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Afri-Caribbean Investment Summit Charts Path For Stronger Economic Ties, Shared Prosperity
The Afro-Caribbean Investment Summit, have marked a significant step in strengthening the ties between the two regions; Africa and the Caribbean, with a focus on sustainability, economic diversification, and collaboration for shared prosperity.
The historical event which took place in Abuja Nigeria, was organised by Aquarian CONSULT, in partnership with the government of Saint Kitts and Nevis, with theme, ‘bridging continents: Africa and the Caribbean, a partnership for prosperity.’
The event brought together political, business, and academic leaders from both Africa and the Caribbean to discuss the potential for deeper economic partnerships and long-term development.
Prime Minister Dr. Terrence Michael Drew of St. Kitts and Nevis while delivering his keynote address highlighted the deep-rooted connection between Africa and the Caribbean.
He described Africa not just as a distant relative to the Caribbean but as the “mother” of the region.
He called for a shift from occasional discussions to a more structured, sustained collaboration in economic, cultural, political, and spiritual areas.
Drew emphasized that both regions must chart a course toward greater cooperation, recognizing their shared stories, challenges, and potential.
He highlighted the importance of addressing climate change, noting that the Caribbean, like many parts of Africa, has already felt the devastating effects of global warming.
Drew presented the geothermal energy project in Nevis as a model for sustainable energy, aiming to reduce the region’s dependency on fossil fuels and promote renewable energy solutions. He proposed that this effort could serve as a model for both African nations and small island developing states across the globe.
“The COVID-19 pandemic exposed the vulnerabilities of global supply chains, especially in the food sector. In response, St. Kitts and Nevis has been investing in modernizing its agricultural systems with a focus on climate-resilient crops and sustainable farming techniques.
“We call on Africa’s agricultural expertise to partner in these efforts, joint research, farm exchanges, and technology partnerships could revolutionize food production for both regions.
“We need reform in our financial systems to support innovation and economic growth. Young entrepreneurs, women, and small businesses often struggle to access the capital needed to bring their ideas to life. It is importance we create innovative financial instruments, such as diaspora bonds and microfinance programs, which could foster economic independence and growth across the Afro-Caribbean bloc.”
Former President of Mauritius, Dr. Ameenah Gurib-Fakim, also emphasized on the structural challenges facing Africa. She noted that while Africa is home to vast natural resources and a growing youthful population, it accounts for a disproportionately small share of global trade and GDP.
Gurib-Fakim highlighted the Africa Continental Free Trade Area (AfCFTA) as a critical step toward creating a unified market that could unlock Africa’s manufacturing potential.
However, she warned that Africa’s economic transformation would only be possible if the continent invests in science and technology and addresses its skills gap in order to meet the demands of the modern economy.
Gurib-Fakim also stressed the importance of education reform to drive innovation and entrepreneurship. She criticized the continent’s educational systems, which she argued “limits the development of critical thinking and problem-solving skills necessary for success in knowledge-based economies.”
For her part, Ms. Aisha Maina, General Managing Director of Aquarian Consult, emphasized the concept of a “Global Africa,” referring to the shared identity and common heritage of people of African descent around the world.
She declared that the time has come for the Global South to invest in itself, reject externally imposed development metrics, and create its own standards for growth.
Maina called for greater collaboration between Africa and the Caribbean, not just in trade but in innovation and entrepreneurship.
She stressed that “both regions must come together, leveraging their collective strengths, to overcome historical divisions and forge a path toward mutual prosperity.”
Also, Prof. Benedict Okechukwu Oramah, President of the Africa Export-Import Bank (Afrexim Bank), reinforced the need for institutionalized cooperation between Africa and the Caribbean.
He highlighted the shared history of colonization and displacement, but also the immense potential for the two regions to collaborate on a global scale.
Oramah emphasized the role of Afreximbank in facilitating trade and investment, urging both regions to harness their natural resources and intellectual capital to build industries that can compete on the global stage.
Oramah concluded by stating that the unity of Africa and the Caribbean could form one of the world’s most powerful political and economic blocs, with the capacity to shape global affairs.
The summit, he said, “was a step toward creating a structured, organized framework for Afro-Caribbean collaboration, with the goal of increasing trade, innovation, and sustainable development.”
US President Donald Trump has asserted that he is not jesting about his ambitions for a third presidential term, despite the constitutional restrictions in place.
While the U.S. Constitution prohibits any individual from serving more than two four-year terms, Trump indicated that it is premature to delve into such considerations.
Having assumed office for his second, non-consecutive term on January 20, Trump has hinted at his desire for a third term, addressing the matter more directly in a telephone conversation with NBC News.
“No, I’m not joking. I’m not joking,” Trump reiterated, though he acknowledged, “it is far too early to think about it.”
He hinted at potential avenues to pursue this goal without providing specific details.
According to the 22nd Amendment of the U.S. Constitution, U.S. presidents are limited to two terms, whether consecutive or not. To amend this constitutional provision would require a two-thirds majority in both houses of Congress, followed by ratification from three-fourths of the 50 state legislatures.
