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Forum commits to Nigeria-Israel economic agreement

Nigeria Israel Business Forum (NIBF) has reaffirmed its commitment to sensitize Nigerians on proper ways to explore economic opportunities through Nigeria-Israel bilateral agreement, to promote more self-reliance.

The National President of NIBF, Mr Owusi Patgrace, made this known on Sunday in Abuja.

He said although Nigeria is endowed with human and natural resources, more needs to be done to attract sustainable foreign business investment into the country, to drive economic growth in 2022.

Patgrace said, “The plan, purpose and programme of NIBF is to ensure that the bilateral economic agreement between Nigeria and Israel is fully enforced, to the betterment of Nigerians and Israelis.

“One of the cardinal reasons that brought NIBF on board is that we saw the lopsidedness of the economy of Nigeria and Israel.

“Israel has upper hands in transacting business with Nigerians, than Nigerians cashing on an agreement signed in 2009 to do business with Israel; part of the reason is because they were not informed.

“They do not know and what you do not know you cannot do anything with it.

“So, one of the things we want to do is to carry out a campaign that will inform our people of the right we have economically with Israel, of which some of us do not know.”

He explained that Israelis desire some resources in Nigeria, but because Nigerians do not know the economic values of such needs, other countries come into Nigeria, re-enhance such and sell to Israel.

More so, he said that Israel imports such resources from nationals in other countries, instead of importing from Nigerians having the resources domiciled in the fatherland, due to lack of awareness.

He said, “So, some of the things that NIBF is going to do is to bring knowledge to our people; because knowledge is power.

“We want to send the knowledge to our people, so that they tap into the opportunity in the bilateral economic agreement and utilize it.

“Also, we are looking at 2022 to be a great year for Nigerian business men and women, who really want to synergize with Israel with their technologies and their technical know-how.

“To harness some of the things we have in Nigeria and put them into proper economic use. We saw it as an opportunity to inform our people, we are blessed by our population.

“We are blessed mentally and with earthling resources; what do we need to get earthling-wealth? We need technology, Israel has it, they do not have earthling resources but we have in Nigeria.”

The president of the forum disclosed that the organisation planned to establish NIBF branches in Lagos, Osun or Ekiti, Jos and Enugu, and embark on mass literacy to achieve targets.

Also, to bring Israeli technological experts to train Nigerians on agriculture and securities about ways to advance economically and as well, travel to Israel to gain requisite knowledge on moving Nigeria forward.

He, however, identified signing of the Nigeria-Israel bilateral economic agreement in 2009,  to be an achievement that enabled Nigerians to own shops, register their business in Israel without any harassment.

NIBF consists of 500 members across Nigeria aimed at bringing together entrepreneurs, investors and marketplace professionals to advance national growth.

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AfDB, Standard Chartered in $50m agreement

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The Board of Directors of the African Development Bank (AfDB) has approved a $50 million Trade Finance Unfunded Risk Participation Agreement (RPA) facility with the Standard Chartered Bank.
A statement issued by the bank on Tuesday, said the agreement was signed on Sept. 8.
According to the bank, the agreement is expected to boost intra-African trade, promote regional integration, and contribute to the reduction of the trade finance gap in Africa.
This is in line with the implementation goals of the African Continental Free Trade Area Agreement (AfCFTA).
The statement said Stefan Nalletamby, AfDB’s Director for Financial Sector Development expressed delight, adding that the agreement would boost intra-African trade.
“We are excited about finalising this facility with Standard Chartered Bank as it offers us the flexibility to use our strong AAA-rated risk-bearing capacity to increase access to trade finance and boost intra/extra- African trade on the continent in support of the AfCFTA.
“This partnership is expected to catalyse more than 600 million dollars in value of trade finance transactions across multi-sectors such as agriculture, manufacturing and energy over the next three years.”
Also, Leila Mokadem, the Director-General, AfDB Southern Africa region added: “the advent of COVID-19, coupled with stringent regulatory/capital requirements and Know Your Customer (KYC) compliance enforcement, has seen many global banks reduce their correspondent banking relationships in Africa, while some are exiting the market altogether.
“There is therefore, an urgent need for financing to re-energise Africa’s trade, which requires more participation of institutions like the African Development Bank.”
The parties in the agreement are expected to share the default risk on a portfolio of eligible trade transactions originated by African Issuing Banks and indemnified by Standard Chartered Bank.
Beneficiaries of this facility are issuing banks in Africa with ability to grow their trade finance business has been constrained by inadequate trade confirmation lines from international banks.
Other beneficiaries are small and medium enterprises (SMEs) and domestic firms which rely on these issuing banks to fulfill their trade finance commitments.
The RPA facility is aligned with the AfDB’s High 5 priority goals which are: light up and power Africa, feed Africa, industrialise Africa, integrate Africa, and improve the quality of life for the people of Africa.