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Nigeria, UK seeks to expand bilateral trade
ThinkBusiness Today - February 14th
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Africa Headlines
Nigeria, UK seeks to expand bilateral trade – The Nigerian heritage UK born UK Minister for Trade and Business Kemi Badenoch has been in Nigeria to expand opportunities for growth in trade and investment between Nigeria and the UK. A key plank of the visit was the signing of the enhanced trade and investment partnership (ETIP) with Doris Nkiruka Uzoka-Anite signing on behalf of Nigeria. This is the first signed with any African country. Nigeria also trades with the UK under the country’s developing countries trading scheme (DCTS) which puts in place simpler and more generous terms for Nigeria and 36 other countries to export to the UK, with tariff reductions on about 3,000 products. The UK has been in extensive and aggressive new trade terms since leaving the European Union and the single trade bloc.
Tinubu confers national honours on Super Eagles players – President Bola Ahmed Tinubu has conferred the national honour of the Member of the Order of the Niger (MON) on the players and officials of the Super Eagles, following their final appearance in the just concluded Africa Cup of Nations in Cote d’ Ivoire. The president praised the team for their resilience and unity. He used the opportunity seek increased private investment and participation in Nigeria’s sports and league. Nigeria’s football is currently characterised by a league that is a poor relation of the exploits of Nigerian players in foreign leagues. The outcome of the poor structure for investment and growth in the league including not having any referee in the just concluded AFCON. Virtually all the players that played for the country play their trade in foreign clubs. Until the league is established along global standards of fairness, standards, and security, private investments will not come.
Ethiopian Authorities Accused of Killing Civilians in Amhara, Rights Group Claims – IN what has been described as the worst violence since the 2022 peace agreement that ended the war in Tigray, Ethiopia forces killed at least 45 civilians in the Amhara region in the last 48 hours. All reports cited the statement by the Ethiopia Human Rights Commission (EHRC). The current crisis between Amhara regional forces and the Ethiopia government started in April 2023. Since May, the EHRC has accused the Ethiopian government of maintaining military siege on North Gondar, North Wollo, and North Slewa. Ethiopia, the second most populous country on the continent, after Nigeria, has been in varying levels of political and military crisis since 2018, including the war in Tigray that started in 2020.
Senegal pursues the old trick of stifling free speech and movement – After the announcement of planned strikes and protest in response to the recent postponement of the general elections by the President Macky Sall, the government yesterday asked communications companies to restrict access to the internet by citizens. There have been violent clashes since the postponement of elections in the country which many believe is a back door move for the President to extend his stay beyond his term. Elections were scheduled to hold February 25th but has been postponed indefinitely. The postponement was surprising and worrying for a few reasons. First, Senegal was always seen as one of the stable democracies in the region. It is also coming amidst the growing decline in democratic credentials in the region following the coups in Niger, Burkina Faso, and Mali in the last few years.
Global Headlines
Warfare or Welfare? World Prioritizes Arms Race as Spending Reaches $2.2 Trillion – A report by the International Institute for Strategic Studies (IISS) paints a concerning picture of rising global defence spending, reaching a record US $2.2 trillion in 2023 with projections for further increases in 2024. This trend is attributed to ongoing conflicts such as the Russia / Ukraine war and Israel-Gaza tensions, alongside rising unease in the Arctic, North Korea's nuclear ambitions, and China's military expansion. The report characterizes the current security environment as "highly volatile," prompting the US and Europe to ramp up weapons production after years of underinvestment. NATO members, particularly in response to Russia's aggression, have significantly boosted spending, with 10 now meeting the 2% GDP target. Finland's recent accession further extends the alliance's border with Russia. Beyond Europe, the report highlights Iran's growing influence through arms supplies and China's increasing military capabilities. It emphasizes the evolving nature of modern conflicts, involving more non-Western nations and demanding advanced technologies like drones and GPS.
No breakthrough in Gaza war truce talks as Rafah braces for Israeli assault – Truce talks involving the United States, Egypt, Israel, and Qatar have concluded without a breakthrough as pressure mounts for Israel to postpone its planned assault on the southern part of Gaza. The discussions, held in Cairo, involved Egyptian President Abdel Fattah el-Sisi, CIA Director William Burns, Qatari Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, and Israeli representatives. The aim was to establish a ceasefire, safeguard civilians, and provide more aid to Gaza. However, no significant progress was made. Meanwhile, Israeli forces are preparing for a ground assault on Rafah, a city in southern Gaza with a displaced population of over a million. Displaced families have started leaving Rafah, but there are concerns about their safety and lack of alternative options.
Indian farmers march to New Delhi amid tight security and barricades – Thousands of Indian farmers are again marching towards New Delhi, echoing their 2021 protests, to demand better crop prices and income support. Authorities have deployed heavy security and sealed entry points to the capital, mirroring tactics used against the earlier demonstrations. This renewed action comes despite the withdrawal of controversial farm laws in 2021, a move seen as a concession by the Modi government. However, promised solutions like minimum support prices for all crops and income doubling haven't materialized, prompting farmers to return to the streets. This protest holds significance ahead of national elections, where farmers represent a crucial voting bloc. Additionally, trade unions have announced a nationwide rural strike, amplifying the pressure on the government. With tensions rising, all eyes are on how this situation unfolds in the coming days.
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