The Nation Newspaper

Category: Foreign

  • Democratic governance remains best way to uplift Nigeria, says EU outgoing envoy

    Democratic governance remains best way to uplift Nigeria, says EU outgoing envoy

    The outgoing Europe Union Head of Delegations to Nigeria and West Africa, Samuela Isopi, has said that democratic governance remains the best way of uplifting Nigeria.

    Speaking at a farewell programme organised by the EU Monday night, Isopi also described Nigeria as Africa’s leader in the area of innovation.

    She said the EU was proud to invest significantly in the transformative power of Nigerian self-determination.

    She said: “I am particularly proud and grateful for our partnership and support to Nigeria’s democracy. This is very dear to my heart.

    “Democratic governance in Nigeria remains the key inspiration of Nigeria and remains the best way to uplift a stronger and better Nigeria. A Nigeria that cares for its people and lives up to its aspirations. In everything we have done together, our support has always been genuine.”

    In her assessment of Nigeria, stressed: “On innovation, Nigeria is a leader of the continent and I am very proud that the European Union and its member states have decided to invest significantly in the transformative power of Nigerian self-determination.

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    “On access to human development, Nigeria is now fully united to solve problems and I am pleased with the critical support that the European Union has provided. The European Union, as I have also mentioned in the past, remains by far Nigeria’s loudest voice and counts for about one-third of Nigeria’s foreign trade.

    “It is a balance that nobody would believe is in jeopardy. The European Union is also by far Nigeria’s most active and hundreds of European companies are absolutely contributing to its economic growth, diversification of its economy, and most importantly, its jobs. I am proud of the work we have done with Nigeria for and with Nigerian innovators, Nigerian women, Nigerian civil society, and all the Nigerians who work every day to build a better future.”

    The outgoing envoy was also of the opinion that Nigeria and the EU are now much closer.

    She said: “So at the end of this week I will be leaving Nigeria. I will also be leaving Africa after serving in this unique continent for 10 years, 10 incredible years since 2014. As EU ambassador and as ambassador of my own country.

    “And now that I am leaving, I am even more convinced that the European Union and Nigeria are so much closer. We are neighbours, we are both global players, we stand for the same values, we have so much to give to each other and so much to gain from working together. And this mutual awareness has been at the very heart, at the core of my initiative in Nigeria.

    “I am personally delighted to have found in the Nigerian government, the previous one and the new one, a formidable counterpart, open to engaging in all areas of our partnership, from peace and security to governance, human development, and digital aid. I am proud of what we have done together for so many areas that are vital to the betterment of Nigerian society. Agriculture, agricultural activities, sustainability, the value chains that are so important to all of us, support and security.”

    She also stressed that “Nigeria has everything it wants. I took it out of all its challenges. A diversified society, a rich culture, a robust civil society, a vibrant manufacturing sector, a dynamic media landscape.”

    She also added: “Talent in brave women, entrepreneurial spirit, and a determination to do better. And doing better will continue to require vision, and hard work.

    “In difficult times, partnership is a matter of now rather than never. And I am sure that the European Union, under the leadership of my successor, will continue to stand by Nigeria and by Nigerians in the journey towards a better future.

    “All Nigeria must be proud of us. But I know, as will my successor, that we should not let our achievements overshadow the challenges ahead of us. I leave this country, and I remain convinced that the best is still to come for Nigeria and the Nigerians.”

  • Why sustainable growth eludes African countries, by ex-Ghanaian President

    Why sustainable growth eludes African countries, by ex-Ghanaian President

    Former President of Ghana John Dramani Mahama has said the monopolistic nature of many African economies poses a significant barrier to sustainable growth.

    He called for legal and economic reforms to drive African’s future growth.

    Mahama said the recent commodity price shocks, which sent shockwaves through African economies, exposed their  fragile  financial stability and economic sovereignty.

    He stated this in his keynote address delivered yesterday at the opening plenary of the ongoing Annual General Conference (AGC) 2024 of the Nigerian Bar Association (NBA) at Eko Hotel , Victoria Island, Lagos.

