President Bola Tinubu has set up an economic advisory committee comprising the federal government, state governments, and the private sector.

The president announced the setting up of the committee after he held a meeting with some key stakeholders at the State House, Abuja, on Sunday evening.

Tinubu said the goal is to provide “additional efforts” in stabilising the economy and ensuring the “best economic future” for Nigerians.

“Let’s look at what we’re doing right and what we’re doing wrong to bring life back to the economy. Like I said, many times, the people of this country are only the people who we have to please,” he said.

“And we are very much concerned from students to mothers and fathers, farmers, the traders and realising that everyone of us will have to fetch water from the same well. ⁣
“We are looking for additional efforts that might help the downtrodden Nigerians and we will provide that hope and reassurance that economic recovery is on its way. ⁣
“We are not saying that we have all the answers. But we will not be blamed for not trying. We assure Nigerians that we will do our best to get our Marshall Plan in place and fashion out the best economic future for this country.”

The meeting had Aliko Dangote, chairman of the Dangote group; Tony Elumelu, group chairman of Transnational Corporation Plc (Transcorp); Abdulsamad Rabiu, founder of the BUA group; Segun Ajayi-Kadir, president of the Manufacturers Association of Nigeria (MAN), in attendance.

Others are governors Dapo Abiodun of Ogun state and Chuwkuma Soludo of Anambra.

The Cable

Nigerian Labour Congress (NLC) says it is determined to go ahead with its planned two-day nationwide protest over the rising cost of living, irrespective of the intimidation by the government.

In a statement on Sunday, Joe Ajaero, the NLC president, said the hardship that Nigerians are experiencing cannot be cured by intimidation and violence.

Ajaero noted that the protest scheduled for Tuesday and Wednesday would be observed in a peaceful manner.

The NLC president said citizens have the fundamental right to peaceful protest.

He urged the government to put on its thinking cap and find a lasting solution to the rising cost of living rather than humiliating the citizens.

He called on the United Nations and other international human rights bodies to intervene and see that Nigerians right to peaceful protest are not violated.

“We would want to inform Nigerians that the State has perfected plans to attack our peaceful rallies across the country,” the statement reads.

“One of the groups being primed to attack our peaceful rallies is by a nebulous name, Nigeria Civil Society Forum (NCSF).

“NCSF is one of the emergency groups put together, funded, promoted and remote-controlled by government to cause violence against our members for electing to peacefully protest against the hunger in the land.

“We would want the State to know that the solution to our horrible economic situation and hunger is not by suppressing peaceful dissent or inflicting violence on peacefully protesting citizens as the government did in Minna and other cities where its agents tear-gassed and beat up women before locking them up for raising their voice against hunger.

“It does not lie in the deployment of State-sponsored terror. The pangs of hunger cannot be cowed by bullets or tear gas.

“In light of this, we at the Nigeria Labour Congress and civil society allies are moving ahead with our protest rallies against economic hardship and insecurity in line with the decision of the national executive council.

“As citizens, we have a fundamental right to peaceful protest and history bears us witness that our protests are always peaceful except in instances of state-engineered violence.

”However, if it is irrevocably set on the path of violence against us and other peace-loving Nigerians, it will be making a costly mistake because if we are attacked there will be a total shut down via withdrawal of services by workers. Let no one be deceived, we and other deprived Nigerians cannot easily be intimidated.

“We however remain resolute, determined and prepared to express our pain and grief in a peaceful manner as Nigerians come 27th and 28th of February 2024.”

The Cable

PRESS RELEASE

Afenifere has distanced itself from the call by some renegade Afenifere members for Yorubas not to exercise their right to protest in joining the NLC and other protests. Afenifere has always supported the right to protest in a democracy from the beginning when Awolowo protested against the colonial constitution to recent protests like that against Jonathan subsidy removal, which even President Bola Tinubu joined. The great leader, Obafemi Awolowo warned Yoruba states and newspapers like Tribune and Sketch under his influence never to stifle voices of dissent.

Are Yorubas not members of the NLC? If ever Afenifere was to advice against a protest, it would be based on solid policy direction and not shallow tribal sentiments to silence the pains and hunger of the masses. Those using the incapacitated retired Afenifere leader, Pa Reuben Fasonranti's name to tarnish Afenifere motto of Abundance For All should know that not only would we never stop people from exercising their constitutional rights of protest, but that Afenifere can't vouch for Tinubu IMF's anti-people policies which have failed in every country they were implemented.

The International Monetary Fund and World Bank that inspired and lauded Tinubu's removal of subsidies and floating of Naira in June 2023, released a report this month projecting that the policies would create more hardship, with 44% inflation and devaluation of the Naira to over N2000 to $1 in 2024, with recession till 2028. So where did the shadowy figures using Pa Fasonranti get the information that things will get better? Afenifere has never and will never engage in fooling the masses, especially when it is clear millions will slip further into poverty, losing their homes and lives. Are people to suffer in silence for five years because they are Yorubas?

If the United Kingdom or United States removed subsidies today they would face revolutions within a month. The truth is that pure capitalism with no government intervention and subsidies died with the 1917 Russian Revolution, as all Capitalist nations in fear of revolution introduced social welfarism policies with unemployment, health, education, housing and other subsidies. Awolowo adopted the social welfarism with his free education, free health and other social programs to empower Yorubas.

Also, no socially responsible government would allow its currency to fall below 15% unless there is visible destruction of productive capabilities. The United Kingdom of Britain set a 6% limit when they floated the British Pound in the European Exchange Rate Mechanism in order to unify their currencies for the proposed single currency, the Euro. However, when on Black Wednesday September 16 1992, currency speculators led by George Soros attacked the Pound and it fell beyond the 6% mark by closing time 7pm the same day, the British government halted the floating and exited the European Exchange Mechanism immediately.

So it begs the question that what lower limit did the Tinubu set for floating the Naira, or was it just pushed out of the plane with no parachute. The Naira has lost a 79% of its value since June 2023 and continues to fall due to obvious currency speculation which the government has done nothing about. It is human to err and Tinubu must pull the brakes on his neo-liberal policies before he damages the social fabric of this nation beyond repair.

