Latest news with #YusufTuggar
Zawya
3 days ago
- Business
- Zawya
Nigeria: Minister urges stronger private sector role in boosting intra-African trade
Nigeria's Minister of Foreign Affairs, Ambassador Yusuf M. Tuggar, has made a clarion call for the private sector to play a central role in unlocking Africa's economic potential through intra-African trade. Speaking at the Private Sector Roundtable preceding the West Africa Economic Summit (WAES), held at the Metropolitan Club, Victoria Island, Lagos, Tuggar highlighted the urgent need for deeper economic integration across the continent. Addressing an audience of business leaders, diplomats, and policymakers, Tuggar emphasised that Africa stands at a critical juncture — one where business is no longer a peripheral concern but a strategic pillar of regional policy and diplomacy. 'This is the period in which the voice of business is not merely recognised at the margins, but is systematically institutionalised within the core processes of policy formulation and regional economic diplomacy. 'It reflects a deeper entanglement of corporate interests and statecraft, wherein the private sector emerges not as a peripheral stakeholder but as a central architect of economic governance frameworks,' Tuggar stated. While outlining the opportunities, the Minister also presented a stark picture of the current reality. Citing recent data, he revealed that intra-African trade accounts for only 15 percent of total trade on the continent, with the figure dropping to between 12 percent and 13 percent in West Africa. In contrast, intra-regional trade in Asia hovers around 60 percent, and Europe nears 70 percent, highlighting a significant gap. Tuggar pointed out that the constraints to West Africa's economic integration are not a matter of potential, but rather of practical shortcomings — infrastructure gaps, weak coordination, and a lack of sustained political commitment. 'The challenge lies not in envisioning a prosperous, interconnected region, but in establishing the institutional mechanisms, logistical frameworks, and governance consensus required to actualise that vision,' he said. Nevertheless, he acknowledged progress in recent years, citing efforts such as the ECOWAS Trade Liberalisation Scheme, the Abidjan-Lagos and Abidjan-Dakar transport corridors, SIGMAT, the West African Power Pool, and the planned African-Atlantic Gas Pipeline. 'These are not just abstract ideas — they are West-African-led initiatives that will prove advantageous to businesses across the sub-region in the near future,' he affirmed. Tuggar also expressed concern over rising global protectionism and the reordering of global tariff systems, noting that such developments make regional alignment even more essential. 'In a world witnessing protectionist tendencies from global market leaders, it is only right that neighbours and regional blocs align for the common good of their people. 'The West African response must be clear and deliberate, not reactionary and disjointed. That is why WAES is a timely and strategic platform,' he said. WAES, scheduled for June 20–21, 2025, in Abuja, is a flagship initiative championed by Nigeria's President and supported by other West African leaders. According to Tuggar, the Summit aims to shift the region from dependency to productivity, and from fragmented markets to integrated value chains. 'The idea is to use our size to generate efficient productivity in order to outcompete others in the global market,' he explained. 'A broader West African market will drive down costs and enable our businesses to scale up and compete internationally.' WAES is expected to bring together Heads of State, Ministers, investors, and key stakeholders from across West Africa, along with private sector leaders. The Minister underscored the importance of this inclusion, stating that business voices must directly influence policy decisions. 'When we succeed in integration, when we improve on policy predictability, secure property rights, and the effectiveness of contracts — investors will come,' Tuggar said. 'This is the largest market on the continent, and it must be leveraged.' He emphasized the need for candid conversations between the private sector and policymakers during WAES. 'We're bringing along the decision makers to hear directly from you — to understand the challenges, identify the low-hanging fruits, and even resolve some issues on the spot,' he said. Tuggar urged participants not to underestimate the impact they could have. 'Sometimes it just takes one phone call. We are serious about removing barriers to business so that commerce can thrive,' he said. 'It's not just about size, it's about scale — the kind of scale West Africa provides.' He commended Nigerian companies already operating across the sub-region — in banking, cement, fertilizer, fintech, and startups — as evidence that cross-border business is both viable and beneficial. He concluded by reinforcing the collective nature of the challenge: 'Let's not forget — it's not just Nigerian policymakers involved. Policymakers from other countries are also on board. Heads of State will be there. So let's work together to resolve the problems and build an integrated, competitive West African economy.' As anticipation builds ahead of the June 20–21 Summit in Abuja, Tuggar's message was clear: the future of Africa's economic strength lies in regional collaboration, and the private sector must lead the charge. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