    The topic was: ‘The Future of Africa Amid Rising Security, Economic and Political Challenges’

    He said:  “Take Nigeria, for example, its heavy dependence on oil exports, which accounts for a major portion of its export earnings, is a vulnerability. This over-reliance on a single commodity leaves the economy highly susceptible to global oil price fluctuations, as we have seen all too clearly in recent years.

    “Similar situations exist across the continent, whether it’s cocoa in Cote d’Ivoire, whether it’s gold in Ghana, copper in Zambia or diamonds in Botswana.

    “Again, despite this enormous potential, the agricultural sector remains largely underdeveloped and under-utilised.

    “We continue to import vast quantities of food that can be produced locally, which drains our foreign exchange reserves and stifles the growth of domestic agribusiness.”

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    He expressed regret that the legal frameworks governing land use, agricultural financing and food safety standards often lag behind global best practices, discouraging investment and innovation in this sector.

    “Again, our manufacturing base is severely underdeveloped. The premature de-industrialisation of Africa, driven by poorly designed structural adjustment programmes and inequitable global trade practices, has resulted in our exclusion from global value chains.

    “Our contribution to global manufacturing and value-added remains below 2%. A statistic that does not reflect our potential and instead perpetuates our role as exporters of raw materials.

    “The informal sector, which accounts for a substantial portion of employment and economic activity in many African countries, operates largely outside the formal legal and regulatory frameworks.

    “This not only restricts productivity and growth, but also deprives governments of the much-needed tax revenue and also workers of essential legal protections. It goes without saying that our financial systems remain undeveloped and are often inaccessible to large segments of our population.

    “The lack of robust credit reporting systems, limited access to long-term capital and high interest rates stifle entrepreneurship and hinder economic diversification.”

    Mahama lamented that the African continent today is grappling with a range of complex issues that threaten to derail its progress.

    He noted that recent geopolitical tensions have led to a cascade of economic challenges, including rising food and energy prices, adding that at the same time, the looming threat of climate change casts a shadow over agricultural productivity and energy security.

    He said these challenges are further exacerbated by ongoing political instability, as seen in the recent coup d’etats in Burkina Faso, Guinea, Niger and Mali.

    “And these are clear reminders of the fragility of democratic governance in parts of our country. “Our young people who are emerging from school are better educated than ever, and they have access to more information thanks to the digital age.

    “However, many millennial and  other new generations feel that African democracies are not working for them.

    “It is crucial that we as leaders understand that these challenges are not isolated. They are symptoms of deeper systematic issues rooted in the power dynamics of the contemporary international system.”

  • Rukkies Decor wins ‘Industry Disruptor of the Year’ award

    Rukkies Decor wins ‘Industry Disruptor of the Year’ award

    Rukkies Decor, Africa’s leading floral production and design company has  been honored with the  ‘Industry Disruptor of the Year’ award at the just-concluded African CEO’s Summit.

    This global recognition underscores Rukkies Decor’s commitment to revolutionizing the design and decor industry across Africa and beyond.

     The  award is a testament to Rukkies Decor’s innovative approach to transforming spaces with high-quality, realistic artificial plants, unique decor props, and cutting-edge designs

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     Competing against a strong lineup of top-tier companies from across the continent, Rukkies Decor emerged victorious, solidifying its position as a trailblazer in the industry.

    “We are deeply honored and excited to receive this prestigious award,” said Dr. Promise Ovai Kenneth-Odum, Founder and CEO of Rukkies Decor.

     “This recognition is a validation of our relentless pursuit of excellence and our passion for creating transformative, aesthetically pleasing environments.

    To be recognized among Africa’s best is truly surreal and energizes us to continue pushing the boundaries of creativity and innovation.”

    Rukkies Decor’s journey to becoming an industry disruptor has been marked by its unique blend of artistry and functionality.

    With a focus on delivering exceptional quality and service, the company has not only set new standards in the design and decor industry but also inspired a new wave of creative solutions for both commercial and residential spaces. From architectural plant wall designs to bespoke indoor and outdoor landscaping, Rukkies Decor’s work has resonated with clients across Africa and recently extended its influence to Europe.

