National Economy
Friday, August 29, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Lead-In

‘EU CBAM Poses $25bn Annual Loss Risk For Africa’s Trade’

by Chika Izuora
2 years ago
in Lead-In
Reading Time: 1 min read
CBAM
Share on FacebookShare on TwitterShare on Telegram

President of the African Development Bank (AfDB), Akinwumi Adesina, has expressed serious concerns about the impact of the European Union’s Carbon Border Adjustment Mechanism (CBAM) on Africa.

Adesina estimates that Africa could face annual losses of up to $25 billion due to CBAM. Speaking at the Sustainable Trade Africa Conference during Cop28 in Dubai, Adesina argued that CBAM could significantly hinder Africa’s trade and industrialisation by penalising value-added exports such as steel, cement, iron, aluminum, and fertilisers.

He highlighted the potential consequences of CBAM, stating that Africa, with its energy deficit and reliance on fossil fuels, may be forced to export raw commodities to Europe, leading to further de-industrialisation on the continent. Adesina emphasised the negative impact of climate change on Africa and warned of the potential unfairness in global trade.

The CBAM, which entered its transitional phase on October 1, aims to combat carbon leakage by equalising the price of carbon between domestic products and imports. The mechanism initially applies to imports of carbon-intensive goods such as cement, iron and steel, aluminum, fertilisers, electricity, and hydrogen. Adesina raised concerns about the mechanism’s compliance with the principles of the Paris Accord, calling for “Just Trade-for-Energy Transition partnerships” to address the potential negative consequences for Africa’s renewable ambitions and trade prospects.

You May Like

FG Threatens Oil Licence Revocation As Output Hits 1.8m

ICRC Hands MDAs PPP Approval Powers Below ₦20bn

In addition to Adesina’s concerns, Benedict Oramah, the president of Afreximbank, warned of the financial costs associated with rapid decarbonisation in Africa, citing a study that revealed potential cuts of $150 billion in merchandise exports due to such efforts.

 

Tags: CBAM
ShareTweetShare
Previous Post

Nigeria Secures $150m Battery Manufacturing Deal With Chinese Investors

Next Post

CBN Raises Alarm Over Fake Naira Notes In Circulation

ANOTHER GOOD READ

FG Threatens Oil Licence Revocation As Output Hits 1.8m
Lead-In

FG Threatens Oil Licence Revocation As Output Hits 1.8m

4 days ago
ICRC Hands MDAs PPP Approval Powers Below ₦20bn
Lead-In

ICRC Hands MDAs PPP Approval Powers Below ₦20bn

4 days ago
First Time Since 2021: Nigeria’s FX Reserves Hit $41bn
Lead-In

First Time Since 2021: Nigeria’s FX Reserves Hit $41bn

4 days ago
NAMA Commences Audit Of Nigerian Airspace
Lead-In

NAMA Commences Audit Of Nigerian Airspace

4 days ago
Nigeria Risks Creating N50bn Parallel Shadow Fraud Economy-Experts
Cover

Nigeria Risks Creating N50bn Parallel Shadow Fraud Economy-Experts

4 days ago
FG Releases N5.12bn Pension Arrears To 90,689 Retirees
Lead-In

FG Releases N5.12bn Pension Arrears To 90,689 Retirees

2 weeks ago
Next Post
Monetary Policy: A Case For Microprudential Approach

CBN Raises Alarm Over Fake Naira Notes In Circulation

Most Recent

Global Airlines Group Pushes To Raise Pilot Retirement Age To 67

Global Airlines Group Pushes To Raise Pilot Retirement Age To 67

August 28, 2025
Dangote Hails Tinubu Over NNPCL Leadership Choice

Dangote Signs $2.5bn Deal To Build Fertiliser Plant In Ethiopia

August 28, 2025
Nigeria’s Economy Shows Recalibration In H2 2025 Outlook

Govs Back Federal Govt’s $100bn Creative Economy Plan

August 28, 2025
Yuan Weakens To 7.1418 Per Dollar Amid Market Shifts

Yuan Strengthens To 7.1161 Against Dollar

August 27, 2025
FG To Boost Agro-Value Chain For Women Farmers

FG To Boost Agro-Value Chain For Women Farmers

August 27, 2025
Court Sentences Baltasar Engonga To 8-year Jail Term For Embezzlement

Court Sentences Baltasar Engonga To 8-year Jail Term For Embezzlement

August 27, 2025
Federal Gov’t To Train 7m Youths In Digital Skills

Federal Gov’t To Train 7m Youths In Digital Skills

August 27, 2025
Osun Monarch Jailed 56 Months For COVID Fraud In US

Osun Monarch Jailed 56 Months For COVID Fraud In US

August 27, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy