Day: August 28, 2024

On the morning of August 28, the Fifth Qingdao Multinationals Summit, jointly organized by the Ministry of Commerce of China and the People’s Government of Shandong Province, opened at the Qingdao International Conference Center with more than 800 present guests from all walks of life.

Zhang Qingwei, Vice Chairman of the Standing Committee of the National People’s Congress, opened the summit. Lin Wu, Secretary of the Shandong Provincial Party Committee, made a speech, Wang Wentao, Minister of Commerce of China, delivered a video speech, and Zhou Naixiang, Governor of Shandong Province, presided over the opening ceremony.

Zhang Qingwei pointed out that multinational companies are a powerful promoter of economic globalization and an important force in promoting the construction of an open world economy. The summit aims to continuously enhance mutually beneficial cooperation relations between China and multinational companies. China hopes to work with multinational companies to enhance mutual trust on the big
stage of openness and development, sharing new opportunities such as the construction of a unified immense market, the development of new quality productive forces, comprehensive green transition, and institutional opening up.

In his speech, Lin Wu said that China and the majority of multinational companies have made two-way efforts to embrace the opportunities of the times in the tide of China’s reform and opening up since the first Qingdao Multinationals Summit, and have produced fruitful results. Shandong Province will continue to create a market-oriented, law-based, and international first-class business environment, providing a full range of services for the majority of multinational companies to invest in Shandong.

In his speech, Wang Wentao mentioned that multinational companies are important participants, witnesses and beneficiaries of China’s reform and opening up process for more than 40 years, and while constantly achieving their own development, they have also made positive contributions to Chin
a’s economic and social development. Chinese-style modernization has brought new impetus and opportunities to the development of multinational companies in China. The Ministry of Commerce will continue to support Shandong to give full play to its advantages, deepen international economic and trade cooperation, further consolidate the reform in an all-round way, and promote high-level opening up to the outside world.

The Deputy Director-General of the World Trade Organization, Zhang Xiangchen, delivered a video message, and the Secretary of the Qingdao Municipal Party Committee, Zeng Zanrong, made a speech as well. More than 550 delegates from 451 multinational companies attended the summit, including 99 multinationals attending the summit for the first time. Ambassadors from Singapore, Japan, South Korea and other countries, representatives of multinational companies, international organizations and business associations, Chinese and foreign academicians, experts and scholars participated in the opening cere
mony.

The opening ceremony was followed by the Forum on the Development of Multinationals. Keita Ishii, President of Itochu Corporation; Son Kyong-shik, Chairman of CJ Corporation; Mufti, Executive Vice President of Saudi Petroleum International Inc. (Saudi Aramco); Seiji Imai, Chairman of Mizuho Financial Group; Wang Lei, Global Executive Vice President of AstraZeneca, Chairman of International Business and President of China; Kuniharu Nakamura, Special Advisor of Sumitomo Corporation; Giovanni, Executive Vice President of Eni Group and Chairman of the Board of Directors of China; Arjun Purkayastha, Global Senior Vice President of Reckitt and President of Greater China; Rodriguez, Global Senior Vice President of Garrett Motion; and Zhou Yunjie, Chairman of the Board of Directors and CEO of Haier Group, delivered speeches.

Source: News Agency of Nigeria

The Presidency will take concrete steps to remove Nigeria from the grey list of the global Financial Action Task Force (FATF), before the May 2025 deadline.

Mr Femi Gbajabiamila, the Chief of Staff to the President, gave the assurance during a fact-finding visit to the office of the Nigerian Financial Intelligence Unit (NFIU) in Abuja on Tuesday.

Gbajabiamila pledged that the Federal Government would address the deficiencies that led to Nigeria’s listing.

He made the pledge in response to a request by Hafsat Bakari, the Director and Chief Executive Officer of NFIU, who sought high-level intervention to meet the implementation deadline of the FATF action plan.

The News Agency of Nigeria (NAN) reports that on Feb. 24, 2023, Nigeria was placed on the FATF Grey List.

This was due to rising capital inflows and shortcomings in combating money laundering, terrorism and arms financing.

