Latest news with #AFCFTA
Business Insider
12-07-2025
- Business
- Business Insider
Nigeria revives transshipment trade, targets Ghana, Togo, Côte d'Ivoire cargo routes
Nigeria's first deep-sea port has resumed transshipment cargo operations after a major upgrade in facility, marking a significant step in the country's ambition to become a major player in West African maritime logistics. Nigeria's first deep-sea port has resumed operations after major upgrades. The port aims to attract international cargo destined for neighboring West African countries. This development aligns with goals to enhance intra-African trade under the AFCFTA initiative. The move signals a renewed push to attract cargo destined for neighbouring countries, including Ghana, Togo, and Côte d'Ivoire, which have long served as transshipment hubs for Nigerian-bound goods. The port, which began commercial operations in 2023, is equipped with modern infrastructure, including deep berths, automated container handling systems, and a strategic location along the Gulf of Guinea. These features position it to efficiently handle large vessels and serve both domestic and regional markets. At a media briefing in Lagos on Thursday, Daniel Odibe, Deputy Chief Operating Officer of Lekki Port, noted that the facility is now focused on capturing a greater share of regional transshipment traffic. 'We are targeting more international transshipment cargo, especially from neighbouring countries,' he said. According to Odibe, the port has a capacity of 1.2 million Twenty-foot Equivalent Units (TEUs) but is currently operating at about 20% of that. He attributed this to macroeconomic pressures across the region. 'The removal of fuel subsidies and the depreciation of the naira against major foreign currencies have led to a decline in imports,' he added Nigeria reclaims cargo share Despite these challenges, port activity is showing signs of growth. Between January and June 2025, Lekki Port processed 222,000 TEUs. It is aiming to reach 500,000 TEUs by the end of the year—up from 287,000 TEUs recorded in 2024. Lekki Port's expansion comes as ports across West Africa compete to attract shipping lines and streamline cargo handling. Countries like Ghana and Togo have invested heavily in port infrastructure in recent years, while Nigeria aims to reclaim its share of regional cargo through efficiency and scale. The development also supports broader goals under the African Continental Free Trade Area (AFCFTA), which seeks to enhance intra-African trade through improved logistics and connectivity. As Lekki Port resumes full operations, it adds a vital link in the region's maritime trade network, positioning Nigeria to play a more prominent role in West Africa's port economy.
Business Insider
07-07-2025
- Business
- Business Insider
Africa's nuclear power projects attract renewed interest from international investors
Amid rising energy demands and a global push for low-carbon solutions, Africa's long-stalled nuclear power ambitions are gaining fresh momentum. Africa's nuclear energy ambitions are regaining interest amidst rising energy demands and a global move towards low-carbon solutions. The IAEA pledged support for African nations to establish safe and sustainable nuclear power programs. Small Modular Reactors (SMRs) and microreactors are seen as promising technologies for Africa's energy transition. International investors and development partners are showing renewed interest in funding nuclear power infrastructure across Africa, viewing it as a viable path to energy security, industrial growth, and climate resilience. As the continent faces rising energy deficits and the urgent need to transition to cleaner, more sustainable sources, nuclear power—particularly Small Modular Reactors (SMRs) and Micro Reactors (MRs)—is emerging as a promising option. However, financing remains a major hurdle to its widespread adoption. At the Africa Nuclear Energy Innovation Summit, held in Kigali, Rwanda, convened policymakers, investors, and energy experts to discuss nuclear power's role in Africa's energy transition, with a central focus on financing and local capacity building. The summit also highlighted the need to address the skills gap, with the AFCFTA's protocol on the free movement of people identified as a strategic tool for fostering cross-border education and training in nuclear science. The Director General of the International Atomic Energy Agency (IAEA), Rafael Grossi, reaffirmed the agency's commitment to supporting African countries in developing peaceful nuclear energy programs. He stressed that Africa's full integration into the global transition to low-emission energy is crucial, stating, " There is nothing preventing Africa from claiming its place" in the global energy landscape." Grossi emphasized Africa's potential as a key player in the future of global energy, highlighting that clean and reliable energy is "no longer a luxury but a pressing necessity" for the continent. While acknowledging