All capitalist nations are sustained with subsidies used to pacify their masses, even when it is evident that there is some abuse in welfare benefits and agricultural subsidies. It is illogical to claim corruption in petrol subsidies justified its stoppage while palliatives are disbursed through more opaque and corrupt avenues. The focus on the consumer element of subsidies blinded the government to the huge multiplier effects that fuel subsidies have on the economy. The Nigerian economy is largely based on small and medium enterprises that rely on cheap fuel. Transporters, barbers, salons, metalworks, hospitality business and even processing industries of food, beverages and tobacco are being destroyed with this policy.

Also, over 70% of raw materials used in our local production is imported, as we also import the vast majority of our consumer goods, therefore both manufacturers and importers are adversely affected by the mindless devalutaion. This is leading to foreign manufacturers leaving Nigeria, causing more unemployment. So although Afenifere is not organizing any protest on its own or in a coalition at the moment, we respect the constitutional rights of those organizing or partaking in civil protests.

Unfortunately like in the case of Abraham when he became old and senile, and was taken advantage of by Esau, we know the renegade ex officials of Afenifere who are mischievously using Pa Fasonranti’s fraility of mind and body to rob Yorubas and fellow Nigerians of not only their birth rights to abundance to life but their voice. Therefore we warn well meaning Yorubas and other Nigerians to be more discerning when they read antithesis of Afenifere. The proof of Afenifere is in our activism to better the lives of Yoruba and all humanity, and not as paid voices of the government in power, regardless of tribe and religion.

Signed:

Justice Faloye, an Economist, author and media practitioner, is the Deputy Publicity Secretary, Afenifere.

Netanyahu says a cease-fire deal would only delay 'somewhat' an Israeli military offensive in Rafah

An Israeli military offensive in Gaza’s southernmost city of Rafah could be “delayed somewhat” if a deal is reached for a weekslong cease-fire between Israel and Hamas, Prime Minister Benjamin Netanyahu said Sunday, and claimed that total victory in the territory would come within weeks once the offensive begins.

Netanyahu confirmed to CBS that a deal is in the works, with no details. Talks resumed Sunday in Qatar at the specialist level, Egypt’s state-run Al Qahera TV reported, citing an Egyptian official as saying discussions would follow in Cairo with the aim of achieving the cease-fire and release of dozens of hostages held in Gaza as well as Palestinians imprisoned by Israel.

Meanwhile, Israel is nearing the approval of plans to expand its offensive against the Hamas militant group to Rafah on the Gaza-Egypt border, where more than half the besieged territory’s population of 2.3 million have sought refuge. Humanitarian groups warn of a catastrophe. Rafah is Gaza’s main entry point for aid. The U.S. and other allies say Israel must avoid harming civilians.

Netanyahu has said he will convene the Cabinet this week to approve operational plans that include the evacuation of civilians to elsewhere in Gaza.

“Once we begin the Rafah operation, the intense phase of the fighting is weeks away from completion. Not months,” Netanyahu told CBS. “If we don’t have a deal, we’ll do it anyway.” He said four of the six remaining Hamas battalions are concentrated in Rafah.

U.S. national security adviser Jake Sullivan told NBC that President Joe Biden hadn’t been briefed on the Rafah plan. “We believe that this operation should not go forward until or unless we see (a plan to protect civilians),” Sullivan said.

Early Monday, Netanyahu’s office said the army had presented to the War Cabinet its “operational plan” for Rafah as well as plans to evacuate civilians from the battle zones. It gave no further details.

His office also said the War Cabinet had approved a plan to deliver humanitarian aid safely into Gaza.

United Nations agencies and aid groups say the hostilities, the Israeli military’s refusal to facilitate deliveries and the breakdown of order inside Gaza make it increasingly difficult to get vital aid to much of the coastal enclave. In some chaotic scenes, crowds of desperate Palestinians have surrounded delivery trucks and stolen the supplies off them.

Heavy fighting continued in parts of northern Gaza, the first target of the offensive, where the destruction is staggering.

“We’re trapped, unable to move because of the heavy bombardment,” said Gaza City resident Ayman Abu Awad.

He said that starving residents have been forced to eat animal fodder and search for food in demolished buildings. In nearby Jabaliya, market vendor Um Ayad showed off a leafy weed that people pick from the harsh, dry soil and eat.

“We have to feed the children. They keep screaming they want food. We cannot find food. We don’t know what to do,” she said.

Philippe Lazzarini, commissioner general of the U.N. agency for Palestinians, said it has not been able to deliver food to northern Gaza since Jan. 23, adding on X, formerly Twitter, that “our calls to send food aid have been denied.”

Israel said that 245 trucks of aid entered Gaza on Sunday — less than half the amount that entered daily before the war.

DETAILS OF THE PROPOSED DEAL

A senior official from Egypt, which along with Qatar is a mediator between Israel and Hamas, has said the draft cease-fire deal includes the release of up to 40 women and older hostages in return for up to 300 Palestinian prisoners, mostly women, minors and older people.

The official, speaking on condition of anonymity to discuss the negotiations, said the proposed six-week pause in fighting would include allowing hundreds of trucks to bring desperately needed aid into Gaza every day, including the north. He said both sides agreed to continue negotiations during the pause for further releases and a permanent cease-fire.

Negotiators face an unofficial deadline of the start of the Muslim holy month of Ramadan around March 10, a period that often sees heightened Israeli-Palestinian tensions.

Hamas says it has not been involved in the latest proposal developed by the United States, Egypt and Qatar, but the reported outline largely matches its earlier proposal for the first phase of a truce.

Hamas has said it won’t release all of the remaining hostages until Israel ends its offensive and withdraws its forces from the territory, and is demanding the release of hundreds of Palestinian prisoners, including senior militants. Netanyahu has rejected those conditions.

Israeli Defense Minister Yoav Gallant on Sunday made clear that a cease-fire deal for Gaza wouldn’t affect the military’s daily low-level clashes with the Lebanese militant group Hezbollah, a Hamas ally.

“We will continue the fire, and we will do so independently from the south,” he said while visiting the Northern Command.

Israel declared war after the Oct. 7 Hamas attack on southern Israel in which militants killed about 1,200 people, mostly civilians, and took around 250 hostages. More than 100 hostages were released in a cease-fire deal in November. More than 130 remain in captivity, a fourth of them believed to be dead.