The FATF is an independent intergovernmental organisation that promotes policies to protect the global financial system.

It e
valuates jurisdictions based on its Anti-Money Laundering/Counter Financing of Terrorism and Proliferation (AML/CFT/P) standards.

Gbajabiamila acknowledged the progress made by NFIU by implementing 30 per cent of the action plan to address identified deficiencies.

He stressed the need for accelerated efforts to complete the remaining tasks.

‘I am a firm believer that no matter how much you achieve, one thing can destroy everything you have achieved. One rotten egg can spoil the whole basket.

‘We have nine months left to exit the Grey List, and even being on that list is bad enough – that is not what we want for our country.

‘Therefore, we will do everything we need to do because May 2025 is around the corner.

‘You must furnish us with the information and the boxes that we need to tick. We do not want a fire brigade approach because May is around the corner; this is a high priority,’ he said.

Gbajabiamila also assured the management of NFIU of continued collaboration with his office to enable it protect
Nigeria’s financial system from terrorism financing, money laundering, arms proliferation and other violent crimes.

The NFIU operates under the supervision of the State House.

‘I know there’s much to be done and we are here to collaborate with you to ensure that ultimately we can get to where we are supposed to be,’ he said.

The Chief of Staff also commended the agency for implementing the recent Supreme Court interpretation on local government autonomy.

Highlighting NFIU’s achievements, Bakari noted that the agency had fostered inter-agency cooperation, connecting over 45 agencies to its intelligence sharing platform.

She said 18 state internal revenue services had been connected to boost domestic revenue mobilisation in sub-national governments.

‘One of the key projects we have commenced is the implementation of a monetary network framework following the recent Supreme Court judgment on the fiscal autonomy of local governments.

‘This will enable the government to ensure that resources made available
have an impact on the citizens,’ Bakari stated.

The NFIU boss pointed out that NFIU had deployed significant human and financial resources to address identified deficiencies.

‘Capacity building is essential to stay ahead of evolving methods and typologies of financial crime,’ she said.

Gbajabiamila also visited Nigeria Extractive Industries Transparency Initiative (NEITI) and the National Council on Climate Change (NATCCC) as part of his ongoing engagements with agencies under the supervision of State House.

Source: News Agency of Nigeria

The Nigerian Export Promotion Council (NEPC) says Nigeria’s non-oil export sector recorded impressive growth in the first half of 2024, generating 2.7 billion dollars in revenue.

The Executive Director of NEPC, Nonye Ayeni, said this while presenting a progress report on Nigeria’s non-oil export performance on Wednesday in Abuja.

Ayeni said that the figure showed a 6.26 per cent increase when compared to the 2.539 billion dollars earned in the same period in 2023.

According to her, the significant uptick in export revenue highlights the country’s ongoing efforts to diversify its economy away from oil dependence.

Ayeni attributed the growth to several key factors like the successful transition of government in May 2023, and the policy strides under President Bola Tinubu’s Renewed Hope Agenda.

She also credited the NEPC’s ‘Operation Double Your Exports’ initiative, which focused on partnerships, advocacy, capacity building, and export intervention programmes.

‘In just six months, we have seen tangible re
sults from our concerted efforts to expand Nigeria’s non-oil export base.

‘The increase in both the volume and value of exported products is a testament to the effectiveness of these policies and initiatives,’ she said.

On product diversification and market reach, the NEPC boss revealed that a total of 211 different products were exported from Nigeria during this period.

She said that this showed a shift from traditional agricultural commodities to more semi-processed and manufactured goods.

According to her, leading the charge was cocoa beans, which constituted 23.18 per cent of the total non-oil exports, followed by urea/fertiliser and sesame seeds at 13.78 and 11.04 per cent.

She said that there was growing prominence of newer export products such as fresh vegetables, citrus peel, and sorghum, which are gaining traction in the global market.

‘These emerging products, though still developing in market share, reflect the diversification and broadening of Nigeria’s export portfolio,’ she said.

On top e
xporting companies and financial institutions, the NEPC boss said that among the top 20 exporting companies, Indorama-Eleme Fertiliser and Chemical Limited led with 198.8 million dollars in exports.

