<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/ANHKXCLXAVNVPC2ASS7FZ2JJBM-820x461.jpg" alt="" class="wp-image-426663" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/ANHKXCLXAVNVPC2ASS7FZ2JJBM-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/ANHKXCLXAVNVPC2ASS7FZ2JJBM-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/ANHKXCLXAVNVPC2ASS7FZ2JJBM-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/ANHKXCLXAVNVPC2ASS7FZ2JJBM-768x431.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/ANHKXCLXAVNVPC2ASS7FZ2JJBM-1536x863.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/ANHKXCLXAVNVPC2ASS7FZ2JJBM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: General Abdourahmane Tiani, who was declared as the new head of state of Niger by leaders of a coup, arrives to meet with ministers in Niamey, Niger July 28, 2023. REUTERS/Balima Boureima/File Photo</figcaption></figure>



NIAMEY, Aug 7 (Reuters)&nbsp;&#8211;&nbsp;West African&nbsp;leaders will discuss Niger on Thursday after the junta that seized power there on July 26 defied a&nbsp;deadline to reinstate the ousted president or face the threat of military intervention,&nbsp;a spokesman for the regional bloc said on Monday.



The Economic Community of West African States (ECOWAS), which has sent military forces into troubled member states in the past, had told the junta to stand down by Sunday, but coup leaders instead closed Niger&#8217;s airspace and pledged to defend the country.



&#8220;Niger&#8217;s armed forces and all our defence and security forces, backed by the unfailing support of our people, are ready to defend the integrity of our territory,&#8221; a junta representative said in a statement on national television.



Landlocked Niger is more than twice the size of France and many flight paths across Africa would normally pass through its airspace. Air France suspended flights to and from Ouagadougou in Burkina Faso and Bamako in Mali, which both border Niger, until Aug. 11 and warned that some flight times would increase.



ECOWAS spokesperson Emos Lungu said the bloc would hold an extraordinary summit to discuss Niger on Thursday in Abuja, the Nigerian capital, where it has its headquarters.



The 15-nation club has taken a harder stance on the Niger coup, the region&#8217;s seventh in three years, than it did on previous ones. Its credibility is at stake because it had said it would tolerate no further such overthrows.



ECOWAS defence chiefs agreed on Friday on a possible military action plan if the detained president, Mohamed Bazoum,&nbsp;was&nbsp;not released and reinstated, although they said operational decisions would be decided by heads of states.



But the bloc&#8217;s unity has been broken by&nbsp;a promise from the ruling juntas in Mali and Burkina Faso,&nbsp;both member states,&nbsp;to come to Niger&#8217;s defence if needed.



Both countries were sending delegations to Niamey to show solidarity, the Malian army said on social media on&nbsp;Monday, and flight tracking website FlightRadar24 showed a Burkina Faso military plane arriving in Niamey at around 1120 GMT.



A fracture within ECOWAS and escalation of the stand-off with Niger would further destabilise one of the world&#8217;s poorest regions, already facing a hunger crisis and an Islamist insurgency that has killed thousands and displaced millions.



Niger&#8217;s uranium and oil reserves and its pivotal role in a war with Islamist militants in the Sahel region give it economic and strategic importance for the United States, Europe, China and Russia.



<h2 class="wp-block-heading" id="h-hope-for-diplomacy">HOPE FOR DIPLOMACY</h2>



African and Western allies have imposed sanctions and cut aid to Niger in attempts to pressure the junta to step down. Germany said on Monday that sanctions were on the table and described the junta&#8217;s flight ban as a setback.



Italian Foreign Minister Antonio Tajani, however, said in an interview published on Monday that ECOWAS should extend its deadline for the reinstatement of Bazoum.



&#8220;The only way is the diplomatic one,&#8221; Tajani told La Stampa newspaper.



&#8220;It is right that he (Bazoum) should be freed, but we cannot do it. The United States are very cautious about this, it is unthinkable that they would start a military intervention in Niger,&#8221; Tajani added.



The junta appears to enjoy support from at least part of the population. At pro-coup rallies in Niamey, some participants have cast the situation as a patriotic battle by the former French colony to retain its independence in the face of imperialist interference. Some have held up Russian flags and expressed anti-French sentiment.



&#8220;The aim of the demonstration is to show the whole world and the international community that we are 100% behind (the junta),&#8221; demonstrator Amadou Hamadou Moumouni said during a boisterous rally at the national stadium on Sunday.



France warned its citizens against all travel to Niger, while the Chinese Embassy in Niamey said its nationals in Niger should leave for a third country or return home if they had no reason to stay.



Bazoum said in an opinion piece published last week that he was a hostage and called on the United States and the international community to restore constitutional order.



U.S. Secretary of State Antony Blinken on Friday called for &#8220;the immediate restoration of Niger&#8217;s democratically elected government&#8221;, and said the U.S. would pause certain foreign assistance programmes that benefit the government of Niger.



&#8220;There is a rather extraordinary alignment of the West, and of Africa&#8230; to condemn what is happening,&#8221; French European Affairs Minister Laurence Boone said on Monday.



&#8220;I hope that we will be able to restore democracy and the constitution without blood and in peace,&#8221; she said on French television channel LCI.



(Additional reporting by Felix Onuah in Abuja, Tiemoko Diallo in Bamako, Alvise Armellini in Rome and Ingrid Melander in Paris; Writing by Alessandra Prentice, Nellie Peyton and Estelle Shirbon; Editing by Lincoln Feast, Toby Chopra, Nick Macfie and Conor Humphries)

FILE PHOTO: FILE PHOTO: General Abdourahmane Tiani, who was declared as the new head of state of Niger by leaders of a coup, meets ministers in Niamey

West African leaders to meet on Niger after junta defies deadline

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/107282570-1691401058900-GettyImages-1581548195-820x462.jpg" alt="" class="wp-image-426648" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/107282570-1691401058900-GettyImages-1581548195-820x462.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/107282570-1691401058900-GettyImages-1581548195-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/107282570-1691401058900-GettyImages-1581548195-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/107282570-1691401058900-GettyImages-1581548195-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/107282570-1691401058900-GettyImages-1581548195.jpg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">NIAMEY, Niger &#8211; August 6, 2023: Mohamed Toumba, one of the leading figures of the National Council for the Protection of the Fatherland, attends the demonstration of coup supporters and greets them at a stadium in the capital city of Niger. The 7-day deadline given by Economic Community of West African States (ECOWAS) to the military junta on July 30 for the release and reinstatement of President Mohamed Bazum expired at midnight. Balima Boureima/Anadolu Agency via Getty Images</figcaption></figure>



Niger’s coup leaders on Monday closed its airspace after an ultimatum from the Economic Community of West African States to reinstate elected President Mohamed Bazoum expired on Sunday night.



