All Posts in "Foreign"

ECOWAS plans four objective for 2023 community budget

By Favour Nnabugwu
Economic Community of West African States (ECOWAS) Commission, ECOWAS has objective plans against  terrorim, political stability in the “Our community depends of the outcomes of the outcomes of this deliberation. That is why the honorable members of AFC have to make constructive and concrete contributions. community budget
ECOWAS President, Omar Touray at the opening of 32nd Meeting of the ECOWAS Administrative and Finance Committee (AFC) in Abuja, said that the budget is designed to set the agenda for the next four years, which is aimed at putting the region back on track for regional integration
Touray said that the 2023 Community budget of “Consolidation and Reforms” is prepared to ensure the consolidation of the gains made in the institutional reform process and support the region’s recovery from the COVID-19 Pandemic and the Ukraine-Russia War.
“It is in view of the foregoing issues that we quickly identified four strategic objectives that would be our focus for the next four years which we called the 4 by 4 (4x).
“These four objectives are; Enhanced peace and security, Deeper Regional Integration, Good Governance, Inclusive and Sustained Development.
“In addition to these four strategic objectives, we have identified two enablers namely capable institutions and equitable partnerships, which would facilitate the realization of our objectives.
“Let me quickly add that our four strategic objectives are already aligned with the Community Strategic Framework (CSF), which has been developed for the realization of the ECOWAS Vision 2050.
“We intend to focus on strengthening the ECOWAS Peace and Security Architecture and achieving results related to;
“The Implementation Plan against Terrorism (on this we would like to invite you to support us with the full realization of the one billion dollars Pool Fund which our Members Pledged).
“The full operationalization of the ECOWAS Maritime security Architecture, the full operationalization of the National Early Warning and Response Centers, Building the mediation and rapid response capacity of ECOWAS,” Touray said.
Touray said that second strategic objective is to deepen Regional Integration through the promotion and enhancement of intra-community trade, free movement of people, and the monetary Union.
“Specific deliverables for the next four years under this pillar will include; Reducing tarrif and non-tariff barriers (through the effective deployment of the ETLS Task Force).
“Full operationalization of the regional payment system, introduction of ECO-Visa, implementation to concrete border projects under the ECOWAS Cross Border Programme, among others,” he added.
On the third strategic objective of Good Governance, Touray said the Community budget will focus on building stronger regimes against anti-constitutional change of government and support Member States to deepen democracy.
“Here, our specific deliverables in the next four years will include; completing the transition to democracy in Burkina Faso, Mali and Guinea. Enhancing our election support to Member states including observation mission.
“Strengthening ECOWAS Court and the ECOWAS Parliament to play their democratic roles. Instituting a broader mandate for intervention as a strong measure against anti-constitutional change of government.”
The ECOWAS Commission’s President said that the fourth strategic objective is Inclusive and Sustainable Development which covers gender and social programmes, infrastructure and environment.
“In the next four years, we intend to invest in Food security, including further increase in the stock of our Regional Food Security Reserve.
“And the implementation of the ECOWAS rice Offensive Action Plan (2022-2025) to reduce our dependence on imports, as exposed by the Ukraine-Russia war,” Touray said.
Declaring the meeting open, Chair of the AFC, Ms Silva Cristina said that the meeting is aimed at assessing the community budget to ensure that community resources and efficiently used for the betterment of ECOWAS citizens.
“The main objective of this year-end meeting is to consider and validate our budget, it is also to ensure the technical and financial monitoring of the year under review, 2022 budget.
“Our community depends of the outcomes of the outcomes of this deliberation. That is why the honorable members of AFC have to make constructive and concrete contributions.
“And our work will be to ensure that the strategic objectives of the community are being met. We are invited to look at the medium-term expenditure frame-work, 2023 to 2025.
“We are of the view that this exercise will only be easy if we look at it against the background of economic framework which ahs been strongly marred by the pandemic and also persistent non-enforcement of the protocol of the community levy on all product.
Patoma Admin by — November 15, 2022 in Foreign 0
Air Peace suspends flight operations to Dubai over rejection of visas to Nigerians

By Favour Nnabugwu

 

Air travellers from Nigeria to Dubai, United Arab Emirates, UAE will be forced to consider alternative means of transportation in the coming days

This came as Nigeria’s indigenous airline, Air Peace suspended flight operations to the country indefinitely over non issuance of visa to Nigerians by the UAE.

