World
Boosting Global Trade Amidst Current Economic Slowdown
Trade is crucial to bridging economic gaps and boosting infrastructural development. Countries with strong international trade portfolios tend to grow faster, innovate more, and provide higher incomes and economic opportunities for their citizens.
Beyond the integration into the global economy through trade and global value chains that help drive economic growth, open trade also benefits low-income households by allowing consumers to access affordable goods and services.
However, the impact of Russia’s war in Ukraine has been felt by people far beyond the country’s borders, due in part to its effects on trade-in – and the prices of – foodstuff and energy commodities. One year since the war began, the World Trade Organisation (WTO) published a report assessing the conflict’s impact on trade and development. Cereal exportation to Africa, which is germane to food security in the region, declined by almost 15% in 2022, with prices of commodities like wheat increasing by almost 17%.
This trade disruption led the World Trade Organisation (WTO) to readjust its 2023 trade growth projection downwards from 3.4% to 1%, given the continuing reduced global trade demand, general inflation, and geopolitical tensions. The United Nations Conference on Trade and Development (UNCTAD) agreed, lowering their projections for 2023 in their latest Global Trade Update, published in December. Furthermore, Export Development Canada (EDC) published their annual year-end Trade Confidence Index, reporting that trade confidence has declined sharply for Canadian businesses over the past year and continues to decrease among concerns over rising interest rates and a looming global recession.
In Nigeria, a similar slow-down trend in Trade is expected for 2023, considering that the global geopolitical tension and inflation hike will trickle down to the micro-economy as well as the FX illiquidity issues we have been experiencing locally for about 2 years due to revenue drop will further slowdown trade for 2023.
However, amid the challenges militating the flow of international trade in Europe, the Americas, Asia, and Africa could be viable trading partners for the rest of the world in supplying cereals, fertilizer, energy, and manufactured goods, thereby having a thriving trade business for 2023 and beyond.
The Global Trade Review is an annual event where global experts in the trade and commerce industries come together to discuss global trade as it affects the economies of each continent and country and seek solutions to manoeuvre challenges that may be presented. This year’s event, themed “A new dawn: plotting a course for West African trade”, plans to bring together stakeholders and global experts to discuss how Africa as a whole and West Africa as a region can maximize the Trade opportunities that this challenging time has thrown up.
On the African continental stage, Stanbic IBTC Bank’s unique intra-African trade products enabled settlements of international transactions while preventing payment risks associated with the international trade business. This was in addition to providing regional solutions such as the issuance of payment guarantees to exporters without the need for a letter of credit and its related costs to the importer.
As global trade weathers the current challenges, the need for providing cross-border payments remains imperative. Africa is a major trade partner with Europe, China, and other Asian countries; thus, the significance of Stanbic IBTC’s Africa China Agent Proposition (ACAP), a product tailored to providing world-class financial solutions to African importers who transact with China exporters. The payment system makes available exclusive access to approved trade agents responsible for linking African businesses to numerous suppliers and manufacturers across China. The appointed agent provides access to over 10,000 Chinese suppliers and assesses suppliers to ensure that their products meet global standards.
ACAP offers a broad ecosystem of services, solutions, and support, which equips African businesses to leverage trade as well as growth opportunities and ultimately drive Africa’s economic growth. The ecosystem services afford importers from Africa sufficient lead time to place orders for their goods before payment is made. It also helps to ease the cash flow of African importers by providing access to financing while also empowering importers to have end-to-end visibility of the entire importation and logistic process.
Inter-dependencies with other countries at different levels of trade are necessary as no country is self-sufficient in the global economy. Integration into the global economy has proven to be a powerful tool for countries to promote economic growth, development and reduce poverty. Stanbic IBTC also engaged in strategic partnerships with other multilateral and regional organizations such as the African Development Bank, African Export– Bank, ECOWAS Bank for Investment and Development, and Arab Bank for Economic Development in Africa (BADEA) in the facilitation and implementation of the African Continental Free Trade Area (AFCFTA) agreement to the benefits of its clients. Furthermore, it has continued to provide financial guarantees and solutions to small and medium-scale enterprises in the continent, which account for more than 80 per cent of the continent’s economic space.
