The Nation Newspaper

Tag: ECOWAS

  • ‘Nigeria’s problem with ECOWAS, EU deal self-inflicted’

    The noise over perceived negative effects of the Economic Partnership Agreement (EPA) between the European Union (EU) and ECOWAS (Economic Community of West African States) on the Nigerian economy particularly the manufacturing sector is self-inflicted because Nigeria failed to do what it ought to do during the negotiations, T. Ademola Oyejide, Emeritus Professor of Economics, University of Ibadan, has said.

    The EPA is an EU-sponsored Free Trade Agreement (FTA) designed to create free trade area between the EU and Africa, Caribbean and Pacific (ACP) countries, in which duties on goods imported and exported between the parties are reduced and eventually removed.

    The goals of EPA are to promote economic growth and development, reduce poverty in the partnering countries, expand and diversify trade and increase domestic and foreign investment. However, manufacturers have been literarily up in arms, insisting that the EPA would hurt the economy and the manufacturing sector in particular.

    Citing Nigeria’s weak manufacturing base caused by lack of supportive infrastructure and hash operating environment, manufacturers consistently opposed the endorsement of the deal. Their argument is that if Nigeria signs the agreement most industries will close down, as local manufacturers cannot compete favourably with goods from Europe and other developed economies.

    But Prof Oyejide said Nigeria did not do what it ought to do as far as EPA negotiations are concerned. “The negative impacts were known prior to negotiations, but there were gaps in Nigeria’s preparations for and actual negotiation of the EPA,” Oyejide, who is also Chairman, Centre for Trade and Development Initiative (CTDi), Ibadan, said.

    Prof. Oyejide who spoke on the sideline of the 44th Annual General Meeting (AGM) of Apapa Branch, Manufacturers Association of Nigeria (MAN), said the negative effects of the EPA that Nigeria is talking about now were well known prior to the negotiations in 2004.

    According to him, several studies commissioned by the EU showed the negative effects of the partnership agreement, and Nigeria never raised any issues regarding them until Ghana and Cote d’Ivoire ratified the deal.

    The EPA negotiations between EU and ECOWAS took off in August 2004, but the most important milestone was the adoption by ECOWAS of a Common External Tariff (CET) on October 25. After one round only of post-CET discussions, negotiations were concluded in February 2014 in Ghana.

  • ECOWAS laments 12 per cent drop in regional trade

    The Economic Community of West African States (ECOWAS) has lamented the low level of intra-regional trade within the sub-region, noting that several years after regionalism; intra-regional trade in ECOWAS is still consistently low at about 12 per cent.

    The Commissioner, Industry and Private Sector Promotion, ECOWAS and Kalilou Traore, explained that the regional body adopted the protocol of free movement of people and goods since 2000, but stressed that the level of regional trade still remains low at 12 per cent of total trade.

    Traore, who spoke during a technical meeting convened in Lagos by the ECOWAS Private Sector Directorate, explained that there was need to take more action to strengthen regional trade. He stressed that the only way to achieve this feat is the establishment of trade support bodies.

    At the technical meeting convened to consider the draft on the ECOWAS Business House (EBH), Traore said, “We need to take more action to strengthen this regional trade and one way to do that is through trade support bodies. We are here to develop the concept of an ECOWAS Business House (EBH) that will be a business oriented organisation at the regional level to facilitate trade among member countries.”

    He said the overall goal of EBH system is to foster intra-regional trade, promote ECOWAS exports and deepen market penetration for Micro, Small and Medium Enterprises (MSMEs)  in the region.

    He noted that it would also facilitate bulk creation, high quality regime and standardisation in the region, reduce cost of business for SMEs and promote the establishment of relevant trade infrastructure including quality infrastructure in the region.

    “Our expectation is that within the first five years of establishment of the regional EBH, apart from boosting the Gross Domestic Product (GDP) in the regional economies, made in ECOWAS States’ products will be viable and visibly present for business in the regional market and companies to reap the gains from international trade.

    Traore said although there are still lots to be done in the area of feasibility study so that the directorate can have all the details of the project in order to involve all the stakeholders at the financial and member state level so that businesses can be created.

