Musings From Abroad

Germany to support ECOWAS with $86 million

Published

1 year ago

October 1, 2023

The Economic Community of West African States (ECOWAS) will receive 81 million euros ($85.9 million) in support from Germany’s Development Ministry for peacekeeping and economic growth.

“The crises in West Africa require regional solutions. In addition to actively mediating in crises, ECOWAS also actively works to prevent crises, according to Development Minister, Svenja Schulze, who met with an ECOWAS delegation on Friday in Berlin.

Germany enjoys a positive reputation in many African countries thanks to its long-standing alliance with nations like Niger and Nigeria, although it has fallen out with the Malian government, which is notorious for its counter-posture to the West. Hundreds of German soldiers are also on missions across the West African sub-region, which has now become a breeding ground for terrorists.

But the case is different when it comes to economic relations. In 2021, German companies invested around $1.6 billion (€1.68 billion) in Africa, which was “encouraging but still far from enough.” In terms of Germany’s total direct foreign investment around the globe, only around 1% ends up in Africa.

China has led the chart for investment into the continent in recent years. While Chinese investment shows the fastest growth, and expanding, the significance of German enterprises for African economies is shrinking.

Musings From Abroad

Nigeria, India to strengthen counterterrorism, maritime security cooperation

Published

10 hours ago

November 18, 2024

Ifeoluwa Dada

During a state visit to Nigeria on Sunday, Indian Prime Minister, Narendra, Modi reached an agreement, on behalf of his country, to strengthen cooperation in counterterrorism, intelligence, and maritime security.

President Bola Tinubu invited Modi to visit Nigeria, the first Indian prime minister to do so in 17 years.

Tinubu is looking for investments from some of the largest economies in the world.

In addition to discussing economic development, defence, healthcare, and food security, Modi and Tinubu met at the presidential mansion on Sunday after arriving in the capital, Abuja, on Saturday night, according to a joint statement.

The two nations decided to work together to protect maritime trade routes and fight piracy in response to the mounting risks in the Indian Ocean and the Gulf of Guinea.

The most populous country in Africa, Nigeria, is looking to attract more Indian investment and lower-cost credit lines in order to strengthen its economy and generate employment.

Nigeria announced last year that it had obtained about $14 billion in pledges from Indian businesses, including Jindal Steel and Power, which promised to spend $3 billion in Nigeria’s steel industry, during the G20 conference.

Over 200 Indian businesses are present in Nigeria.

Modi was scheduled to go to Brazil for this year’s G20 conference after Nigeria.

Nigeria and India have a long-standing and cordial bilateral relationship. Nigeria, home to more than 200 million people, and India, home to 1.3 billion people, are both sizable emerging nations with multilingual, multiethnic, and multireligious communities.

Musings From Abroad

Military advisors from Russia arrive Equatorial Guinea

Published

1 day ago

November 17, 2024

Ifeoluwa Dada

Russian military advisors are in Equatorial Guinea training indigenous soldiers.

Anonymous sources cited by Reuters during the week claim that between 100 and 200 Russian instructors are training with elite guards in charge of guarding the President and the first family.

The males had been seen in Malabo, the country’s capital, and Bata, its second city. Reports of Russian forces stationed in the nation initially appeared in August.

Oil-rich Equatorial Guinea’s President Teodoro Obiang Nguema Mbasogo has maintained close relations with Moscow.

Nguema travelled to Moscow in September to attend the Russian Energy Week International Forum.

Russia has strengthened military connections with African countries, sending advisors and combat soldiers to the Central African Republic, Mozambique, Mali, Niger, and Burkina Faso.

Faced with an Islamist terrorist insurrection, three Sahel countries have turned to Moscow for support, expelling French and American troops.