Similarly, through Stanbic IBTC’s Trade Club solution, there is access to unlimited opportunities for business owners to meet and trade with suppliers anywhere in the world. The Stanbic IBTC Trade Club solution provides financing solutions for domestic or cross-border trade activities. It also provides good exposure for business owners to trade with manufacturers and suppliers worldwide, giving them the necessary exposure for their businesses to thrive. The solution identifies businesses, empowering them with the required trade tools and expertise while linking them with new global trade partnerships they can trust while nurturing their growth through good human relationships.
The Stanbic IBTC Trade Club, using its trade resources, provides relevant tips and the right tools to build your business. It also provides useful information regarding business models, accounting, marketing, and legal aspects that enable businesses to achieve set goals.
With Stanbic IBTC’s unique financial offerings, Africa remains on the part of an economic resurgence that will eventually enable the continent to compete with other economies of the world.
World
Nigeria Exploring Economic Potential in South America, Particularly Brazil
By Kestér Kenn Klomegâh
In this interview, Uche Uzoigwe, Secretary-General of NIDOA-Brazil, discusses the economic potential in South America, particularly Brazil, and investment incentives for Brazilian corporate partners for the Federal Republic of Nigeria (FRN). Follow the discussion here:
How would you assess the economic potential in the South American region, particularly Brazil, for the Federal Republic of Nigeria? What investment incentives does Nigeria have for potential corporate partners from Brazil?
As the Secretary of NIDOA Brazil, my response to the questions regarding the economic potentials in South America, particularly Brazil, and investment incentives for Brazilian corporate partners would be as follows:
Brazil, as the largest economy in South America, presents significant opportunities for the Federal Republic of Nigeria. The country’s diverse economy is characterised by key sectors such as agriculture, mining, energy, and technology. Here are some factors to consider:
- Natural Resources: Brazil is rich in natural resources like iron ore, soybeans, and biofuels, which can be beneficial to Nigeria in terms of trade and resource exchange.
- Growing Agricultural Sector: With a well-established agricultural sector, Brazil offers potential collaboration in agri-tech and food security initiatives, which align with Nigeria’s goals for agricultural development.
- Market Size: Brazil boasts a large consumer market with a growing middle class. This represents opportunities for Nigerian businesses looking to export goods and services to new markets.
- Investment in Infrastructure: Brazil has made significant investments in infrastructure, which could create opportunities for Nigerian firms in construction, engineering, and technology sectors.
- Cultural and Economic Ties: There are historical and cultural ties between Nigeria and Brazil, especially considering the African diaspora in Brazil. This can facilitate easier business partnerships and collaborations.
In terms of investment incentives for potential corporate partners from Brazil, Nigeria offers several attractive incentives for Brazilian corporate partners, including:
- Tax Incentives: Various tax holidays and concessions are available under the Nigerian government’s investment promotion laws, particularly in key sectors like agriculture, manufacturing, and technology.
- Repatriation of Profits: Brazil-based companies investing in Nigeria can repatriate profits without restrictions, thus enhancing their financial viability.
- Access to the African Market: Investment in Nigeria allows Brazilian companies to access the broader African market, benefiting from Nigeria’s membership in regional trade agreements such as ECOWAS.
- Free Trade Zones: Nigeria has established free trade zones that offer companies the chance to operate with reduced tariffs and fewer regulatory burdens.
- Support for Innovation: The Nigerian government encourages innovation and technology transfer, making it attractive for Brazilian firms in the tech sector to collaborate, particularly in fintech and agriculture technology.
- Collaborative Ventures: Opportunities exist for joint ventures with local firms, leveraging local knowledge and networks to navigate the business landscape effectively.
In conclusion, fostering a collaborative relationship between Nigeria and Brazil can unlock numerous economic opportunities, leading to mutual growth and development in various sectors. We welcome potential Brazilian investors to explore these opportunities and contribute to our shared economic goals.
