ECOWAS bloc under growing pressure [Business Africa]​

by | May 24, 2024 | Business

​Coming up this week: The uncertain future of ECOWAS amid economic and political challenges, the pipeline standoff between Benin and Niger, and the launch of the first turbine at the Nachtigal dam in Cameroon. Coming up this week: The uncertain future of ECOWAS amid economic and political challenges, the pipeline standoff between Benin and Niger, and the launch of the first turbine at the Nachtigal dam in Cameroon.  

ECOWAS: bloc under growing pressure

The Economic Community of West African States (ECOWAS) is facing a critical period with the challenges posed by the Alliance of Sahel States and economic instability in West Africa. Recent coups and economic sanctions have highlighted the organization’s weaknesses, exacerbating internal divisions.

However, the election of a new president in Senegal and the dialogue initiatives by Bassirou Diomaye Faye offer prospects for renewal.

To explore whether ECOWAS can overcome these obstacles and maintain its role as an economic pillar, we interviewed international economist Magaye Gaye from the West African Development Bank (BOAD) and the African Guarantee and Economic Cooperation Fund (FAGACE).

“To stay on course, ECOWAS must develop policies for industrial complementarity, focus on energy, industry, integration complementarities, and intra-regional trade.” – Magaye Gaye, international economist.

Benin-Niger: The Pipeline Standoff

Since May 6, Benin and Niger have been in crisis due to Beninese President Patrice Talon’s decision to block the loading of Nigerien crude oil in Beninese waters, citing informal practices and protesting against Niger’s closure of their common border.

This situation has been exacerbated by accusations of blackmail from Nigerien Prime Minister and the involvement of China, which built a pipeline for Nigerien oil exports. 

Surprisingly, Benin lifted the embargo on May 15 after fruitful negotiations with a Chinese delegation, although the reopening of the Nigerien land border remains uncertain. 

More details on this economic and diplomatic crisis are provided by Romual Vissoh for Business Africa.

Energy Emergency: Cameroon launches its powerful Nachtigal Dam

The city of Douala, Cameroon, suffers from frequent power outages, severely disrupting activities. To address this crisis, the government urgently launched the Nachtigal dam, built in partnership with the French firm EDF, which is expected to provide 420 MW by December.

Currently, 60 MW are already in service, representing nearly 30% of the energy needs of southern Cameroon.

 

Trending News
NIA, firm seek investment in next generation of architects

NIA, firm seek investment in next generation of architects

The Nigeria Institute of Architecture and CDK Integrated Industries have emphasised the need for Nigeria to prioritise investment in building a new generation of architects. In a statement by the Managing Director of CDK Integrated Industries, Bernard Longe, on Friday, made available to PUNCH Online after its Ultra Polish Collection at the Archibuilt Exhibition 2024

Read More

The Nigeria Institute of Architecture and CDK Integrated Industries have emphasised the need for Nigeria to prioritise investment in building a new generation of architects. In a statement by the Managing Director of CDK Integrated Industries, Bernard Longe, on Friday, made available to PUNCH Online after its Ultra Polish Collection at the Archibuilt Exhibition 2024

Read More The Nigeria Institute of Architecture and CDK Integrated Industries have emphasised the need for Nigeria to prioritise investment in building a new generation of architects. In a statement by the Managing Director of CDK Integrated Industries, Bernard Longe, on Friday, made available to PUNCH Online after its Ultra Polish Collection at the Archibuilt Exhibition 2024
Read More  Punch Newspapers – Business

The Nigeria Institute of Architecture and CDK Integrated Industries have emphasised the need for Nigeria to prioritise investment in building a new generation of architects. In a statement by the Managing Director of CDK Integrated Industries, Bernard Longe, on Friday, made available to PUNCH Online after its Ultra Polish Collection at the Archibuilt Exhibition 2024
Read More

Dangote officials, refiners tackle marketers over imported PMS

Dangote officials, refiners tackle marketers over imported PMS

Domestic crude oil refiners and officials at the Dangote Petroleum Refinery have kicked against the commencement of the importation of Premium Motor Spirit, popularly called petrol, by major oil marketers in Nigeria. Oil refiners alleged that some imported fuels were of low quality when compared with the ones produced by the Dangote refinery, a position

Read More

Domestic crude oil refiners and officials at the Dangote Petroleum Refinery have kicked against the commencement of the importation of Premium Motor Spirit, popularly called petrol, by major oil marketers in Nigeria. Oil refiners alleged that some imported fuels were of low quality when compared with the ones produced by the Dangote refinery, a position