She said that Starlink Global and Ideal Limited followed closely with 184.7 million dollars, while Outspan Nigeria Limited exported 177.75 million dollars worth of cocoa.

‘Other notable contributors included Dangote Fertiliser Limited and Metal Recycling Industries Limited.

‘In terms of financial support, Zenith Bank Plc dominated the non-oil export transactions, handling 43.09 per cent of the total Non-Oil Export Proceeds (NXPs).

‘It was followed by First Bank Nigeria Plc and Fidelity Bank, which accounted for 6.56 per cent and 6.38 cent,’ she said.

She urged more financial institutions to leverage the opportunities in the non-oil export sector, particularly in light of the African Continental Free Trade Area (AfCFTA).

According to her, this is to enhance exporters’ capacity and access to international mark
ets.

She said that Nigeria’s non-oil products were being exported to 122 countries across Africa, the Americas, Asia, Europe, and Oceania.

‘The top three importing countries are the Netherlands, Malaysia, and Brazil.

‘Interestingly, Ghana is the only African country to make it into the top 15 global importers of Nigerian products, occupying the 14th position.

‘Within the African continent, 14 ECOWAS member countries imported Nigerian products worth 156.117 million dollars, amounting to 5.79 per cent of the total export value.

‘The majority of these exports, 95.08 per cent, were routed through Nigeria’s seaports, with the remainder distributed via international airports and land borders,’ she said.

She expressed the council’s commitment to working with critical stakeholders to stimulate export growth.

‘I am optimistic that with the several export intervention programmes and projects, we have started and are ongoing.

‘The sector is positioned to contribute immensely to the country’s Gross Domestic Produ
ct (GDP), increase the country’s foreign exchange earnings and, thereby, ensure sustainable economic growth,’ she said.

Source: News Agency of Nigeria

A former House of Representative member, Lanre Laoshe, has repaid his N1,200 student loan, received between 1976 and 1979, with the sum of N3,189,217.

This is contained in a statement by Nasir Ayitogo of the Communications Department, Nigerian Education Loan Fund (NELFUND) on Tuesday in Abuja.

Ayitogo said Laoshe, who benefited from the defunct Federal Government Student Loan Scheme, expressed gratitude for the financial support he received during his education.

He stated that in order to determine the current equivalent of the N1,200 loan, he obtained a table of average annual exchange rates from 1972 to 1985 from sources at the Central Bank of Nigeria (CBN).

‘Using the current exchange rate of $1.00 = N1,583.98, Hon. Laoshe calculated that the equivalent amount today would be N3,189,217.00.

‘As a result, he issued a Polaris Bank Plc bank draft (No. 14670909) for this amount to NELFUND, marking his repayment as a token of gratitude to the Federal Government for the role it played in his educational jou
rney.

‘This act of goodwill and integrity by Laoshe serves as an inspiring example of the impact that government support can have on individuals and highlights the importance of honouring one’s commitments.

‘NELFUND is deeply appreciative of Hon. Laoshe’s gesture and remains committed to supporting the educational aspirations of Nigerian students through its various programmes,’ he said.

Source: News Agency of Nigeria

Cooperative Governance and Traditional Affairs (CoGTA) Minister, Velenkosini Hlabisa, has welcomed the report on the audit outcomes of municipalities for the 2022/23 financial year by the Auditor-General of South Africa (AGSA).

This as the Auditor-General (AG) Tsakani Maluleke briefed the Portfolio Committee on Cooperative Governance and Traditional Affairs on Tuesday.

She stated that the audit outcomes indicated little overall improvement as the number of clean audits decreased.

Maluleke also revealed the unauthorised expenditure of R24 billion, with only one metro achieving a clean audit.

READ | AG tables municipal audit outcomes

On a positive note, the number of disclaimed audits decreased, while the most significant improvements in the audits were observed in the Eastern Cape and KwaZulu-Natal.

‘The Minister welcomes the audit improvements in some municipalities but expressed serious concern about those that have regressed as well as those who have not improved as per the audit outcomes report for
the financial year ended 30 June 2023,’ said CoGTA in a statement.