    He emphasised the importance of MSMEs development and the status of the implementation of some regional programmes including the ECOWAS quality programmes, regional payments system, private sector and MSME development strategies and efforts at establishing the common market for free movement of persons and goods.

    The Deputy Director-General, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NAC-CIMA), Dr. Sani Yandaki, allayed fears of Nigeria and other countries in ECOWAS that they may become dumping grounds, saying that the project will open markets for products made in the sub-region.

    “The essence of the whole initiative is to build capacities of micro businesses in the region by providing access to markets for the products and services. We want to connect these products to people who actually need them in other parts of the sub-region. The EBH will act as a third party between the producers and the consumers,” he said.

    He further explained that the initiative would facilitate trade that will bring about economic growth, job opportunities and increase the GDP of the sub-region. According to him, all the goods that are going to be displayed at the business houses are going to be goods produced locally with locally sourced raw materials.

    Dr. Yandaki urged ECOWAS member states to harness their potentials and stop depending on foreign donors and overseas investments, insisting that no foreigner can develop their economies for them.

    Yandaki queried the rationale behind the investigations and studies carried out by Chatam House, United Kingdom on the formal and informal trade trend in the region, stressing that it may not be in the best interest of the regional body. He therefore, encouraged ECOWAS member states to close ranks to develop their potentials and stimulate growth.

    Head Business and Enterprise Promotion, ECOWAS, Dr. Enobong Umoessien, stressed that the region has enjoyed a lot of support from countries, Non Governmental Organisations (NGOs) and groups, but called on the region to look inward by establishing a platform to drive the region’s project and harness the resources available in the region to drive development.

    “We have to start looking at ways to leverage our capacities and resources to do the things we need to do.  The project targets many of the industries and business communities in the region. As you know about 90 per cent of our businesses are SMEs and these businesses want to export, distribute and connect with the international market. But the key challenges facing them is that their products are small, so it is a challenge for them to move from one country to another in an efficient manner,” he said.

    Head,  Export Group, Manufacturers Association of Nigeria  (MAN), Tunde Olaoye lamented that over 360 million people in the region are daily impoverished by unbridled importation and dumping of goods from the developed economies. “We are not actually tapping on our potentials because we allow unbridled access to our economies by foreign trade.

    “We have good products but small companies that cannot take advantage of the so-called international trade. What we therefore, need is regional integration that will boost our products and by extension our economies as against allowing our economies to be dependent on importation when we have better alternatives,” he pointed out.

  • CBN forex policy against ETLS

    CBN forex policy against ETLS

    •  Survival of Nigeria’s Economy under corporate smuggling

    International trade is a well-known path to economic prosperity for many countries, but in Nigeria, its warped practice, marked by smuggling and evasion of duties, have become destructive drainpipes for an ailing economy one of which is the Economic Trade Liberation scheme (ETLS).

    Still battling with the leak of smuggling through the international trade alliance of the ECOWAS for various products, recently, the Central Bank of Nigeria (CBN) through the Governor of the apex bank announced the shut out Crude palm Oil with the 41 imported items from the foreign exchange (forex) window.

    Though the CBN maintained that its action was necessary for economic stability, members of the organised private sector believe the move may have been wrongly conceived without the apex bank properly appraising domestic capacity for production of some of the excluded items.

    Economic Trade Liberation Scheme (ETLS)

    In 1990, the Economic Community Of West African States (ECOWAS) launched the Scheme among its member states with the primary objective of establishing Customs Union, aimed at the total elimination of Customs duties and taxes of equivalent effect and removal of non-tariff to protect goods produced in Member States.

    The ETLS is the main ECOWAS operational tool for promoting the West Africa region as a Free Trade Area. This lies in tandem with one of the objectives of the community which is the establishment of a common market through ‘the liberalisation of trade by the abolition, among Member States, of customs duties levied on imports and exports, and the abolition among Member States, of non-tariff barriers. – Article 3 of ECOWAS Treaty states.

