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Pressure tightens on Nigeria’s foreign trade as Mali, Niger, Burkina Faso exit ECOWAS

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…Nigerians risk a further hike in price of rice, oil, millet, others

By Moses Adeniyi

Nigeria’s foreign trade value may further suffer within the West African region particularly, with Burkina Faso, Mali, and Niger, as the three military regimes of the nations announced their immediate withdrawal from the Economic Community of West African States (ECOWAS).

The decision may further worsen Nigeria’s network of trade to other connecting nations with a worsening of trade relations with the three.

The leaders of the three Sahel nations on Sunday issued a statement saying it was a “sovereign decision” to leave the ECOWAS “without delay.”

Struggling with jihadist violence and poverty, the regimes have had tense ties with ECOWAS since coups took place in Niger last July, Burkina Faso in 2022 and Mali in 2020.

All three were suspended from ECOWAS, with Niger and Mali facing heavy sanctions.

They have hardened their positions in recent months and joined forces in an “Alliance of Sahel States.”

A French military withdrawal from the Sahel — the region along the Sahara desert across Africa — has heightened concerns over the conflicts spreading southward to the Gulf of Guinea states Ghana, Togo, Benin, and Ivory Coast.

The Prime minister appointed by Niger’s military regime on Thursday blasted ECOWAS for “bad faith” after the bloc largely shunned a planned meeting in Niamey.

Niger had hoped for an opportunity to talk through differences with fellow states of ECOWAS, which has cold-shouldered Niamey, imposing heavy economic and financial sanctions following the military coup that overthrew elected president Mohamed Bazoum.

The ECOWAS had previously slammed sanctions on Niger and ordered its standby force to restore constitutional order in the West African nation; a move that had been widely rejected, especially in Nigeria.

The Nigerian government had on August 4th, 2023 closed all its land borders with Niger as part of sanctions against the country over the military coup that took place  on July 26.

Since the border closure enforced against Niger Republic following the country’s junta’s refusal to restore ousted President Muhammed Bazoum to office, prices of food items, such as rice, millet, oil and other food staples that come into Nigeria through Niger border have recorded a hike in prices.

Other commodities as clothes and beverages have equally recorded a soaring hike, a development that Nigerian border communities have lamented.

Border communities such as Illela Local Government Area of Sokoto State, which shares border with Konni Local Government Area in Taohoua State of Niger Republic, Jibia in Katsina State, Yunusari Local Government Area of Yobe State, among others, have lamented hike in price of rice from N30,000 per 50kg bag, to above N50,000 since the border closure, even as other food staples most of which  were from Niger have recorded similar hike.

Also, Nigerian traders have lamented the plummeting of trade transactions as export of Nigerian made products, such as flour, cement, agricultural products, both perishable and non-perishable, house furniture, building materials,  to Niger which is a strategic route to Mali, Mauritania, and other trade partners with Nigeria, have suffered.

Late last year, Nigerian traders under the platform of Arewa Economic Forum had lamented that its members lost about N13 billion weekly to closure of the borders with Niger.

They had called on the Federal Government to avoid punishing innocent Nigerians in a bid to sanction the military junta in Niger.

Seven northern Nigeria states, including Kebbi, Sokoto, Zamfara, Katsina Jigawa, Yobe and Borno share a 1,608 kilometres long border with five regions in the Niger Republic.

Chairman of Arewa Economic Forum, Alhaji Ibrahim Danda-Kate, had said Nigerian authorities should be mindful of the impact any closure of the border with Niger will create for Nigeria and other neighbouring nations.

He had noted Niger is a trade route to Mauritania, Mali and other trade partners with Nigeria.

Danda-Kate also said, “the financial loss is about N13bn per week. Any disruption in the lives of those people will have a devastating effect on Nigeria and the rate of refugees more than what Nigeria currently has. We are not prepared enough to take in more refugees from Niger.”

With the pulling out of  Mali, Niger, Burkina Faso from ECOWAS, Nigeria’s trade within the West African region is bound to suffer as Nigerians risk a soaring hike in prices of food items and commodities.

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Mushin LG Chairman flags off construction of Yusuf Street road, promises solar lighting

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The Mushin Local Government Chairman, Hon. Emmanuel Bamigboye on Wednesday flagged off the construction of Yusuf Street road in Papa Ajao.

The project is expected to bring relief to residents and traders in the area and is set to be completed within six months.

According to Bamigboye, the project is a fulfillment of his campaign promise to the people of Mushin, and he expressed gratitude to God for the opportunity to execute the project.

He urged residents to cooperate with the contractor and the local government to ensure the successful completion of the project.