Families have followed the negotiations with hope and anguish.

“It feels like Schindler’s list. Will he be on the list or not?” Shelly Shem Tov, the mother of Omer, 21, told Israeli Army Radio of his chances of being freed.

Israel’s air and ground offensive has driven around 80% of Gaza’s population from their homes, putting hundreds of thousands at risk of starvation and the spread of disease. The Health Ministry in Hamas-ruled Gaza says 29,692 Palestinians have been killed in the war, two-thirds of them women and children.

The ministry’s death toll doesn’t distinguish between civilians and combatants. Israel says its troops have killed more than 10,000 militants, without providing evidence.

NEWBORNS DYING IN RAFAH

The war has devastated Gaza’s health sector. Less than half of hospitals even partially function.

At the Emirates Hospital in Rafah, three to four newborns are placed in each of its 20 incubators, which are designed for just one.

Amal Ismail said two to three newborns die in a single shift, in part because many families live in tents in rainy, cold weather. Before the war, one or two newborns in incubators there died per month.

“No matter how much we work with them, it is all wasted,” she said. “Health conditions in tents are very bad.”

AP

WESTERN PERSPECTIVE

Russia will try new offensive in Ukraine as early as May, Zelenskiy says

Russia is preparing a new offensive against Ukraine starting in late May or summer, but Kyiv has a clear battlefield plan of its own, President Volodymyr Zelenskiy said on Sunday.

Speaking a day after the second anniversary of Russia's invasion of Ukraine, Zelenskiy said it was vital for Kyiv and its Western allies to remain united and reiterated that Ukraine's victory depends on continued Western support.

"We will prepare for their assault. Their assault that began on Oct. 8 has not brought any results, I believe. We, for our part, will prepare our plan and follow it," Zelenskiy told reporters in Kyiv.

Zelenskiy said that 31,000 Ukrainian soldiers had been killed since February 2022, giving the first official toll in more than a year. The Russian foreign ministry rejected the Ukraine figure as untrue.

Zelenskiy said that troop rotations would be critically important for the war effort and emphasised that Ukraine needed to better prepare its reserve forces.

A New York Times report in August cited U.S. officials as putting the Ukrainian death toll at close to 70,000. The same report said as many as 120,000 Russian troops had died during the war.

The tallies could not be independently verified. Both Russia and Ukraine have often underestimated their military casualties in the war, while exaggerated the losses they claim to have inflicted upon each other.

TIME RUNNING OUT FOR WESTERN SUPPORT

Two years into the war, Moscow's troops bear down along the sprawling 600-mile (960-km) front line in Ukraine's east and south and problems pile up from shortages of artillery shells and the need for longer-range missiles to a lack of fresh troops.

Zelenskiy said he was confident that the U.S. Congress would approve a major new batch of military and financial assistance and that Ukraine needed that decision within a month.

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The Ukrainian war effort depended on Western support, he said, adding that the European Union had only supplied 30% of the 1 million ammunition shells that were promised.

Russia secured its biggest battlefield gains since May 2023 this month as it captured the town of Avdiivka, which Ukrainian troops retreated from to avoid being surrounded.

President Vladimir Putin said on Tuesday Russian troops would push fartherinto Ukraine to build on their success in Avdiivka and on Sunday Russian defence ministry said its forces had taken more advantageous positions near the town.

'THERE IS A PLAN'

On Ukraine's battlefield intentions, Zelenskiy said Kyiv had a clear plan to counter Russian forces, but that he would not disclose details that could compromise it.

"There is a plan, the plan is clear, I can't tell you the details," he said.

Kyiv's troops conducted a much-vaunted counteroffensive last year but were unable to pierce Russia's defensive lines.

Zelenskiy said replacing his popular armed forces chief in a dramatic military shake-up this month was part of his military strategy that would remain under wraps.

The Ukrainian leader said earlier that Kyiv's plans for last year's counteroffensive had ended up "on a desk in the Kremlin" before the operation had even begun but did not say how.

Kyiv hopes to hold a summit in Switzerland this spring to discuss its vision for peace with its allies, he said, adding that the peace blueprint would later be presented to Russia.

"I hope it will take place this spring. We must not lose this diplomatic initiative," he said.

** Zelenskiy says 31,000 Ukrainian soldiers killed since Russia invaded

President Volodymyr Zelenskiy said on Sunday that 31,000 Ukrainian soldiers had been killed since Russia's full-scale invasion two years ago, giving the first official figure for more than a year.

Zelenskiy told a news conference in Kyiv that he could not disclose the number of wounded because it would help Russian military planning.

"31,000 Ukrainian troops have been killed in this war. Not 300,000, not 150,000 ... (Russian President Vladimir) Putin is lying there ... But nevertheless, this is a big loss for us."

Ukraine has not put a number to its military losses since the end of 2022, when presidential aide Mykhailo Podolyak said 13,000 Ukrainian soldiers had been killed since the invasion on Feb. 24.

Battlefield casualties are a highly sensitive subject in a country trying to reform how it mobilises civilians into the army to regenerate its forces after last year's counteroffensive proved unable to break through Russian lines.

A New York Times report in August cited U.S. officials as putting the Ukrainian death toll at close to 70,000. The same report said as many as 120,000 Russian troops had died during the war.

Zelenskiy told reporters that 180,000 Russians had been killed in the fighting.

Russia does not disclose military losses, which it regards as secret. Both sides regularly describe the other's military losses as vast.

The Ukrainian leader also said that tens of thousands of civilians had been killed in the occupied areas of the country during the war. Kyiv says it cannot accurately assess the scale of such losses because it does not have access.

RUSSIAN PERSPECTIVE

Ukraine on another retreat in Donbass – media

Ukrainian troops have abandoned the settlement of Lastochkino, a few kilometers west of the strategic city of Avdeevka recently captured by Russian troops, the local outlet Strana reported on Saturday citing Ukraine’s military.

The website cited a Ukrainian volunteer fighting with the neo-Nazi Aidar battalion as saying that units had to withdraw from the area to “avoid the blocking of their logistical routes” and to “save personnel.” The Ukrainian Telegram channel DeepState confirmed the development, wondering where the Ukrainian high command would announce the preparation of a new defensive line.