    Crude Palm Oil (CPO) under ETLS is classified under processed goods hence enjoys certain concession upon entry into a different ECOWAS state. The three groups of goods under the scheme enjoy the following concessions:

    Total exemption from import duties and taxes; No quantitative restriction and non-payment of compensation for loss of revenue for unprocessed goods and traditional handicraft product as a result of their importation.

    To however qualify for these concessions, certain conditions must be fulfilled by member states one of which being that the country of origin of such goods shall be from the community with specified percentage of value addition.

    Although many of the member countries cultivate oil palms there is a need to increase potential production of palm oil in order to meet both the domestic and the regional demand, particularly the needs of ECOWAS member countries with vulnerable economies and high rates of hunger.  ECOWAS still experience a deficit of edible oil, which requires the importation of an estimate of 1.5 million metric tons per year and is foreseen to increase to some 2.0 million metric tons by 2020.

    The ECOWAS region is a net importer of palm and palm kernel oils.

    The CBN Forex Policy

    The CBN has officially stopped the sales of dollars for a list of 40 items, in its quest to reduce the pressure on the Naira as well as preserve the country’s external reserves.

    These items include rice, cement, margarine, palm kernel/palm oil products/vegetable oil, meat and processed meat products, vegetable and processed vegetable products, poultry – chicken, eggs, turkey – private airplanes/jet, Indian Incense, tinned fish in sauce – Geisha/Sardines, cold roiled steel sheet and galvanised steel sheets.

    Others are roofing sheets, wheel barrows, head pans, metal boxes and containers, enamelware, steel drums, steel pipes, wires, rods, wire mesh, steel nails, security and razor wire, wood particles boards and panels, wood fibre board and panels, plywood  boards and wooden doors.

    In addition, sourcing of forex for the importation of toothpicks, glass and glassware, kitchen utensils, tables, textiles, woven fabrics, clothes, plastic and rubber products, soap and cosmetic, tomatoes/tomato paste and Eurobond/foreign currency bond/share purchase has been prohibited.

    The central bank disclosed this in a circular signed by its Director, Trade and Exchange Department, Mr. Olakanmi Gbadamosi, which was posted on its website.

    It explained that: “These items are not banned, thus importers desirous of importing these items shall do so using their own funds without any recourse to the Nigerian forex market.”

    It advised all authorised dealers to ensure strict compliance with the directive.

    “In the continuing effort to sustain the stability of the forex market and ensure the efficient utilisation of forex and the derivation of optimum benefits from goods and service imported into the country, it has become imperative to exclude importers of some goods and services from accessing foreign exchange at the Nigerian foreign exchange market to encourage local production.

    “The implementation of the policy will help conserve forex reserves as well as facilitate the resuscitation of domestic industries and improve employment generation,” it added.
    Implication of The CBN Policy On ETLS

    On the backbone of CBN Forex policy, ETLS Promoting corporate Smuggling

     

    Although in Nigeria, a lot of well- intentioned economic instruments are abused and instead of being used to promote the growth and development of the country, they end up helping the rich and powerful and those close to the corridors of power line their pockets.
    If the ideal situation thrives in respect of the ETLS, it should lead to the economic prosperity of most of the ECOWAS member states and especially Nigeria where there is a lot of indigenous investments in manufacturing, processing and other value-adding economic activities.

    But with this restriction on CPO, smuggling whale will, to avoid tariff evasion (through re-exportation) in the countries use the system of certification of origin most commonly called rules of origin.
    In this case it becomes illegal under the ETLS for a company or an individual to import crude palm oil or clinker from a region outside the ETLS to a neighbouring country like Republic of Benin and then refine to palm oil with the intention of bringing the products into Nigeria.

     

    Under ETLS a large percentage of the product to be moved from one member state to another must originate from that country. For example Palm oil produced in Nigeria can be moved to Ghana duty free under ETLS and steel produced from iron ore in Togo can be moved to Nigeria duty free under the ETLS.

    Within an industrialised country there are usually few if any significant barriers to the easy exchange of goods and services between parts of that country.

    In principle, the overall gains from trade could be used to compensate for the effects of reduced trade barriers by appropriate inter-party transfers.