UAE immigration authorities last month announced a visa ban to Nigerians without any reason, rejected applications for visa while the fees are Non- refundable

Following the development, the management of Air Peace in a statement stated that, “We hereby inform the public, especially our Dubai passengers, that effective from Tuesday, November 22, 2022, we shall be suspending our Dubai operations till further notice.

“This is consequent upon the persisting non-issuance of visas to Nigerian travellers by the government of the United Arab Emirates and the accompanying inconveniences.

“Air Peace has been operating into UAE even with the country’s recent travel restrictions, but given the heightening hurdles Nigerian travellers are facing in accessing the country, it has become imperative that we halt our operations to that destination.

“We shall provide further updates as the situation progresses. Passengers whose flights are affected by this development can mail our Call Center to attend to their concerns.”

Patoma Admin by — November 14, 2022 in Aviation 0
Munich Re posts €527 m profits in Q3 2022

By Admin

 

Global reinsurer Munich Re has reported profit of €527 million and €1.9 billion for the third quarter of 2022, respectively, despite a rise in major losses within property and casualty (P&C) reinsurance on the back of Hurricane Ian losses of around €1.6 billion.

Profit for the quarter increased year-on-year, although declined slightly for 9M 2022 as the reinsurer notes above-average expenditure for natural catastrophes.

In fact, major losses of more than €10 million each reached over €2.6 billion in Q3 2022, corresponding to 26.9% of net earned premiums, and higher than the long-term average expected value of 13% for both Q3 and 9M 2022.

The costliest nat cat event for the reinsurer was Hurricane Ian at €1.6 billion. All in all, nat cats cost the reinsurer €1.8 billion in Q3 2022, compared with €1.7 billion in Q3 2021.

At the same time, Munich Re booked man-made losses of €489 million in the period, compared with €245 million a year earlier.
contributed €81 million to the overall result for the third quarter, and €1.2 billion for the first nine months of the year. Munich Re attributes the quarter-over-quarter decline to the cost of Hurricane Ian and also a lower investment result.

Within reinsurance, the operating result came in negative for the quarter at -€687 million, while gross written premiums jumped significantly, year-on-year, to €13.7 billion.

Turning to the ERGO business, and profit reached €446 million for the quarter and €702 million for 9M 2022, which is up significantly for both periods, driven by a one-off effect in the ERGO Life and Health Germany segment. In the third quarter, all segments continued to see premium growth, with total premium income rising to €4.7 billion in Q3, and gross written premiums rising to €4.5 billion.

All in all, Munich Re has announced an operating loss of €346 million for the third quarter, compared with a gain of €204 million a year earlier. The other non-operating result was also negative at -€5 million, while the currency result increased significantly to €846 million, in part as a result of exchange gains on account of the US dollar.

Across the group, gross written premiums increased substantially to more than €18.2 billion for the third quarter, and jumped by 14% to more than €50.9 billion in 9M 2022.

On the asset side of the balance sheet, Munich Re has reported that its investment result dropped from more than €2 billion in Q3 2021 to €904 million in Q3 2022. Overall, the third quarter investment result represented a return of 1.6% on the average market value of portfolio.

Looking ahead, Munich Re says that in light of the “very positive” business performance so far in 2022, it has raised its guidance for gross written premiums in reinsurance to €48 billion from the previous €45 billion, and in ERGO to €19 billion from the previous €18.5 billion. Across the group, the target has increased from €64 billion to €67 billion.

Additionally, the reinsurer is still targeting a consolidated result of €3.3 billion for the 2022 full year, but warns that this will be a lot harder to achieve given the claims experience and business environment. The firm anticipates a consolidated result of €2.5 billion in reinsurance for the year, which is down on the previous target of €2.7 billion. However, at ERGO, the company expects a consolidated result of €800 million for the year, which is up on the previous €600 million target.

In P&C reinsurance, Munich Re now expects to produce a combined ratio of roughly 97% of net earned premiums for the full-year, compared with a previous target of 94%.

In L&H reinsurance, the firm says that it now anticipates a much higher technical result of €800 million for 2022.

Chief Financial Officer (CFO), Christoph Jurecka, commented: “Financial solidity and professional expertise are of fundamental importance to our clients in times of crisis and guide Munich Re in its actions. Hurricane Ian matches the pattern science would expect of a warming world. Therefore the rising probability of such extreme storms is part and parcel of our models and must be reflected in pricing.

