Tinubu To Attend AU Meeting In Ghana

President Bola Tinubu is scheduled to depart Abuja for Accra, Ghana on Saturday, July 20. According to a Friday statement by the presidential spokesman, Ajuri Ngelale, Tinubu is to participate in the sixth mid-year coordination meeting of the African Union (AU), the Regional Economic Communities (RECs), the Regional Mechanisms (RMs), and the African Union member states. Tinubu, in his capacity as the Chairman of the ECOWAS authority of heads of state and government, will address the meeting on the status of regional integration across various areas in Africa, highlighting the achievements and challenges encountered in West Africa since the last meeting in Nairobi, Kenya, in July 2023. The President and Chairman of ECOWAS will present the ‘2024 Report on the State of the Community, focusing on peace, regional security, governance, economic integration, humanitarian and social development, energy, mines and agriculture. “The Mid-Year Coordination Meeting was conceptualized in 2017 as the principal forum for the AU and the RECs to align their work and coordinate the implementation of the continental integration agenda, replacing the June/July summits,” the statement read. “In July 2023, President Tinubu, who was then elected as the Chairman of ECOWAS, delivered his maiden speech at the AU Fifth Mid-Year Coordination Meeting in Nairobi, Kenya, where he affirmed Africa’s strength and the need for unity. “In Accra, the items on the agenda will include evaluating the AU’s early warning and conflict prevention mechanisms and promoting cooperation among regional economic communities to accelerate integration.” He will also present the ‘2024 report on the state of the community, focusing on peace, regional security, governance, economic integration, humanitarian and social development, energy, mines and agriculture. The meeting will be convened under the AU theme of the year 2024: ‘Educate and skill Africa for the 21st Century.’ President Tinubu, who will be accompanied by senior government officials, will return to the country at the conclusion of the meeting.

Nigeria’s Impressive $20.1bn Tops Diaspora Remittances In Sub-Saharan Africa

Nigeria has emerged as the leader in Diaspora remittances within Sub-Saharan Africa for the year 2022, receiving an impressive $20.1 billion, representing 38 percent of the total remittance flow to the region. This figure surpasses that of other countries in the region, including Ghana (11.9 percent), Kenya (8.5 percent), Tanzania (25 percent), Uganda (17.3 percent), and Rwanda (21.2 percent). According to the World Bank, Nigeria played a pivotal role in contributing to the total remittance flow of an estimated $52.9 billion into Sub-Saharan Africa in 2022. The increase in remittances has provided significant support to several African nations facing various challenges such as food insecurity, supply chain disruptions, drought (particularly in the Horn of Africa), floods (in countries like Nigeria, Chad, Niger, Burkina Faso, Mali, and Cameroon), and debt-servicing difficulties. Taking a broader perspective, global remittance flows to low- and middle-income countries (LMICs) reached $647 billion. It is projected to experience a modest 1.4 percent increase, reaching $656 billion in 2023. Highlighting the significance of remittances, the World Bank emphasized that over the past year, remittances have become a major source of external finance for LMICs, surpassing foreign direct investment (FDI), official development assistance (ODA), and portfolio investment flows. The report also pointed out that in several countries, remittances have overtaken key exports as the primary source of foreign exchange earnings. For instance, in Kenya, remittances exceed the earnings from critical sectors such as tourism, tea, coffee, and horticulture. Other nations, including the Gambia, Lesotho, Comoros, and Cabo Verde, are also highly dependent on remittance receipts as a proportion of their GDP. However, the report highlighted that Sub-Saharan Africa continues to face the highest remittance costs globally. Sending $200 to African countries during 2022Q4 incurred an average cost of 8.0 percent, up from 7.8 percent in 2021Q4. Costs vary widely across the region, ranging from 2.1–4.0 percent in the lowest-cost corridors to a staggering 17–35 percent in the highest-cost corridors. Notably, banks impose the highest costs, underscoring the importance of cross-border mobile money transactions. Limited interoperability among telecom operators and money transfer operators in countries like Kenya, Rwanda, Tanzania, and Uganda poses challenges for such transactions. Furthermore, the growth of remittance flows into Africa is projected to slow down to 1.3 percent in 2023, compared to 6.1 percent in 2022. Factors contributing to this slowdown include risks related to capital outflows, foreign exchange controls, and sanctions. South Africa’s placement on the “gray list” by the Financial Action Task Force (FATF) is also noted. However, remittance flow growth is expected to rebound to 3.7 percent in 2024, according to the World Bank.

24 Countries Seal Qualification For 2023 AFCON

All 24 countries that will trade tackles at the 2023 Africa Cup of Nations (AFCON) in Cote D’Ivoire have sealed qualification for the tournament. Five-time AFCON champions Cameroon on Tuesday spanked Burundi 3-O to complete the star-studded list of qualified teams. A breakdown of the qualified countries shows that 12 former AFCON champions, including three-time champions Nigeria will be on parade come January, 2024. Hosts, Cote d’Ivoire will be leading a strong West African contingent of 11 countries, including holders Senegal, Nigeria, Ghana, Guinea, Burkina Faso among others. Tanzania representing East Africa returns for a second finals after a brave showing in the qualifiers. The North Africans are represented by seven-time champions Egypt, World Cup semi-finalists Morocco, Tunisia and Algeria. Egypt will be looking for an eighth unprecedented title, having reached two of the last three finals in 2017 and at the 2021 edition. There will be no debutants in this edition, as the continent’s football power houses managed to maintain and seal qualification. The 2023 AFCON will take place from January 13 to February 11, 2024, after it was postponed from it’s original June, 2023 date. Full list of 24 qualified countries are: Algeria, Angola, Burkina Faso, Cameroon, Cape Verde, Cote d’Ivoire (Hosts) and DR Congo. Others are Egypt, Equatorial Guinea, The Gambia, Ghana, Guinea, Guinea-Bissau, Mali, Mauritania, Morocco and Mozambique, Others are Namibia, Nigeria, Senegal (Title Holders), South Africa, Tanzania, Tunisia and Zambia.