International
UK to Host African Investment Summit in April 2024
UK to Host African Investment Summit in April 2024
By: Michael Mike
The British Prime Minister, Rishi Sunak
will be hosting African leaders in London for the second UK-African Investment Summit between 23 and 24 April, 2024 building on the £6.5 billion of deals and £8.9 billion of investment commitments achieved at the 2020 summit.
A statement from the British High Commission in Nigeria on Thursday explained that the Summit aims to promote two-way trade and investment, creating jobs and growth and supporting women entrepreneurs.
The statement added that the announcement comes as HM Revenue and Customs sign an MoU with the Federal Inland Revenue Service to help increase Nigeria’s domestic revenues
The statement read: “The Prime Minister will host a UK-African Investment Summit in London on 23-24 April 2024. The Summit will bring together Heads of State and Government from 24 African countries with British and African business leaders. It will strengthen UK-African partnerships to create jobs and growth, supporting British and African talent in sectors such as finance and technology, and promote women entrepreneurs.
“The Summit will build on the results of the UK-African Investment Summit 2020 and virtual UK-African Investment Conferences in 2021 and 2022. The UK-African Investment Summit 2020 marked an important milestone in our partnerships with African countries and announced over £6.5bn of deals, plus a further £8.9bn of investment commitments.
“By 2050, two billion people will live in Africa, more than half will be under 25. During the next two years, faster economic growth is expected across Sub-Saharan Africa than the global average. And as the world faces the stark and shared challenge of climate change, the UK is working with African countries to support them to mitigate and adapt to its effects, recognising Africa’s abundant potential for renewable energies of the future.”
The British Prime Minister Rishi Sunak was quoted to have said: “To grow the UK’s economy, create opportunities for growth and bolster our economic security, we must deepen our ties with partners across the world.
“This summit will ensure we are able to harness the potential of our relationships across Africa and grow our economies together, making them stronger, resilient, and innovative.”
By facilitating business-to-business links, trade opportunities and investment, UK-AIS will help harness this potential for the creation of mutual prosperity, economic growth, jobs and a global transition to green energy.
Foreign, Commonwealth and Development Secretary, James Cleverly, working closely with the Secretary of State for Business and Trade and President of the Board of Trade, Kemi Badenoch, will lead work across Whitehall to prepare for the Summit.
The Foreign Secretary James Cleverly said: “The UK’s trade and investment relations with countries right across the African continent are delivering significant mutual economic benefits to all of us.
“Affirming the UK’s position as a leading investor in Africa, this second African Investment Summit in London will build on our successes since 2020 which have combined the strengths, innovations and expertise of the UK and our partners across Africa to support reliable, sustainable and long-term investment.
“The UK and Africa go far when we go together.”
The Foreign Secretary committed last December to focusing on partnerships of the future with countries whose economies, populations and ultimately influence globally are growing. He sees countries in Africa as central to this and is seeking to build on our partnerships across the continent on the basis of respect, mutual benefit, common interests, and, most importantly, by listening to African countries’ perspectives.
To further this commitment, the UK’s HM Revenue and Customs (HMRC) has today, signed a memorandum of understanding with the Federal Inland Revenue Service (FIRS) to help increase Nigeria’s domestic revenues.
The Memorandum of Understanding (MOU) will help ensure that Multinational Enterprises (MNEs) pay the right amount of tax in Nigeria. It will also help assess tax liabilities of firms and High Net Worth Individuals (HNWIs).
The UK and Nigeria have confirmed their shared interest in pursuing a potential Enhanced Trade and Investment Partnership (ETIP) which will offer an alternative high-profile mechanism to progress bilateral economic issues of mutual strategic importance.
This was agreed in November 2022 at the 8th and final UK-Nigeria Economic Development Forum (EDF) established primarily by former Prime Minister, Theresa May and President Muhammed Buhari in August 2018 to address market access barriers, respond to opportunities and challenges of doing business and boost bilateral trade and investment between the our two countries. Under the ETIP, both countries will continue to work together to resolve market access issues and enhance economic cooperation.