BBC News
28-05-2025
- Business
- BBC News
Five key issues wey don shape ECOWAS in 50 years
Leaders of di West Africa regional group ECOWAS gada for Lagos, Nigeria to discuss di future of di bloc. Di meeting dey happun di same time di Economic Community of West African States (Ecowas) dey celebrate dia 50-years anniversary. At 50 years, di West Africa regional bloc don come a long way, dem don weather storms, achievements and challenges like a middle-aged man. President of di ECOWAS Commission Omar Alieu Touray for im 50th anniversary speech say, "In dis five decades, our community don make remarkable strides. We don facilitate free movement across borders, wey allow our pipo to travel, trade and connect without barriers." Also, Nigeria Minister for Foreign Affairs, Ambassador Yusuf Tuggar say, "Sometimes we take for granted just how much we don achieve," Di idea for a regional bloc bin start afta West African leaders decide to bring di region and dia population closer through pan-African unity and economic cooperation. On 28 May 1975, di Economic Community of West African States (ECOWAS) become reality, wen heads of state from across West Africa sign di Treaty of Lagos. Di vision bin dey bold – to promote economic integration, foster free movement of pipo, and enhance peace and security. For pipo wey share common history of slavery, colonial borders and underdevelopment, di idea to get one union wey go hold one common ideology bin dey highly welcomed. As ECOWAS dey mark im golden jubilee, dis na di key events wey don shape di bloc for im 50-years of existence. Bold vision Fifteen West Africans kontris namely Benin, Burkina Faso, Gambia, Ghana, Guinea, Guinea Bissau, Ivory Coast, Liberia, Mali, Mauritania, Niger, Nigeria, Sierra Leone, Senegal and Togo, bin come togeda to form ECOWAS on 28 May 1975, through di Treaty of Lagos. Dia mission na to promote regional economic integration and cooperation. Cape Verde join ECOWAS for 1977 by formally signing di ECOWAS Treaty, wey bring di total number of member states to 16. Di Treaty of Lagos bin outline how dem go take achieve dia vision, by focusing on trade liberalisation, economic cooperation, and regional stability. By eliminating trade barriers and facilitating joint infrastructure projects, ECOWAS bin seek to create common economic space wia member states go grow together. Dem create di ECOWAS Trade Liberalisation Scheme for 1979. Di aim of di scheme na to to remove tariffs and facilitate intra-regional trade. Di establishment of ECOWAS Bank for Investment and Development for 1975 na anoda ogbonge step for di bloc, as e provide funding for development projects and foster economic growth in member states. Peacekeeping For much of its early history, Ecowas bin earn praise for dia proactive stance on peace and security. For 1990, dem create di Ecowas Monitoring Group (ECOMOG) to conduct peacekeeping operations, and dem launch full-scale military intervention for Liberia to help end di civil war and restore peace. For May 1997, di Armed Forces Revolutionary Council (AFRC), wey one group of Sierra Leone sojas form seize power during one coup and overthrow President Ahmad Tejan Kabbah. Di AFRC bin collabo wit di Revolutionary United Front (RUF), one rebel group, to establish one new government. ECOMOG bin chiok mouth for di Sierra Leone crisis wit sanctions and limited military action. February 1998, ECOMOG launch one major military offensive, recapture di capital Freetown and remove di junta, wey bin enable President Kabbah return to power for March. Dem also help resolve di crises for Côte d'Ivoire, Guinea-Bissau, and The Gambia. Di President of ECOWAS Commission, Alieu Omar Touray, as e dey follow BBC tok, say di vision of ECOWAS founding fathers na to see a united region, and eventually a united continent. Nation building For 1979 – ECOWAS bin launch di Trade Liberalization Scheme (ETLS) to promote free trade by gradually removing tariffs and non-tariff barriers among member kontris. Dem first publish di Protocol Relating to Free Movement of Persons, Residence and Establishment for di official journal of ECOWAS for June, and di aim na to facilitate di free movement of citizens across member states to promote regional integration and economic cooperation. On economy, Oga Touray say, "Di whole purpose at di time na to see how di pipo fit get dis functional integration, especially trade and free movement," e