Browsing: ECOWAS

ECOWAS countries in West Africa have long reasoned that the issue of food security cannot be left to a single country to shoulder. Instead, the regional bloc embraced the fact it takes collective efforts to secure the food security of a single nation and in so doing protect the whole region.

In is address to member countries during the ongoing virtual meeting, the ECOWAS Commissioner for Agriculture, Environment and Water Resources, Sékou Sangaré said the regional goal of stockpiling some 40, 000 metric tonnes of food reserve is a visionary course that will protect each member state of the sub region.

The conference begun on April 28th and will carry on through to May 10th. The conference falls is part and parcel of the EU-funded Support Project to the West African Food Security Storage System.

The Food Security Storage System came into being back in 2015 and …

Investors are set to pump a total of $8.41 billion into Nigeria’s economy.

According to the Nigerian Investment Promotion Commission (NIPC), more jobs will be created since the investors are targeting various sectors in the country.

NIPC Executive Secretary Yewande Sadiku who made the announcement during a media briefing in Abuja said  the country’s unemployment level is the second highest globally.

Sadiku noted that the $8.4billion is pledged for the first quarter of the year, while over 23.19 million Nigerians, according to the National Bureau of Statistics (NBS) report, were unemployed during the fourth quarter of 2020.

However, Sadiku said although investment announcements are not actually investment, it gives an aggregate of investors’ interest in Nigeria and also help to translate those announcements to actual investment.

According to her, the Commission has been honest on the gap between announcement and actual investment demonstrating potential.

“We have also said that a …

In recent history virtually every continent and economic block has been trying to establish common trade area agreements as well as political unions. Africa is no different –SADC, ECA, COMESA, ECOWAS and SACU are just some of the examples of African countries trying to collaborate to drive the many aspects of social and economic development.

It is a system and an idea that promises to accelerate inclusion and promote regional prosperity among neighbours and the AfCFTA (The African Continental Free Trade Area) is rapidly becoming the embodiment of that reality – 28 African countries operating as a free trade area. As expected from an agreement of this magnitude, few people fully understand its complexity and intricacies.

FurtherAfrica spoke to one of AfCFTA’s strongest advocates. Mark-Anthony Johnson, CEO of JIC Holdings – an investment, trading and acquisition entity focused in Africa and emerging economies with roots back to 1985. Mark’s JIC …

World Bank funding to promote electricity trade in West Africa

The world bank Board of Directors approved $300 million in International Development Association (IDA) credits and grants to support reforms that will help promote electricity trade in West Africa.

Currently, only 50 per cent of the population in West Africa have access to electricity, and those who do, pay among the highest prices in the world which is more than double those of consumers in East Africa. The West Africa Regional Energy Trade Development Policy Financing Program (West Africa Energy PDF) seeks to do away with electricity trade barriers, which will support the competitiveness of firms, lower electricity costs for consumers and improve resilience and reliability of supply.

The West Africa Energy PDF supports a policy reform program being implemented by Burkina Faso, Liberia, Mali, Côte d’Ivoire, Guinea and Sierra Leone, to facilitate trade in cleaner low-cost electricity generated from gas, hydropower and renewable energy across borders. This is going …

The US dollar. Regions and countries are creating unions to trade and also moving away from the dollar.

Already, China, Russia and Pakistan are laying out plans to start conducting bilateral trade and investment while issuing bonds in local and national currencies instead of the US dollar.

The eight-member countries of the Shanghai Cooperation Organization (SCO) are to finalise a road map introducing a system of mutual settlement of national currencies.

Other SCO members include India, Kyrgyzstan, Tajikistan and Uzbekistan while observer countries Iran, Afghanistan, Belarus and Mongolia are looking to become regular members of the SCO.

With the covid-19 coronavirus pandemic, it seems that the world is realigning itself for a new way of doing business.…