The military junta calling itself the National Council for the Safeguarding of the Fatherland seized power on July 26 and detained Bazoum, with the commander of the country’s presidential guard, General Abdourahmane Tchiani, proclaiming himself the country’s new leader.



The coup was widely condemned by the international community, including the U.S., the European Union, Russia and former colonial power France, along with Nigerian-led regional body ECOWAS, which also sanctioned the junta.



Many foreign countries have already begun evacuating embassy staff and citizens from Niger, while the likes of the U.S. and U.K. have partially suspended aid programs.



The 15-member ECOWAS gave the military junta one week to return the elected government to power and restore constitutional order, threatening the use of force if its demands were not heeded.



As the Sunday night deadline loomed, thousands of Nigeriens gathered at a stadium in the capital Niamey to show support for the coup leaders, while rallying against France and other Western powers and voicing admiration for Russia.



In a statement on national television on Sunday, a spokesman for the Niger junta repeated claims that a “foreign power” was preparing military intervention, and said the country’s military stands ready to respond.



ECOWAS defence chiefs met late last week to draw up plans for a possible military response, and Abdel-Fatau Musah, commissioner for political affairs, peace and security, said on Friday that the bloc’s heads of state will make a final decision.



“All the elements that will go into any eventual intervention have been worked out here, including the resources needed, the how and when we are going to deploy the force,” Musah said at the close of the three-day meeting in Abuja, Nigeria.



Nigerian President Bola Tinubu, who also serves as chair of ECOWAS, sent a letter to the senate on Friday, asking members to back a regional intervention in the neighboring country, according to local media reports.



There were no aircrafts seen over Nigerien airspace on Monday, according to FlightRadar24, which said in a blog post that flights already in the air when the airspace closed were rerouted or diverted. It added that the no-fly order is likely to be extended beyond the initial Monday night expiry.



“The closure of Niger’s airspace dramatically widens the area over which most commercial flights between Europe and southern Africa cannot fly. Flights must already take a detour of sorts around Libya and Sudan,” the flight tracker said.

107282570-1691401058900-GettyImages-1581548195

Niger hangs in the balance as junta ignores ultimatum from West African bloc

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/6LFFYUILNZLZ3A64NQMWGSG4II-820x547.jpg" alt="" class="wp-image-426623" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/6LFFYUILNZLZ3A64NQMWGSG4II-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/6LFFYUILNZLZ3A64NQMWGSG4II-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/6LFFYUILNZLZ3A64NQMWGSG4II-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/6LFFYUILNZLZ3A64NQMWGSG4II-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/6LFFYUILNZLZ3A64NQMWGSG4II-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/6LFFYUILNZLZ3A64NQMWGSG4II-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The S&amp;P Global logo is displayed on its offices in the financial district in New York City, U.S., December 13, 2018. REUTERS/Brendan McDermid/Files</figcaption></figure>



Aug 4 (Reuters)&nbsp;&#8211;&nbsp;S&amp;P Global Ratings on Friday revised its outlook on Nigeria to stable from negative, citing the government&#8217;s recent reforms which the credit ratings agency believes could benefit the country&#8217;s growth and fiscal outcomes if delivered.



The agency also affirmed its rating for&nbsp;Africa&#8217;s largest economy at &#8216;B-/B&#8217;.



Nigeria&#8217;s new president, Bola Tinubu, has embarked on the country&#8217;s boldest reforms in decades, which he hopes will kick-start growth and attract foreign investors into a country that has suffered chronic dollar shortages, making it difficult for companies to thrive.



&#8220;Nigeria&#8217;s newly elected government has moved quickly to implement a series of fiscal and monetary reforms, which we believe will gradually benefit public finances and the balance of payments,&#8221; the ratings agency said in a statement on Friday.



On Monday, Tinubu said Nigeria has saved over 1 trillion naira ($1.32 billion) in just over two months by scrapping a popular but costly subsidy on petrol and unifying the country&#8217;s multiple exchange rates.



Tinubu&#8217;s reforms have been welcomed by investors, but unions say the reforms have led to soaring costs when inflation has been in double-digits in Nigeria since 2016, eroding savings and incomes.



The World Bank has said it expects Nigeria could save up to 3.9 trillion naira this year alone from reforms but warned of growing short-term inflationary pressures.



S&amp;P&#8217;s sovereign analyst Frank Gill said last month that the ratings agency was closely watching Nigeria ahead of its review on Aug. 4 and added that recent reforms were positive signs.



In February, S&amp;P had maintained Nigeria&#8217;s credit rating at &#8220;B-/B&#8221; but changed its outlook to &#8220;negative&#8221;. Rival Fitch affirmed the West-African country at &#8216;B-&#8216; in May.



(Reporting by Chijioke Ohuocha and Anandita Mehrotra; Editing by Maju Samuel)

The S&P Global logo is displayed on its offices in the financial district in New York

S&P revises Nigeria outlook to stable on fiscal reforms

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="542" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/P6W4Y2UQCJLLFAXTBCTKMWERLU-820x542.jpg" alt="" class="wp-image-426593" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/P6W4Y2UQCJLLFAXTBCTKMWERLU-820x542.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/P6W4Y2UQCJLLFAXTBCTKMWERLU-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/P6W4Y2UQCJLLFAXTBCTKMWERLU-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/P6W4Y2UQCJLLFAXTBCTKMWERLU-768x507.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/P6W4Y2UQCJLLFAXTBCTKMWERLU-1536x1015.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/P6W4Y2UQCJLLFAXTBCTKMWERLU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Senegalese President Macky Sall, Ghanaian President and Chairman of Economic Community of West African States (ECOWAS) Nana Akufo-Addo and ECOWAS Commission President Jean Claude Kassi Brou attend an extraordinary summit of ECOWAS to hear reports from recent missions to Mali, Burkina Faso and Guinea following military coups in those countries, in Accra, Ghana March 25, 2022. REUTERS/Francis Kokoroko</figcaption></figure>



NIAMEY, Aug 4 (Reuters)&nbsp;&#8211;&nbsp;West African defence chiefs were set to wrap up discussions about possible intervention in Niger on Friday, as mediators from the regional bloc push coup leaders in Niamey to restore constitutional order before an approaching deadline.



The military junta in Niger is locked in a standoff with the Economic Community of West African States (ECOWAS), which has taken its hardest stance yet on last week&#8217;s ouster of President Mohamed Bazoum &#8211; the seventh coup in West and Central Africa since 2020.



