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    BREAKING NEWS
    A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development
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    West African Countries to Investigate Nigeria Border Closure

    Posted On 20 Feb 2020
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    By Richard Adorsu-

    Nigerian President Buhari
    Photo Credit: Face2faceAfrica

    NEW AFRICA BUSINESS NEWS (NABN), Accra, Ghana- West African countries have agreed to conduct an investigation into the impact of Nigeria’s decision last year to close off its land borders to trade, Nigeria’s presidency said.

    Nigeria has banned the import and export of all goods through its land borders since last August as part of what it describes as a campaign to tackle smuggling. Its smaller neighbors’, many of whom rely on trade with Africa’s biggest economy, have complained that this has caused severe hardship.

    Heads of state from the Economic Community of West African States agreed Sunday night to set up a committee “to study and make a full report on Nigeria’s land border closure with her neighbors’,” said a statement from a spokesman for Nigerian President Muhammadu Buhari.

    There is no timeline for when the report is due, but it is meant to be completed “as soon as possible,” Nigerian Foreign Minister Geoffrey Onyeama said, according to the statement.

    Since taking office in 2015, Buhari has introduced policies aimed at curbing imports and smuggling, to boost local manufacturing. Buhari has also been trying to boost revenues after a 2016 recession slashed income.

    The move to shut the borders followed a decision in July, Nigeria signed the popular African Continental Free Trade Area, to create a $3.4 trillion economic bloc.

     

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    A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development

    $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa's established Broadband Coverage by 2030

    Nigeria Launches National Domestic Payments Card Program

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    • A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development
    • $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa’s established Broadband Coverage by 2030
    • Nigeria Launches National Domestic Payments Card Program
    • In Guinea-Bissau, ECOWAS Parliament held a 3 Day Seminar on the Adoption of a Single Currency for Member African States
    • $30 Billion has been pledged by the African Development Bank and Development Partners to Finance Food and Farming in the Next Five Years

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