Some of Trump’s allies have suggested the feasibility of extending his stay in the White House beyond 2028. Trump himself has alluded to this notion on multiple occasions, often in a manner that challenges his political adversaries. Should he pursue another term after the November 2028 election, he would be 82 years old, having previously made history as the oldest president at the time of his inauguration.
The tradition of limiting presidential terms was established by George Washington in 1796. This practice was largely followed for over 140 years until Franklin D. Roosevelt broke the norm by winning a third term in 1940. Roosevelt, who led the nation through the Great Depression and World War II, sadly passed away during his fourth term in 1945, leading to the enactment of the term limits amendment in 1951.
Steve Bannon, a long-time adviser to Trump, expressed in a March 19 interview with NewsNation his belief that Trump will indeed run again in 2028. Bannon noted that he and others are exploring ways to facilitate this ambition, including reviewing the definition of term limits. “We’re working on it,” he stated, underscoring the ongoing discussions surrounding Trump’s political future.
Traders in Lagos have voiced their concerns regarding the significant decline in food sales, particularly for pepper, attributing the downturn to rising prices and the diminished purchasing power of local residents.
In interviews conducted by the News Agency of Nigeria (NAN), both traders and consumers shared their experiences regarding patronage as the Sallah celebration approaches.
Mr. Rabiu Zuntu, Chairman of the Tomato Growers and Processors Association of Nigeria (Kaduna chapter), linked the situation to the heightened prices of produce and the weakened purchasing capacity of consumers. He stated, “Pepper prices in the north are also steep, with a jumbo 50kg bag reaching as high as N150,000, compared to N60,000 to N70,000 just months ago. This price surge may adversely affect the Sallah festivities, as only a few consumers may afford these products.”
Zuntu further explained, “Currently, we are outside the pepper farming season. Insufficient rainfall has led to a scarcity of this commodity, with only a handful of farmers involved in irrigation. Many will resort to using dried pepper, which is more affordable during this time, although demand remains low. We anticipate an increase in demand as the celebration nears.”
Mrs. Mistura Balogun, a pepper vendor at Lawanson Market in Surulere, echoed these sentiments, noting the unusually low customer turnout. “It’s not just pepper that has become expensive; many other goods have seen price increases as well. Typically, this time of year should see a bustling market, but today is quite different. I have been at my stall since morning, and the number of customers is minimal,” she lamented.
Similarly, Mrs. Mojisola Gbadegesin, another pepper seller at Idi-Araba market, reported a stark decrease in patronage. “Despite the high prices, we usually see customers buying pepper, but this year is different. The market feels deserted, and business is sluggish,” she remarked.
Mrs. Judith Amen, also a foodstuff vendor, highlighted that the rising prices of pepper and other food items are likely to escalate further as the celebrations peak. “At the start of the week, a small bag of scotch bonnet pepper was priced at N70,000, and I expect prices to soar over the weekend due to Sallah. A good quality bag of rice is selling for N85,000, while lower-quality options range from N60,000 to N75,000. Although patronage is currently low, we anticipate an uptick a day before Sallah, but consumers will only purchase what they can afford,” she explained.
Mr. John Nwabueze, a trader in the Agege area, expressed frustration over the lack of customers as Eid celebrations begin. “Sales have been notably low, with people buying only what their budgets allow. The market has been unusually quiet, affecting all commodities, including rice. A 50kg bag of rice is priced between N76,000 and N78,000, yet sales remain sluggish this Sallah,” he noted.
Mrs. Amina Fakunle, a resident of the Alimosho area, remarked that the high cost of pepper would lead consumers to celebrate in a more subdued manner. “Just six pieces of pepper cost about N500, which is the lowest price available. With these prices, people will likely opt for a low-key celebration,” she stated.
Mr. David Oriafo, a resident of the Dopemu area, also commented on the lack of festive activity in the market. “I managed to purchase a few items for my family to save costs, but it’s evident that the usual festive buzz is missing. People are only buying what they can afford, much like myself,” he shared. (NAN)
A Nigerian boxer, Segun “Success” Olanrewaju, has died after slumping during a boxing match in Ghana.
The Secretary-General of the Nigerian Boxing Board of Control (NBB of C), Remi Aboderin confirmed the death of the boxer on Sunday.
The 40-year-old boxer, nicknamed “Success”, stumbled to the canvas while fighting Jon Mbanugu, a Ghanian, at Fight Night 15 of the Ghana Professional Boxing League at Bukom Boxing Arena, Accra, on Saturday.
Olanrewaju was not punched or near his opponent when he collapsed violently in round three of the light-heavyweight bout.
The referee called the match immediately, and medical aid was ushered into the ring.
Olarenwaju died after he was rushed to Korle Bu Teaching Hospital.
Ther boxer was a former West African and national light-heavyweight champion.
He competed in 24 bouts with 13 wins, eight losses, and three draws.
In 2022, Chukwuemeka Igboanugo, another boxer, also died after suffering a technical knockout (TKO) in a bout at the National Sports Festival (NSF) in Delta.
Igboanugo died after he took a fatal blow to the nose and did not survive the hit.