In a blow to hopes of restoring the previous status quo, the junta revoked a raft of military cooperation agreements with France late on Thursday. There was no immediate response from France.



The move echoes similar moves by juntas in neighbouring Mali and Burkina Faso in the wake of their coups and could drastically reshape a joint fight against an Islamist insurgency.



France has between 1,000 and 1,500 troops in Niger, helping to fight an insurgency by groups linked to al Qaeda and Islamic State that has destabilised West Africa&#8217;s Sahel region.



An ECOWAS delegation is in the Nigerien capital Niamey, hoping to secure &#8220;a conclusive and amicable resolution&#8221; to the crisis, although the bloc has also imposed sweeping sanctions and warned it could authorise the use of force if Bazoum is not reinstated by Sunday.



Niger&#8217;s self-declared leader Abdourahamane Tiani has rejected the sanctions and said the junta will not back down against any threats.



Later on Friday, the region&#8217;s defence chiefs will officially end a multi-day meeting in the Nigerian capital Abuja about a possible military response that they have said would be a last resort.



The junta on Thursday said any aggression or attempted aggression by ECOWAS would be met with an immediate riposte on any ECOWAS member-state except those friendly to Niger.



Tiani has won the backing of the juntas in Mali and Burkina Faso and cited persistent insecurity as his main justification for seizing power, even though data on attacks shows that security there has actually been improving.



(Writing by Alessandra Prentice; Editing by Simon Cameron-Moore)

ECOWAS leaders hold an extraordinary summit in Accra

West African bloc seeks solution to Niger coup as deadline nears

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Niger-junta-supporters-protest-sanctions-as-region-considers-intervention-1-820x461.jpg" alt="" class="wp-image-426585" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Niger-junta-supporters-protest-sanctions-as-region-considers-intervention-1-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Niger-junta-supporters-protest-sanctions-as-region-considers-intervention-1-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Niger-junta-supporters-protest-sanctions-as-region-considers-intervention-1-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Niger-junta-supporters-protest-sanctions-as-region-considers-intervention-1-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Niger-junta-supporters-protest-sanctions-as-region-considers-intervention-1-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/Niger-junta-supporters-protest-sanctions-as-region-considers-intervention-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An aerial view of traffic on a street in the capital Niamey, Niger July 28, 2023. REUTERS/Souleymane Ag Anara NO RESALES. NO ARCHIVES</figcaption></figure>



NIAMEY/ABUJA, Aug 3 (Reuters) &#8211; Hundreds of supporters of Niger&#8217;s junta marched in the capital Niamey on Thursday to protest against West African sanctions, as regional defence chiefs discussed possible intervention to restore democracy.



General Abdourahamane Tiani, the former head of Niger&#8217;s presidential guard, confined President Mohamed Bazoum to his residence last Wednesday and declared himself head of state



in the seventh coup in West and Central Africa since 2020.



The main regional bloc, the Economic Community of West African States (ECOWAS), has imposed sanctions and said it could authorise the use of force if soldiers did not restore Bazoum to power by Sunday.



ECOWAS, which said that coups would no longer be tolerated in the region following recent military takeovers in Mali, Burkina Faso and Guinea, has taken its hardest line yet with Niger, saying it has to show that it &#8220;cannot only bark but can bite&#8221;.



Tiani, who has won the backing of the juntas in Mali and Burkina Faso, has said his country would fight back.



&#8220;If they (ECOWAS) pursue their destructive logic to the end, may Allah watch over Niger and ensure that this is the final great battle we will fight together for a true independence of our nation,&#8221; he said in a televised speech on Wednesday evening.



Thursday marks the 63rd anniversary of Niger&#8217;s independence from France.



One of the demonstrators in Niamey held a placard that said: &#8220;Long live Niger, Russia, Mali and Burkina. Down with France, ECOWAS, EU.&#8221;



Like the coups in Burkina Faso and Mali, Niger&#8217;s military takeover came amid a growing wave of anti-French sentiment, with locals saying they want the former colonial ruler to stop interfering in their affairs.



France has between 1,000 and 1,500 troops in Niger, helping to fight an insurgency by groups linked to al Qaeda and Islamic State that has spread across the region. Burkina Faso and Mali have already kicked out French troops, many of whom are now stationed in Niger.



Western countries are concerned that Niger could emulate those neighbours in turning towards Russia as an ally and that the unrest could allow Islamists to gain ground.



&#8220;We are going to do a demonstration to all the countries of ECOWAS and all who are taking inhumane and unpopular measures toward Niger,&#8221; another protester, who did not give his name, told Reuters.



In his address on Wednesday, Tiani called the sanctions &#8220;inhumane&#8221;, saying he rejected any foreign interference but was open to dialogue within the country.



INTERVENTION PLAN



West African defence chiefs meeting in Nigeria were due to conclude their discussions about possible intervention in Niger, although they have said this would be a last resort.



Senegalese Foreign Minister Aissata Tall Sall said soldiers from Senegal would participate if ECOWAS decided to intervene.



ECOWAS also said on Wednesday that it had sent a Nigerian-led delegation to Niger to negotiate with the coup leaders. However, a source in Nigeria&#8217;s presidency said the delegation had not yet left due to an issue relating to flight permits.



Mali and Burkina Faso have said they will treat an intervention in Niger as a &#8220;declaration of war&#8221; against them too, and would withdraw from ECOWAS and come to Niamey&#8217;s defence.



Tiani sent a general to both countries on Wednesday to shore up support.



China said on Thursday it believed Niger and regional countries had the wisdom and capability to find a political solution.



There were signs that regional sanctions are starting to have an impact: Nigeria cut power supplies to Niger, while Nigerien truckers were stranded in limbo by border closures.



The turmoil has prompted some European nations to evacuate citizens by plane. Paris said on Thursday it has completed the evacuation of hundreds of French and European citizens.



Niger is the world&#8217;s seventh-biggest producer of uranium, widely used for nuclear energy and treating cancer. The EU has said so far it is not worried about supply cuts.



