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Nigeria opens new Chancery building in Bissau



Nigeria Chancery in Bissau.
Nigeria Chancery in Bissau.

The Permanent Secretary, Ministry of Foreign Affairs, Mr Gabriel Aduda has inaugurated a newly constructed Nigeria Chancery in Bissau.

Aduda stressed the need for improved bilateral relations between Nigeria and Guinea Bissau.

The News Agency of Nigeria (NAN)reports that the ceremony took place in Bissau on the sidelines of Nigeria’s 61st Independence anniversary.

Speaking at the event attended by diplomats and members of Nigeria community in Guinea Bissau, Aduda said bilateral relations between both countries span decades and had been through thick and tin, especially in the area of peace and security.

He said the Federal Government of Nigeria had shown very strong support for the government of Guinea Bissau at every point in time.

“We have enjoyed very cordial relations and it is as a result of this that we have taken it a step further to put in place this property.

“Often time it is not every mission that comes into a country that build a property like this, so this shows the importance and value that we attach to Guinea Bissau.

“As such, we are delighted not only that we are
commissioning this building but also that we are doing it on the occasion of our 61st Independence anniversary.

“By doing this, we are hoping that we will see improved bilateral relations politically, economically, consular matters and in trade between both countries.

“We want to see that the relation becomes stronger between the government of Nigeria, Guinea Bissau and our friends that are present,” he said.

Aduda said the building was carefully conceived to be able to cater for the needs of not just the embassy workers but Nigerians in Guinea Bissau.

He explained that in addition to the office spaces, the edifice housed modern restaurant and canteen as well as a 400-seat capacity multipurpose hall upon completion.

“The idea is to promote unity by making it open to Nigerian community to hold their meetings, weddings and other celebrations here under secured and safe environment.

“We will also be happy to share our space with other missions when the need arises and therefore, it has been strategically located for easy accessibility,” he said.

Aduda commended the Nigeria Ambassador to Guinea Bissau, Mr John Usanga for taking the initiative of moving to the new structure within a short time of assuming duty.

“I want to thank the Ambassador and his entire team in the mission because he could not have done it alone.

“The fact that he was able to take it to this level is commendable because he could have chosen to leave it like the other people before him, but he thought he needed a more befitting place .

“This is not only good for us as a country but will also save us the wastage that we are paying in the former Chancery.

“Even the environment is different and the work energy that it will bring will definitely be different because a work environment affects productivity,” he said.

The Ambassador said moving into the property had brought to a close all the unpleasant experiences the mission had experienced in a rented apartment.

He said the development would also resolve any doubt about Nigeria’s commitment to Guinea Bissau and the ECOWAS subregion as a whole.

“What we are witnessing today is not just the opening of a Chancery building but the marking of an epoch that will deepen Nigeria’s diplomatic relations with Guinea Bissau,” he said.

Usanga thanked the permanent secretary for taking time out of his busy schedule to come to Bissau for the inauguration.

NAN reports that the ceremony was attended by Mr Suzy Barbisa Minister of Foreign Affairs Guinea Bissau, Mr Ovido Pequeno and Mr Emmanuel Ohim, AU and ECOWAS representatives respectively in Guinea Bissau.

Mr Alexander Egorov, the Russian Ambassador to Guinea Bissau and the Dean of Diplomatic Corps in that country led other Ambassadors to the event. (NAN)

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Okonjo-Iweala ‘Less Optimistic’ About World Trade In 2024



Ngozi Okonjo Iweala
Ngozi Okonjo Iweala

The World Trade Organization’s chief Ngozi Okonjo-Iweala on Wednesday said she was “less optimistic” about world trade in 2024, pointing to tensions in the Red Sea.She said weaker global economic growth, “worsening geopolitical tensions, the new disruptions we see in the Red Sea, on the Suez Canal, the Panama Canal” meant “we are less optimistic”.

Okonjo-Iweala was speaking to journalists at the World Economic Forum in the Swiss resort of Davos where political and economic elites are meeting to discuss global challenges.

Before the massive Hamas attack on Israel in October and the subsequent outbreak of war in Gaza, the WTO had predicted trade would grow by 0.8 per cent in 2023 and projected growth of 3.3 per cent this year.

But Okonjo-Iweala warned the figure for 2024 would now be lower in future forecasts.

“We think there are a lot of downside risks to the forecasts we had made last year of 3.3 percent of growth of merchandise volumes this year. So we expect weaker performance,” she said.

“We will be revising estimates for this year, but they won’t be ready for another month or so,” Okonjo-Iweala added.

A spate of attacks by Yemeni rebels on Red Sea shipping has disrupted the vital trade route while the worst drought in decades to hit the Panama Canal has forced authorities to slow transits.