“The sustainable and reliable offering our clients expect of us is based on realistic analyses, not only of natural catastrophe risks, but also of cyber and pandemic risks. And although Hurricane Ian and the macroeconomic environment are making it significantly more challenging for us, we are firmly adhering to our annual guidance of €3.3bn. All fields of business are contributing to sustainably positive performance.”

Patoma Admin by — November 8, 2022 in Foreign 0
UK warn citizens against traveling to 22 States in Nigeria

By Favour Nnabugwu

 

The United Kingdom has issued a warning to its citizens to avoid traveling to 22 states in Nigeria.

Meanwhile, the European country cleared Abuja from the list but still asked its citizens to apply caution as this may still be connected to the country’s security situation.

This was contained in a press release by the British High Commission, Abuja, on Monday titled, “Updated Foreign Commonwealth Development Office Travel Advice to British Nationals Traveling to the FCT.”

The British High commission noted that the travel advisory is to help its nationals to make better-informed decisions about international and business travel plan without any danger.

According to the statement many of the states are in the northern parts, while some are in the South.

The statement read, “FCDO travel advice exists to inform British nationals so they can make decisions about travelling abroad. There continues to be a number of states in Nigeria where we advise British Nationals against all but essential travel. These include: Bauchi, Kano, Jigawa, Niger, Sokoto, Kogi, Abia, Plateau, Taraba, within 20km of the border with Niger in Kebbi State and non-riverine areas of Delta, Bayelsa and Rivers States.

The UK keeps its travel advice under regular review and in making these assessments, and uses information from a wide range of sources.  The travel advice is constantly reviewed to make sure it reflects the current situation in Abuja and Nigeria.  Although, the FCDO Travel Advice no longer advises against all but essential travel to the Federal Capital Territory, including the city of Abuja, it makes clear that some risks remain.

Patoma Admin by — November 8, 2022 in Foreign 0
U.S. GDP rise by 2.6% in Q3 2022

By Admin
The U.S. economy posted its first period of positive growth for 2022 in the third quarter, at least temporarily easing recession fears, according to the Bureau of Economic Analysis
GDP, a sum of all the goods and services produced from July through September, increased at a 2.6 percent annualized pace for the period, according to the advance estimate.
That was above against the Dow Jones forecast for 2.3 percent
That reading follows consecutive negative quarters to start the year, meeting a commonly accepted definition of recession, though the National Bureau of Economic Research is generally considered the arbiter of downturns and expansions.
The growth came in large part due to a narrowing trade deficit, which economists expected and consider to be a one-off occurrence that won’t be repeated in future quarters.
GDP gains also came from increases in consumer spending, nonresidential fixed investment and government spending. The report reflected an ongoing shift to services spending over goods, with spending on the former increasing 2.8 percent while goods spending dropped 1.2 percent
Declines in residential fixed investment and private inventories offset the gains, the BEA said.
“Overall, while the 2.6 percent rebound in the third quarter more than reversed the decline in the first half of the year, we don’t expect this strength to be sustained,” wrote Paul Ashworth, chief North America economist at Capital Economics.
“Exports will soon fade and domestic demand is getting crushed under the weight of higher interest rates. We expect the economy to enter a mild recession in the first half of next year.”
Patoma Admin by — October 27, 2022 in Foreign 0
Ethiopian Govt suspends ‘visa on arrival ‘ to foreigners at all points of entry

By Favour Nnabugwu

 

 

The Government of Ethiopia has suspended ‘visa on arrival’ to foreigners at all points of entry due to security challenges and political situation in that country.

In a statement signed by the Ministry’s spokesperson Mrs. Fransisca K Omayuli  stated  “The suspension applies to nationals of all countries bearing Standard Passports, who seek entry into Ethiopia and not specifically targeted at Nigerians, as reported in some quarters”.

“The Ethiopian authorities have explained that the measure is aimed at better border control of movement of persons into Ethiopia in view of the ongoing armed conflict in the Northern part of the country. The measure is said to be temporary, pending improvement in the security situation in the country and not a replacement of Ethiopia’s open visa policy”, Omayuli added.

Intending Nigerian travelers to Ethiopia were urged to take due cognizance of this development by obtaining appropriate entry visas at the Ethiopian Embassy or an electronic visa (e-visa) through the country’s Immigration and Citizenship Service (ICS) portal at www.evisa.gov.et Also, those transiting through Bole International Airport, Addis Ababa, Ethiopia to other destinations or intend to briefly stop over would require valid entry visa to enable them access hotel facilities in the city or else would be obligated to remain in the airport pending their connecting flight.