In terms of this economic cooperation and trade, what would you say are the current practical achievements, with supporting strategies and systemic engagement from NIDOA?
As the Secretary of NIDOA Brazil, I would highlight the current practical achievements in economic cooperation and trade between Nigeria and Brazil, alongside the supporting strategies and systemic engagement from NIDOA.
Here are some key points:
Current Practical Achievements
- Increased Bilateral Trade: There has been a notable increase in bilateral trade volume between Nigeria and Brazil, particularly in sectors such as agriculture, textiles, and technology. Recent trade agreements and discussions have facilitated smoother trade relations.
- Joint Ventures and Partnerships: Successful joint ventures have been established between Brazilian and Nigerian companies, particularly in agriculture (e.g., collaboration in soybean production and agricultural technology) and energy (renewables, oil, and gas), demonstrating commitment to mutual development.
- Investment in Infrastructure Development: Brazilian construction firms have been involved in key infrastructure projects in Nigeria, contributing to building roads, bridges, and facilities that enhance connectivity and economic activity.
- Cultural and Educational Exchange Programs: Programs facilitating educational exchange and cultural cooperation have led to strengthened ties. Brazilian universities have partnered with Nigerian institutions to promote knowledge transfer in various fields, including science, technology, and arts.
Supporting Strategies
- Strategic Trade Dialogue: NIDOA has initiated regular dialogues between trade ministries of both nations to discuss trade barriers, potential markets, and cooperative opportunities, ensuring both countries are aligned in their economic goals.
- Investment Promotion Initiatives: Targeted initiatives have been established to promote Brazil as an investment destination for Nigerian businesses and vice versa. This includes showcasing success stories at international trade fairs and business forums.
- Capacity Building and Technical Assistance: NIDOA has offered capacity-building programs focused on enhancing Nigeria’s capabilities in agriculture and technology, leveraging Brazil’s expertise and sustainable practices.
- Policy Advocacy: Continuous advocacy for favourable trade policies has been a key focus for NIDOA, working to reduce tariffs and promote economic reforms that facilitate investment and trade flows.
Systemic Engagement
- Public-Private Partnerships (PPPs): Engaging the private sector through PPPs has been essential in mobilising resources for development projects. NIDOA has actively facilitated partnerships that leverage both public and private investments.
- Trade Missions and Business Delegations: Organised trade missions to Brazil for Nigerian businesses and vice versa, allowing for direct engagement with potential partners, fostering trust and opening new channels for trade.
- Monitoring and Evaluation: NIDOA implements a rigorous monitoring and evaluation framework to assess the impact of various initiatives and make necessary adjustments to strategies, ensuring effectiveness in achieving economic cooperation goals.
Through these practical achievements, supporting strategies, and systemic engagement, NIDOA continues to play a pivotal role in enhancing economic cooperation and trade between Nigeria and Brazil. By fostering collaboration and leveraging shared resources, we aim to create a sustainable and mutually beneficial economic environment that promotes growth for both nations.
Do you think the changing geopolitical situation poses a number of challenges to connecting businesses in the region with Nigeria, and how do you overcome them in the activities of NIDOA?
The changing geopolitical situation indeed poses several challenges for connecting businesses in the South American region, particularly Brazil, with Nigeria. These challenges include trade tensions, shifting alliances, currency fluctuations, and varying regulatory environments. Below, I will outline some of the specific challenges and how NIDOA works to overcome them:
Current Challenges
- No Direct Flights: This challenge is obviously explicit. Once direct flights between Brazil and Nigeria become active, and hopefully this year, a much better understanding and engagement will follow suit.
- Trade Restrictions and Tariffs: Increasing trade protectionism in various regions can lead to higher tariffs and trade barriers that hinder the movement of goods between Brazil and Nigeria.
- Currency Volatility: Fluctuations in the value of currencies can complicate trade agreements, pricing strategies, and overall financial planning for businesses operating in both Brazil and Nigeria.
- Different regulatory frameworks and compliance requirements in both countries can create challenges for businesses aiming to navigate these systems efficiently.