Several Russian Telegram channels claimed that Moscow’s troops had already entered Lastochkino, posting unverified pictures and a video of soldiers waving a Russian flag in the middle of the devastated settlement.

Neither the Russian nor Ukrainian Defense Ministries have confirmed the reports. However, officials in Moscow said on Saturday that the Russian military “continued to occupy more advantageous… positions” in the Avdeevka sector while repulsing Ukrainian counterattacks.

Moscow announced the capture of Avdeevka last weekend, which has been a frontline city since 2014. It claimed that the Ukrainian retreat had turned into a disorganized rout with heavy losses. Ukrainian President Vladimir Zelensky called the decision to withdraw “absolutely logical,” insisting that it was necessary to avoid heavier casualties.

Russian President Vladimir Putin said on Tuesday that the capture of Avdeevka was “certainly a success,” adding that it needed to be expanded upon.

The Avdeevka area was previously used by Kiev as a launching ground for attacks on Donetsk, the capital of Russia’s Donetsk People’s Republic (DPR). The Defense Ministry in Moscow previously said that the capture would help protect the latter city from “terrorist attacks by the criminal Kiev regime.”

The DPR, along with three other former Ukrainian regions, overwhelmingly voted to become part of Russia in the autumn of 2022 in public referendums.

Reuters/RT

Today’s society could not function without software. From cell phones and televisions to traffic lights and digital billboards, its uses are endless. 

As the world becomes more and more digitized, the demand for those creating software that powers everything we do is only increasingly—and fast.

In fact, over the next decade, demand for software developers and engineers is expected to grow at a rate of 180%, according to CompTIA’s 2023 State of the Tech Workforce report.

Those two titles—software developers and software engineers—are oftentimes used interchangeably, especially for those outside the world of tech. While it is true that they are very similar and do work closely together, you’ll find that the day-to-day responsibilities of each of them differ just ever-so-slightly (you may even find a job posting for an even more confusing software development engineer position).

So, then, what exactly are the differences? Fortune has you covered.

What is a software developer?

As the name implies, a software developer develops software, which involves coding and programming to help build specific features and components. Software developers are very focused on the execution and are very heads-down into their latest project. 

“Software developers are very focused on execution,” explains Shadi Rostami, executive VP of engineering at Amplitude. “They’re given a spec, and they go build software that meets it. In that context, their day-to-day is spent primarily building and coding.”

They could be working in the development of web, app, fullstack, video games, and other programs. 

Who is a software engineer?

A software engineer is a strategic builder, as noted by Rostami. While also working with coding and development, engineers focus much more on the big picture strategy of projects.

“Software engineers not only do software development, but they also use engineering principles to go through the entire lifecycle of software. So not only development, but maintaining it, testing it, making sure it works with the rest of the company, is this more comprehensive,” says Vipin Chaudhary, chair of the computer and data sciences department at Case Western Reserve University.

The profession resultantly leans heavily on soft skills like problem solving, communication, and leadership.

“They’re focused on understanding their customers and end-users so they can identify what problem needs solving and how to best solve it,” says Rostami—adding that the role also emphasizes principles like scalability, maintainability, reliability, and robustness.

Software engineers also can be found across a variety of settings, including web, apps, data, full stack, video games, cybersecurity, cloud, and beyond.

How do software engineers and software developers compare?

One way to think of the main difference between software engineers and developers is the scope of their work. Software engineers tend to focus more on the larger picture of a project—working more closely with the infrastructure, security, and quality. Software developers, on the other hand, are more laser-focused on a specific coding task.

In other words, software developers focus on ensuring software functionality whereas engineers ensure the software aligns with customer requirements, says Rostami.

“One way to think about it: If you double your software developer team, you’ll double your code. But if you double your software engineering team, you’ll double the customer impact,” she tells Fortune.

But it is also important to note that because of how often each title is used interchangeably, the exact differences between a software engineer and software developer role may differ slightly from company to company.  

Engineers may also have a greater grasp of the broader computer system ecosystems as well as have greater soft skills.

Who is hiring software engineers and developers?

The short answer is that software experts are needed all around. Despite layoffs at some of the biggest tech firms, tech employees looking for a job are largely able to find one. According to CompTIA, the tech unemployment rate sits at around 2.3%.

“I would be hard pressed to find an organization or company that is not hiring engineers and developers. While that might be something of an exaggeration, we do live in a digital-first world,” says Sara Faatz, director of technology community relations at Progress.

Businesses of all kinds—the likes of retail, education, nonprofits, and enterprises need software developers and engineers, she adds.

For those looking to get into the space, there are a variety of ways to learn in-demand skills. Students can take a traditional degree route or explore a bootcamp, certification, or self-teaching.

“Regardless of the path, it is vital that in either role the person focuses on continued learning. The technology landscape changes so fast. Making sure your skillset is current is critical whether you are an engineer or a developer,” Faatz says.

How do salaries of software engineers and software developers compare?

Based on compensation data estimates from Glassdoor, while software engineers and developers do both make hefty six-figure salaries, software engineers do hold a slight edge. When it comes to total pay, engineers bring home nearly $30,000 on average more, which could, in part, be due to project completion bonuses or other circumstances.

Compensation: Software engineer vs. Software developer

TWO BAR GRAPHS COMPARING THE AVERAGE ANNUAL SALARY AND TOTAL PAY OF SOFTWARE ENGINEERS VERSUS SOFTWARE DEVELOPERS.

AVERAGE ANNUAL SALARYTOTAL PAY

SOFTWARE ENGINEER

$118,853

$140,903

SOFTWARE DEVELOPER

$105,983

$112,714

SOURCE: SOURCE: GLASSDOOR, AS OF FEBRUARY 2024

Above all, it is important to remember that a variety of factors are at play when it comes to salary, including experience, education, company, industry, and location. According to Dice’s annual Tech Salary Trends report, tech salaries did decrease slightly in 2023, the industry as a whole remains strong. Becoming either a software developer or software engineer is likely to translate into a lifelong career.

Fortune

The West African regional bloc said on Saturday it would lift strict sanctions on Niger as it seeks a new strategy to dissuade three junta-led states from withdrawing from the political and economic union - a move that threatens regional integration.

