APA – Lagos (Nigeria)
The report that top diplomats from the United Nations, African Union and the Economic Community of West African States will Thursday (today) storm Abuja, the nation’s capital, to take major decisions at an Extraordinary Summit on the political development in the Niger Republic dominates the headlines of Nigerian newspapers on Thursday.
The Punch reports that top diplomats from the United Nations, African Union and the Economic Community of West African States will Thursday (today) storm Abuja, the nation’s capital, to take major decisions at an Extraordinary Summit on the political development in the Niger Republic.
The summit, which is expected to plot the ouster of the junta, will be hosted by the Chairman of the ECOWAS of Heads of States and Government, President Bola Tinubu.
This came as the Nigerian Supreme Council for Islamic Affairs warned the Federal Government and ECOWAS against carrying out a military action in Niger.
The Deputy Secretary-General of the Nigerian Supreme Council for Islamic Affairs, Prof. Salisu Shehu in a statement on Wednesday, warned that sanctions, like the ones imposed by ECOWAS, would be counter-productive and would have “socio-economic negative implications for both Nigerians and Nigeriens especially as we share common history and borders.”
The warning came as a former emir of Kano, Muhammad Sanusi II, on Wednesday, met with Tchiani in Niamey to discuss the political impasse which resulted from the overthrow of President Bazoum.
Also, it could not be ascertained if Sanusi was in Niamey at the instance of President Tinubu.
Meanwhile, Sanusi also met Tinubu at the Presidential Villa on Wednesday following the ex-emir’s meeting with the junta leader. He however, refused to discuss details of his meeting with the President.
The former emir, who told journalists he was in the Villa to brief Tinubu on the outcome of his meeting with the military leaders of Niger, said he was well received in the landlocked country.
The newspaper says that Nigeria Employers’ Consultative Association has raised the alarm about the rising rate of business divestment, capital flight and business closure in Nigeria.
In a statement, NECA said that in most developing economies across the globe, private businesses accounted for over 93 per cent of employment, including formal and informal jobs.
The private sector continued to remain the catalyst for economic growth, as a major contributor to national income and the efficient flow of capital, it said.
The Director-General, NECA, Adewale-Smatt Oyerinde, stated that the recent trend of business relocation and divestment was unfortunate.
He said, “Over the last decade, the private sector has been adversely affected by various policy thrusts of government. Many of these policies were either anti-growth, ill-timed or not well thought out, while others were not in alignment with the country’s economic realities.
“In more complex cases, we witnessed an era of policy clashes and contradictions, regulatory and legislative strangulation of businesses, which left many companies without a clear path for planning and decision making. Operational costs have increased astronomically, heaping more woes on many companies.”
The director-general noted that the consequences of the years of wrong policy choices were not far-fetched.
As expected, he said, “Divestment, capital flight and outright closures had become the ‘new normal’ within the business community.”
According to him, this was one of the major reasons why the rate of unemployment continued to soar perpetually with consequential rises in crime and other security issues.
When businesses ceased operations, divest or moved to other profitable and hospitable environments, a large number of Nigerians became unemployed, he said.
He added that Nigeria loses income from taxes, social investment is hindered, and poverty holds sway.
The Guardian reports that West Africa experienced slower economic growth in 2023, except for Cape Verde, The Gambia, Guinea, Mali, and Niger, said African Development Bank (AfDB).
The bank disclosed this in its 2023 West Africa Economic Outlook report, which was released in Abuja, yesterday.
It quoted the report by the News Agency of Nigeria (NAN) as saying that the outlook is entitled, ‘Mobilising Private Sector Financing for Climate and Green Growth in West Africa’.
According to the bank, the report assessed economic performance of 15 West African countries: Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.
“The report provides key economic trends in 2022 as well as medium-term (2023-2024) economic forecasts for the region. It also evaluates strategies to accelerate the mobilisation of private sector financing for climate and green growth in West Africa,” AfDB said.
According to the report, West Africa’s average Gross Domestic Product (GDP) decelerated to 3.8 per cent in 2022 from 4.4 per cent in 2021. The implication, it said, implied that growth recovery from the 2020 downturn had slowed.
It attributed the decelerating growth to successive shocks, such as the resurgence of COVID-19 in China, a major trade partner for the region’s countries.
It said Russia’s invasion of Ukraine had also spurred inflationary pressures on the cost of food, fuel and fertiliser in many West Africa region countries.
The report further revealed that advanced economies had also tightened monetary policy, which had heightened aversion to risk globally and increased exchange rate pressures.
According to the report, the region’s GDP growth outlook is positive, and projected to pick up slightly, hitting 3.9 per cent in 2023 and 4.2 per cent in 2024.
The newspaper says that the Nigeria Customs Service (NCS) has begun implementation of presidential directive on closure of the Nigeria-Niger border, following the recent overthrow of a democratically elected government in Niger Republic.
Acting Comptroller General of Customs (CGC), Adewale Adeniyi, re-echoed President Bola Tinubu’s reason for taking the action, noting that the measure was not meant to bring hard
Acting Comptroller General of Customs (CGC), Adewale Adeniyi, re-echoed President Bola Tinubu’s reason for taking the action, noting that the measure was not meant to bring hardship on Nigerians.
The CGC, who was on a working visit to Illela Border Station to monitor implementation of the exercise, expressed delight with the level of compliance by residents.
He said the restriction was a decision taken by ECOWAS, which the Nigerian President chairs, adding that the government is optimistic that the effort will yield results and restore peace.
He also said the exercise would secure Nigeria’s democracy and social stability, given the current state of uncertainty in neighbouring Niger Republic.
On whether the exercise will affect customs’ revenue generation, the CGC said the Service was aware of the situation and had already taken proactive steps to address it strategically.
He reiterated that the Tinubu administration is committed to protecting the well-being of citizens, and their businesses, expressing optimism that borders would soon be opened for businesses to thrive.
The Comptroller General also engaged traditional rulers and other stakeholders at the Illela border. Aminu Dan-Iya, chairman, Association of Customs Licensed Agents, who spoke on behalf of stakeholders, consoled residents regarding the restriction, saying the decision would benefit all.
GIK/APA