- Supply Chain Disruptions: Changes in global supply chains due to geopolitical factors may disrupt established networks, impacting businesses relying on imports and exports between the two nations.
Overcoming Challenges through NIDOA.
NIDOA actively engages in discussions with both the Brazilian and Nigerian governments to advocate for favourable trade policies and agreements that reduce tariffs and improve trade conditions. This year in October, NIDOA BRAZIL holds its TRADE FAIR in São Paulo, Brazil.
What are the popular sentiments among the Nigerians in the South American diaspora? As the Secretary-General of the NIDOA, what are your suggestions relating to assimilation and integration, and of course, future perspectives for the Nigerian diaspora?
As the Secretary-General of NIDOA, I recognise the importance of understanding the sentiments among Nigerians in the South American diaspora, particularly in Brazil.
Many Nigerians in the diaspora take pride in their cultural roots, celebrating their heritage through festivals, music, dance, and culinary traditions. This cultural expression fosters a sense of community and belonging.
While many individuals embrace their new environments, they often face challenges related to cultural differences, language barriers, and social integration, which can lead to feelings of isolation.
Many express optimism about opportunities in education, business, and cultural exchange, viewing their presence in South America as a chance to expand their horizons and contribute to economic activities both locally and back in Nigeria.
Sentiments regarding acceptance vary; while some Nigerians experience warmth and hospitality, others encounter prejudice or discrimination, which can impact their overall experience in the host country. NIDOA BRAZIL has encouraged the formation of community organisations that promote networking, cultural exchange, and social events to foster a sense of belonging and support among Nigerians in the diaspora. There are currently two forums with over a thousand Nigerian members.
Cultural Education and Awareness Programs: NIDOA BRAZIL organises cultural education programs that showcase Nigerian heritage to local communities, promoting mutual understanding and appreciation that can facilitate smoother integration.
Language and Skills Training: NIDOA BRAZIL provides language courses and skills training programs to help Nigerians, especially students in tertiary institutions, adapt to their new environment, enhancing communication and employability within the host country.
Engaging in Entrepreneurship: NIDOA BRAZIL supports the entrepreneurial spirit among Nigerians in the diaspora by facilitating access to resources, mentorship, and networks that can help them start businesses and create economic opportunities.
Through its AMBASSADOR’S CUP COMPETITION, NIDOA Brazil has engaged students of tertiary institutions in Brazil to promote business projects and initiatives that can be implemented in Nigeria.
NIDOA BRAZIL also pushes for increased tourism to Brazil since Brazil is set to become a global tourism leader in 2026, with a projected 10 million international visitors, driven by a post-pandemic rebound, enhanced air connectivity, and targeted marketing strategies.
Brazil’s tourism sector is poised for a remarkable milestone in 2026, as the country expects to welcome over 10 million international visitors—surpassing the previous record of 9.3 million in 2025. This expected surge represents an ambitious leap, nearly doubling the country’s foreign-arrival numbers within just four years, a feat driven by a combination of pent-up global demand, strategic air connectivity improvements, and a highly targeted marketing campaign.
World
African Visual Art is Distinguished by Colour Expression, Dynamic Form—Kalalb
By Kestér Kenn Klomegâh
In this insightful interview, Natali Kalalb, founder of NAtali KAlalb Art Gallery, discusses her practical experiences of handling Africa’s contemporary arts, her professional journey into the creative industry and entrepreneurship, and also strategies of building cultural partnership as a foundation for Russian-African bilateral relations. Here are the interview excerpts:
Given your experience working with Africa, particularly in promoting contemporary art, how would you assess its impact on Russian-African relations?
Interestingly, my professional journey in Africa began with the work “Afroprima.” It depicted a dark-skinned ballerina, combining African dance and the Russian academic ballet tradition. This painting became a symbol of cultural synthesis—not opposition, but dialogue.
