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Kenya, EU sign trade agreement after 7-year hiatus

Published

1 year ago

June 19, 2023

For the first time in about 7 years, the European Union signed a trade agreement with East African powerhouse, Kenya.

The agreement which was signed on Monday at a ceremony in Nairobi underlines Europe’s commitment to strengthening ties with Africa and countering China’s growing influence in Africa.

The agreement marked the formal end of negotiations for the EU-Kenya Economic Partnership Agreement. It was celebrated on Monday in Nairobi and presided over by Kenyan, President William Ruto.

Ruto, who said the EU was “the second most important development partner for Kenya after the World Bank” said the country’s farmers could be “assured of a predictable market” and the agreement provides new opportunities to boost this trade.

“It ensures a stable market for industrialists, for our farmers, and also industrialists in the European Union,” he said.

Kenya will be granted duty-free and quota-free access to the EU, its largest market and the destination of around one-fifth of all exports, under the terms of the agreement.

Kenyan Trade Minister, Moses Kuria remarked after signing the accord with EU Trade Commissioner, Valdis Dombrovskis that, “Today is a very proud moment for Kenya, and I believe it is a very proud moment for the European Union.”

Europe is one of Africa’s top trading partners. Agricultural products, including fruits, vegetables, and the nation’s well-known tea and coffee, make up the majority of its exports to the EU. Around 70% of Kenya’s cut flower exports are going to Europe.

Kenya, which recently appointed a new governor of its central bank, is under pressure to change its monetary policy amid a funding crunch and mounting public debt. Despite the odds, the World Bank predicted in a report released earlier today that GDP would increase to 5.0% in 2023, supported by a rebound in the agricultural sector.

Related Topics:European Union Featured Kenya

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Ivory Coast to create $500 million green financing fund

Published

5 days ago

November 17, 2024

Ifeoluwa Dada

Ivory Coast will establish a $500 million green financing fund to assist sustainable growth, the IMF said.

Africa’s 54 countries have been worst hit by climate change, although emitting less pollution than developed nations. They get only 1% of yearly global climate financing.

The African Green Banks Initiative aims to develop a $1.5 billion ecosystem of green investment facilities by 2030, including Ivory Coast’s new facility.

The Global Environment Facility, the Green Climate Fund, the Ivory Coast government, multilateral development banks, development finance organisations, and possible private sources will all contribute to the facility’s capitalisation.

The leading cocoa-growing country in the world, West Africa, has been drafting new legislation to help other green finance projects, such as a body to regulate carbon credit management.

The consequences of climate change have disproportionately affected Africa, making cyclones, floods, and droughts worse in recent years.

A 30-month, $1.3 billion loan agreement for Ivory Coast under the IMF’s Resilience and Sustainability Facility was authorised by the executive board in March.

According to the IMF, the funding agreement will help the Abidjani administration implement its pledge to lessen the negative consequences of climate change.

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1,172 Nigerians killed, over 1,000 kidnapped in nine months— NHRC

Published

1 week ago

November 14, 2024

Isaac Dachen

The National Human Rights Commission (NHRC) has put the figures of Nigerians killed and kidnapped by non-state actors from January to September 2024, at 1,172 and 1,463 respectively.

A new data released on Wednesday by the organization reveal that the month of May saw the 298 persons killed, making it the highest, while March recorded the highest number of abductions with 499 kidnappings.

These data which was presented at a workshop on the state of human rights in Nigeria by the commission and the European Union, in Abuja, attributed the rise in kidnappings, killings and child abandonment in Nigeria to the negligence and failure of the state to protect its citizens.

While presenting the data, NHRC Senior Human Rights Adviser, Hillary Ogbonna, gave a breakdown of what he described as the alarming rise in human rights abuses, including kidnappings, killings and child abandonment.

“By January 2024, we already had 150 kidnappings and 55 killings associated mainly with non-state actors. What has become the norm is the killing of law enforcement officers,” Ogbonna said.

“We started with seven policemen killed in January. From victims’ perspectives, we had quite a number of victims for human rights violations for January.”

Also speaking at the event, the NHRC Executive Secretary in Nigeria, Tony Ojukwu, said:

“In recent years, we have witnessed alarming trends and threats against those who dare to speak the truth to power.

“It serves as a stark reminder that the protection of human rights is an ongoing struggle that requires continuous vigilance, action and cooperation from all sectors of the society,” Ojukwu said.

A delegation from the EU which also made a presentation, reiterated its commitment to support Nigeria to overcome these challenges, while urging the Federal Government to work with the armed forces to end this trend.

“The European Union will continue to work around the world through diplomacy,” the Head of EU Delegation, Zissimos Vergos, said.h