     

    As Crude Palm Oil (CPO) under ETLS is classified under processed goods enjoys certain concession upon entry into a different ECOWAS state which includes Nigeria. The three groups of goods under the scheme enjoy the following concessions:

    • Total exemption from import duties and taxes
    • No quantitative restriction,
    • Non-payment of compensation for loss of revenue for unprocessed goods and traditional handicraft product as a result of their importation.

    Despite the glaring benefits of the ETLS, The restriction of forex policy on CPO in the forex restriction policy has started to show its effect on the Economic Trade Liberation Scheme (ETLS) as some importers and local producers of CPO at a low capacity have started exploring the ETLS as a means of CORPORATE SMUGGLING of the products with the agenda of reselling it to the manufacturers in Nigeria.

    Certain Stakeholders of the industry have taken undue advantage of the scheme to indulge in sharp practices by importing CPO from member states through round tripping from other countries. These CPO round tripped into these member states are then imported into Nigeria under ETLS zero duty regime which negates the CBN objective for the restriction of the forex policy “in order to promote development of our local production”

    Unfortunately, practical experiences from the private sector engaged in this cross border operations have rather continued to show that the implementation of the ETLS despite its enviable goals has remained shoddy and has led to the unattainable realisation of the noble objectives of the founding fathers. The result is that, the foregoing predicament coupled with unattractive reports on the ETLS implementation among member states, goes to show how much West Africa may be the architects of her poor performance at the global trade arena.

    Nigeria still experience a deficit of edible oil, which requires the importation of an estimate of 1.5 million metric tons per year and is foreseen to increase to some 2.0 million metric tons by 2020.

    For manufacturers in the country, there are just two options; either close up and relocate to neighbouring ECOWAS member countries like Ghana, Togo or Benin where this raw material is being smuggled from or join the bad wagon and start patronising the smugglers.

    It is a known fact today that in every part of the world where agriculture is growing, it is because their governments are supporting them in various ways including the implementation of favourable agribusiness policies and practices.
    In Nigeria for example, in past years, the government has distributed more than 1.4 million sprouted nuts to farmers free. These hybrids Sprouted nuts are high-yielding Tenera seedlings of greater yielding capacities that will benefit and improve production.

     

    However, this requires that the farmers have to recapitalise their plantations which, is the responsibility of the government.

    There is no doubt that Nigeria can become self-sufficient in palm oil production and consumption although we currently pay a higher price due to the weakened strength of the naira each time we import CPO or any other agricultural produce.
    It is therefore important that if government is to encourage and promote private sector participation in its current transformation efforts in palm oil plantation development, the current lapses in the ETLS where round tripping of CPO from other countries are dumped into the nearby country and subsequently the same into Nigeria under the guise of the ETLS must be checked and eradicated and this could only be achieved with the removal of CPO from the Forex Policy list with a proper roadmap of backward integrations for the manufacturing companies.

     

    In as much as the objective of the ETLS is to promote industrialization within the sub-region, the current practices are totally counterproductive to this objective and there is a need to have a review of the ETLS in its journey so far.

    Government should not ignore the cry of the industry especially the CPO sector with the continual falling value of the Naira against Dollar and the dire need to create jobs for our jobless teaming youths as the manufacturing sector is gulping more than 70% of the unskilled and skilled labour forces in the country.

