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Davos: Africa boosts free trade while global barriers go up

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A
new African free trade area could be just weeks away as the last few
countries ratify an agreement signed last year. The plan to boost
intra-African trade by half is gaining much attention in
Davos this year.


    


 When
you ask Tony Elumelu if Africa would profit from free trade, the
Nigerian entrepreneur and philanthropist does not have to think long.
“If we look at other parts of the world, intra-regional
trade helped significantly. For us to develop in Africa, we must
embrace this,” he told DW at the World Economic Forum in Davos.
“We need to develop and broaden the market. We need to integrate Africa by trade also.”


 


He
might not have to wait much longer for this to happen. Last year, 49
African countries signed the Continental Free Trade Area (CFTA)
agreement, which is supposed to do away with tariffs on most
goods and other trade barriers.



 


The
agreement will come into force once 22 countries have ratified it. With
only seven more to go, it might only be a matter of weeks. So in times
when others are erecting trade barriers once again,
leaders on the continent are edging closer towards establishing the
largest free trade area since the World Trade Organization’s inception.



 


It
would create a market with a combined GDP of around three trillion
dollars and, according to the African Union (AU), boost intra-African
trade by 52 percent. As enterprises will get the chance
to enter new markets, unemployment is predicted to fall and economic
output to go up. And the effects in the long-run could be even more
substantial.



 


Create value, attract investors


“Those
nations who trade in raw materials are the ones that are poor. Those
that actually trade in value-added products are the ones that are
rich,” Akinwumi Adesina, president of the African Development
Bank, explained. But as African economies will be able to cooperate
more closely, he hopes companies will create more elaborate value chains
to produce higher-quality goods.


Also,
he considers the CFTA a big chance to attract investors. “Africa is
open for business, the opportunities are there,” he said. “When people
look at Africa, think of the population, think of the
middle-class, think of the huge opportunities to invest across
borders.”


Investments
would come at a crucial time when it is estimated Africa lacks up to
$100 billion (€88 billion) for infrastructure projects alone.



 


Making it work for the 99 percent


But
as rosy as the economic future may seem, there are, of course, also
challenges that governments will have to overcome. Winifred Byanyima,
the head of Oxfam International, warned leaders of what
freewheeling globalization can lead to.



 


“We
have richer countries, richer companies, richer people gaining from
trade liberalization and many others left behind,” she said. Whether
Africans with lower incomes will also benefit from the
CFTA would depend on what measures of success those in charge apply.
“The most important measure is the good quality jobs that will be
produced for our young people and for women.”



 


A new era — also for Nigeria?


Despite
these words of caution, euphoria for the CFTA is high. Before Africa
lies the beginning of a new economic era; and some regard it as only
that, a start. Bernard Gautier of French investment
company Wendel, for example, has already called for even deeper
integration by means of common currencies.

And
Tony Elumelu advocates to not only let goods flow freely. “We need to
carry common passports or at least simplify the border entrance so that
people can move freely intra-Africa. People who move
freely can trade – and not otherwise,” the billionaire said.

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Elated Polaris Bank Customer commends Bank for excellent customer service

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Polaris BAnk

Polaris Bank customer, Ife Michael, who recently aired her concerns on X (formerly Twitter) on a school fees transaction, has commended the Bank for resolving her Complaint swiftly as promised.

 

Ife Michael tweeting via her X handle @V_Ifemichael had called out the Bank for ‘seizing’ her funds as sent from a UK University where she had sought admission.

Polaris Bank reacted promptly to her Complaint and engaged her to explain the process and promised to resolve the issue which the Bank did swiftly.

An apparently elated Ife Michael went back to the micro blogging site to recount her experience with an update on her earlier thread of how the Bank swiftly resolved her Complainant.

The Bank, according to her update “responded and reached out to explain in details the guidelines underpinning FX transaction as it relates in particular to International payment.

In her tweet, Ife Michael expressed gratitude to Polaris Bank’s swift action and transparent communication. According to her, the Bank clarified that the situation was complex but assured her that the funds would be promptly refunded to the school. And Polaris Bank did exactly as it promised as it promptly refunded the money to Roehampton University and initiated necessary processes to streamline the refund.

The engagement began when Polaris Bank’s headquarters made the first contact at 11:48 am, and by 3:41 pm on the same day, Ife Michael confirmed that the Bank had successfully refunded the funds and

fulfilled all required procedures. The Bank also took the extra step of writing to the school to facilitate the process.

This positive outcome highlights Polaris Bank’s commitment to customer satisfaction, responsive and excellent customer service, and adherence to regulatory policies. The incident not only showcases effective conflict resolution but also underscores the power of a Bank fostering transparent communication between it and her customers.