The decision to lift the sanctions was reached at the extraordinary summit of the ECOWAS held in Abuja on Saturday.

The regional bloc also lifted sanctions on the Republic of Guinea-Bissau.

The military junta in Mali took over power in August 2020 while soldiers in Burkina Faso overthrew the democratic government in September 2022.

Also, soldiers in the Niger Republic in July 2023 sacked the democratic government in the country, forcing the authority of ECOWAS to impose sanctions on the three countries.

Omar Alieu Touray, president of the ECOWAS commission, read the resolution taken at the summit.

He said while the political and targeted sanctions on the Niger Republic remain, the regional bloc lifted some financial and economic sanctions on Guinea-Bissau and Mali.

Touray said the decision is based on humanitarian considerations especially because of the month of Lent and the approaching Ramadan.

“Now, let me make it very clear what I have listed is not exhaustive. Political sanctions have not been lifted. Border closures have been lifted. And commercial sanctions have been lifted. But there are targeted sanctions as well as political sanctions. That remain in force,” he said.

“I think our sanctions regime should be assessed correctly. The list I have given relates mainly to Niger because all the other countries still have political sanctions on them.

“So the border closures, the commercial sanctions and all that are on leisure and that is what the leaders have decided to lift. But individual sanctions as well as political sanctions remain in place in Niger.

“Now for other countries, political sanctions remain. That is the limited ability to attend ECOWAS Summit as well as ministerial sessions.”

Earlier, President Bola Tinubu who is the chairman of ECOWAS asked for the lifting of sanctions on the three member states.

In a statement, Ajuri Ngelale, presidential spokesperson, said Tinubu also said the decision to lift the sanctions was based on humanitarian considerations.

“Everything we did was in hopes of persuading our brothers that there existed a better path, a path that would lead to genuine improvement of their people’s welfare through democratic good governance. And this was a path each of our nations had solemnly agreed with one another pursuant to formal regional treaty and protocol,” the statement quoted Tinubu as saying.

“However, the sanctions that we contemplated might help lead our brothers to the negotiating table have become a harsh stumbling block. In my mind and heart, that which is hurtful yet ineffective serves no good purpose and should be abandoned.

“ECOWAS was established for the unassailable objective of improving the lives of the people of this region through fraternal cooperation among all member states. This edifice was cemented on the strong foundation and apt conviction that, united as one, we can be the true masters of our destiny.”

Tinubu said ECOWAS took the steps it did based on the regional ideals of security, social stability, democratic governance, political freedom, broad-based prosperity, and sustainable economic development through fair opportunity for each and everyone in West Africa.

He said neither hatred nor hidden motive influenced the steps taken, adding that there was never any intention to douse or undermine the legitimate political aspirations of any member state or to advance the interests of any outside party.

In calling for the suspension of sanctions, Tinubu said: “We must take note of the approach of the holy month of Ramadan and of Lent.”

“Whether you pray in the mosque or in the church, this represents a time for compassion, hope, and harmony. It is a time that we must not only seek God but also a closer relationship with brother and neighbour,” the president said.

“In the Spirit of the holy month and of the Lenten period, and with hearts bestirred by goodwill towards all our people, let us extend a hand as brothers and friends to those in Niger, Mali, Burkina Faso, and Guinea.

“What I suggest in real and practical terms is that we, my colleagues and fellow heads of state in ECOWAS, indefinitely suspend economic sanctions against Niger, Mali, Guinea and Burkina Faso and against the leadership of the military authorities in those nations.”

The president asked that ECOWAS facilitate the unfettered flow of foodstuffs, medicines and other humanitarian items to the people of these nations, especially to the most vulnerable.

He added that for Nigeria, “this will also mean the prompt resumption of the export of electric power to Niger”.

“In this vein, suspension of sanctions is an important but initial step. What we seek is more than the breaking of the diplomatic logjam. We must use this very moment when things seem tense and progress unavailing, to forge greater cooperation within our community,” he said.

“We not only reach out to our brothers. Today, we say unto them — let us begin to work more earnestly together for the economic development of our people and towards confronting those modern challenges that respect no borders or boundaries.

“Challenges ranging from climate change to violent extremism to illegal pilfering of our precious natural resources require that we join together in progress or we fail separately.

“As leaders of ECOWAS, we have accepted the honour and duty to draft the history of the region and its people during our tenure in office.

“We have also accepted the honour and duty to reach out to our brothers, letting them know this regional home belongs to us all. I shall do my utmost in this regard. I humbly beseech that you do the same.

“For these reasons, we must suspend sanctions and return to brotherly dialogue. I call on the leadership in Burkina Faso, Guinea, Mali, and Niger to embrace the hand extended.”

Last month, Niger said it would quit the regional bloc — together with Mali and Burkina Faso — which pushed Ecowas to reiterate its commitment to a negotiated solution to the crisis and swift return to democracy.

It also overturned a controversial anti-migration law, dealing a blow to Europe’s effort to stop African migrants from reaching its shores.

The three countries have called ECOWAS's sanctions strategy illegal and grounds for their decision to leave the bloc immediately without abiding by usual withdrawal terms.

The three have started cooperating under a pact known as the Alliance of Sahel States (AES) and sought to form a confederation, although it is not clear how closely they plan to align political, economic and security interests as they struggle to contain a decade-old battle with Islamist insurgents.

Reuters/The Cable/Bloomberg

Amid the free fall of the naira to the United States dollar, traders who deal in grains have devised a way to sell their wares to neighbouring countries for higher profits.

Many of them, who spoke to our correspondents, claimed that they preferred to sell their wares to the countries because they had stronger currencies compared to the naira.

This, several experts have said, may lead to hoarding and an artificial grain scarcity and can cause the price of the goods to further head north, thereby leading to a food crisis if nothing is done about it.

This is coming at a time when the country is battling severe hunger, as the prices of staples have increased by over 300 per cent.

The country is also witnessing the highest inflation in 28 years, with the food inflation rate in January hitting 35.41 per cent.

Nigeria’s annual inflation rate rose to 29.90 per cent in the same month from 28.92 per cent in December 2023, according to official figures from the National Bureau of Statistics.