Yemen’s Huthi rebels say their strikes are in solidarity with Palestinians in Gaza.

The attacks have, however, also caused shipping companies to avoid the Suez Canal.

The Hamas attack on October 7 resulted in the death of around 1,140 people in Israel, most of them civilians, according to an AFP tally based on official Israeli figures.

More than 24,400 Palestinians, around 70 percent of them women, young children and adolescents, have been killed in the Gaza Strip in Israeli bombardments and ground offensive since October 7, according to the Hamas government’s Ministry of Health.


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Your Investments Are Safe In Nigeria, Tinubu Assures Saudi Investors



Asiwaju Bola Tinubu
President Bola Ahmed Tinubu


President Bola Tinubu on Friday assured potential investors that their investments are safe in Nigeria.

Speaking at the Saudi-Africa Summit in Riyadh, Saudi Arabia, President Tinubu said Nigeria is ready for business while assuring investors of some of the world’s highest returns on investment.

“I also wish to assure all potential Saudi investors of the safety of their investments based on the sanctity of the rule of law and good returns on their investments in the largest economy in Africa,” the President was quoted in a statement by his media aide, Ajuri Ngelale.

“In this regard, the benefit attached to the early inauguration of the Nigeria-Saudi Business Council can not be over-emphasized. Nigeria, like the Kingdom, is diversifying its economy away from oil dependence to promote sustainable development.

“My administration has undertaken bold economic reforms by removing wasteful subsidies on petroleum and the merging of our foreign exchange market, among other incentives aimed at improving the ease of doing business in Nigeria.”

Tinubu stated that Nigeria is desirous of enhancing collaboration with Saudi Arabia on combating terrorist organisations such as Boko Haram, ISWAP, and other violent extremist groups which have been terrorising the Lake Chad and Sahel regions.

He said, “Nigeria and Saudi Arabia have always enjoyed a special relationship at both the bilateral and multilateral levels. Within the past six decades, our bilateral cooperation, which was initially hajj-centric, has witnessed diversification to cover a number of areas of common interest.

“It is delightful to note the presence in this great Kingdom of a large number of our compatriots and professionals, including highly skilled medical practitioners and professional football players.

“As members of several international organizations including the UN, the Organization of Petroleum Exporting Countries, the International Energy Forum, the G77, the Islamic Development Bank, and the Digital Cooperation Organization among others, our two nations have effectively used these and other platforms to enhance close interaction and coordination.”

The President expressed confidence that the countries’ joint positive disposition within those platforms would continue to be demonstrated “as we seek to advance our mutual interests”.

Further, he thanked the Middle-East nation for the various humanitarian interventions in Nigeria through the King Salman Humanitarian Aid and Relief Centre.

Speaking on climate change and how it affects Africa, President Tinubu said climate change had led to an expedited rate of desertification and incessant flooding in Nigeria and many other countries of Africa.

He commended the efforts of the Kingdom for its various initiatives to fight the effects of climate change, adding that Nigeria is also working on a number of initiatives to fight the effects of climate change and energy poverty.

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Niger coup pressures food markets in West Africa – World Bank



World Bank
World Bank

The World Bank says the coup d’état in Niger may put additional pressure on Nigeria and other West African nations’ food markets.

According to the global bank, “The Nigerien coup d’état puts an additional seven million people at risk of falling into severe food insecurity in the region against a backdrop of soaring commodity and staple food prices, and severe food insecurity already affecting 3.3 million people during the lean season.”

In its September ‘Food Security Update’, the bank stated that the coup d’état in Niger might put additional pressure on West African food markets.

The Washington-based bank stated that food prices increased by up to 21 per cent in August in Niger owing to the economic and financial sanctions the Economic Community of West African States and the West African Economic and Monetary Union imposed on the country.

It noted that as a result, it limited poor households’ access to food and their ability to meet their dietary needs.

It stated that with the government’s limited financial capacity to implement its food assistance programme, continued provision of food aid by the World Food Programme remains essential, as access restrictions are hindering delivery of aid.

The report observed that FAO expects that shortages of seeds and feed and high fertilizer costs would affect the next agriculture season, exacerbating food insecurity, which is expected to persist beyond the lean season.

According to the Bank, Western and Central Africa were facing persistent food crises, with the number of people in need of food and nutritional assistance in the region rising from around 10.7 million in 2019, 29 million in 2021, to more than 40 million in 2022 and 2023.

The Bank said that between June and August 2023, 42.5 million people in Nigeria and other West African countries were in a food crisis or worse.

It added that the main factors affecting food security are civil insecurity and conflict, which have led to forced displacement, climatic shocks, political instability, adding that the war in Ukraine have increased the volatility of prices for foodstuffs and other commodities and caused widespread inflation as current food prices remain higher than during the same period last year.

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