that nuclear power may not be suitable for every country, he stressed that a low-carbon global economy would be "impossible without it." He also pointed to growing interest in Small Modular Reactors (SMRs), microreactors, and traditional nuclear technologies. He added that The IAEA is ready to work 'hand in hand with Africa on its journey toward a safe and sustainable nuclear future.' Rwanda's Minister of State for Public Investments, Tesi Rusagara, urged African nations to tap into domestic capital markets, citing that the continent's historical reliance on external concessional financing is declining, necessitating a strategic shift towards leveraging domestic and regional financial resources. Africa's Nuclear Financing Gap Widens Meanwhile, Africa faces a significant annual infrastructure financing gap of $100 billion, according to the African Development Bank. This challenge is exacerbated by a global climate of development finance pessimism, with projected declines in official development assistance. However, Stéphane Ouedraogo, Managing Partner at Stallion Capital Africa, noted that institutions like the World Bank are increasingly open to financing nuclear projects, bringing not only capital but also credibility and risk mitigation. As countries like Kenya and Rwanda explore Small Modular Reactors (SMRs), Africa's nuclear momentum is gaining traction. Realizing this potential will require coordinated financing strategies, policy support, and investment in local expertise, and crucial steps toward achieving sustainable, low-carbon energy on the continent.
Business Insider
05-07-2025
- Business
- Business Insider
New West African flight route set to boost trade between Ghana, Burkina Faso
AWA, a leading African Airline has officially launched direct flights between Accra, (Ghana) and Ouagadougou, capital city of Burkina Faso, marking a strategic move into the Sahel region and reinforcing efforts to boost intra-African connectivity. AWA has initiated direct flights between Accra and Ouagadougou, enhancing connectivity in the Sahel region. Three weekly flights will operate on this route, supporting AfCFTA's goal to facilitate regional trade and mobility. Regional officials welcome the development, stating it will boost aviation, tourism, and economic ties between the two nations. The inaugural flight landed on July 1, 2025, at Ouagadougou International Airport and was preceded by a ceremony in Accra. Reports read that the Airline will operate three flights weekly, supporting the objectives of the African Continental Free Trade Area (AFCFTA) by facilitating smoother movement of people, goods, and services across borders. Ticket prices for the route start at $290, according to the airline. Togbe Afede XIV, co-Chairman of Africa World Airlines (AWA) and Agbogbomefia of the Asogli State, reaffirmed the airline's commitment to African integration through reliable and safe aviation services. ' Our safety record is great. Our reliability is great, and that's the kind of tradition we expect to continue the service we want to offer our friends from Burkina Faso, ' he said. Togbe Afede also linked the new route to a broader vision of reconnecting the Sahel region with the rest of the continent. 'Hopefully, through them, we'll link all of the Sahel to the rest of Africa, in line with President John Mahama's vision of bringing Burkina Faso and Niger back into the fold.' Addressing public concern over high airfares, he noted that while the recent appreciation of the Ghanaian cedi could eventually lead to lower prices, the impact would take time due to legacy costs. ' Yes, prices will go down, but it takes time. Many of our costs were based on the old exchange rate, and we continue to meet obligations priced at those earlier levels. But I want to assure our customers that AWA is committed to value, service, and most importantly, safety, ' he said. From Burkina Faso, Karim Tapsoba, speaking on behalf of the Director General of Civil Aviation, hailed the new route as a critical development in West African air transport. ' It marks an important stage in the development of air transport in our sub-region. I am convinced that AWA will contribute to enhancing our aviation network and strengthening economic and tourism ties between the two countries. ' New Air route strengthens regional integration The launch comes amid broader regional integration efforts, including AfCFTA and ECOWAS initiatives. Earlier this year, Ghana's President John Mahama hosted leaders from Burkina Faso, Mali, and Niger in Accra for ECOWAS' 50th anniversary. In March, Mahama also made his first official visit to Mali, meeting with General Assimi Goïta, Mali's transitional president and current chairman of the Confederation of Sahel States (CSS). With the launch of the Accra–Ouagadougou route, AWA joins a small group of carriers offering regular commercial flights between the two countries, opening new channels for trade, tourism, and diplomatic relations across West Africa.