     The African CEO’s ​Summit, known for gathering the continent’s most influential business leaders and innovators, was the perfect platform to showcase the strides Rukkies Decor has made in disrupting the traditional decor industry.

    The award highlights the company’s impact, not only in design but also in contributing to the broader conversation on sustainability and the future of decor in Africa.

     “We extend our deepest gratitude to the Pan African Youth Leadership Foundation for this recognition and for providing a platform that celebrates innovation and leadership across the continent,” Dr. Kenneth-Odum added. “This award is not just a win for Rukkies Decor, but for all who believe in the power of creativity to transform industries and societies.” As Rukkies Decor celebrates this milestone, the company looks forward to continuing its journey of innovation, growth, and positive impact.

    This award serves as a catalyst for even greater achievements in the future as Rukkies Decor remains committed to delivering excellence and redefining the decor landscape across Africa and beyond. 

  • UN official condemns Russian massive attacks on Ukraine

    UN official condemns Russian massive attacks on Ukraine

    The United Nations (UN) Humanitarian Coordinator for Ukraine, Matthias Schmale, has condemned the deadly Russian missile and drone strikes that began overnight and reportedly targetted 15 regions of the country.

    Schmale, in a statement yesterday, said like millions of people in Ukraine, he spent hours in a shelter that morning due to the ongoing wave of attacks on Ukraine by the Russian Armed Forces.

    He added that civilians were reportedly killed and injured, while civilian infrastructure sustained heavy damage.

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    Russia carried out massive airstrikes on Ukraine in the early hours of yesterday morning, launching rockets, cruise missiles and drones.

    Observers in Kyiv described it as one of the heaviest air attacks in two and a half years of war.

    Explosions were reported in the suburbs of the capital and the regions of Zhytomyr, Khmelnytskyi, Ternopil, and Lviv, according to the official air-raid alert app.

  • ECOWAS Speaker seeks strong governance to implement free movement

    ECOWAS Speaker seeks strong governance to implement free movement

    Speaker of the Parliament of the Economic Community of West African States, Hadja Memounatou Ibrahima has called for establishment of monitoring mechanisms for the implementation of free movement of persons and goods in the sub-region.

    Ibrahima spoke at the opening ceremony of the delocalised Meeting of the large Joint Committee on Social Affairs, Gender and Women’s Empowerment, Legal Affairs and Human Rights, Political Affairs, Peace, Security and African Peer Review Mechanism (MAEP), Trade, Customs and Free Movement in Banjul, The Gambia.

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    The meeting focuses on: “The role of Parliament in the implementation of the Protocol on the Free Movement of Persons, and the right of residence and establishment in the ECOWAS area.”

    The Speaker expressed concern over the huddles  confronting the free movement protocols.

    She, therefore, called for strong governance, based on mutual trust, shared responsibility and ownership of results to realise the Protocol.

  • ECOWAS speaker calls for strong governance to implement free movement

    ECOWAS speaker calls for strong governance to implement free movement

    Speaker of the Parliament of the Economic Community of West African States (ECOWAS), Hadja Memounatou Ibrahima on Monday, August 26, called for the establishment of monitoring mechanisms for the implementation of the free movement of persons and goods in the sub-region.

    Ibrahima spoke at the opening ceremony of the delocalised Meeting of the large Joint Committee on Social Affairs, Gender and Women’s Empowerment, Legal Affairs, and Human Rights, Political Affairs, Peace, Security and African Peer Review Mechanism (MAEP), Legal and Human Rights, Trade, Customs, and Free Movement, in Banjul, the Gambia.

    The meeting focuses on “The role of Parliament in the implementation of the Protocol on the Free Movement of Persons, and the right of residence and establishment in the ECOWAS area”.

    The Speaker expressed concern over the huddles confronting the free movement protocols.

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    She, therefore, called for strong governance, based on mutual trust, shared responsibility, and ownership of results to realise the Protocol.

