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Minister Calls for Financial Mechanisms to Strengthen Inter-Regional Trade

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By Tony Obiechina, Abuja 

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed has emphasised that financial mechanisms are required to strengthen inter-regional trade and promote regional value chains.

According to her, such measures will attract foreign direct investment (FDI) and diversify the economy from producer of primary goods to finished product.

The Minister spoke at the just concluded round table discussion in Cairo, Egypt, on ‘Regional value chains and their importance in increasing trade and investment flow between Arab and African countries’

She said: “A lot of resources are required before African countries can accelerate their industrialisation and structural changes.

Infrastructure which is a pillar of growth is inadequate in Africa. To address this problem, there is the need to put in place measures that will attract foreign direct investment and diversify the economy from producer of primary goods to finished product.

Other measures, according to her, include addressing regulatory bottlenecks by putting in place and enforcing laws aimed at fostering confidence in investors and banks through the creation of credit bureaus that oversee repayment records.

Mrs. Ahmed also pointed out that there is need to reorganise the banking system through opening the sector to competition, reviewing prudential ratios and putting in place innovative savings and borrowing instruments adapted to local needs.

She called for the development of capital markets and particularly bond markets for long-term financing needs by setting up adequate guarantee schemes against currency and other types of risks.

She stated that the gap has to be bridged “between the informal and formal financial sectors by formalising microfinance institutions to help them scale up activities while developing financial products geared towards Small and Medium Enterprises (SMEs). Innovative financial tools that use technology such as mobile banking can also help leapfrog traditional finance services and reach a larger population”.

On trade financing, Mrs Ahmed said, “it is important to continue addressing the trade financing gap in Africa, estimated at USD 82 billion in a joint 2019 African Development Bank (AfDB) and Afreximbank Trade Finance Survey. Trade financing supports two critical aspects of the trade process: risk mitigation, and liquidity; and is therefore important both for regional trade in Africa as well as inter-regional trade.”

According to her, “Critical steps that have been taken in recent years to close the trade financing gap in Africa include programmes created by multilateral banks to de-risk banking transactions (e.g., AfDB’s Trade Finance Programme; IFC Global Trade Finance programme); leveraging technology – e.g., Afrexim’s Mansa due diligence platform (introduced in 2018) provides a single platform for due diligence checks in African counterparties; introduction and adoption of the Africa Continental Free Trade Agreement (AfCFTA).”

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Bago Orders Immediate Repairs of Wind-Damaged Buildings at NYSC Camp

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 From Dan Amasingha, Minna

 Niger State Governor, Mohammed Umaru Bago, has directed the immediate rehabilitation of buildings damaged by a windstorm at the National Youth Service Corps orientation camp in Paiko.

The windstorm, which occurred on April 25, reportedly blew off roofs and damaged several structures within the camp, although no casualties were recorded.

Bago, through the Secretary to the State Government, Abubakar Usman, instructed the Ministries of Works, Youth and Social Development to work jointly towards the immediate repair of the affected facilities.

An assessment team comprising the Commissioner for Education, Hadiza Asabe Mohammed; Commissioner for Youth and Social Development, Jacob Baba Yisa; the Director-General of National Youth Service Corps, Olakunle Oluseye Nafiu; and the state coordinator, Martina Shuaibu-Ibrahim, had earlier visited the camp to inspect the damaged structures.

Buildings affected by the storm include male corps members’ hostels, the multipurpose hall, the kitchen, staff quarters, and parts of the state coordinator’s residence.

Describing the incident as unfortunate and worrisome, the governor said the damage had created discomfort for corps members and camp officials.

He noted that prompt repairs would enable the ongoing orientation exercise to continue without major disruption.

Bago also commended the management of Abubakar Dada Secondary School for providing classrooms as temporary accommodation for displaced corps members.

He reaffirmed his administration’s commitment to the safety, welfare and wellbeing of all corps members serving in Niger State.

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Foreign News

Ghana Military Convoy Attack Kills Three Civilians, Seven Assailants

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For Somalia’s malnourished children, already suffering the twin catastrophes of looming famine and radical cuts in foreign aid, the U.S.-Israeli war on Iran means more than soaring petrol pump prices; it is a matter of life and death.

Shortages of lifesaving therapeutic foods exacerbated by shipping disruptions are forcing clinics to turn away severely malnourished children and ration supplies, Reuters reporting ‌shows.

Almost half a million children under 5 suffer from “severe acute malnutrition” or “wasting”, the most life-threatening form of hunger, and the delays are worsening the effect of the aid reductions.

Health workers in Baidoa and Mogadishu say they have had to stretch out meagre stocks of specialised milk and nutrient-dense peanut-based paste vital to saving these children.

