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Prime Minister announces more than £300 million worth of deals with African nations
Prime Minister Theresa May and International Trade Minister George Hollingbery led a 29-strong business delegation on their visit to South Africa, Nigeria and Kenya last week to promote economic ties with Africa.
Africa is a young, vibrant and dynamic continent growing at an extraordinary rate. By 2050, 1 in 4 people on the planet will be African, a quarter of the world’s consumers.
This represents a transformational opportunity for UK firms to increase trade with African countries.
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During the visit deals worth more than £300 million have been agreed within a variety of sectors, creating close to 3,000 jobs across Africa.
The commercial activity was announced last week as the Prime Minister set out the UK’s ambition to be the largest G7 investor in Africa by 2022, ahead of an Africa Investment Summit which will be held in the UK next year.
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Prime Minister Theresa May said:
“The deals being announced today demonstrate the already close trade and investment links between the UK and African countries, and the potential that exists for other UK businesses to make the most of the growing opportunities on the continent.
With a shared passion for entrepreneurship, technology and innovation, now is the time for UK companies to strengthen their partnerships with Africa to boost jobs and drive prosperity both at home and overseas.”
International Trade Minister George Hollingbery said:
“I am delighted to have joined the Prime Minister on this visit showcasing the very best of the UK-Africa partnership and all that Global Britain has to offer in the region.
Our trade and investment ties with South Africa, Kenya, Nigeria are already substantial. Trade between the UK and Africa was worth more than £31 billion last year, and the Prime Minister has made it the UK’s ambition to be the largest G7 investor in Africa by 2022.
It is hugely positive to see these new deals signalling that our strong trading relationship is continuing to go from strength to strength.”
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While in Kenya, the Prime Minister appointed Pauline Latham OBE, MP for Mid Derbyshire, as the Prime Minister’s Trade Envoy to Kenya. Pauline will work to build on the UK’s existing relationship with Kenya – maximising bilateral trade generating long-term benefits for both countries.
As part of the visit, the Prime Minister also announced that an agreement with the Southern African Customs Union and Mozambique means we will be ready to carry over the EU’s Economic Partnership Agreement as soon as the EU deal no longer applies to the UK. This represents the most advanced statement of progress yet of around 40 existing EU trade agreements that the UK is rolling over.
She has also announced this week that UK Export Finance has increased its ability to support exports to a further 8 markets across Africa and made an extra £5.5 billion available to UK exporters and their African buyers to finance export deals, in a move to grow British exports to Africa, which exceeded £17 billion last year.
The UK-Africa trade relationship is already worth more than £31 billion.
News
Ford Trims Workforce: 4,000 Jobs to Go in Europe
US car giant Ford on Wednesday announced 4,000 more job cuts in Europe, mostly in Germany and Britain, in the latest blow to the continent’s beleaguered car industry.
“The company has incurred significant losses in recent years,” Ford said in a statement, blaming “the industry shift to electrified vehicles and new competition”.
The move will affect 2,900 jobs in Germany, 800 in the UK and 300 in western Europe by the end of 2027, a Ford spokesman told AFP.
“It is critical to take difficult but decisive action to ensure Ford’s future competitiveness in Europe,” said Dave Johnston, Ford’s European vice-president in the statement.
The company also said it was adjusting the production of its Explorer and Capri models, resulting in reduced hours at its Cologne plant in the first quarter of 2025.
Europe’s car industry has been plunged into crisis by high manufacturing costs, a stuttering switch to electric vehicles and increased competition in key market China.
Germany’s Volkswagen has been among those hardest hit, announcing in September that it was considering the unprecedented move of closing some factories in Germany.
“The European automotive industry is in a very demanding and serious situation,” Volkswagen CEO Oliver Blume said at the time.
Ford had already announced in February 2023 that it was planning to cut 3,800 jobs in Europe, including 2,300 in Germany and 1,300 in Britain.
The company said then it was planning to reduce the number of models developed for Europe, concentrate on the profitable van segment and speed up the transition to electric vehicles.
Ford currently has around 28,000 employees in Europe with 15,000 in Germany, according to the company’s works council.
News
Tinubu Dissolves UNIZIK Council, Sacks VC, Registrar, Otukpo Pro-Chancellor
President Bola Tinubu has approved the dissolution of the Governing Council of Nnamdi Azikiwe University (UNIZIK), Awka, Anambra State, and the removal of the institution’s Vice-Chancellor, Prof. Bernard Ifeanyi Odoh, and Registrar, Mrs. Rosemary Ifoema Nwokike.
The council, chaired by Ambassador Greg Ozumba Mbadiwe, comprised five other members: Hafiz Oladejo, Augustine Onyedebelu, Engr. Amioleran Osahon, and Rtd. Gen. Funsho Oyeneyin.
A statement released on Wednesday by presidential spokesperson, Bayo Onanuga, revealed that the council was dissolved following reports of procedural violations in appointing the vice-chancellor.
According to the statement, the council had allegedly appointed an unqualified candidate, disregarding due process, which triggered tensions between the university’s Senate and the council.
The Federal Government expressed dismay over the council’s actions, emphasizing the need for adherence to the university’s governing laws in decision-making.
“The council’s disregard for established rules necessitated the government’s intervention to restore order to the 33-year-old institution,” the statement noted.
In a related development, President Tinubu also approved the dismissal of Engr. Ohieku Muhammed Salami, the Pro-Chancellor and Chairman of the Governing Council of the Federal University of Health Sciences, Otukpo, Benue State.
Salami was accused of suspending the university’s Vice-Chancellor without following the prescribed procedures, a move the Federal Ministry of Education had previously directed him to reverse.
Despite the Ministry’s directives, Salami reportedly refused to comply and resorted to issuing threats and abusive remarks towards the Ministry’s officials, including the Permanent Secretary.
The Federal Government reiterated that the primary role of university councils is to ensure the smooth operation of academic activities, strictly adhering to the laws establishing each institution.
Tinubu warned university councils against engaging in actions that could destabilize their institutions, as his administration remains committed to enhancing the nation’s education system.
News
Ekiti Workers to Earn N70,000 Minimum Wage as Govt Signs MoU with Unions
The Ekiti State Government has reached an agreement with labour leaders in the state, signing a Memorandum of Understanding (MoU) for the payment of the N70,000 minimum wage approved by the Federal Government.
Addressing journalists at a brief ceremony in Ado-Ekiti on Tuesday, the Head of Service (HoS), Dr. Folakemi Olomojobi, announced that the payment would commence immediately.
She lauded Governor Biodun Oyebanji for prioritizing the welfare of workers despite the state’s limited resources.
“This development demonstrates the governor’s commitment to improving the livelihood of our workers,” Dr. Olomojobi stated, highlighting the proactive measures taken by the administration to ensure prompt implementation.
In their remarks, the Trade Union Congress (TUC) Chairman, Comrade Sola Adigun, and the Nigeria Labour Congress (NLC) Chairman, Comrade Olatunde Kolapo, expressed their appreciation to Governor Oyebanji for fulfilling his promises to workers.
They confirmed that the new minimum wage would apply to all cadres, including employees in ministries, parastatals, agencies, and pensioners.
The Chairman of the Joint Negotiating Committee (JNC), Comrade Femi Ajoloko, described the implementation as a fair and commendable adjustment.
“This decision reflects the governor’s magnanimity and his dedication to fostering a productive workforce in Ekiti State,” he said.
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