(Additional reporting by Camillus Eboh, Thiam Ndiaga, Tiemoko Diallo and Ange Aboa; writing by Alessandra Prentice and Nellie Peyton; editing by Alexander Winning, Emelia Sithole-Matarise, Nick Macfie and Giles Elgood)

Aerial view of the streets in Niamey

Niger junta supporters protest sanctions as region considers intervention

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PJRN2T7OFBISDJN6BK2LRQDAMA-820x546.jpg" alt="" class="wp-image-426556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PJRN2T7OFBISDJN6BK2LRQDAMA-820x546.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PJRN2T7OFBISDJN6BK2LRQDAMA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PJRN2T7OFBISDJN6BK2LRQDAMA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PJRN2T7OFBISDJN6BK2LRQDAMA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PJRN2T7OFBISDJN6BK2LRQDAMA.jpg 1280w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Nigerian security forces prepare to disperse pro-junta demonstrators gathered outside the French embassy, in Niamey, the capital city of Niger July 30, 2023. REUTERS/Souleymane Ag Anara</figcaption></figure>



NIAMEY/ABUJA, Aug 2 (Reuters) &#8211; Defence chiefs from West Africa&#8217;s regional bloc were meeting in Nigeria&#8217;s capital Abuja on Wednesday for talks on how to respond to a coup last week in neighbouring Niger that has raised fears of a wider conflict in West Africa&#8217;s Sahel region.



The Economic Community of West African States (ECOWAS) has imposed sanctions on Niger and said it could authorize the use of force if the coup leaders do not reinstate elected President Mohamed Bazoum within a week from last Sunday.



Regional defence chiefs will hold a two-day meeting in Abuja about the situation. An ECOWAS delegation was also expected to arrive in Niger&#8217;s capital Niamey on Wednesday to start talks with the junta, which is led by General Abdourahmane Tiani.



It was the seventh military takeover in less than three years in West and Central Africa and has opened a split in the bloc &#8211; neighbouring Mali and Burkina Faso, also ruled by military juntas, have said they would consider any regional intervention in Niger to be a declaration of war and would come to its defence.



Niger is also a key Western ally in a fight against Islamist insurgents, and the coup has been condemned by foreign powers.



The coup leaders announced overnight they had reopened its land and air borders with Algeria, Burkina Faso, Mali, Libya and Chad.



The junta closed the borders last Wednesday, at the same time that it announced that it had removed Bazoum from power.



The borders that have reopened are mainly in remote desert areas. Niger&#8217;s key entryways for trade and commerce remain closed due to sanctions imposed by ECOWAS.



<h2 class="wp-block-heading" id="h-europeans-evacuated">EUROPEANS EVACUATED</h2>



France and Italy are evacuating European citizens from Niger amid growing fears of conflict. The first military planes carrying mostly European nationals landed in Paris and Rome on Wednesday.



&#8220;Yesterday and today, with the help of our French friends, we were already able to fly more than 40 Germans out of Niger,&#8221; said German Foreign Minister Annalena Baerbock, adding there would be more flights on Wednesday.



&#8220;It is also with this same unity and determination that we, as the European Union, support international efforts to restore constitutional order in Niger,&#8221; she said.



France said it had evacuated more than 350 French people so far.



&#8220;Things could have turned ugly but it still is nice to be back here,&#8221; a French evacuee who gave his name as Charles told Reuters TV.



&#8220;We will see how things evolve over there in the coming days and weeks. For us, who care about it quite a lot, we will follow this closely,&#8221; he said.



France, the United States, Germany, and Italy have troops in Niger on counterinsurgency and training missions, helping the army to fight groups linked to al Qaeda and Islamic State.



There has been no announcement of troops being withdrawn so far. Germany&#8217;s defence minister said on Wednesday that there were no concerns about the safety of German soldiers.



Any Western military intervention to restore democracy must be ruled out, as it would be &#8220;perceived as a new colonisation&#8221;, said Italian foreign minister Antonio Tajani.



Niger is the world&#8217;s seventh-biggest producer of uranium, the radioactive metal widely used for nuclear energy and treating cancer.



The EU Commission said earlier this week that it had sufficient inventories of natural uranium to mitigate any short-term supply risks.



(Reporting by Christophe Van Der Perre and Camillus Eboh; Writing by Ingrid Melander and Nellie Peyton; Editing by Alex Richardson)

Pro-junta protesters gather outside the French Embassy in Niamey

West African defence chiefs meet to discuss Niger coup

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/6ZEFO6VWFZOM5HQ7RUS4KEXYPQ-820x547.jpg" alt="" class="wp-image-426520" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/6ZEFO6VWFZOM5HQ7RUS4KEXYPQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/6ZEFO6VWFZOM5HQ7RUS4KEXYPQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/6ZEFO6VWFZOM5HQ7RUS4KEXYPQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/6ZEFO6VWFZOM5HQ7RUS4KEXYPQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/6ZEFO6VWFZOM5HQ7RUS4KEXYPQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/6ZEFO6VWFZOM5HQ7RUS4KEXYPQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A farmer carries a basin of cassava after a harvest on a farm in Oyo, Nigeria May 18, 2023. REUTERS/Temilade Adelaja</figcaption></figure>



LONDON, Aug 1 (Reuters)&nbsp;&#8211;&nbsp;British Foreign Minister James Cleverly will set out a new package of support to make Nigeria&#8217;s agriculture sector more climate-resilient during a visit to the African country this week, his office said on Tuesday.



The support includes a 55 million-pound contract to help transform Nigeria&#8217;s rural economy and a 2.9 million-pound grant to support more than 4 million people in adopting and scaling up sustainable agricultural practices, the government said.



&#8220;Together we are focussing on the future putting in place green, clean measures, both in agriculture and infrastructure development, to create climate-resilient solutions for the global challenges we all face today and will increasingly face in the years to come,&#8221; Cleverly said in a statement.



A majority of people in Africa&#8217;s most populous nation live in rural areas and are at the sharp end of climate change, especially drought and flooding, causing havoc with their livelihoods.



The new funding would boost productivity and resilience in the West African country&#8217;s agriculture sector to the impacts of climate change and help develop heat- and flood-tolerant crops and increase soil fertility, the British government added.



Cleverly &#8211; who is due to visit Nigeria&#8217;s commercial hub, Lagos, on Tuesday and its capital Abuja on Wednesday &#8211; will also announce a 10 million-pound facility to provide funding for climate-friendly infrastructure projects, the statement said.



More than 600 people were killed and at least a million displaced in Nigeria last year following the worst flooding in a decade.



The floods washed away crops, exacerbating a food crisis in a nation where millions have fallen into food poverty in the past three years, according to international aid groups.