International
Aftermath of Modi’s Visit: Nigeria Should Expect Rise in Already Existing Over 200 Indian Companies, Growth in $27 billion Indian investment, Indian Government Promises
Aftermath of Modi’s Visit: Nigeria Should Expect Rise in Already Existing Over 200 Indian Companies, Growth in $27 billion Indian investment, Indian Government Promises
By: Michael Mike
Nigeria should expect more Indian investment in Nigeria with the growth in over 200 companies presently operating in the country and increase in the present investment of over $27 billion in the nation’s economy by Indian interest, the Indian government has assured.
Addressing the media on Sunday in Abuja on the fallout from the visit of Indian Prime Minister, Narendra Modi to the country, the Secretary of Economic Relations at India’s Ministry of External Affairs, Dammu Ravi, said: “While Indian companies are very strong in the traditional areas of manufacturing in Nigeria, with more than 200 companies having invested $27 billion in the economy here, there are new areas that are being identified, which include, as we discussed, the agriculture part of it, particularly lentils and other things which are being considered as a possibility. Then irrigation services, seed, hybrid seed development, research and development on good seeds, climate-resistant seeds and other things are being considered so that that area can also come into focus between the two countries.
“So we talked about mining, we talked about various issues pertaining to small and medium enterprises, the skill development part of it.
“Already we have some experts who have been training for more than six months in SMEDAN over here, entrepreneurial development skills. And also through the Indian Technical and Economic Cooperation where we have been sending people to India for skill development, that also came into focus. So we would be considering all these things too, we are diversify the areas of our cooperation in trade and economic relations, as well as to strengthen our trade cooperation.”
He also revealed that India is interested in further investment in Nigeria’s oil and gas industry, stating that: “There was a very good concentration of topic on oil and gas investment. Some Indian companies are already working on the CNG areas, which is the focus area of the President also. There are companies which are working in CNG city-wide network as well as setting up the outlets for CNG over here. CNG kits are being also sent over here so that it can be put in the cars and vehicles to use the CNG.”
He noted that on pharmaceuticals and medicine, there are nearly $4 billion of investment by Indian companies in the pharmaceutical sector here in Nigeria, and there is already existing eye hospitals of India in Abuja and Lagos, as well as another multi-speciality hospital.
He said: “I can also tell you that there is going to be a bigger hospital, a 300-bed hospital that has come up in Abuja, which will be open very shortly with expert doctors and technicians and others from India with modern technology. So that hospital chain would also be expanding itself into other geopolitical areas too.”
He said India, in agreement with Nigeria, looks forward to the reform of the United Nations Security Council, stating that there is urgent need to update the global governance structure to reflect current realities.
He noted that the existing structure, established in 1945, no longer meets the needs of the modern world and that significant changes are required.
Ravi highlighted the shared stance of India and Nigeria in advocating for a more inclusive Security Council, pointing out that both nations represent the interests of the Global South, which remains underrepresented in international decision-making.
He insisted that: “The world has changed significantly since the establishment of the UN, but the Security Council’s structure has not evolved accordingly.
“Nigeria and India are on the same page on the need for reform. We have to keep working on that in different forums to sensitise the countries on the need for our positions.”
The call for reform came as part of a broader effort by developing nations to secure a greater voice in global governance.
Ravi underscored the importance of unity among countries in the Global South, including major players like India and Nigeria, to advocate effectively for changes in the UNSC’s composition.
The UNSC currently has 15 members, including five permanent members with veto power: the United States, Russia, China, the United Kingdom, and France.
However, despite having 54 member states in the UN, Africa lacks permanent representation.
The US recently proposed expanding the council to include two permanent seats for African countries, with Nigeria, South Africa, and Egypt emerging as leading contenders due to their economic and political influence.
According to Ravi, the key to successful reform lies in collective action.
