Business
ACTIF 2025: Amb. Tochil Nwaneri in Attendance as Africa, Caribbean Sign $290 Million Deals
ACTIF 2025: Amb. Tochil Nwaneri in Attendance as Africa, Caribbean Sign $290 Million Deals
Africa and the Caribbean have taken significant steps towards strengthening their economic ties, with the 4th Afri-Caribbean Trade and Investment Forum (ACTIF 2025) concluding in Saint George’s, Grenada.
The forum, themed “Resilience and Transformation: Enhancing Africa-Caribbean Economic Cooperation in an Era of Global Uncertainty,” brought together influential leaders and industry giants from both regions to discuss and shape their economic cooperation.
The Caribbean Community Secretary-General, Dr. Carla Barnett, emphasized the need for bold economic realignment, highlighting the regions’ overdependence on traditional partners like the United States.
She noted that trade between the Caribbean Community and Africa represents less than 3% of either region’s export activities, underscoring the vast potential for growth.
Afreximbank President, Prof. Benedict Oramah, delivered a keynote address, unveiling landmark initiatives aimed at deepening Africa-Caribbean economic integration.
These include a proposed $250 million Green Resilience Fund, the creation of a Caribbean EXIM Bank, and a digital Caribbean Payments & Settlement System (CAPSS) modelled on Africa’s Pan-African Payment and Settlement System (PAPSS).
The forum saw the signing of deals valued at over $290 million, covering infrastructure, tourism-linked financing, and educational upgrades.
Notable deals include a $100 million facility in the Bahamas for national roads, $61.25 million for a Hilton project in Barbados, and a $50 million climate-linked educational facility in St Kitts & Nevis.
Leaders in attendance included Nigeria’s former President Chief Olusegun Obasanjo, Prime Minister Mia Mottley of Barbados, Prime Minister Roosevelt Skerrit of Dominica, and Prime Minister Philip J. Pierre of Saint Lucia.
Nigerian diplomat and boardroom business strategist Amb. Dr. Tochil Nwaneri was also in attendance, highlighting his global business impact and cross-continental investment alignment.
Amb. Dr. Tochil Nwaneri is the Chairman, Earnwell Microfinance Bank; Chairman, Centrafrigue Investment Group -CIG, a pan-African and global investment conglomerate established to further strengthen and create investment opportunities among country members in the oil & gas industry, financial sector, road construction, and foreign diplomacy.
He is also a former appointee on Economic and Foreign Investment to the former Prime Minister of São Tomé & Príncipe.
Prime Minister Mottley praised President Oramah’s legacy as transformative and announced that CARICOM would confer its highest honour, the Order of the Caribbean Community, upon him.
The summit sets the stage for deeper integration under the forthcoming Global Africa Commission, envisioned by Prof. Oramah to sustain and expand momentum beyond ad hoc cooperation.
The 2025 African-Caribbean Investment Forum in Grenada marked a turning point in the economic partnership between Africa and the Caribbean, transforming shared culture and history into economic opportunity and collective resilience.
Business
Nigeria Grants Rwandans 30-Day Visa-Free Entry to Boost African Integration, Trade
Nigeria Grants Rwandans 30-Day Visa-Free Entry to Boost African Integration, Trade
The Nigerian Government has commenced a 30-day visa-free entry policy for Rwandan nationals, in a move aimed at strengthening continental integration, boosting trade, and enhancing mobility under the African Continental Free Trade Area (AfCFTA) framework.
The policy, which takes immediate effect across all entry points, follows an announcement by President Bola Tinubu at the Africa CEO Forum held in Kigali, Rwanda, where he reiterated Nigeria’s commitment to easing movement across African borders.
In a statement issued on Thursday, the Nigeria Immigration Service (NIS) confirmed that operational arrangements had been concluded for the full implementation of the directive at airports, land borders and seaports nationwide.
Under the new arrangement, Rwandan citizens will be allowed to enter Nigeria without a visa for up to 30 days for legitimate purposes, including tourism, business engagements and official visits.
The Service, however, clarified that visitors wishing to stay beyond the approved period must obtain the appropriate visa through Nigerian diplomatic missions abroad or apply via the Nigeria e-Visa platform.
“Under this bilateral arrangement, Rwandan nationals may enter Nigeria without a visa for a period not exceeding thirty (30) days for lawful purposes, including tourism, business, and official engagements,” the statement read.
The NIS said the policy reflects the strengthening diplomatic relationship between Nigeria and Rwanda, while also aligning with broader African efforts to promote free movement of persons, trade facilitation and economic cooperation across the continent.
It added that the initiative underscores Nigeria’s commitment to regional integration under the AfCFTA agreement, which seeks to create a single African market for goods and services.
