Access to Market Power”featuring diverse programme notably the trade exhibitions
In his opening remarks, Chief Olusegun Obasanjo, Chairperson of the IATF2027 Advisory Council and Former President of the Federal Republic of Nigeria, underscored the strategic importance of the Fair in shaping Africa’s economic sovereignty.
He said : “The signing of this host agreement marks a momentous milestone for Nigeria and for the continent. Bringing IATF2027 to Lagos is historically significant, as this city hosted the Lagos Plan of Action adopted in 1980, which championed Africa’s industrialisation and economic self-sufficiency. We have to work hard to keep moving towards the Africa we want. I am confident that IATF2027 will surpass all previous editions in both scope and impact as we advance our shared goal for a unified African marketplace under the AfCFTA.
Commenting on Nigeria’s expanding footprint in intra-African commerce, highlighted Nigeria’s rising contribution
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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