  • REVEALED: Limitations of trade liberation scheme in Nigeria

    REVEALED: Limitations of trade liberation scheme in Nigeria


    [dropcap style="square" color="#017a25" bgcolor="#ededed" sradius="5" font="play"]The[/dropcap] Economic Trade Liberation Scheme (ETLS), a well-known path to economic prosperity for many countries, has been described to be marred by smuggling and evasion of duties, which have further have become destructive drainpipes for an ailing economy. An analyst further described the country as a young, unprotected, naïve but extremely beautiful lady, who everyone tries to take advantage of, liking the Nigerian economy to a victim of circumstances. Previously, there is an ongoing oil and gas boom in Nigeria, which translates into an attractive market. However, unfortunately, the central government appears too pre-occupied to protect all these from economic predators both within and outside the country, leaving the nation constantly exposed to violation. The swift crash of crude oil per barrel in the international market to $45.89 should not only be a wakeup call to the Nigerian government on the need to revamp the other sectors of the economy especially the crude Palm oil Sector. This can be done by increasing the internal and local production which will help meet up with the internal demand of the product and subsequently boost the export of the commodity. In 1990, the Economic Community Of West African States (ECOWAS) launched a the Economic Trade Liberation Scheme (ETLS) among its member states with the primary objective of establishing a Customs Union aimed at the total elimination of Customs duties and taxes of equivalent effect and removal of non-tariff to protect goods produced in Member States. The ECOWAS Trade Liberalisation Scheme (ETLS) is a trade instrument designed by the Regional Economic Community and administered by the ECOWAS Commission to encourage Intra-ECOWAS trade. There is no denial that the ETLS is the main ECOWAS operational tool for promoting the West African region as a Free Trade Area and the Commission’s first step towards the realisation of the objective of the community which is the establishment of a common market through: “The liberalisation of trade by the abolition, among Member States, of customs duties levied on imports and exports, and the abolition among Member States, of non-tariff barriers….” (Article 3 of ECOWAS Treaty). The ETLS was established as a medium for increasing productivity and market access for products originating from the Region’s domestic economy. The concept was originally intended at benefiting the private sector in particular, and ultimately boosting 1 the West African economy. It was also targeted at reducing the massive importation of goods which West Africa has been known for. Its ultimate goal targets at generating employment among the member States of ECOWAS and increasing intraregional trade. Unfortunately, practical experiences from the private sector engaged in cross border operations have rather continued to show that the implementation of the ETLS despite its enviable goals has remained shoddy and has led to the unattainable realisation of the noble objectives of the founding fathers. The result is that West African intra-regional trade has remained abysmally poor revolving around 10-12 percent. The foregoing predicament coupled with unattractive reports on the ETLS implementation among member states, goes to show how much West Africa may be the architects of her poor performance at the global trade arena. Crude Palm Oil (CPO) under ETLS is classified under processed goods hence enjoys certain concession upon entry into a different ECOWAS state. The three groups of goods under the scheme enjoy the following concessions:

    • Total exemption from import duties and taxes
    • No quantitative restriction,
    • Non-payment of compensation for loss of revenue for unprocessed goods and traditional handicraft product as a result of their importation.
    To however qualify for these concessions, certain conditions must be fulfilled by member states one of which being that the country of origin of such goods shall be from the community with specified percentage of value addition. Although many of the member countries cultivate oil palms there is a need to increase potential production of palm oil in order to meet both the domestic and the regional demand, particularly the needs of ECOWAS member countries with vulnerable economies and high rates of hunger. ECOWAS still experience a deficit of edible oil, which requires the importation of an estimate of 1.5 million metric tons per year and is foreseen to increase to some 2.0 million metric tons by 2020. However, in year 2014, Nigeria alone was reported to have a deficit of over 900,000 metric tons which is about 60% of the total ECOWAS current imported volume. Despite the glaring benefits of the ETLS, certain Stakeholders of the industry have taken undue advantage of the scheme to indulge in sharp practices by importing CPO from member states through round tripping from other countries. These CPO round tripped into these member states are then imported into Nigeria under ETLS zero duty regime. The Federal Government of Nigeria (In one of the National Dailies of 3rd June 2013) confirmed the illegal flooding of the Nigerian market with large volumes of Crude Palm Oil (CPO) imported from neighboring West African nations, under the guise of the ECOWAS Trade Liberalization Scheme (ETLS) According to the report, most of the palm oil imported from Malaysia, Indonesia and others actually end up in the Nigerian market duty-free; thereby displacing locally produced palm oil from the market and suffocating the Nigerian oil palm plantations The article continued to report that the aggregate of locally produced and imported palm oil in these neighboring West African nations by far surpasses what they require both for their domestic and industrial consumption, therefore making the massive Nigerian market the dumping ground for these cheap CPO, which also come into Nigeria duty-free under ETLS; making it by far cheaper than the CPO produced within Nigeria. “Nigeria”, it said, “should be producing and exporting into those countries. We should not be using those countries as transit areas. Regional trade does not mean that we should import. Neighboring West African countries import crude palm oil far higher than their needs. For Benin Republic, between the period 2003 to 2013, their production was stagnant, but their export increased by 1,018 per cent. Their import increased by 1,084 per cent of crude palm oil.”

