Latest news with #YusufTuggar
Straits Times
4 days ago
- Business
- Straits Times
West Africa wants deals with Trump but US entry bans a barrier, Nigerian minister says
FILE PHOTO: Nigeria's Minister of Foreign Affairs, Ambassador Yusuf Tuggar, delivers his speech at the Economic Community of West African States (ECOWAS) golden jubilee celebration of the regional bloc in Nigeria's commercial capital, Lagos, Nigeria, May 28, 2025. REUTERS/Sodiq Adelakun/File photo West Africa wants deals with Trump but US entry bans a barrier, Nigerian minister says ABUJA - West African nations want to strike deals with the U.S. over energy and rare earth minerals, but the Trump administration's looming expansion of travel bans risks derailing those efforts, Nigeria's foreign minister said on Wednesday. U.S. President Donald Trump this month implemented full or partial travel bans for foreign nationals from a dozen countries as part of his immigration crackdown. A possible broadening of the restrictions to an additional 36 countries would include nearly all of West Africa. "This would be most unfortunate if it comes to pass, because we are a region of opportunities ready to do deals," said Nigeria's Yussuf Tuggar, who currently chairs regional bloc ECOWAS's council of foreign ministers. President Trump has upended longstanding trade relations since returning to the White House, using erratic tariff threats and aggressive tactics in a bid to secure better deals from trading partners. As part of an agreement with Beijing, for example, Trump said China will supply the U.S. with magnets and rare earth minerals critical to the auto and battery industries in exchange for Chinese students' continued access to U.S. universities. "We possess critical minerals and even rare earths," Tuggar told West African government ministers, citing the example of samarium - used for military-grade magnets and nuclear reactor control rods - found in his home state in Nigeria. "We would like to do deals with the U.S., but visa restrictions are non-tariff barriers to deals," he said. He also touted the oil and gas-rich region as an energy partner. "We are also a strategic alternative to more distant and politically divergent energy producers. So, we will do deals for our prosperity. The only question is with whom," he said. The U.S. has cited reasons for the bans including governments' failure to produce reliable identity documents, corruption, and high volumes of visa overstays by certain countries' citizens. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Insider
5 days ago
- Business
- Business Insider
Despite ECOWAS fallout, Nigeria moves to reunite with Mali, Niger, and Burkina Faso
Despite a prolonged fallout within the Economic Community of West African States (ECOWAS), Nigeria is making diplomatic overtures to reengage Mali, Niger, and Burkina Faso, the three countries that have withdrawn from the bloc following military takeovers. Nigeria has invited Mali, Niger, and Burkina Faso to the 2025 West Africa Economic Summit for continued regional cooperation. This invitation reflects Nigeria's efforts to maintain economic ties despite political disputes in ECOWAS. Observers consider this a strategic move by Nigeria to preserve West African integration and avoid further regional fragmentation. This gesture, announced by Nigeria's Minister of Foreign Affairs Yusuf Tuggar during a press briefing in Abuja on Monday, signals Abuja's continued push for regional cooperation within the ECOWAS framework, despite ongoing political rifts. Tuggar emphasized that while the three countries have formally withdrawn from the Economic Community of West African States, Nigeria views them as indispensable partners in West Africa's economic future. He noted that regional development should not be derailed by political disagreements, particularly as shared challenges like security, trade, and infrastructure transcend institutional affiliations. ' While it is true that three countries in our region have chosen to depart from ECOWAS, this does not sever the bonds of trade, cooperation, and shared destiny that unite us as West Africans. 'These nations remain our neighbours, our partners, and integral stakeholders in the future of West Africa's economic transformation,' the minister said. Nigeria's diplomatic move to reunite the AES The invitation comes amid rising tensions between the ECOWAS bloc and the military-led governments of Mali, Niger, and Burkina Faso. These countries, now aligned under the Alliance of Sahel States (AES), have accused ECOWAS of failing to respect their sovereignty and have pursued a parallel path for regional collaboration. However, Nigeria's outreach suggests a willingness to bridge the divide, at least economically. Observers see this as a pragmatic move by Nigeria, the region's largest economy, to keep diplomatic channels open and prevent further fragmentation in West Africa's integration efforts. Recall that Nigeria was previously at the forefront of efforts to pressure the Sahel nations following their decision to exit the regional bloc. Abuja strongly condemned the military takeovers in Mali, Burkina Faso, and Niger, and supported a firm ECOWAS stance that included sanctions, border closures, and threats of military intervention, particularly in the case of Niger after the July 2023 coup. President Bola Tinubu, as ECOWAS Chair, emphasized the bloc's zero-tolerance policy for unconstitutional changes of government and advocated for swift restoration of civilian rule. West African trade on the front burner The minister also addressed concerns about the continuity of trade and cooperation beyond ECOWAS membership, citing ongoing bilateral projects such as the Nigeria-Niger Joint Commission, which continues to advance development initiatives between the two countries. Prior to their withdrawal in early 2024, these countries benefited from ECOWAS protocols on free movement of goods and people, which had significantly facilitated intra-regional trade. Their departure, and the subsequent deterioration in relations with ECOWAS, disrupted these frameworks. As a result, trade corridors through Niger and Burkina Faso, particularly those serving landlocked neighbors, have faced new restrictions, delays, and uncertainty. ' Trade does not stop because of membership status. For instance, Nigeria and Niger continue to cooperate actively through joint commissions and development projects, even beyond ECOWAS structures. 'Similarly, business activities, cross-border trade, and infrastructure collaborations with Burkina Faso and Mali remain ongoing, ' Tuggar noted.