The statement stated further that the Ministry of Foreign Affairs will liaise with the Nigerian Immigration Service and Airlines on that route to ensure that Nigerian travelers are adequately sensitized about this visa policy which became operational on 29th September, 2022.

Explaining further, Omayuli frown at some Nigerians who attempt to abuse Ethiopia’s visa policy, “who enter the country on tourist visas and remain even after the expiration of their visas, engaging in unwholesome activities.

 

Patoma Admin by — October 10, 2022 in Foreign 0
British High Commission offices shut down in Nigeria for Queen Elizabeth ll

By Favour Nnabugwu

 

 

The British High Commission offices across the country will be closed down for business from Monday 19th of September.

This piece of information was made available via a statement by the UK Mission in Nigeria through all its Social media platforms.

The closure is connected to the death of Queen Elizabeth II and burial arrangements.

The notice, however, added that Visa Application Centres in Abuja and Lagos will remain open.

The notice, however, added that Visa Application Centres in Abuja and Lagos will remain open.

A service of remembrance was held for the Queen on Thursday at the Cathedral Church of Advent in the nation’s capital.

The final resting place of the late Commonwealth head will be at St. George’s Chapel within Windsor Castle, next to her husband, Prince Philip.

Born April 21, 1926, in London, the Queen of England passed away on September 8, 2022, at the Balmoral Castle.

The exact date for re-opening will be passed across in due course.

Patoma Admin by — September 17, 2022 in Foreign 0
FG awards Nigerian citizenship to 286 foreigners

By Favour Nnabugwu

 

 

President Muhammadu Buhari has awarded Nigerian citizenship to 286 nationals, urging them to be good citizens of the country to enjoy all the rights and privileges bestowed on them.

Out of these deserving persons who signed to be Nigerians, 208 received certificates for Naturalization, while 78 got certificates by Registration after they officially recited the oath of allegiance and the Nigerian national pledge during the ceremony held at the banquet hall of the Presidential Villa, Abuja.

President Buhari at the ceremony said, ‘You have pledged your allegiance to Nigeria. When you give your love and loyalty to Nigeria, she returns her love and loyalty to you.”

The President explained that out of the 286 foreign nationals presented with certificates of Nigerian Citizenship, 208 received certificates for Naturalization, while 78 got certificates by Registration.

He urged them to make positive and useful contributions to the advancement, progress and well-being of the different communities they reside, adding that as citizens they must be in accord with the national ethics and code of conduct.

According to him, ”You are expected to abide by the Ideals and Institution of the Nigerian National Flag, Anthem, Pledge and respect for all Constituted Authorities.

”All those concerned with Immigration matters are to offer our new citizens quick legal identification. Also, their Local Governments should assist with their integration in the local community to enable them enjoy all the entitlements of a Nigerian citizen.”

In exercising the constitutional powers conferred on him, by Chapter III Sections 25-31 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), the President told the new citizens that Nigeria is a nation united by the principles of opportunity, equality, and liberty as enshrined in the Constitution.

He said, ”No matter where you come from, or what faith you practice, this country is now your country. Our history is now your history, and our traditions are now your traditions. Nigeria is your home and pride and joy.

”In line with our transformational ideals of strict adherence to due process and transparent procedures, the Ministry of Interior ensured that only deserving persons were recommended to the Federal Executive Council to be conferred with Nigerian citizenship.”

President Buhari recounted that the Federal Government in 2020 adopted the National Action Plan to eradicate statelessness and accordingly, the Minister of Interior, Rauf Aregbesola, inaugurated the High-level Steering Committee to Eradicate Statelessness in Nigeria by 2024.

”This ceremony therefore is a further demonstration of the Federal Government’s commitment and determination to remove as many people as possible from statelessness.

”In this regard, I will like to reiterate our commitment to the strategic role Nigeria plays in the comity of nations, in its unwavering quest for greater human integration, towards ensuring peace and prosperity.”

Welcoming the new Nigerians, the Minister of Interior in his speech entitled ‘‘The more the merrier’’, said the beneficiaries were from the United States, Europe, the Americas, Asia, Middle East, Oceania and Africa, who have seen the good in Nigeria.

”Without any doubt, Nigeria is a great nation, richly endowed and blessed with great people. Smart people continue to flock to our country to do business with us,’’ Aregbesola said, adding that Nigeria would continue to welcome every qualified citizenship applicant.

The Minister described the conferment ceremony as a celebration of the oneness of the human race, consistent with the mandate of the Ministry and the Buhari administration to lay a solid socio-economic and political foundation that will thrust Nigeria into one of the top 20 economies in the world.