He noted that countries from the Global South, which have experienced significant political and economic growth over the past few decades, should have a more substantial role in international decision-making.
He said, “We need to build this understanding that there is a need for the UN reform and that is the fundamental. The reform is necessary and it has to be done quickly.”
Addressing the question of African representation, Ravi acknowledged that Africa has its own consensus on the need for reform.
However, he pointed out the complexity of aligning the positions of various African nations with those of other countries advocating for change, such as India.
Aftermath of Modi’s Visit: Nigeria Should Expect Rise in Already Existing Over 200 Indian Companies, Growth in $27 billion Indian investment, Indian Government Promises
International
STRUGGLE FOR PALESTINIAN STATEHOOD AS THE DEFINING LIMINAL MOMENT OF OUR TIME
STRUGGLE FOR PALESTINIAN STATEHOOD AS THE DEFINING LIMINAL MOMENT OF OUR TIME
By: Yusuf Maitama Tuggar
A liminal moment is a time of realization that the way things are is no longer sustainable, yet the way thing will become is yet to happen. In other words, a liminal moment is a period of transition. The quest of Palestinians for statehood and the right to exist is going through a transition period in which the world is awakening to the fact that Israeli occupation of Gaza and the West Bank and the institutionalised system of segregation used to administer the territories is neither tenable nor sustainable. Although the violence and carnage being meted out to the Palestinians appears at first glance to strengthen the hands of the Israeli government and provides opportunity for settlers to expand territorial ambitions, a closer examination reveals it to be a pyrrhic victory. The resolve of the innocent civilians on the receiving end is only getting stronger, determined to avert another Nakba, the term referring to the exodus that followed the 1948 partitioning that created the state of Israel. Many Palestinians lost their homes in the event, never to return again. Families still clutch on to the keys of their houses as mementos of a mistake passed down from one generation to another, that must never be repeated again. The struggle for Palestinian statehood is the liminal moment of our time.
When it comes to standing up against injustice and racial discrimination, Nigeria has maintained an admirable consistency. We deployed resources and energy over three decades towards the liberation of Angola, Mozambique, Zimbabwe, Namibia and Apartheid South Africa. Nigeria follows the dictum of International Relations guru Hans Morgenthau of making ethical foreign policy behaviour an integral part of its state objective. President Bola Tinubu continued this tradition when he spoke out equably for an end to the violence in Palestine and Lebanon during the Arab-OIC Extraordinary Summit in Riyadh on 11th of November 2024, calling for the actual implementation of the two-state solution that has been the subject of several UN Resolutions, dating back to Resolutions 242 and 338 of 1967. President Tinubu’s intervention was considered by other countries in attendance as providing the missing mechanism when he suggested the creation of a secretariat to monitor implementation of the Summit’s resolutions and provide regular reports to the leadership, until peace is achieved. This was unanimously adopted as a late addition to the draft resolution and hailed as a departure from previous ones that lacked implementation mechanisms.
President Tinubu has remained deeply concerned by the human suffering in Gaza, especially of children and women. For this reason, Nigeria worked with Red Cross officials and employed its diplomatic channels to facilitate the evacuation of sick and injured children to Egypt, UAE and Jordan. Today three-year-old Alaa Madhon, nine-month-old Salma Chagu of Khan Yunus, another three-month-old baby Alaa and baby Suhail are all alive with the help of Nigeria’s back channel diplomatic efforts. In his speech, President Tinubu reminded the world that the conflict did not begin on October 7th, contrary to media reporting that often gives the impression that the Hamas attack and kidnapping of civilians was the casus belli that justified Israeli aggression and discounting the daily aggression meted out to Palestinians living under the apartheid system in Gaza and the West Bank. He candidly challenged leaders by stating it was not enough to issue empty condemnations and although a countries in a rules-based international order had the right to self-defence, they had to take into account the proportionality of violence they applied, especially on innocent civilians. President Tinubu pointed out that an entire civilian population cannot be dismissed as collateral, in meting out revenge for October 7th. The contradiction of justifying the Israeli aggression against innocent civilians within the context of a rules based international law and order is that the whole point of international law is to rule out revenge. Justice is antithetical to revenge.