tok. "Di hope be say wit di importance of trade in development, intracommunity trade go create greater integration and help pull our pipo from poverty and promote di African unity wey all of us dream about and wey still be di dream of all di leaders of di continent." But Oga Touray say ECOWAS remain a model regional economic community for Africa wey dey allow free movement and trade without tariffs. "Wit ID card - di ECOWAS Biometric Identification Card - you fit move all di way from Lagos to Dakar without visa. For some of us wey dey travel within our continent, we know say dis no be small achievement," e tok. E give di example of one leading African businessman wey claim say im go need 39 visas to travel round di rest of di continent. E add say no West African country go need visa for ordinary citizens let alone chief executive officers. Nigeria Minister for Foreign Affairs, Ambassador Yusuf Tuggar tok say beyond individual mobility, regional organizations don also become institutional pillars of support for member kontris. "Take, for example, di achievements of di West African Health Organization (WAHO). We no dey too hear beta tins like dat," e tok. "We also dey see major infrastructure and corridor projects, like di proposed African Atlantic Gas Pipeline, wey go run from Nigeria along di West African coast up to Morocco, wey get potential to supply gas to Europe." However, one major initiative of di bloc wey neva still dey very clear na di plan to introduce subregional single currency. Di idea bin first fly 20 years afta di formation of ECOWAS, di plan neva still materialize, although regional leaders tok say e still dey possible. For April dis year, West Africa Central Bank Governors and Finance Ministers meet for Nigeria capital, Abuja to recommit to di single currency, dem agree to launch am for 2027. Di leaders believe say dem get di political will but say some kontris neva meet di economic fundamentals. Sahel diplomatic failure Pipo bin first hail Ecowas as model for regional integration, however di bloc dey grapple wit division, political crises, and growing disillusionment from di very pipo dem suppose dey serve. In di last four years, young military officers don manoeuvre di bloc as dem stage coup d'états for di Sahel region wey lead to unconstitutional changes of government. Since 2020, coups don overthrow di governments for Mali, Guinea, Burkina Faso, and Niger. Di one wey hit ECOWAS di most happun for July 2023, wen sojas wey dey guard Niger President Mohamed Bazoum, overthrow dia leader and imprison am. To reverse di situation, ECOWAS leaders bin issue ultimatums, impose serious economic sanctions and even threaten military intervention – but nothing happun. Dis eventually lead to breakdown in relations between di bloc, Niger, Burkina Faso and Mali. Di three kontris later withdraw dia membership from Ecowas. Dia departure bin make political watchers to ask whether ECOWAS don become "dog wey dey bark but no fit bite". ECOWAS Commission President Alieu Omar Touray tok say nobody fit blame am for allowing di three Sahel nations to withdraw from di bloc. E say to join di bloc na voluntary and any decision to withdraw dey respected as a sovereign action by di concerned member state. Rise of terrorism While political instability dey affect many West African kontris, di rise of terrorism and extremist violence become challenge for Ecowas. Di Sahel region, in particular, don become hotbed for groups like Al-Qaeda for di Islamic Maghreb and di Islamic State for di Greater Sahara. Dis extremist organisations don destabilise large areas, dem spread violence and terror across Mali, Burkina Faso, Niger, and beyond. According to di 2024 Global Terrorism Index, di epicentre of terrorism don move from di Middle East and North Africa go di sub-Saharan African region, majorly for di Sahel region. ECOWAS don work in partnership wit di African Union and oda regional organisations to counter dis threats, but di challenge na still di same. Di withdrawal of Mali from di G5 Sahel joint force for 2021 bin further affect efforts to coordinate counter-terrorism operations, and e leave member states vulnerable to growing extremist influence. Di instability wey dis groups cause don displace millions, scata livelihoods, and deepen di humanitarian crisis across di region. ECOWAS don struggle to address di root causes of extremism, like poor governance, economic disenfranchisement, and environmental degradation. During dia 49th anniversary celebration, wey di theme na "Strengthening Regional Unity, Peace, and Security," Oga Touray bin acknowledge di security challenges and call for unity among member states as important step towards ending insecurity for di sub-region. 