Hlabisa’s Office said the Minister continues to support the work done by the AGSA and initiatives aimed at consolidating the improvements recorded in some municipalities.

The department said it will also support municipalities to implement and maintain effective systems in governance, financial management, performance management, infrastructure, service delivery and compliance with local government legislation and related prescripts.

Bolstering local government

The department further added that it is committed to implementing several key initiatives.

These include the implementation of a multi-stakeholder approach and the said work is underway to establish a clear framework for multi-stakeholder collaboration to bolster local government.

Work is also underway to promote ethical leadership with the launch of the Code for Ethical Municipal Leadership expected later this year.

‘This initiative will introduce a set of principles aimed at fo
stering ethical behaviour within municipalities.’

The department has also vowed to investigate regulating councillor conduct.

Meanwhile, professionalising the public service remains paramount to combat the appointment of unqualified individuals in key municipal positions.

Cabinet approved the Framework Towards the Professionalisation of the Public Service in November 2022.

‘This framework mandates that senior managers across all three spheres be appointed on merit, ensuring qualified and competent officials lead our municipalities.’

In addition, the department is working around the clock to strengthen oversight.

‘Lack of consequence management remains a challenge. The department is supporting Municipal Public Accounts Committees and other oversight structures by reviewing critical governance documents and enhancing their understanding of their responsibilities through targeted capacity-building initiatives.’

Coalition governments

Zooming in on coalition governance, the department said it will address
governance challenges and instability in hung councils.

The department has developed the Local Government: Municipal Structures Amendment Bill also known as the Coalitions Bill, which has been published for public comment.

READ | CoGTA Minister welcomes introduction of Coalition Bill

The bill aims to provide a legislative framework for the formation and management of coalition governments.

Enhancing audit outcomes

The department said it will also focus on functional disciplinary Boards, offer tailored municipal support, improve revenue management and enhance audit outcomes.

‘These audit outcomes are aligned to the department’s report on the state of local government, and it is for this reason that the department and National Treasury are leading the process of the development of the Municipal Support and Intervention Plans in collaboration with sector departments, SALGA [the South African Local Government Association], provinces, and municipalities.’

The department states that the report by the AGSA co
nfirms that municipalities need effective coordination across all spheres of government in the areas of governance, financial health, institutional matters, and service delivery.

This coordination is essential to ensure that municipalities receive the necessary support to effectively and efficiently fulfil their constitutional mandate.

The department said it was implementing the support envisaged by Section 154 of the Constitution through the District Development Model (DDM) approach which at this stage has seen the establishment of three district hubs and the development of DDM One Plans for all district municipalities.

‘Implementation of the model, especially in local municipalities, will address socio-economic challenges and promote and retain investment into local economies. Added to this, the Minister will approach Cabinet to seek approval to establish an Inter-Ministerial Committee to focus on the audit outcomes of municipalities,’ said CoGTA.

Source: South African Government News Agency

The Sixth South African HIV Prevalence, Incidence and Behaviour Survey (SABSSM VI) for Limpopo has found that the province had one of the lowest HIV prevalence levels among all provinces in 2022, at 8.9%, down from 10.1% in 2017.

This translates to an estimated 570 000 people living with HIV (PLHIV) in Limpopo, a 2% decrease from the 580 000 reported in 2017.

The data is based on the Human Sciences Research Council (HSRC) which released the key findings of the SABSSM VI for Limpopo.

The findings were released at the Meropa Hotel in Polokwane on Tuesday.

The survey found that in 2022, HIV prevalence in the province was disproportionately higher among the 25 to 49 year old age group, with females recording a prevalence of 22.3% and males 17%.

‘Moreover, HIV prevalence was high, 7.4% among individuals living in rural formal or farm areas. Notably, females consistently showed a higher HIV prevalence across all selected demographic variables compared to their male counterparts,’ the data revealed.

According
to the overall principal investigator of the study, the HSRC’s Professor Khangelani Zuma, the survey revealed that the HIV epidemic profile peaked at an HIV prevalence of 29.4% among people aged between 50 and 54 in 2022, down from a peak of 36.9% in 2017 among those aged 40 to 44.

