Nigerians are praising the lifting of a visa ban by the United Arab Emirates following a meeting in Abu Dhabi this week between President Bola Tinubu and United Arab Emirates President Mohamed bin Zayed Al Nahyan.

Nigerian authorities also secured an investment deal worth billions of dollars, according to the presidency.

Nigerian presidential spokesperson Ajuri Ngelale said Nigeria and the United Arab Emirates have established a framework for investments worth billions of dollars across multiple sectors, including defense and agriculture.

Speaking to Lagos-based Channels Television, Ngelale said the pact also resulted in the immediate lifting of a visa ban imposed by the UAE in October 2022.

“What we’ve done today is to not only normalize relations but then to add new dimensions to that relationship or partnership that are mutually beneficial to both nations,” he said. “And I think as we move forward, the details of those investments will become clear.”

The UAE imposed the visa ban on Nigeria in connection with a number of diplomatic disputes.

Dubai’s Emirates airline also suspended flight operations to Nigeria over Abuja’s inability to send the UAE an estimated $85 million in revenue that Dubai said had been blocked in the African nation. The monies could not be repatriated due to dollar shortages.

Additionally, the UAE’s Etihad Airways stopped flights to Nigeria.

But Ngelale said Emirates and Etihad airlines are expected to resume operations immediately without any payment by the Nigerian government.

The spokesperson also said Tinubu successfully negotiated a new foreign exchange liquidity program with the UAE.

Nigerian experts such as economist Emeka Orji welcomed the president’s move as a step that could reverse negative economic trends.

“It should be a no-brainer for them to reverse it,” Orji said. “The major chunk of their tourism, whether it is education or for holidays, Nigeria would show up on the list of its major tourism income-earning countries.”

In a recent statement, the UAE’s official Emirates News Agency noted that its leader and Tinubu explored opportunities for further bilateral collaboration in areas that served the sustainable economic growth of both countries.

The statement, however, did not go into detail about the lifting of the visa ban on Nigerians and the resumption of flights.

Orji says there will be a positive impact.

“International relations between the two countries will likely lead to an increase in economic activity,” he said. “There may be some interest in investing in some sectors in Nigeria. That would be an obvious gain for Nigeria.”

For now, experts said they hope the new pact is fully implemented for both countries to benefit.
…

In a historic move, the African Union has secured a permanent place in the Group of 20, also known as the G20, a development that could have major implications for Africa’s role in global geopolitics. 

As the continent faces an array of challenges, ranging from climate change to political instability and economic inequality, experts disagree on how big an impact G20 membership will have as the AU joins 20 of the world’s largest economies.

Robert Besseling, chief executive officer of Pangea-Risk, an intelligence advisory group based in South Africa and Britain, told VOA it is more of a symbolic development than a substantive event.

“The AU seat at the G20 will be meaningless,” Besseling said, if the African body cannot react decisively to events that include “the spree of military coups and irregular elections that have set back Africa’s democratic trajectory in recent months.”

Seven African countries have experienced military-led coups since 2020, most recently Gabon and Niger, raising questions about political stability, the lack of which makes it harder to address pressing issues like terrorism and food shortages in many countries.

Dennis Matanda, adjunct professor of American politics and international business at Catholic University, told VOA English to Africa Service’s TV program “Africa 54” that Africa’s membership in the G20 could pay dividends.

“There is a real opportunity here for the African Union to come to the table. And that is a strength, and that is the opportunity,” he said. He added that “the significance here is that for the first time, the African Union is being juxtaposed with the European Union.”

Besseling, however, has doubts about the AU’s ability to act cohesively.

He also said the AU’s membership in the G20 is mainly driven by tensions on the world stage between competing alliances.

“The G20 is increasingly becoming a counterweight to the China-led BRICS, and the AU’s entry should be viewed in that same context of geopolitical rivalry,” Besseling said.

On a more positive note, Besseling said the AU’s entry into the G20 may help diversify global alliances and open new avenues for cooperation.

Matanda said it is time for African nations to defend their own interests and not be used to further the objectives of global powers.

“I think we need to stop thinking about what the other places want, what China wants, what Europe wants, and start the process of generating Africa’s own narrative,” Matanda said. “Africa, the African Union, needs to undertake a comprehensive assessment of its opportunities. And the primary opportunity here is the region’s development finance institutions.”

As the G20 evolves into a forum of considerable influence, the AU’s presence amplifies the continent’s voice within this arena, he said.

“If they’re going to have global capital playing in Africa, you need to come to the table with the best people who can actually control the finances and basically channel those resources to the opportunities that achieve the most effective impact for the region,” Matanda said. “And from that perspective, we need to remember that the African Union can be all it wants to be, but it needs to have more power.”

This story originated in the Africa Division. English to Africa’s Esther Githui-Ewart contributed to the report.
…

«Загалом у систему вже додано 804 мегават із запланованих додаткових 1,7 гігават потужностей», заявив голова уряду
…

Міністерство оборони Данії повідомило про найбільший пакет допомоги Україні від початку повномасштабного вторгнення Росії
…

The European Commission – the European Union’s executive branch – has downgraded its economic forecast for the Eurozone, saying inflation is still too high, consumer spending is down and Germany, the continent’s largest economy, is in recession.

At a news conference in Brussels Monday, EU Economy Commissioner Paolo Gentiloni said they are now predicting the gross domestic product (GDP) of the 27-nation EU will expand at eight-tenths of one percent for 2023, and at 1.3 percent in 2024.

Those numbers are down from the May projections of 1.1 and 1.6 percent, respectively.

Gentiloni said Germany’s GDP was significantly weaker than expected in the first half of this year, with declining wages driving down consumer spending, and lower external demand leading to subdued exports.

He said the German economy is now projected to shrink by 0.4 percent in 2023, “a significant downward revision” from a May prediction of 0.2 percent growth.

He said they are forecasting that Italy’s and the Netherlands’ economies will also grow more slowly this year, with GDP expansion of 0.9 percent and 0.5 respectively, down from earlier projections of 1.2 percent and 1.8 percent.

But the commission said the economies of France and Spain will grow faster than previously expected this year, projecting 1.0 percent and 2.2 percent growth respectively, instead of the previously seen 0.7 percent and 1.9 percent.

Some information for this report was provided by the Associated Press, Reuters and Agence France-Presse.

 
…