Read More Domestic crude oil refiners and officials at the Dangote Petroleum Refinery have kicked against the commencement of the importation of Premium Motor Spirit, popularly called petrol, by major oil marketers in Nigeria. Oil refiners alleged that some imported fuels were of low quality when compared with the ones produced by the Dangote refinery, a position
Read More  Punch Newspapers – Business

Domestic crude oil refiners and officials at the Dangote Petroleum Refinery have kicked against the commencement of the importation of Premium Motor Spirit, popularly called petrol, by major oil marketers in Nigeria. Oil refiners alleged that some imported fuels were of low quality when compared with the ones produced by the Dangote refinery, a position
Read More

Nigerian economy to hit $400bn by 2026 – Rewane

Nigerian economy to hit $400bn by 2026 – Rewane

The Managing Director and Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane, has projected that the Nigerian economy would grow by 3.5 per cent by 2026, pushing the country’s gross domestic product to approximately $400bn. He disclosed this at the Access Bank Customer Forum held in Lagos on Thursday.  “The Nigerian economy will

Read More

The Managing Director and Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane, has projected that the Nigerian economy would grow by 3.5 per cent by 2026, pushing the country’s gross domestic product to approximately $400bn. He disclosed this at the Access Bank Customer Forum held in Lagos on Thursday.  “The Nigerian economy will

Read More The Managing Director and Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane, has projected that the Nigerian economy would grow by 3.5 per cent by 2026, pushing the country’s gross domestic product to approximately $400bn. He disclosed this at the Access Bank Customer Forum held in Lagos on Thursday.  “The Nigerian economy will
Read More  Punch Newspapers – Business

The Managing Director and Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane, has projected that the Nigerian economy would grow by 3.5 per cent by 2026, pushing the country’s gross domestic product to approximately $400bn. He disclosed this at the Access Bank Customer Forum held in Lagos on Thursday.  “The Nigerian economy will
Read More

Africa Creatives Alliance launched to boost economy

Africa Creatives Alliance launched to boost economy

The Africa Creatives Alliance has been launched to boost the creative economy in the African continent. The ACA launched recently in alignment with the African Union’s Agenda 2063, ‘The Africa We Want’, is poised to become a key catalyst for transforming Africa into a global powerhouse by harnessing the immense potential of the continent’s cultural

Read More

The Africa Creatives Alliance has been launched to boost the creative economy in the African continent. The ACA launched recently in alignment with the African Union’s Agenda 2063, ‘The Africa We Want’, is poised to become a key catalyst for transforming Africa into a global powerhouse by harnessing the immense potential of the continent’s cultural

Read More The Africa Creatives Alliance has been launched to boost the creative economy in the African continent. The ACA launched recently in alignment with the African Union’s Agenda 2063, ‘The Africa We Want’, is poised to become a key catalyst for transforming Africa into a global powerhouse by harnessing the immense potential of the continent’s cultural
Read More  Punch Newspapers – Business

The Africa Creatives Alliance has been launched to boost the creative economy in the African continent. The ACA launched recently in alignment with the African Union’s Agenda 2063, ‘The Africa We Want’, is poised to become a key catalyst for transforming Africa into a global powerhouse by harnessing the immense potential of the continent’s cultural
Read More

Solid mineral industry growth fuels transparency calls

Solid mineral industry growth fuels transparency calls

Despite the mining sector’s growing contribution to the country’s economy, stakeholders are calling for greater transparency in the Solid Minerals Development Ministry’s emphasis on value addition. They are demanding a policy framework that promotes a comprehensive value chain in the sector, DAMILOLA AINA writes The policy direction of the Solid Minerals Development Ministry to entrench

Read More

Despite the mining sector’s growing contribution to the country’s economy, stakeholders are calling for greater transparency in the Solid Minerals Development Ministry’s emphasis on value addition. They are demanding a policy framework that promotes a comprehensive value chain in the sector, DAMILOLA AINA writes The policy direction of the Solid Minerals Development Ministry to entrench

Read More Despite the mining sector’s growing contribution to the country’s economy, stakeholders are calling for greater transparency in the Solid Minerals Development Ministry’s emphasis on value addition. They are demanding a policy framework that promotes a comprehensive value chain in the sector, DAMILOLA AINA writes The policy direction of the Solid Minerals Development Ministry to entrench
Read More  Punch Newspapers – Business

Despite the mining sector’s growing contribution to the country’s economy, stakeholders are calling for greater transparency in the Solid Minerals Development Ministry’s emphasis on value addition. They are demanding a policy framework that promotes a comprehensive value chain in the sector, DAMILOLA AINA writes The policy direction of the Solid Minerals Development Ministry to entrench
Read More