(Reporting by Muvija M in London and MacDonald Dzirutwe in Lagos; Editing by Matthew Lewis)

A farmer carries a basin of cassava after a harvest on a farm in Oyo

UK sets out support to make Nigeria’s agriculture sector more climate- resilient

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="556" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/RAH6HWWWCVJVVMXA7PM6B7FVP4-820x556.jpg" alt="" class="wp-image-426514" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/RAH6HWWWCVJVVMXA7PM6B7FVP4-820x556.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/RAH6HWWWCVJVVMXA7PM6B7FVP4-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/RAH6HWWWCVJVVMXA7PM6B7FVP4-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/RAH6HWWWCVJVVMXA7PM6B7FVP4-768x521.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/RAH6HWWWCVJVVMXA7PM6B7FVP4.jpg 1280w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Pro-junta demonstrators gathered outside the French embassy, try to set it on fire before being dispersed by Nigerian security forces in Niamey, the capital city of Niger July 30, 2023. REUTERS/Souleymane Ag Anara</figcaption></figure>



BIDJAN, July 31 (Reuters) &#8211; A planned 30 billion CFA francs ($51 million) bond issuance by Niger scheduled for Monday in the West African regional debt market has been cancelled by the regional central bank following the imposition of sanctions over a coup, market sources said.



West African leaders on Sunday imposed sanctions on Niger, including a halt in all financial transactions and a national assets freeze, to try to force a junta that seized power in the Sahel nation last week to restore constitutional order.



Niger, which is one of the world&#8217;s poorest countries and largely depends on external aid and financing, was expected to issue two other bonds in the regional market on Aug. 7 and Aug. 17, according to an issuance calendar of the regional debt management agency.



(Reporting by Loucoumane Coulibaly, Writing by Bate Felix; Editing by Andrew Cawthorne and Conor Humphries)

Pro-junta protesters gather outside the French Embassy in Niamey after military coup in Niger.

Niger’s planned $51 mln bond issuance cancelled due to sanctions

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="530" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/CPGTGVFEYZOJPAXFO34IYEOB6E-820x530.jpg" alt="" class="wp-image-426503" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/CPGTGVFEYZOJPAXFO34IYEOB6E-820x530.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/CPGTGVFEYZOJPAXFO34IYEOB6E-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/CPGTGVFEYZOJPAXFO34IYEOB6E-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/CPGTGVFEYZOJPAXFO34IYEOB6E-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/CPGTGVFEYZOJPAXFO34IYEOB6E-1536x993.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/CPGTGVFEYZOJPAXFO34IYEOB6E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Demonstrators gather in support of the putschist soldiers in the capita Niamey, Niger July 30, 2023. Signs read &#8220;long live CNSP&#8221;, &#8220;down with France, ECOWAS&#8221;. REUTERS/Balima Boureima NO RESALES. NO ARCHIVES</figcaption></figure>



West African nations imposed sanctions and threatened force on Sunday if&nbsp;Niger’s coup leaders fail to reinstate ousted President Mohammed Bazoum within a week, while supporters of the junta attacked the French embassy in Niamey.



The 15-nation ECOWAS bloc’s response to the Sahel region’s seventh coup of recent years came as crowds in Niger’s capital Niamey burned French flags and stoned the former colonial power’s mission, drawing tear gas from police.



Images showed fires at the embassy walls and people being loaded into ambulances with bloodied legs.



At an emergency summit in&nbsp;Nigeria to discuss last week’s coup, leaders of the Economic Community of West African States called for constitutional order to be restored, warning of reprisals if not.



“Such measures may include the use of force,” their communique said, adding that defence officials would meet immediately to that effect.



Chad’s President Mahamat Idriss Deby, who came to power in 2021 after a coup, met his&nbsp;Nigerian counterpart Bola Tinubu on the sidelines of the summit and volunteered to speak to the military leaders in&nbsp;Niger, two presidential aides told Reuters, asking not to be identified.



Niger’s state TV showed Deby arriving and meeting them.



ECOWAS and the eight-member West African Economic and Monetary Union said that with immediate effect borders with Niger would be closed, commercial flights banned, financial transactions halted, national assets frozen and aid ended.



Military officials involved in the coup would be banned from travelling and have their assets frozen, it added.



Niger’s prime minister under Bazoum’s government, Ouhoumoudou Mahamadou, said ECOWAS sanctions would be disastrous because the country relies heavily on international partners to cover its budgetary needs.



“I know the fragility of Niger, I know the economic and financial context of Niger having been the finance minister and now prime minister,” Mahamadou, who was abroad when the coup occurred, told France24 television from Paris.



“This is a country that will not be able to resist these kinds of sanctions. It will be catastrophic.”



U.S. Secretary of State Antony Blinken welcomed ECOWAS’s action on Sunday.



“We join ECOWAS and regional leaders in calling for the immediate release of President Mohamed Bazoum and his family and the restoration of all state functions to the legitimate, democratically-elected government,” said Blinken in a statement.



<h2 class="wp-block-heading" id="h-can-sanctions-work"><a></a>Can sanctions work?</h2>



Similar sanctions were imposed by ECOWAS on Mali, Burkina Faso and Guinea following coups in those countries in the past three years.



Although the financial sanctions led to defaults on debt — in Mali in particular — such measures have tended to hurt civilians more than the military leaders who seized power in some of the world’s poorest countries, political analysts say. Timelines to restore civilian rule have been agreed in all three countries, but there has been little progress implementing them.



The military coup in&nbsp;Niger, which began unfolding on Wednesday, has been widely condemned by neighbours and international partners including the United States, the United Nations, the African Union, the European Union and former colonial power France.



They have all refused to recognise the new leaders led by General Abdourahamane Tiani.



Niger has been a key ally in Western campaigns against insurgents linked to al Qaeda and Islamic State in the Sahel, and there are concerns that the coup could open the door to greater Russian influence there. Thousands of French troops were forced to withdraw from neighbouring Mali and Burkina Faso following coups there.



Niger&nbsp;is one of the poorest countries in the world, receiving close to $2 billion a year in official development assistance, according to the World Bank.



The United States, France, Italy and Germany have troops there on military training and missions to fight Islamist insurgents. Niger is also the world’s seventh-biggest producer of uranium, the radioactive metal widely used for nuclear energy and in nuclear weapons, as well as for treating cancer.



Ahead of the summit,&nbsp;Niger’s junta had warned that ECOWAS was considering an imminent military intervention in collaboration with other African and some Western nations.



“We want to once more remind ECOWAS or any other adventurer, of our firm determination to defend our homeland,” junta spokesperson Colonel Amadou Abdramane said.



<h2 class="wp-block-heading" id="h-coup-era-must-stop"><a></a>‘Coup era must stop’</h2>



At their invitation, thousands of people rallied in the capital on Sunday,&nbsp;some heading to France’s embassy.