The councillor representing the ward, Ayomide Abioye, expressed his joy and appreciation for the project, stating that it is the longest street in Papa Ajao and will bring immense benefit to the community.

Also, the Baba Oloja of Ladipo International Market, Eze Monday, also commended the Executive Chairman for the project, stating that it will make a significant impact on the development of the area.

The project includes the construction of the road and the installation of solar lighting, which is expected to enhance security and facilitate economic activities in the area.

Residents and traders in the area have been warned not to disturb the contractor or disrupt the project in any way.

Meanwhile, the traders applauded Hon. Bamigboye for demonstrating its commitment to infrastructural development and the welfare of its citizens.

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Giving back to community — Prof Oyedokun speaks on motives

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Lead Facilitator Professor of Accounting & Financial Development Founder OGE, Prof. Godwin Emmanuel Oyedokun, has disclosed that giving back to society community is his motive for pursuing his career.

He made the disclosure in an article titled “My motive for running a free professional diploma course in Forensic Accounting and Fraud Investigation is of several folds.”

He said, “Running a free professional diploma course in forensic accounting and fraud investigation is also motivated by my desire to give back to the community.

“By sharing my expertise and knowledge without any financial barriers, I am helping individuals from diverse backgrounds and financial situations to acquire valuable skills and advance their careers.”

The academic reiterated that the motive for running a free professional diploma course in forensic accounting and fraud investigation is centred around education, skill development, community service, and professional growth.

It is a way to contribute to the accounting profession, address a skill gap, and empower individuals in their pursuit of knowledge and career advancement.

According to him, “Promoting Education and Professional Development to contribute to the growth and development of the accounting profession by providing individuals with an opportunity to enhance their knowledge and skills in the specialised field of forensic accounting and fraud investigation.

“By offering this free course, i am enabling aspiring professionals to access valuable education that might otherwise be costly or inaccessible.”

The Don addressing the need for expertise in Forensic Accounting said, “In recent years, there has been an increasing demand for professionals skilled in forensic accounting and fraud investigation due to the rise in financial crimes and fraudulent activities. By offering this free course, I am helping to address this skill gap and aiding in the fight against financial fraud.”

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Airport tolls: Nigeria lost billions under old rules — Keyamo

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The Minister of Aviation and Aerospace Development, Festus Keyamo, has revealed that the Federal Government lost 82 percent which is equivalent to N10 billion in revenue that ought to accrue from airport tollgates under old rules.

Keyamo revealed this to State House correspondents during the week at the end of a two-day meeting of the Federal Executive Council.

The minister lamented that the ministry accumulated 82 percent in the negative from the complimentary e-tags printed by the ministry, noting that 82 percent of the e-tags are given free of charge to VIPs.

He stated, “Let me give you the shocking statistics. The negative figure that we get at the end of the day from the complimentary e-tags is 82 percent, in the negative.

“In other words, where we are supposed to have a 100 per cent contract on the e-costs from these e-tags that we print, it is only 18 per cent that we now end up selling. That is how bad it is. 18 per cent and 82 per cent of these e-tags are given out free of charge to VIPs. So, imagine the loss in my sector, and I ask myself,Which other sector will I go to that they give me anything free?’

“Is it because I’m a VIP that you say that in FCT, I should not pay land charges that you waive it for me? I pay for that sector. I pay for power. Yes, I pay for everything. So, why would anybody now come to my own sector and want to get free passage? Not possible. That is how bad it is.”

He added that free e-tags to the VIPs had in the past led to the loss of billions of naira

“So this has led in the past to loss of billions of naira, not millions, annually. Yet, our airport infrastructure, you know, is decaying. I am helpless. I’m looking for concessionaires. I’m looking for help with decaying infrastructure.

“They will be the first to cry out, these same VIPs – ‘why are the toilets like this? Why are your toilets smelling? Why can’t you do this?’ They are the same people, but they don’t pay for the services. So, if we want improved infrastructure at the airport, we must pay for services,” he said.

The minister lamented that due to the policy of exemption, the ministry makes only about N100 million instead of making about N260 million from a particular airport gate every month.

“I’ll give you another example. In one of the access gates, based on the count of the barrier going up and down, we are supposed to be making N250m or 260 million from that gate every month. That gate, because of exemptions, the return to us is less than N100 million every month,” he added.

To end the loss, the FEC decided that the president, vice president, and other top government functionaries would start paying access fees or the e-tag at all 24 federal airports across the country.

Prior to this development, the president, vice president, and some government officials were exempted from paying access fees at the airports’ gates.

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