'Disillusionment' No be only membership withdrawal dey threaten di future of di regional bloc. Across West Africa, ordinary citizens don express mixed feelings on if Ecowas still dey effective. Some say dem appreciate ECOWAS ideal but di execution of di free movement protocol dey frustrate dem Dem argue say many of di bloc gains dey go backward sake of lack of enforcement and growing mistrust among members. "Plenti pipo dey find am difficult to travel from one place to di oda especially wen dem reach di borders, officials no dey allow dem," Nana Adjei for Ghana tok. E claim say officials for di border dey harass travellers and extort money from dem. Ghanaian Marvis Sejuro agree say di free movement wey ECOWAS leaders carry for head no dey work. "Wen e come to traveling from one kontri to anoda, we get issue," e tok. "Recently I travel from Accra to Lome. Dem go dey ask you for money even wen you get all your documents on you. Wen you present your document, dem go ask you for vaccination card, yellow fever card and dem go try collect money from you," e tok. Wit only 12 members left and growing calls for reform, some pipo dey question if ECOWAS go fit continue. But ECOWAS Commission President, Omar Alieu Touray believe say plenty tins still dey to look forward to. "I know say West African population dey very much in favour of being togeda and unity of di bloc," e tok. "Some difficulties fit dey, but those difficulties no be sometin we no fit manage. Through dialogue and collaboration we suppose fit address some of those misunderstanding and ensure say our region dey united." Additional reporting by Annette Arotiba
TimesLIVE
15-05-2025
- Business
- TimesLIVE
Nigeria talks with Petrobras on deep-water acreage, says minister
Nigeria is discussing exploration of its deep-water oil acreage with Petrobras, years after the Brazilian oil giant exited the west African nation, Nigeria's foreign minister Yusuf Tuggar said. "Petrobras is no longer active in Nigeria but they are very keen on coming back to Nigeria. They said they want frontier acreage in deep waters," Tuggar was quoted in a statement from the vice-president's office as saying. Brazil is due to host the Brics summit and COP30 this year after hosting the G20 meeting last year. Nigeria plans to promote investment at these summits as the African nation seeks to deepen ties with Brazil in areas such as energy, health, culture and agriculture. The Brazilian state energy firm said in February it was in talks with companies including existing partners ExxonMobil, Shell and TotalEnergies to buy a share of their African assets. Petrobras began operations in Nigeria in 1998 in the deep waters off the coast of the Niger Delta, but sold off its stakes more than 10 years ago to raise cash for domestic projects.
Reuters
14-05-2025
- Business
- Reuters
Nigeria talks with Petrobras on deep water acreage, minister says
LAGOS, May 14 (Reuters) - Nigeria is discussing exploration of its deep water oil acreage with Petrobras, years after the Brazilian oil giant exited the west African nation, Nigeria's Foreign Minister Yusuf Tuggar said. "Petrobras is no longer active in Nigeria, but they are very keen on coming back to Nigeria. They said they want frontier acreage in deep waters," Tuggar was quoted in a statement from the vice president's office as saying. Brazil is due to host the BRIC summit, G20 and COP30 this year. Nigeria plans to promote investment at these summits as the African nation seeks to deepen ties with Brazil in areas such as energy, health, culture, and agriculture. The Brazilian state energy firm said in February it was in talks with companies including existing partners ExxonMobil (XOM.N), opens new tab, Shell (SHEL.L), opens new tab, and TotalEnergies ( opens new tab, to buy a share of their African assets. Petrobras began operations in Nigeria in 1998 in the deep waters off the coast of the Niger Delta. But it sold off its stakes more than 10 years ago to raise cash for domestic projects.
Yahoo
14-05-2025
- Business
- Yahoo
Nigeria talks with Petrobras on deep water acreage, minister says
By MacDonald Dzirutwe LAGOS (Reuters) -Nigeria is discussing exploration of its deep water oil acreage with Petrobras, years after the Brazilian oil giant exited the west African nation, Nigeria's Foreign Minister Yusuf Tuggar said. "Petrobras is no longer active in Nigeria, but they are very keen on coming back to Nigeria. They said they want frontier acreage in deep waters," Tuggar was quoted in a statement from the vice president's office as saying. Brazil is due to host the BRIC summit, G20 and COP30 this year. Nigeria plans to promote investment at these summits as the African nation seeks to deepen ties with Brazil in areas such as energy, health, culture, and agriculture. The Brazilian state energy firm said in February it was in talks with companies including existing partners ExxonMobil, Shell, and TotalEnergies, to buy a share of their African assets. Petrobras began operations in Nigeria in 1998 in the deep waters off the coast of the Niger Delta. But it sold off its stakes more than 10 years ago to raise cash for domestic projects. (Writing by Chijioke Ohuocha; Editing by Cynthia Osterman)