”To achieve this lofty vision, the government is determined to encourage and attract foreign investors, high-net worth individuals, highly-skilled individuals and people with rare talents and strategic competencies into our country, ” he said.

Permanent Secretary, Ministry of Interior, Dr Shuaib Belgore, read citations of select beneficiaries who received certificates and symbols of citizenship from President Buhari.

They are Mrs. Kathryn Teresa Barrera, an American citizen, Professor Albert Alos Rovira, a Spanish citizen, Mr. Giuseppe Bellini, an Italian citizen, Dr. Nasra Ali, a Kenyan, Rev. Prof. John Brown Okwii, a Ugandan and Prof. Oumar Al-Moubarak Adoun, a Chadian citizen.

Speaking on behalf of the new citizens, Barrera, who arrived Nigeria in 1974 at age 24, thanked the President, staff of the Ministry of Interior for making their dreams come true.

The 72-year old Nigerian-American is the proprietress of a Non-Governmental Organisation (NGO) Mother and Children Welfare Association, caregiver of Orphans and Vulnerable Children including children living with HIV/AIDS.

She currently lives with 20 children and young adults in training and in University, according to the citation read by the Permanent Secretary, Ministry of Interior.

Patoma Admin by — September 15, 2022 in Foreign 0
Queen Elizabeth ll is dead, reigned for 70 years

By Favour Nnabugwu

 

 

Queen Elizabeth II, the longest-reigning British monarch whose ruled for 70 years  has died on Thursday at the age of 96, Buckingham Palace has announced.

Elizabeth ascended to the throne in 1952, on the death of her father, King George VI. She oversaw the last throes of the British empire, weathered global upheaval and domestic scandal, and dramatically modernized the monarchy.

She died at Balmoral Castle in Scotland after doctors said they had become concerned about her health on Thursday.

Elizabeth ruled over the United Kingdom and 14 other Commonwealth realms, and became one of the most recognizable women ever to have lived. Her son, Charles, immediately became King upon her death.

Patoma Admin by — September 8, 2022 in Foreign 0
Nigeria’s foreign trade falls by 1.5% in Q2’21

By Favour Nnabugwu

 

 

Nigeria’s foreign trade fell quarter-on-quarter (QoQ) by 1.5 percent to N12.8 trillion in the second quarter of the year (Q2’22) from N13 trillion in Q1’22.

The figure fell by N200 billion in the first 2022 National Bureau of Statistics, NBS, stated in it’s Foreign Trade in Goods Statistics report for Q2’22.

According to the bureau, foreign trade in Q2’22 comprised of exports valued at N7.4 trillion and imports worth N5.4 trillion.

The bureau also said that the value of crude oil exports, which accounted for 79.7 percent of total exports in Q2′ 22, rose by 5.1 per cent to ₦5.9 trillion from ₦5.6 trillion in Q1’22.

NBS said:”Nigeria’s total merchandise trade stood at ₦12.8 trillion in Q2’22, indicating a marginal decrease of 1.5 per cent over the value recorded in Q1’22 and 32 per cent higher when compared to the value recorded in Q2’21.

“The value of total export stood at ₦7.4 trillion in Q2’22, the value accounted for 57.7 per cent of total trade.

“The export value rose in Q2’22 by 4.3 percent against the level recorded in Q1’22 and by 47.5 per cent when compared to Q2’21.

“Exports by section revealed that Nigeria exported mainly mineral products which amounted to ₦6.7 trillion, or 91.46 percent of total export value; followed by ‘Products of the chemical and allied industries’, which were valued at ₦318.51billion (or 4.3 percent of the value of total exports) and ‘Vegetable products’ worth ₦100.12billion (1.35 percent of the value of total exports).

“The value of exports trade in Q2’22 was dominated by crude oil exports valued
at ₦5.9 trillion which accounted for 79.7 percent of total exports while non-crude oil exports value stood at ₦1.49 trillion or 20.2 percent of total exports of which non-oil products contributed ₦675.08 billion representing 9.11 percent of total exports.”
On imports it said:”During the second quarter of 2022, total imports were valued at ₦5.4 trillion accounting for 42.3 percent of total trade.

“The import value fell by 7.9 percent in Q2’22 compared to the value recorded
in Q1’22 but increased by 15.8 percent compared to the imports value in Q2’21.”

Patoma Admin by — September 8, 2022 in Foreign 0