  • ECOWAS Fellowship Programme for and PhD students (EFP), 2015

    The Association of African Universities (AAU) is inviting applications for ECOWAS Fellowship Programme. Fellowship is open to qualified Nigerians (including graduate students, researchers, lecturers,  and staff) who will be admitted for Masters or PhD degree programme at any one of the following three universities: University of Lagos, Nigeria; University of Ibadan, Nigeria and Cheikh Anta Diop University, Senegal. The application deadline is 15th October 2015.

    Study Subject(s): Fellowship is awarded in all disciplines linked to the fields of strategic importance to the West African region such as: Science, Technology, Engineering and Mathematics (STEM); Earth and Life Sciences; Health including maternal and child health, HIV/AIDS, etc.; Agriculture, Food Security and related disciplines; History of Africa; Information technology; and Gender issues. – Scholarship can be taken at: Nigeria and Senegal

    Eligibility:

    • A good first degree (at least second class upper division or its equivalent) is required for Masters degree programme. An MPhil degree or its equivalent is required for PhD programme.
    • Priority will be given to Anglophone nationals who want admission into Francophone institutions, as well as to Francophone nationals who want admission into Anglophone institutions. Female candidates are particularly encouraged to apply.

    Scholarship Description: The Association of African Universities (AAU) is pleased to announce the 2015 maiden edition of the ECOWAS Fellowship Programme for Masters and PhD (EFP) under the sponsorship of the Economic Commission for West African States (ECOWAS). The Programme seeks to promote capacity building within the ECOWAS 15-member countries by providing full fellowships for training and education for nationals of ECOWAS member states in higher education institutions of ECOWAS.

    What does it cover? The ECOWAS Fellowship Programme (EFP) is a full scholarship intended to cater for each fellow’s costs of living, tuition fees, visas, travel, insurance and thesis research. In this respect, ECOWAS will pay the tuition fees directly to the institutions and provide a monthly stipend of US$600 per Masters student and US$800 per PhD student to cover all other expenses for the duration of the degree programme.

    How to Apply: Applications should be sent electronically. Qualified candidates will be admitted to one of the three institutions mentioned above. Please ensure that the institution that you have selected offers the course you have chosen. All the three universities provide information about their degree programmes on their websites. Each application must include the following:

    • A photocopy of the degree and other certificates.
    • Completed EFP Form. Download the EFP form here
    • Most recent curriculum vitae.

     

    Read more: ECOWAS Fellowship Programme for Masters & PhD, 2015 Scholarship Positions 2015 2016

    Home Apri 2019

     

     

  • Bank chief lists hurdles before ECOWAS’ single currency

    A bank chief has listed the hurdles before the Economic Community of West African States (ECOWAS) 2025 single currency target date.

    The Managing Director/CEO, Ecobank Nigeria Limited Jubril Aku, said the monetary harmonisation programmes in Africa have not met the African Monetary Cooperation Programme (AMCP), which is essential to the single currency project.

    Speaking at the Hallmark Newspapers Roundtable in Lagos, Aku said countries embracing the single currency plan must have a budget deficit as a percentage of their Gross Domestic Product (GDP) of not more than three per cent, with minimised budget financing from the central bank and sustainable public debt levels.

    Such country, he said, should also have a rate of inflation not exceeding three per cent; external reserves of at least six months of import cover, maintenance of a stable exchange rate and positive real interest rates.

    The Ecobank boss,  who spoke on “Regional Integration and Sustainable Development,” said despite the existence of African blocs that have secretariats and regular technical and ministerial level meetings and summits of heads of state and government, integration efforts have had limited impact so far.

    He said since the reality does not match ideals in treaties, protocols and Memoranda of Understanding (MoU), the degree of integration remains highly superficial.