IOL News
29-06-2025
- Business
- IOL News
How Africa can foster sustainable diplomacy amidst global trade tensions
Ashraf Patel The abrupt exit of Donald Trump from the G7 Summit in Canada, without having side meetings with Global South leaders from South Africa, India et al, and this week's NATO Summit where core nations committed to a 5% of GDP spending on Defence amidst Trump tariffs has cemented 'nationalism as the new normal.' Meanwhile, 9 July is a key date when Trump tariffs kick in and will further erode African nations - who face high costs of capital and many face social conflicts amidst multiple cost of living crises facing the continent. In this context, South Africa should develop a smart agile and sustainable diplomacy rooted in both national interest and continental solidarity. Traditional blocks and alliances are no longer viable for middle powers. It is thus imperative that South Africa needs to craft a more nuanced trade and investment-people partnership to address its sagging economy and deep-seated structural problems such as unemployment, inequality, hunger and digital deficits. The recent announcement by China to accept duty-free access for 53 African nations is a huge boost that can promote exports and preserve jobs - but trade facilitation and meeting product standards will be crucial to leverage these opportunities. Both China and India offer a market of hundreds of millions of consumers that African exporters can tap into. Russia and the St Petersburg Economic Forum In early June Deputy President attended the 28th St. Petersburg International Economic Forum (SPIEF) in Russia's second-largest city. This year's forum, "Shared Values: The Foundation of Growth in a Multipolar World attracted nearly 20,000 representatives from 140 countries and regions and heads of several international organizations. Russia has managed GDP growth and currency reserves despite sanctions and war and is the Gateway to Eurasia. This forum is held when the global economy is facing severe challenges. It is a platform for issues ranging from accelerating digitalization to addressing climate change and formulating specific, practical solutions that can adapt the global economy to new conditions. The forum included more than 150 events, with entrepreneurs from Russia, China, the United States, Türkiye, Brazil, Vietnam, India, Iran, the United Arab Emirates and Africa. Southern Africa, SACU and AFCFTA expansion Our Southern African region comprises over 300 million citizens with huge trade and development potential. AFCFTA has been operational for five years but trade is negligible. Trade facilitation capacity and product quality support are needed as well as tech transfer. As the G20 host nation South Africa needs a new trade and investment package rooted in SADC industrialisation and energy plans. Smart tariffs would be needed with SACU nations Lesotho, Swaziland and Botswana. However, South Africa Inc.'s story in Africa has been that of a 'regional hegemon exploiting the rest of Africa', especially in mining and retail. Can a new AFCFTA be possible? One rooted in fair trade, solidarity and the SDG model with smaller nations? Here responsible diplomacy is needed beyond rhetoric. France and its commitments to Multilateralism and SDGs agenda In the current geopolitical situation, France is ensuring multilateralism and UN norms are adhered to. President Macron's stated position on advancing the two-state solution for Palestine will go a long way in ensuring a peaceful settlement. The Paris AI Safety Summit in February with France committing to a progressive vision for AI rooted in sustainability, inclusion and addressing inequality is progressive and aligned to UN and G20 commitments. The annual Paris Peace Conference is a global platform providing the world with a plethora of progressive ideas -and solutions on a range of key global issues for dialogue. At a bilateral level, a visit to France in early June saw Deputy President Paul Mashile deepen partnerships in areas of investment, development infrastructure, energy and technology. Indonesia, Malaysia and the ASEAN bloc ASEAN nations Indonesia and Malaysia nations offer enormous opportunities. With a population of 250 million, this is a major opportunity in trade especially in small business developments, exports, tourism and culture. Canada and Australia - progressive Commonwealth nations with common values Canada and Australia are fellow Commonwealth nations that currently have progressive governments in power with a deep