For instance, a bag of long grain rice now sells for almost N80,000 as against N45,000, which it sold for in December 2023. A crate of eggs now sells for almost N5,000; in December, it sold for N2,700.

Several other food items have also seen an astronomical increase in prices owing to several market forces, chief of which is the free fall of the naira.

As of Thursday, the naira fell to a new record low, selling for 1,851 to a dollar in intra-day trading compared with around 1,800 quoted in street trading, FMDQ Exchange data showed on Friday.

It, however, recovered later in the day to close around N1,571 to the dollar, according to the FMDQ data.

There have also been cases of traders accused of hoarding food items for transfer to neighbouring countries like Cameroon, Chad, and Niger Republic, among others.

This is not unconnected to the fact that the currency used by these West African countries has strengthened against the naira in recent years.

For instance, in Borno, Niger, Adamawa, Katsina, Sokoto and several other northern states, grain farmers and traders told our correspondents that they preferred to sell their goods in the neighbouring countries and earn CFA franc instead of selling in Nigeria and earning naira.

Several sources said that the draining of Nigeria’s grains to neighbouring Niger had almost tripled over the last couple of months in a trans-border trade upheaval.

This is following the historic depreciation of the naira and the consequent exponential appreciation of the CFA franc.

The upheaval has drastically crashed the flow of Nigerian grains and other essential commodities’ merchants to the Francophone country for trade.

CFA franc

The CFA franc stands for the West African CFA franc and the Central African CFA franc, two currencies which though different, are interchangeable and have a fixed exchange rate to the euro.

The Central African CFA is the official currency of six countries under the Central African Economic and Monetary Union and is symbolised by the abbreviation XAF in currency markets.

The countries are Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea, and Gabon.

On the other hand, the West African CFA franc is the official currency of eight member nations under the West African Economic and Monetary Union consisting of Benin, Burkina Faso, Côte D’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.

It is symbolised by the abbreviation XOF in currency markets.

According to a short history on the website of the Central Bank of West African States, the CFA franc was created on December 26, 1945, remarkably the date France ratified the Bretton Woods Agreements and made its first declaration of parity to the International Monetary Fund.

In recent times, the currency has climbed up in value against the naira as N1 exchanges for 1.38 XOF compared to 3 XOF, which it exchanged for in 2015.

In 2015, data available on the website of Exchange Rate United Kingdom shows a 54 per cent decline in the exchange between naira and XAF and XOF within six years.

That same year, the CFA began to take a spot as a competitive currency. Between August 2015 and August 2016, the naira lost about 69 per cent against the CFA year-on-year, according to official data by the Exchange Rate UK.

As of Saturday, Aboki FX Limited, an online platform that provides daily updates and information on the parallel market (black market), noted that 1,000 West African CFA francs (XOF) traded at N2,400.

This means one can get N2,400 for every 1,000 CFA franc that one exchanges.

It should be noted that the black market exchange rate is typically higher than the official exchange rate because it is not regulated by the government.

There are several factors that can affect the XOF black market exchange rate, including the supply and demand for the CFA franc; the political and economic situation in XOF and Nigeria; and the value of the US dollar.

So, Nigerian grain traders who rush to countries like Senegal, Cote d’Ivoire, Niger, Mali, Burkina Faso, Benin Republic, and Guinea Bissau, among others, to sell their wares would be making double the profits they would have made if the grains were sold in Nigeria.

The traders also stated that constant harassment by hoodlums on the highway, the ravaging insecurity in the country and bad roads were other reasons why they prefer to sell in neighbouring countries.

Last Sunday, for instance, the Nigeria Customs Service declared that it had intercepted 15 trucks fully loaded with food items and were heading out of the country through the Sokoto State border.

It said the trucks were stopped and the food items were returned to Nigeria, adding that this was part of measures to stabilise the prices of food items across the country in line with the mandate of the Federal Government.

The PUNCH had reported days before that the Federal Government had set up a committee comprising the National Security Adviser, the Director-General of the Department of State Services, and the Inspector-General of Police to clamp down on traders hoarding grains.

The report also stated that the government had ruled out the importation of food as part of strategies to address the high costs of foodstuffs and the economic hardship troubling the country.

It stated that this formed part of the resolutions reached at an emergency meeting between President Bola Tinubu, Vice-President Kashim Shettima, and state governors at the Aso Rock Villa, Abuja.

When contacted by one of our correspondents on Saturday to confirm whether the service had clamped down on food hoarders or those trying to move food out of Nigeria, the National Public Relations Officer of the NCS, who is a Chief Superintendent of Customs, Abdullahi Maiwada, stated that interceptions had been made.

On Tuesday, Shettima while addressing a conference on public wealth management in Abuja, noted that the Federal Government had uncovered 32 routes used to smuggle food to neighbouring countries.

The VP said the routes were found in the Illela Local Government Area of Sokoto State.

Despite these clampdowns, traders have continued to smuggle foodstuffs, mostly grains, out of the country for illegal sales in neighbouring countries.

C’River to Cameroon

In Cross River State, an unholy alliance exists between Nigerian and Cameroonian traders dealing not only in foodstuffs but other items of value to earn CFA franc.

A Cameroon-based Nigerian, simply identified as Ebere, described Cameroon as one country that was good for trans-border trade, adding that it was not lacking food.

He, however, said traders from Cross River State and other nearby states sold stockfish heads to Cameroonians to earn CFA franc.

Ebere said that apart from stockfish heads sold by Nigerians to Cameroonians, iron rods were also being exported to the country.

He added that Nigerian traders also move stockfish heads to Gabon, adding that the increase in such trade had further strengthened the CFA franc against the naira, especially in the black market.

Ebere stated, “There is an increase in the sale of stockfish heads and iron rods by Nigerians. They (Nigerians) are ready to do business, especially when the currency they will receive will mean doubling or tripling their gains.

“Cameroon has food; the country even sells food items to Gabon, which is also a neighbouring country, but Nigerians make a lot of money selling stockfish and iron to Cameroonians. The interest there is the CFA franc.”

A road transport operator, Godwin Eze, who plies the Ikom-Mfum-Ekok border roads in the state, told our correspondent that high trade volume between Nigerian and Cameroonian traders stemmed from the cascading fall of the naira against the backdrop of the high value of the Cameroonian CFA franc.

