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EU Votes N62.6bn to Combat Maritime Crime, Partners Nigeria, ECOWAS

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  • EU Votes N62.6bn to Combat Maritime Crime, Partners Nigeria, ECOWAS

In a bid to tackle piracy, illegal oil bunkering and human trafficking, the European Union has partnered Nigeria and other member countries of the Economic Community of West African States to combat maritime crime in the Gulf of Guinea.

The EU stated that the piracy, armed robbery, smuggling and illegal fishing taking place in the Gulf posed a major threat to maritime security and to the economic development of Nigeria and other countries in the region.

The Head of Cooperation of the EU Delegation to Nigeria and ECOWAS, Mr Kurt Cornelis, who said this during the ‘Coordination Meeting of Maritime Security Projects’ organised by the Improved Regional Fisheries Governance Programme in West Africa in Abuja, on Monday, disclosed that the EU had voted €155m (about N62.6bn), for implementation of key ECOWAS strategies.

Cornelis explained that in 2017, the Gulf of Guinea recorded 81 attacks on ships of which 42 were related to piracy and 39 were armed robberies, while 32 seafarers were kidnapped for ransom.

He stated, “The EU is committed to supporting regional efforts towards improving maritime security in the Gulf of Guinea and supporting the development of local capacities of coastal states.

“To this end, EU regional programmes in the Gulf of Guinea dedicated to security are currently worth more than €155m covering not only support to the implementation of key ECOWAS strategies such as the integrated maritime security, but also the regional strategy to fight illicit drug trafficking and the regional policy for fisheries supported by the PESCAO project (Improved Regional Fisheries Governance Programme in West Africa).”

The Commissioner for Political Affairs, Peace and Security, ECOWAS Commission, Gen. Francis Behanzin, in his remarks, noted that the meeting was part of the operationalisation of the maritime security architecture of the ECOWAS region, which he said was in line with the ECOWAS Integrated Maritime Strategy as adopted by the Heads of State and Government of ECOWAS on March 27, 2014.

The implementation of the strategy, he said, required the participation and collaboration of all stakeholders who collectively assumed responsibility for the ECOWAS maritime domain.

“In the end, ECOWAS constantly keeping in mind that the main objective of the maritime strategy is to support and encourage the creation of greater wealth through the development of a prosperous, stable and environmentally, friendly economy, the output of this meeting is expected with the hope that it will be of benefit to the region,” Behanzin stated.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Federal Government Set to Seal $3.8bn Brass Methanol Project Deal in May 2024

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Gas-Pipeline

The Federal Government of Nigeria is on the brink of achieving a significant milestone as it prepares to finalize the Gas Supply and Purchase Agreement (GSPA) for the $3.8 billion Brass Methanol Project.

The agreement to be signed in May 2024 marks a pivotal step in the country’s journey toward industrialization and self-sufficiency in methanol production.

The Brass Methanol Project, located in Bayelsa State, is a flagship industrial endeavor aimed at harnessing Nigeria’s abundant natural gas resources to produce methanol, a vital chemical used in various industrial processes.

With Nigeria currently reliant on imported methanol, this project holds immense promise for reducing dependency on foreign supplies and stimulating economic growth.

Upon completion, the Brass Methanol Project is expected to have a daily production capacity of 10,000 tonnes of methanol, positioning Nigeria as a major player in the global methanol market.

Furthermore, the project is projected to create up to 15,000 jobs during its construction phase, providing a significant boost to employment opportunities in the country.

The successful execution of the GSPA is essential to ensuring uninterrupted gas supply to the Brass Methanol Project.

Key stakeholders, including the Nigerian National Petroleum Company Limited and the Nigerian Content Development & Monitoring Board, are working closely to finalize the agreement and pave the way for the project’s advancement.

Speaking on the significance of the project, Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, emphasized President Bola Tinubu’s keen interest in expediting the Brass Methanol Project.

Ekpo reaffirmed the government’s commitment to facilitating the project’s success and harnessing its potential to attract foreign direct investment and drive economic development.

The Brass Methanol Project represents a major stride toward achieving Nigeria’s industrialization goals and unlocking the full potential of its natural resources.

As the country prepares to seal the deal in May 2024, anticipation grows for the transformative impact that this landmark project will have on Nigeria’s economy and industrial landscape.

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IMF Report: Nigeria’s Inflation to Dip to 26.3% in 2024, Growth Expected at 3.3%

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IMF global - Investors King

Nigeria’s economic outlook for 2024 appears cautiously optimistic with projections indicating a potential decrease in the country’s inflation rate alongside moderate economic growth.

The IMF’s revised Global Economic Outlook for 2024 highlights key forecasts for Nigeria’s economic landscape and gave insights into both inflationary trends and GDP expansion.

According to the IMF report, Nigeria’s inflation rate is projected to decline to 26.3% by the end of 2024.

This projection aligns with expectations of a gradual easing of inflationary pressures within the country, although challenges such as fuel subsidy removal and exchange rate fluctuations continue to pose significant hurdles to price stability.

In tandem with the inflation forecast, the IMF also predicts a modest economic growth rate of 3.3% for Nigeria in 2024.

This growth projection reflects a cautious optimism regarding the country’s economic recovery and resilience in the face of various internal and external challenges.

Despite the ongoing efforts to stabilize the foreign exchange market and address macroeconomic imbalances, the IMF underscores the need for continued policy reforms and prudent fiscal management to sustain growth momentum.

The IMF report provides valuable insights into Nigeria’s economic trajectory, offering policymakers, investors, and stakeholders a comprehensive understanding of the country’s macroeconomic dynamics.

While the projected decline in inflation and modest growth outlook offer reasons for cautious optimism, it remains essential for Nigerian authorities to remain vigilant and proactive in addressing underlying structural vulnerabilities and promoting inclusive economic development.

As the country navigates through a challenging economic landscape, concerted efforts towards policy coordination, investment promotion, and structural reforms will be crucial in unlocking Nigeria’s full growth potential and fostering long-term prosperity.

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South Africa’s March Inflation Hits Two-Month Low Amid Economic Uncertainty

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South Africa's economy - Investors King

South Africa’s inflation rate declined to a two-month low, according to data released by Statistics South Africa.

Consumer prices rose by 5.3% year-on-year, down from 5.6% in February. While this decline may initially suggest a positive trend, analysts caution against premature optimism due to various economic factors at play.

The weakening of the South African rand against the dollar, coupled with drought conditions affecting staple crops like white corn and geopolitical tensions in the Middle East leading to rising oil prices, poses significant challenges.

These factors are expected to keep inflation relatively high and stubborn in the coming months, making policymakers hesitant to adjust borrowing costs.

Lesetja Kganyago, Governor of the South African Reserve Bank, reiterated the bank’s cautious stance on inflation pressures.

Despite the recent easing, inflation has consistently remained above the midpoint of the central bank’s target range of 3-6% since May 2021. Consequently, the bank has maintained the benchmark interest rate at 8.25% for nearly a year, aiming to anchor inflation expectations.

While some traders speculate on potential interest rate hikes, forward-rate agreements indicate a low likelihood of such a move at the upcoming monetary policy committee meeting.

The yield on 10-year bonds also saw a marginal decline following the release of the inflation data.

March’s inflation decline was mainly attributed to lower prices in miscellaneous goods and services, education, health, and housing and utilities.

However, core inflation, which excludes volatile food and energy costs, remained relatively steady at 4.9%.

Overall, South Africa’s inflation trajectory underscores the delicate balance between economic recovery and inflation containment amid ongoing global uncertainties.

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