AfCTA: $450bn potential income gains at stake — Osinbajo

Vice President Yemi Osinbajo says there is a potential income gain of up to 450 billion dollars from the African Continental Free Trade Area (AfCFTA).


Osinbajo’s spokesman, Laolu Akande, in a statement on Wednesday in Abuja, said the vice president spoke virtually at the closing of the 2021 Conference of African Insurance Practitioners.

The  theme of conference is, “Rebuilding Africa’s Economy: An Insurance Perspective”.

He said that amidst monumental challenges posed by climate change, particularly energy transition and related issues, the coming decade anchored on AfCFTA offered great opportunities for Africa’s socio-economic transformation.

 Osinbajo urged African insurance practitioners to leverage opportunities in the AfCFTA

“Every smart economic grouping, whether governments or businesses, must be thinking, planning and strategising for these new times.

“The free trade agreement presents a major opportunity for African countries.

“By some estimates, if we get it right, we can bring several millions out of extreme poverty and raise the incomes of 68 million others who live on less than 5.50 dollars per day.

“There are potential income gains of up to 450 billion dollars, and just cutting red tape and simplifying customs procedures alone could drive up to 250 billion dollars of that sum.”

He said that all amounted to plenty opportunities  for the insurance industry in Africa.

The vice president said it entailed more trade in goods which  would mean greater need for insurance services; brokers, in particular, should expect a boon.

“Demand for trade facilitation services will rise, but obviously companies that already have market presence in other African countries, even if by collaboration, will benefit more than others.

“We can expect to see more well capitalised insurance providers from other African countries coming to compete in the Nigerian market.

“And we shouldn’t be surprised if this happens quickly.

“Services can be set up faster than manufacturing plants. Nigerian financial services companies, especially banks, are already in many African Countries, the likes of Zenith, Access, UBA.

“How about Insurance companies? We should now be looking at developing homegrown international African insurance conglomerates; the time is now.”

On the issue of climate change, Osinbajo probed on how the African insurance industry prepared for the interesting days ahead.

He made a reference to a Mackenzie podcast transcript.

“It was quite eye opening; while there will obviously be opportunities for new insurance products and solutions, especially in the property and casualty segment of the business, insurance companies must also be prepared for the systemic nature of climate-induced damage, with the possibilities of market failures and more system-wide destabilisation.

“Here in Nigeria, the growing intensity of flooding and damage to vast agricultural acreages might have a knock-on effect on other areas of the economy.

“Further slump in the economy is bad for everyone, even insurers.”

Osinbajo said that for Africa, there was perhaps a more significant challenge.

He said that in the past two years, the wealthier countries, after building their own economies on fossil fuels, had started banning or restricting public investments in fossil fuels, including gas.

“Seven European countries, including France, Germany, and the UK, announced that they would halt public funding for certain fossil fuel projects abroad.

“Also, the World Bank and other multilateral development banks are being urged by some shareholders to do the same.

“The African Development Bank, for instance, is increasingly unable to support large natural gas projects.

“Already, some OECD based insurance companies are already committing to reducing their commitments to carbon intensive industries by 2030.”

He explained  the implication of the trend on Africa’s growing oil and gas markets.

“I think African insurance companies must now speak and act differently.

“You must be at the forefront of the campaign for a just and equitable transition to a low carbon future.

“This means that we cannot accept a defunding of gas projects when gas is an important transition fuel for us.

“Not just to get our people from the environmentally damaging firewood to cooking gas, and also autogas for our auto vehicles, but to also provide much needed power for industries and domestic use.

“Africa’s economic future might really be at risk if we do not find our voices and, in unison, insist that the necessary speed to zero emissions must not mean disaster for our African economies,” he added.


No comments

Thank you for reaching out to us. We are happy to receive your opinion and request. If you are need advert or sponsored post, We’re excited you’re considering advertising or sponsoring a post on our blog. Your support is what keeps us going. With the current trend, it’s very obvious content marketing is the way to go. Banner advertising and trying to get customers through Google Adwords may get you customers but it has been proven beyond doubt that Content Marketing has more lasting benefits.
We offer majorly two types of advertising:
1. Sponsored Posts: If you are really interested in publishing a sponsored post or a press release, video content, advertorial or any other kind of sponsored post, then you are at the right place.
WHAT KIND OF SPONSORED POSTS DO WE ACCEPT?
Generally, a sponsored post can be any of the following:
Press release
Advertorial
Video content
Article
Interview
This kind of post is usually written to promote you or your business. However, we do prefer posts that naturally flow with the site’s general content. This means we can also promote artists, songs, cosmetic products and things that you love of all products or services.
DURATION & BONUSES
Every sponsored article will remain live on the site as long as this website exists. The duration is indefinite! Again, we will share your post on our social media channels and our email subscribers too will get to read your article. You’re exposing your article to our: Twitter followers, Facebook fans and other social networks.

We will also try as much as possible to optimize your post for search engines as well.

Submission of Materials : Sponsored post should be well written in English language and all materials must be delivered via electronic medium. All sponsored posts must be delivered via electronic version, either on disk or e-mail on Microsoft Word unless otherwise noted.
PRICING
The price largely depends on if you’re writing the content or we’re to do that. But if your are writing the content, it is $60 per article.

2. Banner Advertising: We also offer banner advertising in various sizes and of course, our prices are flexible. you may choose to for the weekly rate or simply buy your desired number of impressions.

Technical Details And Pricing
Banner Size 300 X 250 pixels : Appears on the home page and below all pages on the site.
Banner Size 728 X 90 pixels: Appears on the top right Corner of the homepage and all pages on the site.
Large rectangle Banner Size (336x280) : Appears on the home page and below all pages on the site.
Small square (200x200) : Appears on the right side of the home page and all pages on the site.
Half page (300x600) : Appears on the right side of the home page and all pages on the site.
Portrait (300x1050) : Appears on the right side of the home page and all pages on the site.
Billboard (970x250) : Appears on the home page.

Submission of Materials : Banner ads can be in jpeg, jpg and gif format. All materials must be deliverd via electronic medium. All ads must be delivered via electronic version, either on disk or e-mail in the ordered pixel dimensions unless otherwise noted.
For advertising offers, send an email with your name,company, website, country and advert or sponsored post you want to appear on our website to omodjk(at)gmail(dot)com

Normally, we should respond within 48 hours.

Livescores Of Sports -Latest Trending Soccer Results And Football Scores - Sponsored Advertisement