He further noted that Cameroonian traders had infiltrated the Nigeria-Cameroon borders to neighbouring towns in the Ikom Local Government Area of Cross River State to buy foodstuffs and other valuables and ferry same to their country for further sales.

It was also gathered that apart from that, traders in Nigeria had also found Cameroon as a safe haven to market their foodstuffs, among other trade items, to have unfettered access to the Cameroonian currency, which at the moment is higher in value than the naira.

A trader involved in the trade, who begged to remain anonymous, confirmed this to one of our correspondents.

She said, “It is no longer news that we have a trading alliance with traders from Cameroon. Our politicians are stealing billions, so we too must find a means of making enough money to cater to our family needs since we don’t have access to government money.

“What crime did we commit by buying and selling with Cameroonians?”

Borno grain traders

A major trans-border grains and commodities merchant, Abdullahi Aliyu, told our correspondent that 1,000 CFA francs were exchanged for N2,900 in the black market as of Saturday.

He said, “This shows a sharp contrast to just a few years ago when 1,000 CFA francs exchanged for as little as N320.

“With a comparatively strong naira to the CFA franc, we used to troop to Niger to buy so much rice and other essential commodities not available here just a few years ago.

“Now, the table has turned against us because the Nigeriens now seize the advantage of the drastic depreciation of the naira and exponential rise of their CFA franc to troop into Nigeria to buy as much of our grains as they can to resell in their country.

“To make sure they benefit from the depreciation of the naira to the utmost, many grain merchants in Niger, in a hot race for Nigeria’s food grains and other commodities, now even sell their residential houses to generate enough money for as much of the maize and millet as they can purchase from Nigeria to resell in their country.

“A bag of rice will cost around 22,000 CFA francs but in naira, it is around N75,000.”

The trader lamented that a Nigerien merchant having just enough to buy 10 sacks of Nigerian maize or millet just about a year ago, could now afford to buy 100 to 150 sacks with the same amount of money he traded for the 10 sacks a year ago.

Aliyu stated, “In one year, the draining of Nigerian grains to the Niger Republic through the Geidan (Yobe State) and Damasak (Borno State) borders has more than tripled.

“If the naira does not gain strength against the CFA franc, the situation may worsen next year.”

The trader also absolved any Nigerian farmer selling his grains to Nigeriens of any blame.

He added, “With the persisting economic hardship, the Nigerian farmer or grains merchant, who needs cash for pressing needs, will be tempted to sell his grains to the Nigerien who has the cash to give him than to his fellow Nigerian who doesn’t have the cash.

“So, in a short time, the food grains needed to feed a large population of Nigerians will be drained to the neighbouring countries, leaving Nigerians hungry, especially as they now do not have the money to cross the borders to buy food when they need to.”

Sokoto traders

Most exporters of foodstuffs from Sokoto State to the neighbouring Niger Republic have explained that their decision is the only way to make more money by selling their goods.

They added that most of them shared family ties with Niger with many intermarriages happening between them.

A trader within Sokoto’s old market, Abubakar Salisu, who spoke to our correspondent, said he was in business to make money, hence he decided to sell his goods at any available market to maximise profits.

Salisu stated, “I honestly don’t know why there is a lot of noise about where we decide to do our business and who we sell to.

“I believe everyone is doing business to make money. Why will our own be different from others that Nigerians now take us to be criminals?

“I believe you know there is a huge difference between the Nigeria currency and CFA franc, which is the legal tender in Niger and Cameroon. That is one of the major reasons why I decided to go there to sell my grains.

“If I take my goods to Niger Republic, I will make double what I will get in the Nigerian market here. So, why will I remain here to sell when I can make more money by simply changing location?

“The government should fix the economy and allow us to do our business in peace. They should stop harassing us. We are not the ones who caused the economic woes.”

A Nigerian rice seller in Niger Republic, Nuhu Illela, said even though he does a legal service, agents of the government still disturb him unnecessarily.

He said, “I have been selling the same rice in Illela (a border town in Sokoto) for over 20 years now without any rancour or disturbances.

“Since the closure of the border by the Economic Community of West African States, the rice we used to get from Niger Republic has stopped coming. That is one major reason food prices are increasing beyond the reach of ordinary citizens.

“I normally sell my products to our people in Illela, which is a border community between us and Niger Republic.

“Now that we don’t have the opportunity to get rice from Niger Republic, we resort to selling local rice here in the market and now the government looks at it as if we are criminals.

“I know some of my people here who have their families over there in Konni, Niger Republic. So, can’t I take my own goods to them to buy? What is my offence?

“Now that the government is setting up a task force to stop it, how do they expect us to survive and take care of our business and families?

“What they are supposed to do as a government, they are not doing. Why can’t the government find a solution to the falling naira, which is the reason we are taking our goods to these countries to sell?”

Sokoto task force

Meanwhile, in order to curtail the continued exportation of foodstuffs to Niger Republic from the state and to tackle the smuggling and hoarding of foodstuffs in the state, the Sokoto State Government, on Thursday, approved the task force to deal with the menace.

The nine-member committee is headed by Dalhatu Sidi Mamman, while Ahmed Usman serves as the secretary.

Others members are the Garrison Commander, 8 Division; Comptroller of Customs; Comptroller of Immigration; Commissioner of Police; representatives of the DSS and the NSCDC; the Sultanate Council; and the Grain Sellers Association of Nigeria.

According to a statement signed by the Chief Press Secretary to the Governor, Abubakar Bawa, and made available to newsmen, the governor charges the task force members to identify all the routes through which smuggling activities are taking place.

The statement read in part, “To identify all hoarding facilities and ensure foodstuffs are released and sold to the general public at controlled prices.

“To identify hoarders and smugglers and take appropriate action against them.”

It also noted that the government would take any necessary measure to ensure food sufficiency in the state, while the committee would report to the secretary to the state governor’s office periodically on all its activities.

Smuggled foodstuffs intercepted

Meanwhile, the Nigeria Customs Service, on Saturday, declared that it had intensified efforts to halt the illegal export of food items from the country, adding that it had intercepted food smugglers in Kano, Katsina, and Sokoto states.

It also warned members of the public to desist from smuggling food items out of Nigeria for selfish reasons to the detriment of the larger masses, stressing that culprits would be caught.