“We are here to express our discontent against France’s interference in&nbsp;Niger’s affairs.&nbsp;Niger&nbsp;is an independent and sovereign country, so France’s decisions have no influence on us,” said protester Sani Idrissa.



Similar to events in neighbouring Burkina Faso in September last year following a coup, some protesters tried to climb the embassy walls, while others stomped on burning French flags.



They were dispersed by&nbsp;Niger&nbsp;national guard.



France condemned the violence and said anyone attacking its nationals or interests would face a swift and stern response.



“The era of coups d’etat in Africa must stop. They are not acceptable,” French foreign minister Catherine Colonna Catherine Colonna told RTL radio, adding that the situation had calmed by the afternoon and no evacuation of French citizens was planned.



The European Union and France have cut off financial support to&nbsp;Niger&nbsp;and the United States has threatened to do the same.



Sunday’s ECOWAS communique thanked nations in line with the bloc’s stance but “condemned the pronouncement of support by foreign governments and foreign private military contractors.”



Russia’s Wagner mercenary boss Yevgeny Prigozhin, who remains active despite leading a failed mutiny against the Russian army’s top brass last month, has hailed the coup as good news and offered his fighters’ services to bring order.

Demonstrators gather in support of the putschist soldiers in the capital Niamey

West Africa threatens force on Niger coup leaders, French Embassy attacked

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-820x547.jpg" alt="" class="wp-image-425798" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/06/L6UULG4GG5NIDGTBYMBIPOWQRY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigeria&#8217;s President Bola Tinubu looks on after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



ABUJA, (Reuters) &#8211; A governor in northeastern Nigerian state of Adamawa on Sunday imposed a 24-hour curfew after youths broke into shops to steal food and other goods.



Nigerians have complained about soaring prices after President Bola Tinubu scrapped a popular petrol subsidy and removed currency restrictions, plunging the naira currency.Umaru Fintiri declared the curfew “due to escalating violence by hoodlums attacking people and businesses.”



He said only people on essential duties were exempted from the no-movement order.



Adamawa, a largely conservative Muslim state, is the home state of Atiku Abubakar, one of the losing candidates who is challenging Tinubu’s February presidential election victory.



(Reporting by Camillus Eboh; Editing by Lisa Shumaker)

FILE PHOTO: Nigeria’s President Bola Tinubu looks on after his swearing-in ceremony in Abuja

Nigerian governor imposes 24-hour curfew in state over violence and looting

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="426" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-41.jpg" alt="" class="wp-image-416399" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-41.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-41-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-41-135x90.jpg 135w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">Pedestrians walk in front of Ghana&#8217;s central bank building in Accra, Ghana, November 16, 2015. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, July 28 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s government has written off half of the 77.6 billion cedis ($7 billion) it owed to the central bank and replaced the remainder with a lower yielding, 15-year bond, three sources with direct knowledge of the transaction told Reuters.



The latest move is part of the West African nation&#8217;s push to restructure its domestic debt &#8211; a requirement to qualify for the next tranche of a $3 billion International Monetary Fund (IMF) rescue loan. Ghana now wants to focus on negotiations with external creditors.



The gold, oil and cocoa producer concluded the first phase of domestic debt restructuring in February, when 85% of eligible holders exchanged their local currency bonds for new longer-dated bonds, with lower interest rates. This included the central bank which exchanged 17 billion cedis.



The government is now restructuring 123 billion Ghana cedis of domestic debt &#8211; including domestic U.S. dollar bonds, cocoa bills, pension funds as well as debt owed to independent power producers and the central bank.



&#8220;The [central bank] had wanted to be excluded and they pushed really hard but there was no agreement,&#8221; a senior government official said.



&#8220;The IMF also made it clear that we cannot achieve our target on debt restructuring if we do not include the [central bank debt].&#8221;



The official said that the central bank debt that had been written off was non-tradable, comprising overdrafts to the government and the cocoa marketing board, a COVID-19 bond and other legacy debt spanning 15 years. Interest payments on the majority of those debts had been in line with the central bank&#8217;s main interest rate, which now stands at 30%.



A Ministry of Finance letter seen by Reuters requesting legal advice from the attorney general and justice minister on the transaction said the government would exchange the principal amount of the debt at a 0.5 ratio with a 2038 bond issued in February.



&#8220;The instrument&#8230; carries an interest rate of 10%, of which 5% is paid in kind in 2023 and 2024,&#8221; said the letter, dated May 7.



The three sources, who declined to be named as the matter is confidential, confirmed that these were the final terms, but did not say when exactly the transaction was executed.



The finance ministry and the central bank did not respond to requests for comment.



Ghana, which defaulted on most external debt in December, aims to reduce its overseas debt payments by $10.5 billion over the next three years to address its worst economic crisis in a generation.



A central bank source said that the debt restructuring had inflicted a record loss on the bank of about 50 billion cedis.



&#8220;From the estimates, the loss will be on the books for the next five years or so,&#8221; they said.



($1 = 11.1500 Ghanian cedi)



(Reporting by Maxwell Akalaare Adombila, Editing by Rachel Savage, Karin Strohecker and Sharon Singleton)

download-41

Ghana debt with central bank halved, interest rate cut – sources

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="535" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/BULH2ZT3CNJM5GMYU4LHSMMMKA-820x535.jpg" alt="" class="wp-image-426450" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/BULH2ZT3CNJM5GMYU4LHSMMMKA-820x535.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/BULH2ZT3CNJM5GMYU4LHSMMMKA-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/BULH2ZT3CNJM5GMYU4LHSMMMKA-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/BULH2ZT3CNJM5GMYU4LHSMMMKA-768x501.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/BULH2ZT3CNJM5GMYU4LHSMMMKA-1536x1002.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/BULH2ZT3CNJM5GMYU4LHSMMMKA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Trucks carry fresh supply of petrol along the Herbert Macaulay street in Abuja, Nigeria February 16, 2022. REUTERS/Afolabi Sotunde</figcaption></figure>



ABUJA/LAGOS, July 27 (Reuters)&nbsp;&#8211;&nbsp;When he first heard about Nigeria&#8217;s fuel subsidy removal and saw the petrol price triple, Justice Ojah thought he would stop using a generator, which powers his two-storey house in Abuja, to save on bills.



The 26-year-old entrepreneur has been relying on petrol to escape frequent power cuts before the West African country&nbsp;removed&nbsp;the popular but costly subsidy. President Bola Tinubu&#8217;s bold decision forced Ojah and other Nigerians to seek cheaper alternatives.



&#8220;I saw an advert and called then a technician who came over to my place and changed my carburettor to this new hybrid carburettor I have now,&#8221; Ojah told Reuters.