‘There was a decrease in HIV prevalence in 2022, except among those zero to 14 years, 35 to 39 years, and 50 to 54 years, compared to 2017,’ Zuma noted.

The data presented was for three Limpopo districts – namely Vhembe, Capricorn, and Mopani.

Among the three districts, the highest HIV prevalence was found in Mopani at 9%.

The SABSSM VI survey, conducted between 2022 and 2023, aimed to maintain surveillance of HIV infection and behaviours in South Africa, evaluate the progress of the South African national HIV and AIDS, STI and TB Strategic Plan, and monitor HIV indicators for national and international reporting.

Antiretroviral treatment

Shifting the focus to antiretroviral treatment (ART) coverage, the HSRC said the estimat
es closely mirror the national outlook, increasing to 80.8% in 2022 from 62.8% in 2017.

This translates to an estimated 430 000 PLHIV in the province receiving treatment in 2022, up from 290 000 in 2017.

ART use among all people living with HIV in the province was 80.8%, with males (73.1%) having lower coverage than females (84%).

Additionally, ART coverage was lower among those residing in urban areas (79.7%) than in other localities.

The lowest ART use was reported in Vhembe (76.4%), followed by Capricorn (80.8%).

Viral load suppression

The survey further revealed that in 2022, among all provinces, Limpopo had one of the lowest proportions of PLHIV who achieved viral load suppression (VLS) at 77.0%, up from 60.8% in 2017.

VLS was slightly lower among females (76.6%) than males (77.8%), with a more significant disparity in rural informal or tribal areas, where females achieved VLS at a rate of 75.2% compared to males at 83.9%.

‘Low levels of VLS are concerning in that there is a high risk of HIV tran
smission during unprotected sexual acts with a person who is virally unsuppressed.’

Knowledge of HIV status

Meanwhile, Zuma expressed concern that people living with HIV aged 25 to 49 make up the majority of those in Limpopo who are unaware of their HIV status (65.0%), aware but not on ART (63.3%), and on ART but not virally suppressed (65.9%).

However, he noted that adolescents and youth aged 15 to 24 disproportionately contribute to gaps in treatment, comprising only 4.8% of all people living with HIV, yet accounting for 15% of those unaware of their status, 13.3% of those aware but not on ART, and 11.4% of those on ART but not virally suppressed.

Among females, those aged 15 to 24 years account for a minority of female people living with HIV (4%).

Sex debut

Regarding the key drivers of the HIV pandemic, the Professor noted that the proportion of adolescents and youth aged 15 to 24 who reported having sex before the age of 15 years decreased to 8.7% in 2022 from 13.5% in 2017.

In 2022, the percentage
of adolescents and youth aged 15 to 24 who had their sexual debut before the age of 15 years was higher among males (14%) compared to females (3.1%).

‘This percentage varied by district, with the lowest rate in Capricorn (4.8%) and the highest rate in Vhembe (12.9%).’

Multiple partners

The survey revealed that in Limpopo, 11.4% of people aged 15 and older reported having multiple sexual partners in 2022, a decrease from 12% in 2017.

Notably, males (18.5%) were 3.7 times more likely to report having multiple sexual partners than females (5%).

The highest proportion of multiple sexual partners was found among those aged 15 to 24 (15.8%), compared to other age groups.

Condoms

Regarding condom use, the survey found that in Limpopo, 29.8% of people reported using a condom with their most recent sexual partner in 2022, a decline of 11.8% from 41.6% in 2017.

Condom use was lower among certain groups, including those aged 25 to 49 (28.7%) and females (25.4%).

In Limpopo, a higher proportion (53%) reported ne
ver using a condom with their most recent sexual partner, while only 4.4% reported using a condom almost every time.

‘The consistency of condom uses with the most recent sexual partner among people aged 15 and older in the province was higher among adolescents and youth aged 15 to 24 (31.7%) compared to those aged 25 to 49 (19%).

‘However, nearly 60% of adolescents and youth aged 15 to 24 reported using condoms only sometimes or never,’ noted the report.

Source: South African Government News Agency