International
ECOWAS Intensifies Efforts On Regional Single Currency
The Economies of West African States (ECOWAS) has intensified efforts on practical arrangements for the launch of the single currency, ECO for the region following consensus reached in the implementation of the directives issued at its 65th Ordinary Session.
This was revealed in a communiqué issued at the end of the 66th ordinary session of the authority of the head of state and government meeting held in Abuja on Sunday.
The ECOWAS bloc of 15 countries had previously planned to launch the currency in 2020, but the coronavirus pandemic caused delays.
The new launch date is 2027.
The Authority said it adopted the criteria proposed by the High-Level Committee for the selection of candidate Member States for the launch of ECO or those which would join at a later stage.
It instructed the Commission, in collaboration with the West African Monetary Agency (WAMA), to ensure that these criteria are incorporated into the protocol establishing the ECOWAS Monetary Union Agreement.
The Authority also endorses the proposals of the High-LevelCommittee on the costs, sources and modalities for financing the implementation of the reforms and institutions needed to launch the ECO.
It urged the central banks and member states to take the necessary measures for the payment of their financial contributions for the operationalisation of these institutions as soon as the decision on the effective date for the launch of the ECOWAS single currency is taken.
The Heads of State also urged the High-Level Committee, in collaboration with the ECOWAS Commission, to intensify its efforts to ensure that the deadlines set for the establishment and operationalisation of the institutions needed to launch the ECO are met.
The body said it welcomed the results achieved in the implementation of the ECOWAS Agricultural Policy (ECOWAP) within the framework of food security and nutrition.
Considering the critical role of agriculture in the socio-economic development of ECOWAS member states, the Authority directed the commission to ensure a swift implementation of the regional strategy for the Development of Livestock Farming and the Security of Pastoral Systems; the Regional Rice Self-sufficiency Initiative and its road map 2025-2035; and domesticate the Comprehensive African Agriculture Development Programme (CAADP) Action Plan 2026-2035.
The Authority also welcomed the strengthening of cooperation with technical and financial partners and urged member states to work together with community institutions towards the achievement of these initiatives for food security and nutrition in the region.
The ECOWAS currency is intended to:
Improve trade
A single currency could lower trade costs and improve intraregional trade, which is currently hindered by the use of different national currencies that are not convertible within ECOWAS.
· Boost economic prosperityA single currency could boost the economic well-being and prosperity of ECOWAS countries.
Some say that the transition to a single currency will involve a short period where both the national currencies and the common currency circulate side by side.
Others suggest that the first phase of implementation should involve two distinct ECO zones, where countries peg their national currency to the ECO.
International
China’s Foreign Minister visits four African countries on annual tour
Beijing has sent hundreds of thousands of workers and engineers to the continent and gained strategic access to its vast mineral riches, including copper, gold and lithium.
China’s top diplomat kicks off a New Year trip to Africa on Wednesday, the foreign ministry said, seeking to boost trade on a four-country circuit that includes several recent political hotspots.
Foreign Minister Wang Yi’s tour of the continent’s east and south will take him to Ethiopia, Somalia, Tanzania and Lesotho, concluding on Monday, the ministry said in a statement.
The visits are in keeping with the Chinese diplomatic convention of recent decades, whereby the foreign minister’s first overseas trip of the year is to Africa.
The current tour “aims to deepen political mutual trust with all parties… (and) strengthen exchanges and mutual learning”, foreign ministry spokeswoman Mao Ning said Wednesday at a regular news conference.
China is Africa’s top business partner, with trade reaching $296 billion in 2024, according to Chinese state media.
Beijing has sent hundreds of thousands of workers and engineers to the continent and gained strategic access to its vast mineral riches, including copper, gold and lithium.
International
Trump Announces Venezuela to Turn Over Up to 50 Million Barrels of Oil to United States
U.S. President Donald Trump announced on Tuesday that interim authorities in Venezuela will turn over between 30 and 50 million barrels of high-quality sanctioned oil to the United States, following the recent U.S. military operation that removed Venezuelan leader Nicolás Maduro from power.
In a post on Truth Social, Trump stated: “I am pleased to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 Million Barrels of High Quality, Sanctioned Oil, to the United States of America.
This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!
“The president added that he has directed Energy Secretary Chris Wright to execute the plan immediately, with the oil to be transported via storage ships directly to U.S. unloading docks.
The announcement comes amid ongoing developments in Venezuela, where the oil—previously held in storage due to U.S. sanctions—is estimated to be worth up to $2.8 billion at current market prices around $56 per barrel.
Analysts note that this volume represents a modest addition to global supply but could divert exports previously destined for China.U.S. crude futures dipped slightly following the news, closing lower by about 1.3%. Major U.S. oil companies, including Chevron, ExxonMobil, and ConocoPhillips, are reportedly monitoring the situation, with meetings planned between industry representatives and the administration to discuss future investments in Venezuela’s vast oil reserves.
The deal marks a significant step in Trump’s stated goal of revitalizing Venezuela’s oil sector, which holds the world’s largest proven reserves but has seen production decline sharply in recent years due to sanctions, underinvestment, and mismanagement.
International
Nicolas Maduro, wife plead not guilty in New York court
Maduro, 63, told a federal judge in Manhattan that he had been “kidnapped” from Venezuela and said, “I’m innocent, I’m not guilty; I’m still the president of my country.”
Deposed Venezuelan president Nicolas Maduro pleaded not guilty to charges of narco-terrorism in a New York court on Monday, two days after being snatched by US forces in a stunning raid on his home in Caracas.
Maduro, 63, told a federal judge in Manhattan that he had been “kidnapped” from Venezuela and said, “I’m innocent, I’m not guilty; I’m still the president of my country.”
Maduro’s wife Cilia Flores likewise pleaded not guilty.
The pair were snatched by US commandos in the early hours of Saturday in an assault backed by warplanes and a heavy naval deployment.
(AFP)
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