It cost him about 50,000 naira ($63.45) to replace the device, which now allows him to easily switch between liquefied petroleum gas (LPG), also known as propane, and petrol, a major improvement in terms of cost.



&#8220;Where I fill my 12.5-kg gas cylinder, it is 12,000 naira to fill it, and that will give me an average of 40 hours,&#8221; Ojah said, adding that petrol for the same amount of hours would cost at least 50,000 naira.



Alabi Oluwaseun, a mechanic in Lagos who converts generators to run on gas, told Reuters that last month he has worked for 20 households and that he was in talks with more clients.



Despite the popularity of the service, Oluwaseun said he had concerns about the security and durability of the gas carburettor, which has been on the market for less than two months.



&#8220;This cylinder now, you have to take it away from heat because this hose we are using is rubber, anytime that it melts and gas tries to escape out of it, it might cause fire,&#8221; he said.



The other concern is that gas burns quicker because it is lighter than petrol, said Kelvin Emmanuel, an analyst at Dairy Hills Limited, a public policy consulting firm.



Despite these issues, higher fuel prices, based on crude oil prices and exchange rates, will contribute to the switch to gas, he added.



&#8220;We are expecting that the consumption of LPG per capita is actually going to increase in Nigeria,&#8221; Emmanuel said.



($1 = 788.0000 naira)



(Reporting by Abraham Achirga in Abuja and Seun Sanni in Lagos; Writing by Anait Miridzhanian; Editing by Aurora Ellis)

Trucks carry fresh supply of petrol along the Herbert Macaulay street in Abuja

Nigerians turn to gas to power their generators as petrol prices soar

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-820x547.jpg" alt="" class="wp-image-426336" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/WM23DAP7ZZIDHDPYXPH2BB7XJM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Bola Tinubu, President of Nigeria, arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. Lewis Joly/Pool via REUTERS/File Photo</figcaption></figure>



ABUJA, July 21 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s President Bola Tinubu on Friday announced the creation of a new infrastructure fund, part of a series of measures to boost the economy and ease the inflationary impact of his decision to scrap an expensive petrol subsidy.



The new Infrastructure Support Fund (ISF) will help Nigeria&#8217;s 36 states revamp transportation, including upgrades of farm-to-market roads. It will also fund health, education, power and water projects, the president&#8217;s office said in a statement, without providing details of how it will be funded.



The fund &#8220;will improve economic competitiveness, create jobs and deliver economic prosperity for Nigerians,&#8221; spokesman Dele Alake said in the statement.



The announcement comes a day after a programme to distribute free grains and subsidized fertilizer, was unveiled. It will be managed by the central bank.



Tinubu has been under pressure to offer relief to households and small businesses after he scrapped a popular but expensive petrol subsidy that kept prices cheap for decades but cost the government $10 billion last year, leading to wider deficits and driving up debt.



Labour unions in particular have criticized government&#8217;s ending of the fuel subsidy without measures to mitigate rising prices.



In another measure to ease inflation, Nigeria also plans to freeze 790 billion naira ($997.47 million) of 1.9 trillion naira of federal revenue that had been due to be shared among its three tiers of government in June, Alake said.



Distributable revenue among the tiers of government almost tripled after the removal of the subsidy and a move to liberalise the exchange rate.



Inflation, which has been in double-digits since 2016, in June climbed further to 22.79%.



(Reporting by Felix Onuah; Editing by Elisha Bala-Gbogbo and Conor Humphries)

FILE PHOTO: Summit for a new global financing pact takes place in Paris

Nigeria’s Tinubu approves new infrastructure fund to boost competitiveness

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/download-68.jpg" alt="" class="wp-image-426324" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/download-68.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/download-68-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/download-68-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/download-68-768x512.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: People buy and sell vegetables at Mile 12 International Market in Lagos, Nigeria May 13, 2022. Picture taken May 13, 2022. REUTERS/Temilade Adelaja</figcaption></figure>



ABUJA, (Reuters) &#8211; Nigeria&#8217;s tax receipts stood at 5.5 trillion naira from January to June 2023, the highest ever in six months, as the government steps up collection in both the formal and informal sectors, the revenue service said on Thursday.



The head of the Federal Inland Revenue Service (FIRS), Muhammad Nami, forecast that tax collection in 2024 will hit 25 trillion naira, more than double the amount collected in 2022.



Nigeria plans to reform its tax system, which suffers from high levels of evasion, and widen its tax base by removing barriers impeding compliance to achieve a target of at least 18% tax-to-GDP ratio in three years.



Africa&#8217;s largest economy has one of the lowest tax collection rates in the world at around 10.8% of gross domestic product. The government has repeatedly said it wants to boost non-oil revenues because oil sales account for much of foreign exchange receipts to curb reliance on borrowing for public spending.



But raising more money from taxes has proved difficult in a country where many small business are not registered.



&#8220;This half-year performance was achieved as a result of improved voluntary tax compliance by taxpayers, &#8230; as well as our dogged engagement with stakeholders in both the formal and informal sectors,&#8221; Nami said.



Non-oil tax collection hit 3.76 trillion naira while the oil sector fetched 2.03 trillion naira in taxes during the six-month period, Nami said in a statement.



Nami said the deployment of a new automated tax administration system had boosted collections.



Nami said the FIRS was targeting collections of 7.5 trillion naira for the second-half. He projected tax collection of 25 trillion naira for 2024.



Tax receipts have risen since 2020 when a COVID-19 lockdown and a recession caused collections to drop to 4.95 trillion naira.



In 2022, tax receipts rose 56% to 10 trillion naira, the highest collection on record, up from 6.4 trillion naira the year before.



Nigeria has embarked on its boldest reform agenda in decades, including the removal of a popular but costly petrol subsidy and restrictions on foreign exchange trading, a gamble that President Bola Tinubu hopes will boost sluggish growth.



(Writing by Chijioke Ohuocha; Editing by Leslie Adler)

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Nigeria’s tax receipts rise in six months as government boosts collection

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YLARPFUDTJOS5GPDOHAX4EGYWE-820x615.jpg" alt="" class="wp-image-426233" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YLARPFUDTJOS5GPDOHAX4EGYWE-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YLARPFUDTJOS5GPDOHAX4EGYWE-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YLARPFUDTJOS5GPDOHAX4EGYWE-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YLARPFUDTJOS5GPDOHAX4EGYWE-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YLARPFUDTJOS5GPDOHAX4EGYWE-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YLARPFUDTJOS5GPDOHAX4EGYWE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A customer checks out at the cash register in a mall in Abuja, Nigeria, September 15, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, July 17 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s inflation rose for the sixth month in a row in June, to 22.79% year-on-year from 22.41% in May, putting pressure on the central bank to tighten policy further when it meets to set interest rates next week.