Recall that on Sunday the NCS revealed that it intercepted 15 trucks that were fully loaded with food items and were heading out of the country through the Sokoto State border.

It said the trucks were stopped and the food items were returned to Nigeria, adding that this was part of measures to stabilise the prices of food items across the country in line with the mandate of the Federal Government.

When contacted on Saturday and asked whether there had been fresh seizures by the service, Maiwada, stated that interceptions were made in three states in the North.

He said, “We have some seizures or interception of some grains that were to be illegally exported out of the country for selfish desires by some members of the public.

“We have made several interceptions in Katsina, Sokoto, Kano, and around the Jigawa area.”

Maiwada urged Nigerians to desist from the illegal export of food items.

He said, “Our call on members of the public is not to fall for these unpatriotic acts by some elements who are only out to benefit themselves financially without recourse to the masses.

“So we encourage Nigerians to partake in legitimate trade and avoid anything that has to do with smuggling of items either into or out of the country.

“We will continue to re-strategise our enforcement strategies so that we will be ahead of them (smugglers).”

Recall that while assessing the government’s action to tackle the hardship in the country, the All Farmers Association of Nigeria and the organised private sector had supported the decision of the President and the governors not to adopt importation as a solution to the biting food crisis facing the nation.

They also backed the planned action against hoarders as the NCS vowed to stop the smuggling of food out of the country.

The AFAN President, Kabir Ibrahim, had told one of our correspondents that the decision of the government to order food producers to release their products to the market would help check the continued rise in the prices of food items.

He said, “I encourage the security agencies to move in with some other government officials and ask people to open their stores to sell what they have at the prevailing prices. The commodities should be sold at the prevailing prices.

“Nobody is asking them to bring down their prices, for once they sell at the prevailing prices they will not lose anything. But hoarding is not allowed anywhere in the world. You cannot keep what is needed and make it scarce.

“So the government should move in and do all it can to address this situation in Nigeria now. The prices of commodities are rising and the government has to intervene to tackle this issue, and it has our support on this.”

Taraba, Adamawa smugglers

The Nigeria Customs Service said on Saturday that it had, within the past month, seized contraband items worth over N13.352m.

This, it said, was across 15 different raids.

The seized items include 16,675 litres of petrol packed in 643×25-litre jerry cans and three × 200L drums; 20×50kg bags of foreign parboiled rice; and one used V/Wagon Golf with a big, reconstructed fuel tank, according to the Adamawa/Taraba Area Controller of the NCS, Salisu Abdullahi.

AFAN’s reaction

Ibrahim said on Saturday, “To put things into perspective, when someone takes things out of the country without paying duties, it is called smuggling.

“But if you look again at the Africa bilateral agreement, it presents that all of Africa is one market.

“By that, it is not illegal for any foreigner from Africa to come into Nigeria and Nigerians to go into neighbouring states for trade, but there are conventions and agreements which also require that things be done right.

“There is no rule that says you cannot take things from Nigeria to Europe by exporting. It’s not that there is no food, it’s just that it is not affordable.

“Anybody who smuggles anything should be punished according to the law. But if they are taking it out legitimately, there is nothing wrong with that because we also encourage people to export what they produce.”

He further advised the government to invest more in agriculture because of the drop in productivity.

Economist caution govt

Reacting to the development, a professor of Economics, Adebayo Abayomi, said rice merchants taking their produce to neighbouring countries because of the rise in the exchange value of CFA franc to naira were private economic agents rationally reacting to their selfish interest as dictated by the realities of the current economy.

He added that it was a normal business phenomenon as entrepreneurs do business to maximise their profits, noting that their actions indicated their efforts towards getting the best value in the current economy.

Abayomi also appealed to the Federal Government to stabilise the value of the naira.

Punch

Security operatives including soldiers, police and Nigeria Security and Civil Defence Crops (NSCDC) have taken over the popular Yankalli Market, one of major commodity markets in Plateau State, following an attempt by desperate residents to break in to steal food and other essential commodities.

The desperate people, including both males and females, arrived at the market around 8:00 pm on Friday but were intercepted by security operatives who had been deployed in anticipation of attack.

Jamilu Kabiru, chairman of a traders’ association, confirmed the development, stating that they had earlier reported to security agencies.

He said “We had heard on Thursday that hoodlums from Gangare, Rikkos and other places would attack the market to loot food items on the ground that we sell the commodities at high price. We didn’t take the rumor for granted and quickly reported the case to the security agencies that swiftly intervened. We had to sleep with our eyes open in the market to keep vigilance with the security.

“We are not the cause of inflation. The rise in price is not because of us. Our goods are always bought from companies. The increase is always from the companies. In addition to that, when you buy commodities from Lagos, you have to hire a truck for a price of over two million naira. What you spend on transporting the commodities to your destination, you divide the expenditure by the number of commodities, and that’s how the price is increasing. It is not our fault. We want people to understand that.

“In our market, we centrally control price of goods. It is a competitive market where everyone is struggling to sell and bring new goods. People should please understand with us.”

Spokesperson of the state police command, Alabo Alfred, who confirmed the development, said, “We got the information early and with the support of some people in the market and we were able to suppress the attempt. The operation was led by the Area Commander of the area and was successful.”

Daily Trust

Bandits have killed one of the seven persons abducted from Kuduru community in the federal capital territory (FCT).

The bandits stormed the area and abducted the victims on December 28, 2023.

A community source told our correspondent that the victim, Olayinka Ogunyemi, was killed after members of the families of the hostages failed to pay the N290 million demanded.

The source said the bandits called on Friday to break the news of the execution of Ogunyemi, a civil engineer.

“The bandits called us yesterday that they have killed Olayinka Ogunyemi.

“The bandits threatened to kill the remaining captives if N230 million is not made available as ransom. Those still in captivity include one and half year-old boy, two siblings, a pregnant woman and two men.

“N23 million has been paid, food sent and other items they demanded but none of our people has been released.

“We are appealing to the federal government, the police and the army to step up efforts to rescue our people because their abductors said Nigeria has offended them and they would retaliate.”

When contacted, spokesperson of the FCT police command, Adeh Josephine, simply said: “I am not aware of the incident.”

Daily Trust