    Aku said economic integration would require the resolution of several structural issues such as the creation of a body to control regional money supply and monetary policy which would coordinate regional budgets and another institution that would harmonise commercial and industrial laws.

    He said most African countries do not have the industrial or commercial base to serve as export destinations for other countries in the region.

    “The input-output matrix across the continent is riddled with huge gaps and draws attention to the need of many African countries, especially key economic powerhouses to rise to higher levels of industrial production and technical service quality,” he said.

    “Indeed, 80 per cent of African exports go outside the continent with 50 per cent of this going to Western Europe and America. On the flipside, Africa imports over 90 per cent of her goods from outside the continent.”

    He said theAfrican continent has been blessed with abundant natural resources but its development and growth has been hobbled by poor leadership characterised by weak or non-existent vision. Rather shallow sense of purpose and a socio-cultural context that allows leaders to exclude a broad section of the populace from governance and access to economic resources; cronyism, nepotism and unrestrained avarice have been the predominant sentiments amongst Africa’s public and private sector elites.

    “Nigeria should coordinate activities in the Western hemisphere of the continent through the Economic Community of West African States (ECOWAS), while South Africa should engage in a similar assignment in Southern Africa communities through the Southern Africa Development Commission (SADC). Egypt, in turn, should do the same in the Northern axis of the continent – the Arab Maghreb,” he added.

     

     

     

    Chairman, Public Policy Forum, Prof. George Obiozor, described Ecobank as a clear leader in Africa financial services sector. He said that for Africa economy to grow, regional businesses must be effectively and properly integrated.

     

  • How Nigeria, ECOWAS restored civil rule in Burkina Faso, by Osinbajo

    How Nigeria, ECOWAS restored civil rule in Burkina Faso, by Osinbajo

    Vice President Yemi Osinbajo has explained the role played by Nigeria and the Economic Community of West African States (ECOWAS) in the restoration of civilian rule in Burkina Faso.

    The restoration came a day after President Muhammadu Buhari hosted an extraordinary session of ECOWAS Authority of Heads of State and Government in Abuja, where it was decided that last week’s military coup in the West African nation cannot stand.

    Osinbajo, who represented President Buhari on Wednesday in Ouagadougou, among select group of West African leaders in the Burkinabe  capital, said the leaders were there “to convey the recommendations agreed by ECOWAS leaders in Abuja, and we have witnessed the reinstatement of President Michel Kafando as the Transition President of Burkina Faso.”

    Speaking with reporters in the capital city after a series of consultations, meetings and a formal ceremony, Osinbajo stated that the restoration of civilian authority in Burkina Faso “is a very good sign, a positive thing,” observing that ECOWAS played a significant role in the process.

    He said: “As you know President Kafando had been detained by the Presidential Security Regiment – the presidential guard – but they have now stepped down as you can see, and they are now part of the process to ensure that the transition goes on. What we have seen today is how ECOWAS states came together basically to agree and see to it that President Kafando was reinstated and now that has been accomplished.”

    Praising the leaders of ECOWAS, including Buhari, President Boni Yayi of Benin, and the  Chairman of ECOWAS, President Macky Sall of Senegal with the leaders in the West African region, the Vice President said “now we are all looking at how to advance the transition process here in Burkina Faso.”

    He said while there is still difficult issues to be resolved as fallouts of the coup crisis, it was clear that progress would continue judging from the fact that the people were determined, all the groups involved are now engaged in the process and are cooperating.

    Osinbajo reiterated Nigeria’s continued brotherly support for Burkina Faso, while commending the international community for coming together to condemn the coup.

    According to him,”I think it is very clear going by the ECOWAS Supplementary Protocol on Democracy and Good Governance and the legal instruments of the African Union, that coups are no longer fashionable and no longer acceptable. In fact, it is punishable to take power by force. As soon as this coup took place, the entire ECOWAS, AU and the entire international community rose with one voice against it.”