“The Nigeria Immigration Service notes that this initiative reflects the strong diplomatic and bilateral relations between the Federal Republic of Nigeria and the Republic of Rwanda, while promoting intra-African mobility, tourism, and economic cooperation in line with continental aspirations,” the agency said.
The Service reaffirmed its readiness to ensure safe, orderly and lawful migration in line with international standards and the Federal Government’s Renewed Hope Agenda.
The visa waiver comes amid growing continental momentum toward easing intra-African travel barriers, as several countries push policies aimed at improving economic linkages, tourism flows and regional investment opportunities.
Business
Trump Threatens Higher Tariffs on EU if Trade Talks Fail
Trump Threatens Higher Tariffs on EU if Trade Talks Fail
United States President, Donald Trump, has threatened to impose “much higher” tariffs on the European Union if the bloc fails to remove its levies on American goods before July 4, escalating fresh tensions in transatlantic trade relations.
Trump issued the warning after a phone conversation with European Commission President Ursula von der Leyen, stating that the EU must agree to zero tariffs on U.S. exports or face steep economic consequences.
“I agreed to give her until our Country’s 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels,” Trump said.
In response, von der Leyen said the European Union was making “good progress towards tariff reduction” ahead of the deadline, while reaffirming commitment to ongoing negotiations between both sides.
The tariff dispute comes amid renewed uncertainty over a trade agreement reached last year between Washington and Brussels, which initially proposed a 15 per cent tariff on EU exports to the United States, while Trump had earlier pushed for a 30 per cent levy on European goods.
Although the deal received conditional backing from the European Parliament in March, lawmakers inserted safeguards requiring assurances that the United States would also honour its commitments, particularly concerning steel and aluminium exemptions.
Under the proposed arrangement, EU legislators insisted they would only accept zero tariffs on U.S. goods if European exports made with steel and aluminium were excluded from Trump’s global 50 per cent tariffs on the metals.
Despite parliamentary progress, final approval still depends on agreement from all 27 EU member states, while further negotiations are expected to continue later this month in Strasbourg.
Ahead of Trump’s latest comments, European Parliament chief negotiator Bernd Lange said discussions were progressing but warned that “there is still some way to go.”
However, tensions were further complicated hours after Trump’s threat when a United States trade court ruled that his latest 10 per cent global tariffs were not justified under U.S. trade law, potentially opening the door to further legal challenges.
The court ruling, though limited in scope, questioned the legal basis used by the Trump administration under Section 122 of the 1974 Trade Act, which allows temporary tariffs to address balance of payments deficits.
Trump had previously introduced the sweeping 10 per cent levy in February, following earlier legal and political disputes over his so-called “freedom day” tariffs.
While the court decision does not immediately block the tariffs nationwide, it applies to import duties involving two companies and could encourage wider legal opposition.
With negotiations ongoing and legal uncertainty mounting, analysts say the dispute signals a renewed phase of economic friction between the United States and the European Union.
Business
Dangote Unveils Plan for 20,000MW Power Project
Dangote Unveils Plan for 20,000MW Power Project
Africa’s richest man, Aliko Dangote, has announced plans to build a 20,000-megawatt power project, marking a major expansion of his industrial interests beyond oil refining, cement and fertiliser production.
Dangote disclosed the plan during an interview with Makhtar Diop, managing director of the International Finance Corporation, saying the project forms part of efforts to address Africa’s persistent energy deficit.
“We are now going into power… 20,000 megawatts,” he said, adding that the continent’s most urgent needs remain energy, fertilisers and industrial inputs.
Although he did not provide details on financing or implementation timelines, the proposed project, if realised, would significantly transform Nigeria’s struggling power sector, where generation remains inconsistent despite an installed capacity of about 13,000MW.
Dangote said Africa’s development priorities are clear, stressing that “the needs of Africa are petroleum products and fertilisers.”
According to him, his conglomerate is also expanding aggressively in fertiliser production and related industrial ventures.
“Today, in about two and a half years, we will be the largest fertiliser company in the world. We are putting up 12 million tons of urea. We are opening up mines of potash and phosphate in Congo and Brazil. We are building the biggest deep-sea port with an 18-meter draft. We are doing LNG,” he said.
The billionaire industrialist added that the expansion drive is being supported by stronger cash flows and improved financial flexibility within his business empire.
“We are now actually free of assets, and we can actually raise more money. Our cash flow now is very, very strong,” he said.
The announcement comes amid the ongoing expansion of the Dangote Refinery, which is currently being scaled up toward a capacity of 1.4 million barrels per day, further cementing its position as one of the largest refining facilities in the world.
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