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ECOWAS urges member states to champion investment promotion

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The Economic Community of West African States (ECOWAS) has called on member states to champion the cause of promoting investment in order to engender sustainable development in the sub-region.

ECOWAS Ag. Director, Private Sector Investment, Anthony Elumelu, gave the charge during a meeting of the technical committee of the Association of Investment Promotion Agencies of West African States (IPAWAS) on Thursday in Abuja.

Elumelu said that the event aimed at availing all member states the opportunity to shape IPAWAS’ form and structure as the regional platform for cooperation in investment promotion and facilitation.

He noted that continuous support and collaboration with the ECOWAS Commission by member states would enable investors to accept the subregion as the most favoured destination for investment drive.

“As we gather here in Abuja, we embark on a momentous journey that will shape the future of investment promotion and economic development in our region.

“IPAWAS represents a significant milestone, bringing together IPAs from across West Africa to foster collaboration, share best practices and drive investment growth.

“We believe that by fostering cooperation in pursuit of that mandate, there would be synergies to achieve experience sharing, peer reviews, and collaboration through scale economies,” he said.

Elumelu urged the participants to deliberate on the draft statute that would govern IPAWAS, shape the framework for cooperation, define their roles, and set the stage for impactful collaboration.

According to him, at the end of the event, all member states will own the statute as the framework for IPA cooperation and collaboration for promoting cross-border investment within the ECOWAS space.

“Within this framework, we can also speak with one voice in our participation and membership of the Pan-African Investment Agency created by Article 42 of the African Continental Free Trade Area (AfCTA) Investment Pool.

“The ECOWAS Common Investment Market (ECIM) and AfCTA provide us with unprecedented opportunities.

“By aligning our efforts, streamlining regulations, and promoting cross-border investments, we can unlock the full potential of our region,” he said.

Elumelu stressed that it was only through such collaborative efforts that a stronger and more resilient West Africa, which attracts investors, creates jobs, and drives sustainable development, could be built.

“I, therefore, encourage each IPA representative to actively participate, contribute your expertise and champion the cause of investment promotion,” Elumelu added.

(NAN)

Africa

Nigerian, South African Defence Chiefs Unite Against Continental Security Challenges

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Nigerian, South African Defence Chiefs Unite Against Continental Security Challenges

Nigerian, South African Defence Chiefs Unite Against Continental Security Challenges

The Chief of Defence Staff (CDS), Gen. Christopher Musa, has called for stronger ties between the Armed Forces of Nigeria and the South African National Defence Force (SANDF) to tackle the complex security issues facing Africa.

Gen. Musa made this appeal during an official visit to his South African counterpart, Gen. Rudzani Maphwanya, in Pretoria, South Africa. The call for enhanced cooperation was highlighted in a statement released by Brig.-Gen. Tukur Gusau, Acting Director of Defence Information, on Tuesday in Abuja.

“The meeting is a panacea to addressing the multifaceted challenges bedevilling the continent,” Gen. Musa emphasized. He underscored the importance of mutual cooperation and strengthening bilateral ties to combat regional security threats.

During their closed-door meeting, both leaders discussed various strategies to address these challenges, focusing on the exchange of expertise and forging stronger ties for the betterment of the continent.

Gen. Musa was honoured with Cannon Gun Salutes, a mark of high regard, during his visit. Brig.-Gen. Gusau noted the significance of the meeting between the two largest economies and military powers in Africa.

The meeting also saw the presence of SANDF Chiefs of Intelligence, Policy and Plans, International Affairs, and Joint Operations, among other departmental chiefs, highlighting the comprehensive nature of the discussions aimed at enhancing regional security cooperation.

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Ramaphosa takes oath of office for 2nd term as South African president

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Cyril Ramaphosa, leader of South Africa’s ruling African National Congress (ANC), took oath as the nation’s president for the next five years on Wednesday at Pretoria, the administrative capital.

Ramaphosa, 71, was re-elected as South African president by the National Assembly on June 14 with 283 votes against the other nominee, Julius Malema from the Economic Freedom Fighters, who received 44 votes.

Under the South African Constitution, once elected as president by the National Assembly, the president-elect must assume office within five days.

In the general elections on May 29, the ANC secured 159 out of the 400 seats in the National Assembly.

This is the first time the ANC is falling below the 50 per cent needed to maintain its 30-year-old outright majority in the lower house of parliament.

(Xinhua/NAN)

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UNICEF seeks more investments in education for African children

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United Nations Children’s Fund (UNICEF) said massive investments in basic education for African children are required to help the continent realise its long-term transformation agenda.

Etleza Kadili, UNICEF regional director for Eastern and Southern Africa, said in a statement issued in Nairobi, the Kenyan capital ahead of the Day of the African Child that will be marked Sunday.

It said education financing on the continent remains dismal.

It added that less than one in five countries have dedicated 20 per cent of their public budgets to enhancing foundational skills for their children.

“To ensure prosperity in Africa we urgently need to see a continental revolution where commitments are turned into concrete action so children can attain the foundational skills necessary for them to progress to higher forms of education.”

The theme of the 2024 Day of the African Child, which is observed annually on June 16, will be “Education for all children in Africa: the time is now,” underscoring the urgency to realise universal childhood literacy in the continent.

UNICEF said in spite of its role in building human capital to propel Africa’s growth, education financing in the continent has slackened, preventing millions of children from acquiring the basic literacy and skills that they require to thrive.

In spite of significant efforts by African governments over the last decade to boost primary and secondary school enrolment, schools continue to lack basic amenities, are overcrowded, and have insufficient teachers, according to UNICEF.

The UN agency noted that four out of every five African children aged 10 years are unable to read and understand a simple written text, highlighting the dismal learning outcomes on the continent.

UNICEF estimates that about 183 billion U.S. dollars are required annually to support children’s education in Africa and achieve the Sustainable Development Goal on education.

However, available resources currently stand at 106 billion U.S. dollars, leaving a financing gap of over 40 per cent.

The agency further noted that African governments spend around two per cent of their education budgets on pre-primary education, while 20 per cent is allocated to tertiary learning.

(Xinhua/NAN)

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