page contents
Connect with us

Motherland News

BUHARI EXPLAINS WITHDRAWAL FROM SIGNED AFCFTA.

Published

on

Nigeria’s president Muhammadu Buhari has explained that his country can’t agree to anything that will undermine local manufacturers and entrepreneurs, referring to his last minute withdrawal from the recently signed Africa Continental Free Trade Area (AfCFTA).

Buhari who has since set up a presidential committee to take two weeks widening consultations on AfCFTA, believes that the economic and security implications of Nigeria signing the deal must be further discussed.

‘‘We will not agree to anything that will undermine local manufacturers and entrepreneurs, or that may lead to Nigeria becoming a dumping ground for finished goods,’‘ Buhari explained.

FOLLOW US ON:
 INSTAGRAMLINKEDINYOUTUBETWITTER & FACEBOOK

Indeed, 3,000 Nigerian manufacturers under their umbrella body, Manufacturers Association of Nigeria (MAN) praised the government for backing out, saying the deal would lead to gross unemployment at home as most local companies would die “a quicker death’‘.

The $3 trillion continental free-trade zone encompassing 1.2 billion people, was accepted by 44 countries on Wednesday, but Nigeria and South Africa, Africa’s biggest economies, did not sign up, diminishing its impact.

South African President Cyril Ramaphosa said Pretoria would sign up once domestic legal requirements had been satisfied.

The African Union started talks in 2015 to establish a 55-nation bloc that would be the biggest in the world by member states, in a bid to increase intra-regional trade, which sits at a measly 15 percent of Africa’s total commerce.

Rwandan president Paul Kagame, host of an AU summit called to conclude the initial negotiations, declared the meeting a success after 44 African nations signed up to establish the free trade bloc within 18 months.

Others staying out of the bloc were Botswana, Lesotho, Namibia, Zambia, Burundi, Eritrea, Benin, Sierra Leone and Guinea Bissau.

“It would have been great if the two biggest economies on the continent, Nigeria and South Africa, had signed, but the most important is that the rest of the continent is sending a right message to these two biggest economies that we are moving ahead without you,” said Michael Kottoh, an analyst at Confidential Strategies in Ghana.

The project needed a minimum of 22 countries signing up to get off the ground and Kagame hailed the effort so far.

TO DOWNLOAD OUR MOBILE TV APP CLICK HERE
WATCH FREE MOBILE TV CHANNELS HERE

Motherland News

$550m bridge to connect two congos separated by River Congo.

Published

on

Two Congos separated by a river, the River Congo, have set in motion a plan to link their respective capital with a multi-purpose bridge.

The project estimated to cost $550m will include a toll bridge, a railway track, a road and a sidewalk, a statement cited by the Bloomberg portal reported.

The first Congo is officially sub-Saharan Africa’s biggest country in terms of land size, the Democratic Republic of Congo. Referred to as DR Congo, better still Congo-Kinshasa.



The other is the Republic of Congo whose national capital is Brazzaville with a commercial capital which borders the South Atlantic Ocean, Pointe Noire.

The announcement was made las week during the maiden Africa Development Bank investment forum in Johannesburg. When completed, it will provide alternative transportation means which are currently restricted to boats or planes.

IMG-20180912-WA0030

The bridge which will span a 1,575-meter route will give birth to special economic zones between the two neighbours, Republic of Congo Spatial Planning Minister Jean-Jacques Bouya said at the forum.

Officials from both sides of the river have signed an agreement to that effect, Bloomberg reported last week.

FOLLOW US ON:
 INSTAGRAMLINKEDINYOUTUBETWITTER & FACEBOOK

The great Congo River is the second longest river in Africa, shorter only than the Nile, as well as the second largest river in the world by discharge volume, following only the Amazon.

It is also the world’s deepest recorded river, with measured depths in excess of 220 m. Its overall length is put at 4,700 km (2,922 miles). The Congo gets its name from the old Kingdom of Kongo which was at the mouth of the river.

The Democratic Republic of the Congo and the Republic of the Congo, both countries sitting along the river’s banks, are named after it. From 1971 to 1997, the Democratic Republic of the Congo was called Zaire and its government called the river the Zaire River.

TO DOWNLOAD OUR MOBILE NEWS APP CLICK HERE
WATCH RUSSIA 2018 HIGHLIGHTS HERE

Continue Reading

Motherland News

Ghanaians react explosively to U.K’s deportation of rogue Trader Kweku Adoboli.

Published

on

Authorities in the United Kingdom, UK, have deported a former UBS trader jailed for Britain’s biggest fraud over unauthorised trades that cost the Swiss bank $2.3 billion.

Kweku Adoboli, a Ghanaian national who has lived in Britain since he was 12 had serially worked to avert the threat of deportation at a court hearing in London in December 2017.



The BBC reported on Wednesday that Adoboli was due to be flown out of Heathrow airport after he had been detained in Scotland on Monday evening.

Adoboli’s case made global headlines when he was arrested in 2011 and tried in 2012 over the huge losses to UBS, caused by trades far in excess of his authorised risk limits which he had pretended to hedge by booking fictitious off-setting trades.

IMG-20180912-WA0030

Adoboli, now in his late thirties has been appealing against an order made by the British authorities in July 2014 that he should be sent back to Ghana as a foreign criminal. Ghanaians have reacted to the deportation on social media outlets.

He had previously accused the Home Office, Britain’s interior ministry, of having mishandled his case. Among other issues, he says officials falsified a copy of his passport, wrongly asserted he was ineligible to work in Britain, and got basic facts about his life wrong in the deportation order.

FOLLOW US ON:
 INSTAGRAMLINKEDINYOUTUBETWITTER & FACEBOOK

Since his release from prison in June 2015, Adoboli has campaigned for cultural change in financial services. He says he is remorseful for the actions that led to his fraud conviction, but should be allowed to stay in Britain because of strong personal ties in the country and the public interest in his advocacy work.

Born in Ghana in 1980, Adoboli moved to Jerusalem with his family in 1984 when his father, a United Nations official, was posted there. The family later moved to Syria, and Adoboli never lived in Ghana again apart from during a short stint when the family had to leave Damascus because of the first Gulf War.

In 1992, aged 12, Adoboli was sent to a Quaker boarding school in Yorkshire, northern England. He has lived in Britain ever since.

TO DOWNLOAD OUR MOBILE NEWS APP CLICK HERE
WATCH RUSSIA 2018 HIGHLIGHTS HERE

Continue Reading

Facebook

Advertisement
Advertisement

Trending

Copyright © 2018 Anttention Media. All rights reserved