Business
PAMA Lauds Banks Crucial Roles Towards Achieving Continental Integration
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.
Business
Illicit Financial Flows Draining National Resources – Adedeji
He emphasized the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.
•Chairman of FIRS, Zacch Adedeji
On July 22, 2025, the Executive Chairman of FIRS, Zacch Adedeji, delivered the welcome address at the National Conference on Illicit Financial Flows in Abuja.
He emphasizied the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.
He cited the recent tax reforms as a major step forward and highlighted the following as key points in his welcome address:
* Illicit Financial Flows through tax evasion, profit shifting and money laundering are draining national resources and threatening fiscal stability.
- The recent signing of four tax reform bills marks a critical step toward transparency, system overhaul, and stronger institutions.
- FIRS is responding with a multi-dimensional strategy: promoting voluntary compliance, embracing digital intelligence and enhancing enforcement under the Proceeds of Crime Act.
- * A need for unified, data-driven, and globally coordinated action to close fiscal gaps and protect Nigeria’s economic future.
Business
Just in: CBN Retains July Interest Rate at 27.5% , Says 8 banks meet recapitalisation target
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
The Central Bank of Nigeria (CBN) has maintained the July Monetary Policy Rate (MPR) of 27.5 percent with all policy parameters.
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
Mr Cardoso explained that the asymmetric corridor was retained at +500/-100 basis points around the MPR, leaving the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and a general Liquidity Ratio of 30 percent.
He said that the decision to maintain the current MPR was premised on the need to continue to ensure the ongoing inflation reduction while vigorously ensuring declining prices.
The CBN boss revealed that as of July 18, the nation’s foreign reserve stood at 40.1 billion, which could provide import cover of nine and a half months.
He also disclosed that eight banks had achieved the new recapitalisation requirements.
The governor said the monetary and fiscal authorities would continue to work together to reduce the nation’s inflation rate to a single digit.
Business
NCS Replacing 4% import charges with 1% CISS import levy
Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.
The Nigerian Customs Service (NCS) has announced that it will be replacing the proposed 4 percent import levy with the existing 1 percent Comprehensive Import Supervision Scheme (CISS) levy.
The Comptroller -General of Customs (CGC), Adewale Adeniyi, made the revelation at an engagement held in Lagos to sensitize stakeholders in the B’Odogwu platform.
The CGC who is also the Chairperson of the World Customs Organization (WCO) explained that, though the introduction of the 4 percent FOB had been enshrined in the constitution.
He noted that the decision to reintroduce the levy was made after careful consideration and consultation with relevant stakeholders.
Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.
Illicit Financial Flows Draining National Resources – Adedeji
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