Policies, criticism & more changes across the continent

July 19, 2024 | The VaultNewsletter

Welcome back to the Vault. Here’s our bulletin on recent policy developments.

feel free to share your thoughts with us we would also be pleased if you would visit our website for the latest policy briefs and policy documents eg laws regulations standards guidelines circulars etc if you need insight into any key legislation please tell us
the agriculture minister disclosed that the waiver is part of recommendations from the presidential accelerated and stabilisation plan and is expected to improve the food security situation in the country
nigeria attempts new measures to address decadeslong herderfarmer conflicts
the nigerian minister of communications and digital economy mr bosun tijani has disclosed plans by the government to conduct reforms in the telecoms sector to stimulate inclusive growth in the digital economy and the broader economy in nigeria
opposition grows against new plastics excise tax
ghana's ministry of tourism arts and culture has announced the development of the firstever comprehensive sectorled tourism policy in the country
burkina faso mali and niger push forward with confederation treaty amidst ecowas single currency plan
the withdrawal of the three countries from ecowas presents a direct challenge to the regional bloc particularly affecting its ability to address the region's trade and economic issues this move also undermines ecowas's efforts to maintain a unified front against regional threats such as terrorism and other security challenges the absence of these countries from ecowas may complicate collective security measures and may lead to a fragmented approach in tackling issues in the long term
data vault nigeria's inflation rate hits new peak at 34 in june 2024
kenya president ruto assents to the independent electoral and boundaries commission amendment bill 2024
nigeria president tinubu approves n70000 as new monthly minimum wage

Feel free to share your thoughts with us and If you need insight into any key legislation, please tell us.

feel free to share your thoughts with us we would also be pleased if you would visit our website for the latest policy briefs and policy documents eg laws regulations standards guidelines circulars etc if you need insight into any key legislation please tell us

NIGERIA President Tinubu tackles food crisis with temporary import tax waiver but criticism follows In a bid to stem the seemingly intractable food crisis in Nigeria largely caused by rampant insecurity, challenging inflation and resultant high food prices, the President of Nigeria, Bola Ahmed Tinubu, has approved a proposal for importation of some food commodities duty-free within a 150-day window. Affected items are maize, husked brown rice, wheat and cowpeas.

the agriculture minister disclosed that the waiver is part of recommendations from the presidential accelerated and stabilisation plan and is expected to improve the food security situation in the country

In March 2024, President Tinubu expressed unwillingness to import food items to combat high food prices but has now been forced to commit to removing the customs duties, taxes and tariffs on the specified food items and importation of 250,000 metric tonnes of wheat and maize to fill the depleted strategic grain reserve. This change in policy stance is likely driven by the need to avoid a complete breakdown of law and order that could arise from the overbearing hunger in most parts of the country. Violent activities, linked to people’s inability to rise above stinging inflation and food prices have been linked with increased cases of kidnappings, theft, robbery and general criminal activities.

nigeria attempts new measures to address decadeslong herderfarmer conflicts

The Nigerian government has created a Ministry of Livestock Development, tasked with the primary objective of addressing recurring conflicts between herders and farmers. This dedicated ministry will focus on developing sustainable livestock management practices, promoting dialogue and cooperation between herders and farmers, and ensuring the equitable use of arable land.

the nigerian minister of communications and digital economy mr bosun tijani has disclosed plans by the government to conduct reforms in the telecoms sector to stimulate inclusive growth in the digital economy and the broader economy in nigeria

The statement by the Minister was against the backdrop of a report from the National Bureau of Statistics (“NBS”) that Nigeria recorded a remarkable investment of US$191 million in foreign direct investment in only the first quarter of 2024. This is significant because, according to the NBS, Nigeria only recorded a total of US$134.75 million throughout 2023.

opposition grows against new plastics excise tax

The newly implemented proposed 5% excise tax on locally manufactured plastics is facing growing opposition. The Ghana Union of Trade Associations (GUTA) has joined the Ghana Plastic Manufacturers Association (GPMA) in voicing their concerns about the tax’s potential negative impact.

ghana's ministry of tourism arts and culture has announced the development of the firstever comprehensive sectorled tourism policy in the country

According to the Ministry, the policy, developed after extensive consultation with stakeholders, seeks to provide a framework for enhancement of tourism, preservation of cultural heritage and ensuring environmental sustainability. The Ministry also disclosed that Ghana’s tourism sector is said to be the 4th highest foreign exchange earner in Ghana and the sector employs two in ten persons.

burkina faso mali and niger push forward with confederation treaty amidst ecowas single currency plan

Military leaders of Mali, Burkina Faso, and Niger Republic have signed a confederation treaty to strengthen their mutual defense pact and advocate for an independent security bloc. This new alliance builds on the mutual defense pact established last year under the Alliance of Sahel States (AES) and follows the countries’ withdrawal from the Economic Community of West African States (ECOWAS). It also signifies the three nations’ commitment to greater integration and self-reliance in addressing their security challenges together.

the withdrawal of the three countries from ecowas presents a direct challenge to the regional bloc particularly affecting its ability to address the region's trade and economic issues this move also undermines ecowas's efforts to maintain a unified front against regional threats such as terrorism and other security challenges the absence of these countries from ecowas may complicate collective security measures and may lead to a fragmented approach in tackling issues in the long term

This development also poses a significant setback to ECOWAS’s long-standing plans for improved regional trade and integration, including the bloc’s long-standing goal of establishing a single currency – although Lack of full participation and economic alignment among member states raises concerns about the feasibility and stability of the proposed single currency. On the other hand, with an aim to move away from western influence and ensure survival, these three countries may move closer to countries like Russia, as they seek alternative security and economic partnerships. This development could impact regional trade patterns and investment flows, potentially introducing new dynamics into the ECOWAS economic landscape.

data vault nigeria's inflation rate hits new peak at 34 in june 2024

Nigeria’s inflation rate surged from 33.95% in May to 34.19% in June 2024, the highest since 1996. This latest rate is 11.40% points higher than in June 2023 (at 22.79%), driven by the removal of fuel subsidies and a weakening naira. Food inflation, which dominates Nigeria’s inflation basket, reached a record high of 40.87% in June, up from 40.66% in May, with significant price increases in bread, cereal, potatoes, and fish.

kenya president ruto assents to the independent electoral and boundaries commission amendment bill 2024

President Ruto has signed the Independent Electoral and Boundaries Commission Amendment Bill, 2024 into law. The law was passed by Parliament based on recommendations from the National Dialogue Committee (NADCO) report. The Independent Electoral and Boundaries Commission (IEBC) Amendment Bill 2024 restructures the IEBC by changing the succession protocol, requiring the vice chairperson not to automatically become chairperson. It sets stricter qualification criteria for commissioners, mandating 10 years of experience in their areas of study, including Information Technology. It outlines a transparent selection process with public interviews and sets a timeline for appointing commissioners. This new law is expected to enhance the credibility and effectiveness of Kenya’s electoral processes through improved leadership and selection qualifications by the commission.

nigeria president tinubu approves n70000 as new monthly minimum wage

After months of negotiations, the Federal Government of Nigeria and Organised Labour reached an agreement to implement a new monthly minimum wage of N70,000 ($43). The agreement, approved by President Tinubu on Thursday, includes a commitment to review the national minimum wage law every three years and to support private sectors and sub-national entities in meeting wage demands, including addressing unpaid salaries in universities.

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