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Cristiano Ronaldo wants to leave Manchester United

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Cristiano Ronaldo and his agent Jorge Mendes held meetings with United at Carrington on Tuesday, but his position remains unchanged and he wants to play for a club in the Champions League and win major trophies. United do not want him to go, however, and Ronaldo has started training with the team having missed the club’s pre-season tour of Thailand and Australia due to family reasons.

His potential options elsewhere are limited. Chelsea are not an option anymore, while Bayern Munich and Atletico Madrid appeared to publicly rule themselves out this week. “As we’ve seen on Instagram, Ronaldo has been keeping fit, so there are no concerns from Manchester United over his fitness or physical level; he’s one of the fittest players in world football.

“Ultimately, The Portuguese forward did state his desire to leave Old Trafford, but he’s running out of options, and it seems like he’s actually going to have to stay. Perhaps he will try and swing it where the 25 per cent pay cut in his contract will be waived away by United, perhaps he wants to manoeuvre and muscle a new deal, we’ll have to wait and see. But it doesn’t look like Stamford Bridge is on his cards.

“Chelsea have distanced themselves from a deal for Ronaldo, as have Bayern Munich, Napoli and a lot of other elite clubs that Jorge Mendes, who is Ronaldo’s agent, has tried to sell him to. “An offer from Saudi Arabia is astronomical but ultimately, it does not give Cristiano Ronaldo what he wants, which is that legacy. He wants to achieve Champions League records that he thinks no one else will be able to attain in the future.

“He wants to sign off at the absolute highest level. Now, it looks increasingly like he will have to stay at Manchester United because there are no biters from the big clubs.

“Everyone has their forwards already, and Chelsea, who are the only club looking like they could actually potentially be spun by what Cristiano Ronaldo offers off the pitch because we were told that Mendes, while being in front of these clubs, was putting forward his numbers in terms of social media influence, sponsorship that he rakes in, the commercial gain of his shirt sales and stuff like that. But even they now say he is not in their plans. Their immediate aim is to strengthen the defence.

“So, that leaves Ronaldo really with not many choices. We know that he does want to be competing at the highest level so if he does go to Saudi Arabia that cuts against everything he has said and everything we actually know about him and his career.

“Manchester United have always been very calm and very comfortable. They have insisted he is not for sale, and he will see out the last year of his contract. How they manoeuvre this now going forward we’ll see, but Ronaldo is keeping fit, so they have no issues or problems or fears over what state he’ll report back to pre-season in.”

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CONVOCATION: GRACE NATION BIBLE INSTITUTE GRADUATES 120 STUDENTS

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-you must remain a good Ambassador of Christ- Chris Okafor

No fewer than 120 certified Trained Prophetic students of Grace Nation Bible Institute graduated today after they have gone through rigorous prophetic training by the best Teachers Supervised by the anointed servant of God Dr. Chris Okafor. The student was presented with their certificates at the special convocation ceremony held at the International Headquarters of Grace Nation(GBI) in Ojodu Berger Lagos Nigeria. According to the Rector of the institute, they satisfy all requirements and conditions to be awarded a diploma certificate in various fields of Prophetic and Bibles knowledge.

In his words of Encouragement, the President of Grace Nation Bible Institute, Dr. Chris Okafor remarks that he has no doubt in his mind that all the students are well-trained judging by the level and capacity of all the resource Personality who lecture them, train and retraining them to face any challenges that come there ways,
The Apostle of altars also challenged them to be a good ambassador of the school to the outside world through soul-winning to the kingdom of God.

The Generational Prophet of God also remarked that as you have all learned, you must put the name of a school in good repute and always ready to work for the Lord at any time

Some of the course covered in the 8weeks program includes Evangelism and soul-winning, spiritual development and Human Management to mention but few

The highlight of the convocation was the Presentation of Certificates to all the students, according to the Rector all the students perform excellently well

Earlier in his sermon, the Senior Pastor Grace Nation and the Generational prophet of God Dr. Chris Okafor teach on the series, ”The Covenant Day of Settlement” said settlement comes when you fulfill all the Principles of Settlement,
the man of God said nothing come free but when you applied the principles and follow it diligently you will easily get a settlement on all side

The realm of the Prophetic witnessed another higher dimension of Prophetic movement and deliverance through the Set Man, the Generational Prophet of God Dr. Chris Okafor, He visited many family altars and set many captives free, he also delivered people with blood-line diseases while delivering miracle babies to expectant mothers

The service came to a close with a special Prayer for the Set Man, the Generational Prophet of God Dr. Chris Okafor who will be making another birthday tomorrow, 4 April 2022.

 

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