    She said: “The backbone of the Economic Community of West African States (ECOWAS) undoubtedly remains the promotion of cooperation and integration between its member states. Recognising that free movement is essential to the achievement of regional integration, the Member States adopted, on 29 May 1975, the Protocol on the Free Movement of Persons and the Right of Residence and Establishment in the Region.

    “Indeed, in addition to many other advantages, the Protocol allows ECOWAS citizens to enter and move freely in Member States without a visa. They can settle and carry out economic activities, subject to obtaining an ECOWAS card or residence permit. These measures facilitate mobility and stimulate intra-regional trade within our space.

    “Despite these advances, considerable challenges remain in the implementation of our own choices. In recent years, free movement within the Community has been severely tested by several factors.

    “Weaknesses in the implementation mechanism, differences in national interests and infrastructure problems hinder the achievement of the Protocol’s objectives.

    “You will agree with me that the full realisation of free movement in the ECOWAS area requires strong governance, based on mutual trust, shared responsibility and ownership of results. To achieve our objectives, it is imperative to put in place mechanisms that ensure constant monitoring for more effectiveness of our protocols.

    “Undoubtedly, the institution best placed to carry out these audits and ensure this balance within the ECOWAS architecture is the ECOWAS Parliament. Unfortunately, the latter is still insufficiently involved in the implementation of the Protocol and its Additional Protocols. This limits its contribution to effective and complete integration.

    “It is in this perspective that the Joint Committee met on July 5, 2024, during the First Ordinary Session of Parliament, and adopted the terms of reference of this meeting.

    “Policymakers and all stakeholders must unify their efforts to identify challenges and propose solutions that will maximise the benefits of free movement, both at the regional and national levels. These objectives will only be achieved through the development of coordinated policies and actions.

    “I am convinced that this meeting of the Joint Committee, which will be nourished by the various direct meetings we will have with the people and local authorities, in order to collect their concerns, will lay the basis for a new reflection on this issue and help us to better understand the Protocol on Free Movement, while opening the way for greater involvement of Deputies in its implementation.”

  • Crypto tax reforms will change economy – Nigerians in Diaspora

    Crypto tax reforms will change economy – Nigerians in Diaspora

    The crypto tax reforms being introduced by the Federal Inland Revenue Service (FIRS) would change Nigeria’s economy, the Nigeria Professionals in Diaspora group has said.

    It said the crypto tax reforms are a bold step towards embracing the digital economy.

    The group noted that the current regulations, such as the Stamp Duty Act of 1939, are outdated and inadequate for addressing the complexities of digital currencies.

    In a press statement, the group hailed the executive chairman of FIRS, Dr. Zacch Adedeji for the innovative tax reforms being carried out in the agency.

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    The president of the group, Dr. Obiora Okereke, and Home Secretary, Mrs. Bukola Shonekan said Adedeji’s efforts to modernise Nigeria’s tax system and effectively incorporate cryptocurrencies were a welcome development.

    It applauded Dr. Adedeji’s plans to establish clear guidelines for digital assets, simplify tax reporting, and leverage technology to ease compliance.

    The statement said: “Dr. Adedeji’s crypto tax reforms are a bold step towards embracing the digital economy. His leadership ensures Nigeria’s tax policies adapt to the evolving financial landscape, aligning with global standards.

    “Dr. Adedeji’s approach will boost confidence in the cryptocurrency market, protect consumers, and attract international investment. His commitment to modernising Nigeria’s tax system is a game changer for the country’s economic growth.

    The group urged stakeholders to support the initiatives being carried out by the FIRS boss.

    With Nigeria’s growing engagement in digital currency trading, the group recognised the need for a regulatory framework that effectively manages the evolving financial world.

    “Dr. Adedeji’s crypto tax reforms are a step in the right direction. This move will create a more transparent, secure, and thriving financial system for Nigeria. We commend his vision and leadership in positioning Nigeria for economic success in the digital age.

