APA – Lagos (Nigeria)
The report that manufacturers in Nigeria have predicted fresh hikes in the prices of commodities in the market to rise in response to the continued fall of the naira against the United States dollar is one of the trending stories in Nigerian newspapers on Monday.
The Punch reports that manufacturers have predicted fresh hikes in the prices of commodities in the market to rise in response to the continued fall of the naira against the United States dollar.
On Friday, the naira plunged to N1,420/$ at the parallel window of the foreign exchange market.
The President of the Manufacturers Association of Nigeria, Francis Meshioye, on Saturday told The PUNCH that the naira, which has now remained at over N1,400 in the parallel market for two days, would lead to price hikes in the economy.
He said, “It is not possible to remain profitable with this exchange rate. The first challenge is breaking even. It means the prices of things will be higher, and the income is not there for people to buy things as they should buy as things become more expensive.
“So, the demand will become low, and this will affect our bottom-line. The break-even point will become critical. So, what businesses should do is to ensure that they break even at this time. It is a critical and very challenging time for us.”
Meshioye predicted that these price hikes were unlikely to resonate well with consumers whose spending power has been continuously depleted.
The newspaper says that the Nigerian Government says the President Bola Tinubu administration is mobilising its Ministries, Departments and Agencies to “bring down inflation, stabilise the foreign exchange rates and create an enabling environment for business and investment.”
The government also said Nigeria’s economy would receive investment inflows worth $14bn from Indian businesses that pledged to invest in the country at the G20 Summit held last September.
While describing the recent killings in the Plateau State as “regrettable,” it vowed that its perpetrators must face justice.
The Minister of Information and National Orientation, Mohammed Idris, revealed these in a statement he signed on Sunday titled ‘Amidst challenges, Nigeria will forge ahead.’
Idris noted, “Regarding the economy, all relevant Ministries and Agencies of the Federal Government are working in a coordinated fashion to bring down inflation, stabilise foreign exchange rates, and create a truly enabling environment for business and investment.
“The Nigeria that President Tinubu seeks to build is one where no one is left behind. Impactful interventions are being rolled out, including a Students’ Loan Scheme, a Presidential Initiative to deploy lower-cost CNG mass transit buses to provide alternatives to petrol and diesel, and various low-interest loan schemes for businesses.”
The Guardian reports that the United States Secretary of State, Antony Blinken, has commended the African Development Bank Group for the exceptional efforts it is undertaking to help Africa feed itself and the rest of the world.
“Extraordinary work is being done to get to a place where Africa feeds itself and a place where Africa feeds the world. I’m convinced that can happen,” Secretary of State Blinken said during a visit hosted by AfDB Group President, Dr Akinwumi Adesina in Abidjan on Tuesday. The two met at the headquarters of AfricaRice—a pan-African centre of excellence for rice research, development, and capacity building that implements Bank agricultural programmes.
Welcoming Secretary Blinken, President Adesina said, “This is the first time that a US Secretary of State would visit the African Development Bank and its work.
Welcoming Secretary Blinken, President Adesina said, “This is the first time that a US Secretary of State would visit the African Development Bank and its work. Secretary Blinken’s visit is historic and provides great momentum for our work to feed Africa. I applaud Secretary Blinken’s strong leadership and commitment to food security and look forward to working closely with him and the US government to advance our joint efforts to support Africa to feed itself and help feed the world.”
Thanking the US for its support to the Bank Group’s key agricultural initiatives, Dr. Adesina said: “I applaud the work President Biden is doing for global food security. I’m delighted with the partnership we have with the US Government to help us move forward on food security in Africa.”
Adesina also thanked Blinken for a new grant of $9.5 million to support the Bank’s Technologies for African Agricultural Transformation initiative, or TAAT. The grant, which is a part of the larger US Government “Feed the Future” global hunger initiative, will be used for the second phase of the Bank programme called TAAT II, to help African countries increase food production, introduce climate-smart technologies, and expand extension services.
The newspaper says that the West African regional bloc, ECOWAS, for the first time since its existence, witnessed an abrupt pull out of three countries at the same time yesterday, as Mali, Burkina Faso and Niger announced their exit.
These countries did so on the grounds that after 49 years, the bloc no longer pursues the interests of its people but is influenced by foreign powers. They also criticised ECOWAS over the sanctions imposed on them as part of efforts to reverse the coups in their countries.
The joint statement reads: “After 49 years of existence, the valiant people of Burkina, Mali and Niger note with much regret, bitterness and great disappointment that their organisation has moved away from the ideals of its founding fathers and Pan-Africanism.
“Furthermore, ECOWAS, under the influence of foreign powers, betraying its founding principles, has become a threat to its member states and its populations whose happiness it is supposed to ensure.
“Indeed, the organisation has not provided assistance to our States in the context of our existential fight against terrorism and insecurity; worse, when these States decided to take their destiny into their own hands, it adopted an irrational and unacceptable posture by imposing illegal, illegitimate, inhumane and irresponsible sanctions in violation of its own texts; all things which have further weakened populations already bruised by years of violence imposed by instrumentalised and remote-controlled terrorist hordes.
“Faced with this continuing situation, Their Excellencies, Captain Ibrahim Traoré, Colonel Assimi Goïta and Brigadier General Abdourahamane Tiani, respectively Heads of State of Burkina Faso, the Republic of Mali and the Republic of Niger, taking all their responsibilities in the face of history and responding to the expectations, concerns and aspirations of their populations, decide in complete sovereignty on the immediate withdrawal of Burkina Faso, Mali and Niger from the Economic Community of West African States.”
Note that Mauritania was the first country to quit the Bloc in December 2000, after giving one-year notice in December 1999. They, however, rejoined in December 2019.
Yesterday’s announcement of the withdrawal of Mali, Niger Republic and Burkina Faso from the Economic Community of West African States (ECOWAS) ‘with immediate effect’ has sent shock waves across the region and beyond, with top diplomats, stakeholders and Civil Society Organisations (CSOs) stating that Nigeria and the West African bloc will be the greatest losers.
GIK/APA