Ya Biladi
7 days ago
- Politics
- Ya Biladi
With Kenya and Ghana backing Morocco, Polisario turns to Nigeria
The Polisario Front has expressed concern over the possibility of Nigeria officially recognizing Morocco's autonomy plan for Western Sahara, following similar moves by Kenya and Ghana. In an effort to prevent such a development, the Polisario's «Minister of Foreign Affairs» traveled to Abuja in hopes of meeting with his Nigerian counterpart, Yusuf Tuggar. However, Mohamed Yeslem Beissat was only received by the Permanent Secretary of the Nigerian Ministry of Foreign Affairs, Ambassador Dunoma Umar Ahmed, as briefly noted by the ministry on its official X account. For its part, the Polisario's press agency released a statement saying the discussions focused on bilateral relations, ways to strengthen them, and other topics of mutual interest. It is worth recalling that Nigeria established diplomatic relations with the Polisario in 1984, and Abuja currently hosts a Polisario «embassy». Beissat's visit comes at a time when Kenya and Ghana, long viewed as steadfast supporters of the Polisario, have publicly expressed their backing for Morocco's autonomy plan. It is also notable that a delegation from Nigeria's National Institute for Policy and Strategic Studies visited Algeria at the end of May.
Zawya
10-06-2025
- Business
- Zawya
Foreign Affairs minister, BDAN Chairman urge cryptocurrency taxation to boost Nigeria's revenue
Prominent voices in Nigeria's economic and policy space have renewed calls for the taxation of cryptocurrencies, underlining the need for comprehensive regulatory frameworks to manage the rise of digital assets. Nigeria's Minister of Foreign Affairs, Ambassador Yusuf M. Tuggar, and the Chairman of the Bank Directors Association of Nigeria (BDAN), Mr. Mustapha Chike-Obi, made separate appeals for regulation, with an emphasis on harnessing potential revenue while safeguarding the financial system. Ambassador Tuggar made his position known during a Private Sector Roundtable event that preceded the West Africa Economic Summit (WAES) in Lagos. He called on private sector players to take the lead in developing models for regulating and taxing cryptocurrencies, which could then be presented to the Central Bank of Nigeria (CBN) for adoption. We need the private sector to be part of the solution. Let's design a system we can sell to the Central Bank — one that can help us generate revenue for Nigeria,' Tuggar stated. 'Crypto is not going to disappear. It may not exist in its current form forever, but digital transactions will certainly persist.' He pointed to global developments, such as growing calls in the United States to impose tariffs on remittances, as evidence that countries are actively exploring ways to benefit from the financial shifts brought about by digital currencies. 'We must be innovative with blockchain and ensure it is used in a way that strengthens, rather than weakens, our economy. Enhancing digital security is also essential,' he added. In a related development, Mr. Mustapha Chike-Obi, speaking in an interview with WebTV monitored in Lagos, delved into the technical and philosophical foundations of cryptocurrency. He emphasized the need for Nigerian policymakers to fully understand how cryptocurrencies function before attempting to regulate or tax them. 'Cryptocurrencies were designed to bypass centralized ledgers — the very foundation of how banks and governments monitor financial transactions,' Chike-Obi explained. 'In a traditional banking system, every transaction is logged on a centralized ledger that regulators can inspect. Crypto, however, operates on a decentralized system where ownership is hidden and verification is complex.' He described the blockchain process as one in which transactions are verified through a series of computational tasks involving public and private keys. These tasks require massive computing power and are what make cryptocurrency transactions secure, but also difficult to trace and regulate. Chike-Obi argued that while cryptocurrencies may appear valuable now, they are unlikely to become mainstream due to their inefficiencies at scale. 'Crypto thrives when it makes up 10 to 20 percent of financial transactions. But if it becomes dominant — say 50 percent or more — it becomes unsustainable because verifying each transaction would take far too long,' he said. He was skeptical of claims that cryptocurrencies could replace traditional fiat currencies like the Naira or the US Dollar. 'Cryptocurrency is not a currency in the true sense. It's simply a decentralized ledger system. It has value due to its computational cost — what we refer to as mining — but it's not viable as a universal medium of exchange.' Despite his reservations, Chike-Obi said Nigeria should not ignore crypto space. 'If I were advising the government, I would say: study it, monitor it, regulate it, and most importantly, find a way to tax it,' he advised. 'We must strike a balance between embracing innovation and protecting our economy.' The growing consensus among economic leaders suggests that while Nigeria may not be ready to fully integrate cryptocurrencies into its financial system, it cannot afford to overlook their impact. Calls for taxation and regulation point to a broader need for government policy to catch up with rapidly evolving financial technologies.
