Buhari Signs African Trade Insurance Agency Establishment Instrument
The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, on Monday said the President, Major General Muhammadu Buhari (retd.), has signed the instrument of accession of the agreement for the establishment of the African Trade Insurance Agency.
Shehu disclosed this in a statement titled ‘President Buhari signs instrument to enable African Trade Insurance Agency’.
The presidential aide said the agreement and the agency were registered with the secretariat of the United Nations in accordance with the Charter of the UN.
The statement said, “The agency when executed will acknowledge previous multilateral efforts made by African states towards regional economic integration through co-operation in trade liberalisation and development so as to attain sustainable growth, promote economic activity and create an enabling environment for foreign trade, as well as cross-border and domestic investments.
“A memorandum from the Minister of Justice and Attorney-General, Abubakar Malami, stated that the request for the President’s signature on the agreement was sequel to the directive of the Federal Executive Council, that the instrument be prepared and forwarded for execution.”
The object and purpose of the agency is to provide, facilitate, encourage and otherwise develop the provision of, or the support for, insurance, including coinsurance and reinsurance, guarantees, and other financial instruments and services in African states.