Next week&#8217;s meeting will be the first since new president Bola Tinubu suspended central bank governor Godwin Emefiele in June after promising a &#8220;thorough house cleaning&#8221; of monetary policy at his May inauguration.



One of Emefiele&#8217;s deputies, Folashodun Shonubi, is currently acting central bank governor.



Data from Nigeria&#8217;s National Bureau of Statistics showed food inflation&nbsp;NGFINF=ECI&nbsp;was a key driver of the increase in the headline rate.



Food inflation accounts for the bulk of Nigeria&#8217;s inflation basket and rose to 25.25% in June from 24.82% in May.



Inflation has been in double-digits in Africa&#8217;s biggest economy since 2016, eroding savings and incomes.



At its last monetary policy meeting in May, the central bank under Emefiele hiked its main interest rate by 50 basis points to 18.50% NGCBIR=ECI.



Under Tinubu, Nigeria has embarked on its boldest reform agenda in decades, including the removal of a popular but costly petrol subsidy and the loosening of restrictions on foreign exchange trading, a gamble by Tinubu to try boost sluggish economic growth.



Analysts had warned that a weaker naira currency&nbsp;NGN=D1&nbsp;and the fuel subsidy removal were likely to push inflation higher in the short term.



(Reporting by Elisha Bala-Gbogbo and Chijioke Ohuocha; Editing by Alexander Winning and Christina Fincher)

FILE PHOTO: A customer checks out at the cash register in a mall in Abuja

Nigeria inflation rises further in June, putting pressure on central bank

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/6JMJAWIW3VL33JISGXMANELY74-820x547.jpg" alt="" class="wp-image-426124" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/6JMJAWIW3VL33JISGXMANELY74-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/6JMJAWIW3VL33JISGXMANELY74-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/6JMJAWIW3VL33JISGXMANELY74-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/6JMJAWIW3VL33JISGXMANELY74-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/6JMJAWIW3VL33JISGXMANELY74-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/6JMJAWIW3VL33JISGXMANELY74-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Bola Tinubu, President of Nigeria, arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. The aim of the two-day climate and finance summit was to set up concrete measures to help poor and developing countries whose predicaments have been worsened by the devastating effects of the COVID-19 pandemic and the war in Ukraine better tackle poverty and climate change. Lewis Joly/Pool via REUTERS/File Photo</figcaption></figure>



ABUJA, July 10 (Reuters)&nbsp;&#8211;&nbsp;West African regional bloc ECOWAS has chosen Nigerian President Bola Tinubu as its new chairman at a time of deepening insecurity, including military coups and terrorism, in the region.



West Africa has witnessed six successful military coups since 2020, marking a backslide of democracy in a region that had been seen to be making progress in shedding its &#8220;coup belt&#8221; moniker.



Tinubu,&nbsp;who was voted in on Sunday&nbsp;and takes over from President Umaro Sissoco Embalo of Guinea-Bissau, called for swift action against insecurity including terrorism and coups in West Africa which&nbsp;he said had&nbsp;reached &#8220;alarming proportion.&#8221;



&#8220;On peace and security, the threat has reached an alarming level and needs urgent actions in addressing the challenges. In this regard, we must remain committed to the utilisation of all regional frameworks at our disposal to address the menace of insecurity,” he said in a statement on Monday.



Tinubu pledged to prioritise political stability, peace and security and regional economic integration in the 16-member ECOWAS.



(Reporting by Felix Onuah; Writing Elisha Bala-Gbogbo)

Summit for a new global financing pact takes place in Paris

Nigerian President Tinubu chosen as new West Africa bloc chief

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YXDHKEP33JIUPA2VWQ36T5YYGU-820x615.jpg" alt="" class="wp-image-426041" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YXDHKEP33JIUPA2VWQ36T5YYGU-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YXDHKEP33JIUPA2VWQ36T5YYGU-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YXDHKEP33JIUPA2VWQ36T5YYGU-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YXDHKEP33JIUPA2VWQ36T5YYGU-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YXDHKEP33JIUPA2VWQ36T5YYGU-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/07/YXDHKEP33JIUPA2VWQ36T5YYGU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Petroleum tankers are seen at a loading bay filling up with products at the Mobil depot in Lagos, Nigeria February 5, 2021. Picture taken February 5, 2021. REUTERS/Seun Sanni/File Photo</figcaption></figure>



ABUJA, July 6 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s average daily petrol consumption has fallen by 28% since President Bola Tinubu scrapped a popular but costly subsidy on the fuel at the end of May, data from the industry regulator shows.



Average daily petrol consumption fell to 48.43 million litres in June, down from the previous average of 66.9 million, according to figures released to Reuters by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).



A subsidy had kept prices cheap for decades in Africa&#8217;s biggest economy but it became increasingly expensive for the country &#8211; the government spent $10 billion last year &#8211; leading to wider deficits and driving up government debt.



Since the subsidy was ended, a black market in neighbouring Cameroon, Benin and Togo that relied on petrol smuggled from Nigeria has collapsed.



Despite having spent $2.41 billion on the subsidy in the first five months, Nigeria could save up to $5.10 billion this year from scrapping the petrol subsidy and from FX reforms, the World Bank said on June 27.



(Reporting by Elisha Bala-Gbogbo; editing by Jason Neely)

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West Africa

West African leaders to meet on Niger after junta defies deadline

Niger hangs in the balance as junta ignores ultimatum from West African bloc

S&P revises Nigeria outlook to stable on fiscal reforms

West African bloc seeks solution to Niger coup as deadline nears

Niger junta supporters protest sanctions as region considers intervention

West African defence chiefs meet to discuss Niger coup

UK sets out support to make Nigeria’s agriculture sector more climate- resilient

Niger’s planned $51 mln bond issuance cancelled due to sanctions

West Africa threatens force on Niger coup leaders, French Embassy attacked

Nigerian governor imposes 24-hour curfew in state over violence and looting

Ghana debt with central bank halved, interest rate cut – sources

Nigerians turn to gas to power their generators as petrol prices soar

Nigeria’s Tinubu approves new infrastructure fund to boost competitiveness

Nigeria’s tax receipts rise in six months as government boosts collection

Nigeria inflation rises further in June, putting pressure on central bank

Nigerian President Tinubu chosen as new West Africa bloc chief

Nigeria’s petrol use down 28% after subsidy scrapped, regulator says

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