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Egypt leads regional integration in Africa

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President Abdel Fattah El Sisi hosted five African heads of state and top business leaders from across the continent. The Heads of State stressed on the need for self-reliance and domestic resource mobilisation. The event offered business owners with an opportunity to meet investors, engage with political leaders and policy makers and explore new ideas to improve business environment across the continent. The Forum wraps up with a focus on China-Africa cooperation.

In two private roundtables held on the sidelines of the event that the President held alongside other African heads of state and business leaders from Egypt and the rest of the continent, it was said that Al Sisi would do whatever he could to bring the continent together, both politically and economically.

The Forum had a strong focus on increasing intra-Africa trade, inclusive growth and stronger China-Africa cooperation, especially in terms of technology transfer.

During the event, Egypt also has signed a deal with the World Bank for a USD $1.15 billion development policy loan to fund the government’s plan to boost economy. It is the last one in a series of three annual loans provided from 2015 to 2017 totalling USD 3.15 billion. The deal supports the Egyptian economic reform program aimed at creating jobs, ensuring energy security, strengthening public finances and enhancing business competitiveness.

The final day of the Forum focused on industrial revolution for Africa and China-Africa economic relations. It was agreed that China-Africa relationship was a win-win one. Ambassador Helen Hai, CEO, Made in Africa initiative, China, said China had a clear strategy for Africa but the continent needs to be in the driving seat when it comes to discussions about the China-Africa relationship. She said the relationship was moving on from resources to partnerships with African countries but they needed to be clear about what they wanted from China. She said 85 million jobs were likely to be exported from China in the next few years as labour costs increased in that country and Africa was well placed to attract them. “If Africa can capture those jobs they can enjoy the same economic transformation China had.”

However, Carlos Lopes, Former Executive Secretary, UNECA, and Professor, Graduate School of Development Policy and Practice, University of Cape Town, Guinea-Bissau, said it was not inevitable that the jobs would migrate to Africa.

He warned that many jobs that could move out of China could be replaced by robots and automation, not Africans, and that other regions would also compete for the kind of jobs that Africa seeks – those at the lower end of the value chain. “A few African countries will make it, but not all,” he said.

“This huge move to get jobs can be elusive if we are not fast enough in creating opportunities. The window is closing very fast. We need to move quickly and do so in a way that is commensurate with the interests of China’s strategy.”

The three-day event, organised by Egypt’s Ministry of Investment and International Cooperation and the COMESA Regional Investment Agency (RIA), saw over 2,000 delegates from 75 countries attend the Forum. Minister of Investment and International Cooperation Sahar Nasr said that the forum’s sessions offered a chance to exchange expertise and showcase investment opportunities in Egypt and Africa.

The conference has put forward five recommendations:

1- Pumping new investments in Africa to boost economic growth and development
2- The establishment of joint projects, particularly in infrastructure, to support investment and trade among African states.
3- Enhancing the role of the African private sector to increase investment rates in the continent.
4- The execution of programs that encourage entrepreneurship and the adoption of programs that would increase youth’s participation in the African economy.
5- Empowering women in all fields of economic activity, considering them as active members in the process of developing Africa and achieving economic stability.

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National Issues

Senate Urges Tinubu to Champion LG Autonomy

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In a bid to address mounting challenges including insecurity, rural-urban migration, decaying infrastructure, and widespread unemployment, the Senate has called upon President Bola Tinubu to spearhead advocacy efforts for the full autonomy of local governments across Nigeria.

The upper chamber emphasised the urgency of the matter, highlighting the need for concerted efforts to mitigate the prevailing issues.

It urged the president to initiate a comprehensive national dialogue involving key stakeholders such as governors, state legislators, local government officials, civil society organisations, and community leaders.

The aim is to devise a strategic roadmap towards achieving full autonomy for local governments.

Lawmakers, echoing widespread sentiments, underscored the critical nature of reforming the local government system, which they described as the most abused.

They emphasised the necessity of amending the 1999 constitution to facilitate the desired independence.

Senate Minority Leader, Senator Abba Moro, lamented the prevalence of caretaker committees in over 17 states, which, he argued, has led to administrative gridlock within the local government setup.

Moro stressed the imperative of launching thorough investigations into systemic abuses to ensure accountability.

Adding his voice to the discourse, Senator Ifeanyi Ubah of Anambra South revealed alarming statistics regarding local government elections in his state.

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He disclosed that Anambra has not conducted such elections in the past 18 years, citing the non-implementation of the 1999 framework as a major hindrance to local government autonomy.

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National Issues

Senate approves death sentence for drug traffickers

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The Nigerian Senate has approved the death sentence as a penalty for drug traffickers in the country.

The historic decision came as the Senate passed the 2024 NDLEA Act (Amendment) Bill through its third reading.

The proposal gained traction on Thursday as the Senate delved into a meticulous clause-by-clause examination of the report presented by Senator Tahir Munguno, Chairman of the Committees on Judiciary, Human Rights & Legal Matters, and Drugs & Narcotics National Drug Law Enforcement Agency (NDLEA) Act (Amendment) Bill, 2024.

During the review of the penalty provisions aimed at bolstering the agency’s operations, Senator Peter Nwebonyi, the Senate Chief Whip, proposed an amendment to elevate the punishment for drug traffickers from a life sentence to death under clause 11.

Initially met with dissenting voices, the proposal faced a moment of contention during the voting process. Despite an initial indication of disapproval, a subsequent vote favoured the adoption of the amendment, prompting a heated reaction from some lawmakers.

Senator Adams Oshiomhole was among those who voiced dissatisfaction with what he deemed a rushed consideration and passage of the amended clause.

However, the Deputy Senate President rebuffed attempts to reverse the ruling, citing procedural grounds.

In a parallel effort, the Senate also embarked on a comprehensive review of the salaries, allowances, and fringe benefits of judicial office holders in Nigeria.

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The move, aimed at combating bribery and corruption while safeguarding the judiciary’s independence, saw the executive bill seeking to prescribe remuneration levels for judicial office holders at both federal and state levels advance to the second reading.

While the bill garnered unanimous support, calls were made for a broader review of salaries and remuneration across various sectors in light of prevailing economic challenges.

Consequently, the bill was referred to the Committee on Judiciary, Human Rights, and Legal Matters for further scrutiny, with a mandate to report back within four weeks.

 

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National Issues

16 Governors Back State Police Amid Security Concerns

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In response to the escalating security challenges plaguing Nigeria, no fewer than 16 state governors have thrown their weight behind the establishment of state police forces.

This development was disclosed by the National Economic Council (NEC) during its 140th meeting, chaired by Vice President Kashim Shettima, which took place virtually on Thursday.

Minister of Budget and Economic Planning, Atiku Bagudu, who briefed State House Correspondents after the meeting, revealed that out of the 36 states, 20 governors and the Federal Capital Territory (FCT) were yet to submit their positions on the matter, though he did not specify which states were among them.

The governors advocating for state police also pushed for a comprehensive review of the Nigerian Constitution to accommodate this crucial reform. Their move underscores the urgency and gravity of the security situation across the nation.

Similarly, the NEC received an abridged report from the ad-hoc committee on Crude Oil Theft Prevention and Control. This committee, headed by Governor Hope Uzodinma of Imo State, highlighted the areas of oil leakages within the industry and identified instances of infractions.

Governor Uzodinma’s committee stressed the imperative of political will to drive the necessary changes and reforms needed to combat crude oil theft effectively.

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