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Video: ECOWAS open to ‘all avenues of engagement’ over Niger crisis

Published

1 year ago

August 10, 2023

Nigerian President, Bola Tinubu said during the ECOWAS Leaders Extraordinary Summit on Thursday that the subregional bloc was prioritizing diplomatic negotiations and dialogue as the bedrock of its approach to addressing the political situation in the Niger Republic where President Mohamed Bazoum was ousted by a coup led by the head of the presidential guard and Niger’s self-declared Head of State, Abdourahamane Tiani.

“We still look to engage the parties involved, including the coup leaders, in honest discussion to convince them to relinquish power as suggested and reinstate President Bazoum.

“It is our duty to exhaust all avenues of engagement to ensure a swift return to constitutional governance in Niger,” the ECOWAS Chairman stated.

Tinubu’s latest remark reduces tension amidst concerns that ECOWAS under him favours the deployment of troops to forcefully remove the Niger junta after ECOWAS’ initial 7-day ultimatum.

The Niger development has drawn widespread reactions from countries and stakeholders across the world. Tinubu’s Nigeria has cut off power supply to Niger, and also recently announced financial sanctions on persons and businesses connected to the coup, while some Western countries have also reduced aid.

Niger is strategically significant for the United States, China, France, and Russia due to its wealth in uranium and oil, as well as its crucial role in the conflict with Islamist militants in the Sahel region.

Related Topics:ECOWAS Featured President Bola Tinubu

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Video: Kenya’s Ruto targets inflation rate below 3%

Published

4 weeks ago

October 24, 2024

Ifeoluwa Dada

In this video, Kenyan President, William Ruto, stressed the economic goals of his government and charged the public to believe in the economic reforms of his administration.

Ruto also emphasized that the international community and multilateral bodies had applauded his policy direction, and urged Kenyans to join the train.

“You do have my commitment that we will be disciplined as a public sector… it my target that by next year inflation will be sub 3%”, Ruto said.

Earlier in the month, the Central Bank of Kenya slashed the benchmark rate to 12.0%, 75.0 bps down. The Central Bank’s prescribed target band for headline inflation is 2.5% – 7.5%, 5.0% being the mid-point · The last time Kenya registered <3.0% headline inflation was May 2007

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Video: Amid unpopular reforms, W’Bank chief insists Nigeria must ‘stay in course’ for 15 years

Published

1 month ago

October 15, 2024

Ifeoluwa Dada

In this video, Indermit Gill, the Vice President and Treasurer of the World Bank who also serves as the Pension Finance Administrator of the World Bank Group, at an event in Abuja, Nigeria’s capital, commended the recent fiscal and monetary reform policies of the government.

He noted that implementing such reforms was impossible without strong resolve from the political class. He also commended the central bank’s decision to raise interest rate.

The central bank has had to hike its policy rate by a huge 850 points in the last 9 months to boost confidence in the Naira and anchor inflationary expectations.

“But this is only the beginning, Nigeria will need to stay the course for at least another 10 to 15 years to transform its economy,” the World Bank chief stressed.

Gill’s remark brings to mind the age-long argument on the actual interest of multilateral bodies in their engagements with developing countries, largely African states, whether through loans or policy framework. Some have argued that the institutions are only bent on impoverishing the continent through policy positions like the removal of subsidy and the devaluation of currencies, both of which Nigeria under the current administration has done under two years— leading to unprecedented inflation rate and soaring cost of living.