“Since the needs are large and we don’t have a lot of supplies, we have had to keep reducing the amount we give children,” Nurse Hassan Yahye Kheyre said.

The 225 cartons of peanut paste remaining at his clinic, which treats more than 1,200 children, will probably be exhausted within two weeks, according to the International Rescue Committee, which supplies the facility.

“If treatment is on-and-off, the children will become very weak, physically and mentally. And it may not be ⁠possible to reverse it,” Kheyre added.

The IRC is one of three aid groups that said transport delays and rising costs linked to the war in Iran were making an already complicated situation worse.

At the clinic in the southwestern city of Baidoa, run by IRC’s local partner READO, mother-of-nine Muumino Adan Aamin has been trying to get peanut paste for Ruweido, her 11-month-old daughter.

Ruweido is on a regimen of three sachets a day, but Aamin has been turned away twice because the clinic had run out each time.

Aamin nearly lost her daughter Anisa to hunger when a previous drought pushed Somalia to the brink of famine in 2017.

“Just bone and skin,” the toddler only survived because of peanut paste, Aamin said.

Nine years on, a new drought has pushed 6.5 million people, or one in three Somalis, into acute hunger, and aid groups are desperately trying to plug gaps.

An IRC order for peanut paste that would have fed over 1,000 children got stuck two months ago in the Indian port of Mundra, now congested with diverted cargoes unable to dock in the Gulf, said Shukri Abdulkadir, IRC’s Somalia coordinator.

After being told that the peanut paste, made in India, would take at least 30 more days to arrive, IRC cancelled the order.

It placed an emergency order for 400 cartons from Nairobi, and is moving supplies in Mogadishu ‌to Baidoa ⁠while awaiting them.

But the increase in freight and manufacturing costs has pushed the price of a single carton to 200 dollars from 55 dollars, according to CARE International, whose latest order now buys enough for only 83 children rather than 300.

In 2024, deliveries of therapeutic milk and ready-to-use therapeutic food (RUTF) from Europe to Somalia typically took 30-35 days, increasing to 40-45 days in 2025 as vessels diverted around Africa owing to security threats in the Red Sea.

Since the United States and Israel attacked Iran on Feb. 28 and Iran closed the entrance to the Gulf, a lack of ships has pushed that out to 55-65 days, said Mohamed Omar, head of Health and Nutrition at Action Against Hunger (ACF) in Mogadishu.

Meanwhile, in ⁠Somalia, the IPC global hunger monitor says more than 2 million people are now in the “Emergency” phase, one level before famine.

Admissions of severely malnourished children in January-March to health centres supported by ACF were up 35 per cent from last year.

Staff at Daynile General Hospital, which is treating 360 children for wasting, said on April 20 that they barely had enough supplies for the week.

“Some children’s nutritional status has already worsened,” said health and nutrition supervisor Xafsa Ali Hassan.

Somalia was not among 17 impoverished nations ⁠singled out to receive a share of this year’s funds allocated to the UN Office for the Coordination of Humanitarian Affairs (OCHA) by the U.S., which has made the most drastic cuts among foreign aid donors.

OCHA says more than 200 health facilities have been closed and mobile teams disbanded.

It said in December that over 60,500 severely malnourished children had gone untreated as a result, and that the number could rise to 150,000 if funding gaps persisted.

Then, ⁠when the Iran war erupted, domestic fuel prices leapt 150 per cent.

“Somalia is really hard hit by the Iran war because people are still reeling from the impact of the previous drought,” said IRC’s Abdulkadir.

“It’s very difficult for people to absorb these shocks.”

OCHA has appealed for 852 million dollars from global donors to stave off a full-blown famine.

This is far below the 1.42 billion dollars it requested last year – yet it has still barely received 14 per cent of this amount.

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NEWS

Imo Deputy Governor Resigns

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From Marcel Duru Owerri

The Commissioner for Information and Strategy Chief Declan Emelumba has said that Imo State Deputy Governor, Ekemaru has resigned.

Speaking at the State Secretariat to Journalists yesterday in Owerri, Imo State he revealed that the Deputy Governor has tendered her resignation letter to the Governor for her consideration to contest for higher elective position in the State.

Emelumba further reiterated that this was in line with President Bola Tinunu’s mandate that any person serving and who wants to contest for higher elective position should resign his or her appointment.

In his own contribution, Public Affairs Analyst Chief Timothy Obiozo said that Deputy Governor Resigned for the full implementation of Charter of Equity going on in the State adding that the deal is serious because all the Traditional Rulers and Political Heavy Weights across the 27 Local Government Areas of Imo State have accepted the Political gentlemen agreement, Charter of Equity.

“If Imo State will continue in this arrangement, the political horizon will continue to be cleared in Imo State”.

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