commitment to multilateralism. Australia's Labour leader and Prime Minister Albanese is an example of smart diplomacy and managing a 'strategic autonomy' balance with major powers in the Asia Pacific region, China and the EU. His domestic agenda is rooted in progressive social policies from climate change to social cohesion. For example, the smartphone ban in Australian schools is seen as a game-changer in regulating social media and youth, a policy Africans can learn from. Canada too has a range of commitments to development aid and investments in skills development across Africa. Both nations are major investors in mining in Africa and committed to the sustainable mining agenda, although much more can be done in terms of human rights and mining. Solidarity and Sustainability in Latin America In Colombia President Gustavo Petro has showed the way of solidarity and banned coal exports to Isreal. The city of Bogota is known to be a model city in terms of urban transport and spatial transformation, something South African metros can draw upon. Chile a progressive social democracy and once a poster child of Chicago-style neoliberalism, now has a solid social democracy increasing well-being and wealth social safety nets, and higher education access. Here South Africa can learn much on how to manage the headwinds of neoliberalism and ensure our eroding social agenda is preserved. Bolivia's socialist government is maturing and learning to be in government. South Africa has cordial relations for two decades. With large reserves in lithium and being in the headwinds of large power competition for resource extractions, South Africa and African nations can better engage Bolivia and Latin American nations in the big development ideas on resource governance and the beneficiation of critical minerals for development, trade and the UN SDG sustainable agenda. While Trump 2.0 tariffs have severely disrupted African nations, neighbours Canada and Mexico, we can learn from Cuba, who for decades have endured the illegal US blockade yet managed to maintain their sovereignty and continue to advance their historical mission and revolution. By contrast, our current tariff challenges are merely a 'walk in the park'. Hence, internationalism and solidarity should still be a core feature of foreign policy while also being smart in navigating partnerships with a diverse range of nations across continents regardless of ideological blocs. However, in order to navigate the 'new nationalist normal' in this chaotic trade geopolitics nexus calls for a new generation of smart and agile diplomats. Smart and sustainable diplomacy and outreach are required by our embassies, chambers of commerce as well as academic institutes and civil society towards a more calibrated trade, investment, solidarity and people-to-people partnerships. We may do well to establish Bi-National Commissions with some of these nations. * Ashraf Patel is a Senior Research Associate at the Institute for Global Dialogue, UNISA. ** The views expressed do not necessarily reflect the views of IOL, Independent Media or The African.
Zawya
17-03-2025
- Business
- Zawya
Demand for training and learning for African member states exceeds expectations
The African Institute for Development and Economic Planning, the ECA's training arm, provided training for 5,000 people in 34 courses in 2024 - more than the 3,000 it initially planned to, said its director, Karima Bounemra Ben Soltane. She said programmes were being designed in response to member states' concerns and aligned to their development needs. In her report back on the Institute's activities over the last year, she said that based on a needs assessment, IDEP now has courses for both private and public sector actors. These include courses on digital transformation and free trade. 'A few years ago, we started dealing with trade negotiations and trade policies. We have increasingly adapted our training to the launching of the AFCFTA and its implementation,' she said. She said it was important for countries to share experiences on what has worked and what is not working in terms of policies and other areas and IDEP could play a role. 'We will launch the ECA School of Thought and Practice to provide a platform to learn from each other's successes and failures, and the African Development Impact Forum to give member states a platform to discuss how to transform strategies into tangible and impactful actions.' Distributed by APO Group on behalf of United Nations Economic Commission for Africa (ECA).