Zawya
05-06-2025
- Business
- Zawya
Nigeria: Minister urges stronger private sector role in boosting intra-African trade
Nigeria's Minister of Foreign Affairs, Ambassador Yusuf M. Tuggar, has made a clarion call for the private sector to play a central role in unlocking Africa's economic potential through intra-African trade. Speaking at the Private Sector Roundtable preceding the West Africa Economic Summit (WAES), held at the Metropolitan Club, Victoria Island, Lagos, Tuggar highlighted the urgent need for deeper economic integration across the continent. Addressing an audience of business leaders, diplomats, and policymakers, Tuggar emphasised that Africa stands at a critical juncture — one where business is no longer a peripheral concern but a strategic pillar of regional policy and diplomacy. 'This is the period in which the voice of business is not merely recognised at the margins, but is systematically institutionalised within the core processes of policy formulation and regional economic diplomacy. 'It reflects a deeper entanglement of corporate interests and statecraft, wherein the private sector emerges not as a peripheral stakeholder but as a central architect of economic governance frameworks,' Tuggar stated. While outlining the opportunities, the Minister also presented a stark picture of the current reality. Citing recent data, he revealed that intra-African trade accounts for only 15 percent of total trade on the continent, with the figure dropping to between 12 percent and 13 percent in West Africa. In contrast, intra-regional trade in Asia hovers around 60 percent, and Europe nears 70 percent, highlighting a significant gap. Tuggar pointed out that the constraints to West Africa's economic integration are not a matter of potential, but rather of practical shortcomings — infrastructure gaps, weak coordination, and a lack of sustained political commitment. 'The challenge lies not in envisioning a prosperous, interconnected region, but in establishing the institutional mechanisms, logistical frameworks, and governance consensus required to actualise that vision,' he said. Nevertheless, he acknowledged progress in recent years, citing efforts such as the ECOWAS Trade Liberalisation Scheme, the Abidjan-Lagos and Abidjan-Dakar transport corridors, SIGMAT, the West African Power Pool, and the planned African-Atlantic Gas Pipeline. 'These are not just abstract ideas — they are West-African-led initiatives that will prove advantageous to businesses across the sub-region in the near future,' he affirmed. Tuggar also expressed concern over rising global protectionism and the reordering of global tariff systems, noting that such developments make regional alignment even more essential. 'In a world witnessing protectionist tendencies from global market leaders, it is only right that neighbours and regional blocs align for the common good of their people. 'The West African response must be clear and deliberate, not reactionary and disjointed. That is why WAES is a timely and strategic platform,' he said. WAES, scheduled for June 20–21, 2025, in Abuja, is a flagship initiative championed by Nigeria's President and supported by other West African leaders. According to Tuggar, the Summit aims to shift the region from dependency to productivity, and from fragmented markets to integrated value chains. 'The idea is to use our size to generate efficient productivity in order to outcompete others in the global market,' he explained. 'A broader West African market will drive down costs and enable our businesses to scale up and compete internationally.' WAES is expected to bring together Heads of State, Ministers, investors, and key stakeholders from across West Africa, along with private sector leaders. The Minister underscored the importance of this inclusion, stating that business voices must directly influence policy decisions. 'When we succeed in integration, when we improve on policy predictability, secure property rights, and the effectiveness of contracts — investors will come,' Tuggar said. 'This is the largest market on the continent, and it must be leveraged.' He emphasized the need for candid conversations between the private sector and policymakers during WAES. 'We're bringing along the decision makers to hear directly from you — to understand the challenges, identify the low-hanging fruits, and even resolve some issues on the spot,' he said. Tuggar urged participants not to underestimate the impact they could have. 'Sometimes it just takes one phone call. We are serious about removing barriers to business so that commerce can thrive,' he said. 'It's not just about size, it's about scale — the kind of scale West Africa provides.' He commended Nigerian companies already operating across the sub-region — in banking, cement, fertilizer, fintech, and startups — as evidence that cross-border business is both viable and beneficial. He concluded by reinforcing the collective nature of the challenge: 'Let's not forget — it's not just Nigerian policymakers involved. Policymakers from other countries are also on board. Heads of State will be there. So let's work together to resolve the problems and build an integrated, competitive West African economy.' As anticipation builds ahead of the June 20–21 Summit in Abuja, Tuggar's message was clear: the future of Africa's economic strength lies in regional collaboration, and the private sector must lead the charge. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