    “Dr Zacch Adedeji’s changes to Nigeria’s tax system, especially regarding this new update on cryptocurrency, bring with it benefits for Nigerians. By setting clear rules for digital assets, these reforms make it easier for people and businesses to understand and meet their tax responsibilities. This clarity helps boost confidence in the cryptocurrency market and encourages more people to get involved,” it said.

    It noted that as the digital economy evolves, keeping tax regulations up to date with technological advancements was important.

  • Ukrainian shelling kills five in border area

    Ukrainian shelling kills five in border area

    Five people died in Ukrainian shelling in Russia’s border region of Belgorod, officials said yesterday, while Russian forces struck a hotel in eastern Ukraine, leaving one journalist missing and two others injured.

    Twelve other people were wounded in the Russian village of Rakitone, 38 kilometers (23 miles) from the Ukrainian border, including a 16-year-old girl reported to be in critical condition, said regional Gov. Vyacheslav Gladkov. Another man also died in a separate drone attack on the border village of Solovevka, he wrote later on social media.

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    Russian forces struck a hotel overnight in the city of Kramatorsk in the eastern Donetsk region, injuring two people and leaving one trapped under the rubble, regional Gov. Vadym Filashkin said. They were reported to be journalists from Ukraine, the U.S. and the U.K.

    Reuters news agency said yesterday that its journalist covering the war in Ukraine was missing and two other team members were hospitalized after Hotel Sapphire, where a six-person crew was staying, was hit “by an apparent missile strike” Saturday. “One of our colleagues is unaccounted for, while another two have been taken to hospital for treatment,” the agency said.

    The rest of the team has been accounted for, the news agency said.

  • U.S. Democratic presidential candidate raises $540m for campaign so far

    U.S. Democratic presidential candidate raises $540m for campaign so far

    United States (U.S.) Vice President and Democratic presidential candidate Kamala Harris has raised $540 million in campaign donations since unexpectedly announcing her candidacy on July 21, American media reported yesterday.

    Harris’s campaign chair Jen O’Malley Dillon made the announcement after the Democratic Party convention in the Midwestern metropolis of Chicago, according to The Hill online.

    Dillon announced that Harris’s campaign raised an additional $82 million during the four-day convention, bringing the total to $540 million.

    She also noted a significant increase in donors and reported that 200,000 new volunteers have signed up since the convention began.

    A third of the donations came from first-time contributors, with teachers and nurses being the top donor professions, she said.

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    The Democratic National Convention was held in Chicago last Monday through Friday.

    After President Joe Biden’s endorsement of her presidential bid, Harris raised $81 million in the first 24 hours, the highest single-day fundraising amount on record.

    In the U.S., which does not have public campaign financing, the amount and number of campaign donations are closely monitored for insights into election outcomes.

  • Major Israel-Hezbollah missile exchange as region fears escalation

    Major Israel-Hezbollah missile exchange as region fears escalation

    Hezbollah launched hundreds of rockets and drones at Israel early yesterday, as Israel’s military said it struck Lebanon with around 100 jets to thwart a larger attack, in one of the biggest clashes in more than 10 months of border warfare.

    Missiles were visible curling up through the dawn sky, dark vapour trails behind them, as an air raid siren sounded in Israel and a distant blast lit the horizon, while smoke rose over houses in Khiam in southern Lebanon.

    Three deaths were confirmed in Lebanon and none in Israel, where damage appeared to be limited. Hezbollah indicated it was not planning further strikes yet.

    Israel’s foreign minister said the country did not seek a full-scale war but Prime Minister Benjamin Netanyahu warned: “This is not the end of the story.”

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    Any major escalation in the fighting, which began in parallel with the war in Gaza, risks morphing into a regional conflagration drawing in Hezbollah’s backer Iran and Israel’s main ally the United States.

    Hezbollah said it had fired 320 Katyusha rockets towards Israel and hit 11 military targets in what it called the first phase of its retaliation for Israel’s assassination of Fuad Shukr, a senior commander, last month.

    A Hezbollah official said it had delayed its retaliation to give a chance for ongoing Gaza ceasefire talks and other “political considerations”. The official said the group had calibrated it to avoid triggering a full-scale war.