    After Tuesday’s summit in Abuja hosted by President Buhari, ECOWAS selected a group of six leaders, one each from Nigeria, Benin, Senegal, Togo, Niger and Ghana, to visit Ouagadougou and proffer the recommendations of the West African nations towards solving the disruption of civil transition in Burkina Faso.

    President Yayi of Benin was named as facilitator, while Nigeria was represented by the Vice President. In what included a series of talks and events all Wednesday, leaders from the six West African nations met with the RSP, Burkina Faso military and civil leaders and presided over the formal ceremony to effect the restoration of power from the presidential guards, led by General Gilbert Deirdre.

    On his arrival on September 23 – in the Burkinabe capital, Prof. Osinbajo was received at the Ouagadougou Airport by General Deirde, while he was escorted back on return through the same airport by the restored Transition President Kafando. He returned to Nigeria Wednesday night.

  • Nigeria, ECOWAS decry poor access to climate finance

    Nigeria, ECOWAS decry poor access to climate finance

    The Federal Government and the Economic Community of West State (ECOWAS) have decried poor access to climate finance in West Africa.

    They said despite the laudable structures for the implementation entities of Adaptation Fund (AF) and Green Climate Fund (GCF), access to the fund has remained low in the sub-region.

    The Permanent Secretary, Ministry of Environment, Mrs. Fatima Mede, in her remarks at the opening of a three-day regional workshop and capacity-building on access to climate finance in West Africa, said the challenges of inaccessibility of such funds could be due to low institutional capacity to scale through accreditation, among others.

    The event was organised by the ECOWAS commission in collaboration with Adaptation Funds Board (AFB) and Heinrich Boell Stiftung (HBS).

    “Conditional access modalities, low institutional capacity to scale through accreditation, understanding and aligning the working relations of national implementing entities with the government’s project approval process; procurement policy, fund disbursement policy and process, as well as issues of environment social safeguards and management plan, are some of these constraints.

    “Accessibility to these funds remains an issue, not only due to some conditions associated with such funds, but also due to lack of capacity in preparing implementable projects,” Mrs. Mede said.

    She maintained that developing countries need international assistance and resources to support adaptation in the context of national planning for sustainable development, capacity building and transfer of technology.

    The permanent secretary noted that the scourge resulting from the impact of climate change in Africa and especially in West Africa was further worsened by the poor state of economic development and low adaptive capacity.

    Mede added that the Federal Government was in support of ongoing efforts to establish potential linkages and synergy between the Adaptation Fund (AF) and the Green Climate Fund (GCF).

  • Buhari, ECOWAS leaders meet on Burkina Faso‎

    Buhari, ECOWAS leaders meet on Burkina Faso‎

    President Muhammadu Buhar and eight other ECOWAS leaders are locked in a closed- door meeting over the political logjam in Burkina-Faso.

    The extra-ordinary meeting which is ongoing is expected discuss the ongoing political crisis in Burkina Faso and the way out of the imbroglio.

    ECOWAS has since placed Burkina-Faso on suspension, following a military coup which toppled the interim government headed by Michel Kafando.

    ECOWAS leaders attending the meeting which is taking place at the Presidential wing of the Nnamdi Azikwe International Airport are – John Mahama (Ghana), Thomas Boni Yayi (Benin Republic), Macky Sall (Senegal) and Alassane Ouattara (Côte d’Ivoire).

    The leaders of Guinea, Niger Republic and Mali are also in attendance.

    Buhari in his welcome remark said the development in Burkina-Faso runs contrary to the expectations of ECOWAS‎.

    He stressed that the extraordinary summit therefore provides the opportunity to review the development.

    ‎He also commended the process of engagement by the regional body, which according to him, has resulted in some measure of understanding towards the resolution of the crisis.

     

  • Buhari to host ECOWAS summit on Burkina Faso

    Buhari to host ECOWAS summit on Burkina Faso

    President Muhammadu Buhari will on Tuesday host an Extraordinary Summit of the Economic Community of West African States (ECOWAS) Authority of Heads of State and Government in Abuja.

    A statement issued by the Senior Special Assistant on Media and Publicity to the President, Garba Shehu, said the main item on the agenda of the summit is the current political situation in Burkina Faso.