Those who attempt to give religious colouration to standing up for what is right and just betray a lack of understanding of the Palestinian quest for statehood. Some of the most prominent figures in that struggle have been Christians; academic Edward Said, PLFP founder George Habash, political activist Hanan Ashrawi are among the recognisable names. And within the state of Israel exist Arabs that are Muslim, Christian and Druze. The Republic of South Africa that instituted a genocide case against Israel in the International Court of Justice is 82% Christian. The nationhood journey of South Africa and the struggle against apartheid make it the most morally appropriate nation to file such a case against Israel where a similar apartheid system confines over 2.2 million people in an open-air prison called Gaza. Like South African Bantustans or homelands, those living within require passes to move around, their fundamental human rights restricted. So South Africans can identify more easily with the plight of the Palestinians as non-citizens on their own land.
But Nigeria can also identify with such a system and share the pain because of our own journey to nationhood. Apartheid was simply an extreme form of indirect rule. The system designed by Lord Lugard and Jan Smuts to answer the native question was to segregate a black majority, creating Sabon Garis and Zangos that restricted movement and mingling among the owners of the land. Black people were not allowed to venture into the Government Reservation Areas (GRAs) of Ikoyi in Lagos and Nasarawa in Kano, else one would be arrested for “wandering”. Late Ibrahim Gusau (who later became a Minister in the first republic) was punished by the colonial authorities for being found in Sabon Gari, with a copy of the West African Pilot, published by anti-colonial agitator Nnamdi Azikiwe. It was therefore not surprising that after gaining independence, Nigeria’s foreign policy maintained a proclivity for standing up against discrimination and injustice. Apart from supporting liberation movements to free others from the colonial choke hold, Nigeria refused to sell oil to Apartheid South Africa and penalised businesses that dealt with racist regimes on the continent. The Balewa government lobbied for the expulsion of South Africa from the Commonwealth and set up the National Committee Against Apartheid across the country, the Gowon government helped strengthen the United Nations Committee Against Apartheid and pushed for recognition of Guinea Bissau and Cape Verde as independent states, the Murtala/Obasanjo administration created the Southern Africa Relief Fund (SAFR) or Mandela tax as it was popularly known, and the Shagari government engineered the Lancaster House Conference that paved the way for Zimbabwe’s independence. President Tinubu continues this noble tradition by standing up for the actualisation of the two-state solution.
Nigeria’s diversity gives it an advantage on the world stage in consensus building through the hard work of conversation and virtues of principled compromise. Though this may be taken for granted at home because it comes naturally to us, it remains an uncommon trait abroad much admired by others. It is a gift that we must continue to tap into in our share political project both at home and abroad.
Yusuf M Tuggar
Minister of Foreign Affairs
Federal Republic of Nigeria
International
Nigeria Congratulates Trump on Election as US President
Nigeria Congratulates Trump on Election as US President
By: Michael Mike
The Nigerian government has congratulated the Republican candidate in the United States of America presidential election, Donald Trump for his victory at the poll.
The Nigerian government in a statement on Wednesday signed by the spokesperson of the Ministry of Foreign Affairs, Amb. Eche Abu-Obe wish the 45th president who has been elected by the reason of the election as the 47th president great success.
The statement read: “Federal Republic of Nigeria wishes to congratulate incoming President Donald Trump on his victory as the next President of the United States of America.
“Nigeria wishes the 47th President of the United States of America great success in steering the affairs of the country and further assures of continued support and cooperation in matters of international peace and security.
“The Federal Republic of Nigeria applauds the Democratic contestant, Kamala Harris, for her efforts and contributions during her tenure as the Vice President of the United States of America.
“In the same vein, Nigeria also applauds outgoing President, Joe Biden, for his leadership and service to the American people.”
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