Business Opportunities in Africa

In a circular, the apex bank said EFI was part of government’s efforts to develop the non-oil sector of the economy and to increase foreign earnings and employment rate. “The Bankers’ Committee at its 343rd Meeting held on April 4, 2019 approved the commencement of the Export Facilitation Initiative (EFI) to complement government’s efforts to engender growth in the non-oil sector of the economy as well as enhance foreign earnings and employment generation,” the circular read. “Under the initiative, the focal commodities for value chain development would be cashew, cocoa, palm oil, sesame seed and shea. “The commodities are to be funded under the approved guidelines of AGSMEIS (Agricultural/Small and Medium Enterprises Investment Scheme), NESF (Non-Oil Export Stimulation Facility) and RSSF-DCRR (Real Sector Support Facility- Differentiated Cash Reserves Requirement)  in line with the approved limits in the Export Facilitation Initiative Funding Framework (EFIFF). ...

STEP1 Incorporation of the Business at the Corporate Affairs Commission (CAC) in accordance with the Companies and Allied Matters Act, 1990. STEP 2 Registration of the company with Nigerian Investment Promotion Commission for the granting of Business Permit. IPC also grants approvals for expatriate quota positions and incentives. a. Requirements for Business Permit  Purchase NIPC form I for N10,000.00. Completed form submitted with original receipt. Certificate of Incorporation. A minimum share capital holding in the joint venture. Details of share holding in the joint venture. Joint venture/partnership Agreement where applicable. Memorandum and Articles of Association. CAC’s Form CO2 and CO7 duly certified. Evidence of capital importation for wholly foreign companies. Approval from the appropriate professional bodies where applicable.   Expatriate Quota In addition to the requirements listed under Business Permit, the following additional requirem...

BACKGROUND INFORMATION Palm Oil is derived from the West African palm fruit, which was imported to Southeast Asia from Africa in the 19th century and continues to enjoy extensive production in Indonesia and Malaysia. Palm oil makes up nearly 50 percent of edible oils consumed worldwide. Apart from being a popular ingredient in African food (especially soups, stews and porridge), palm oil has one of the most versatile uses of any plant product . Nigeria is the fourth largest producer of palm oil in the world accounting for 3% of global production. The Nigerian Institute for Oil Palm Research (NIFOR) estimates that upstream palm oil production is 0.98 million tons. Palm oil is an edible vegetable that is used in food, toiletries, cosmetics, and cleaning products around the globe. WHY CHOOSE PALM OIL Although there are other alternatives, including rapeseed and sunflower oil, palm oil is preferred to a variety of other vegetable oils for the following reasons: 1.   ...

Mr. Babatunde Faleke is the Regional Coordinator, Nigerian Export Promotion Council (NEPC) Lagos. In this interview with ABIBAT AMINU he speaks on opportunities open to Nigerian exporters, especially under the African Growth and Opportunity Act (AGOA). Excerpts: IS THE AFRICAN GROWTH AND OPPORTUNITY ACT (AGOA) STILL RELEVANT TODAY? Yes of course the African Growth and Opportunity Act (AGOA) is United States Trade Act is still as relevant today as when it was first mooted. AGOA significantly enhances the U.S market access for 39 sub-Saharan African countries. The Act originally covered the eight year period from October 2000 to September 2008. But amendments signed to into law by former U.S President George Bush in July 2004 extended AGOA to 2015 and former President Barrack Obama further extended it beyond 2015. WHAT MAKES A COUNTRY ELIGIBLE UNDER AGOA? The Act authorised the U.S President to designate countries as eligible to receive the benefits of AGOA if they are d...

  The Federal Government has begun the implementation strategy to ensure that non-oil products are duly accepted in the US under the African Growth and Opportunity Act. The products that are being considered for export under AGOA include sesame seed, cashew, tomatoes, oranges, cassava, spices and ginger. Others are shea butter, cow pea, banana, plantain, cement, clinker, leather and articles of leather, arts and handicrafts, specialty foods and cocoa. Alhaji Aliyu Abubakar, the Deputy Director, Trade Department, Ministry of Industry, Trade and Investment, made this known at a stakeholders’ meeting in Abuja on Friday. Abubakar said that the Minister, Okechukwu Enelamah, had given a directive to have the document as a fallout from the AGOA forum that took place in the US in July. On May 18, 2000, the US Congress passed AGOA into law. AGOA is a trade programme meant to establish stronger commercial ties between the US and sub-Saharan Africa. The act establishes a ...

Mr Hassan Bello, Executive Secretary, Nigeria Shippers’ Council (NSC), has said that the construction of $134million new Ibadan Inland Dry Port (IDP) would commence soon. Bello made the disclosure in Ibadan on Tuesday when he paid a courtesy call on Gov. Abiola Ajimobi of Oyo state in his office. Bello had led Mr Dada Ahmed, a representative of Infrastructure Concession Regulatory Commission (ICRC) and representatives of CRCC China-Africa Construction Limited on the visit. Bello presented to the governor an Outline Business Case Compliance Certificate (OBC) of the project expected to be developed at Olorisa-Oko, the terminal end of the ongoing Lagos-Ibadan Standard gauge railway line. Bello said that the construction company had approached the NSC to develop an Inland Dry Port (IDP) at Olorisa-Oko area of Oyo State at the end of the ongoing Lagos-Ibadan standard gauge railway line. ‘‘We are working to ensure that no time is lost. We will ensure that the procurement proc...

Wood Export Business is a business yet fully tapped in Nigeria. In West Africa, Nigeria has a very rich supply of good and quality Hardwood and best practices of replanting of wood after cutting is now encouraged in Nigeria. In this report, we will be discussing on Doussi Wood Export Business as regards the context of this report. Wood Export is a multi-million dollars industry, but it should be done in the right way in order to get the right result. Let’s view a bit of Doussi Wood Profile. Botanical Name: Afzelia Africana DESCRIPTION The Tree height grows between 10 and 20 meters. Doussi Wood is famous for quality wood density, . their bark which has many medicinal uses and their nitrogen-rich leaves enrichs the soil. The final product is used to produce high quality exterior and interior joinery, flooring, doors and boat building. There is a great demand in Southern and Eastern parts of Asia for this type of timber. It is used for production in what can be descr...