Contemporary African art is rapidly strengthening its place in the world. By 2017, the market was growing so rapidly that Sotheby launched its first separate African auction, bringing together 100 lots from 60 artists from 14 foreign countries, including Algeria, Ghana, Mali, Nigeria, Senegal, and others. That same year during the Autumn season, Louis Vuitton Foundation in Paris hosted a major exhibition dedicated to African art. According to Artnet, sales of contemporary African artists reached $40 million by 2021, a 434% increase in just two years. Today, Sotheby holds African auctions twice a year, and in October 2023, they raised $2.8 million.
In Russia, this process manifests itself through cultural dialogue: exhibitions, studios, and educational initiatives create a space of trust and mutual respect, shaping the understanding of contemporary African art at the local level.
Do you think geopolitical changes are affecting your professional work? What prompted you to create an African art studio?
The international context certainly influences cultural processes. However, my decision to work with African themes was not situational. I was drawn to the expressiveness of African visual language—colour, rhythm, and plastic energy. This theme is practically not represented systematically and professionally in the Russian art scene.
The creation of the studio was a step toward establishing a sustainable platform for cultural exchange and artistic dialogue, where the works of African artists are perceived as a full-fledged part of the global cultural process, rather than an exotic one.
To what extent does African art influence Russian perceptions?
Contemporary African art is gradually changing the perception of the continent. While previously viewed superficially or stereotypically, today viewers are confronted with the depth of artistic expression and the intellectual and aesthetic level of contemporary artists.
Portraits are particularly impactful: they allow us to see not just an abstract image of a “continent,” but a concrete personality, character, and inner dignity. Global market growth data and regular auctions create additional trust in African contemporary art and contribute to its perception as a mature and valuable movement.
Does African art reflect lifestyle and fashion? How does it differ from Russian art?
African art, in my opinion, is at its peak in everyday culture—textiles, ornamentation, bodily movement, rhythm. It interacts organically with fashion, music, interior design, and the urban environment. The Russian artistic tradition is historically more academic and philosophical. African visual art is distinguished by greater colour expression and dynamic form. Nevertheless, both cultures are united by a profound symbolic and spiritual component.
What feedback do you receive on social media?
Audience reactions are generally constructive and engaging. Viewers ask questions about cultural codes, symbolism, and the choice of subjects. The digital environment allows for a diversity of opinions, but a conscious interest and a willingness to engage in cultural dialogue are emerging.
What are the key challenges and achievements of recent years?
Key challenges:
- Limited expert base on African contemporary art in Russia;
- Need for systematic educational outreach;
- Overcoming the perception of African art as exclusively decorative or ethnic.
Key achievements:
- Building a sustainable audience;
- Implementing exhibition and studio projects;
- Strengthening professional cultural interaction and trust in African
contemporary art as a serious artistic movement.
What are your future prospects in the context of cultural diplomacy?
Looking forward, I see the development of joint exhibitions, educational programs, and creative residencies. Cultural diplomacy is a long-term process based on respect and professionalism. If an artistic image is capable of uniting different cultural traditions in a single visual space, it becomes a tool for mutual understanding.
World
Ukraine Reveals Identities of Nigerians Killed Fighting for Russia
By Adedapo Adesanya
The Ukrainian Defence Intelligence (UDI) has identified two Nigerian men, Mr Hamzat Kazeem Kolawole and Mr Mbah Stephen Udoka, allegedly killed while fighting as Russian mercenaries in the war between the two countries ongoing since February 2022.
The development comes after Russia denied knowledge of Nigerians being recruited to fight on the frontlines.
Earlier this week, the Russian Ambassador to Nigeria, Mr Andrey Podyolyshev, said in Abuja that he was not aware of any government-backed programme to recruit Nigerians to fight in the war in Ukraine.
He said if at all such activity existed, it is not connected with the Russian state.
However, in a statement on Thursday, the Ukrainian Defence released photographs of Nigerians killed while defending Russia.
“In the Luhansk region, military intelligence operatives discovered the bodies of two citizens of the Federal Republic of Nigeria — Hamzat Kazeen Kolawole (03.04.1983) and Mbah Stephen Udoka (07.01.1988),” the statement read.
According to the statement, both men served in the 423rd Guards Motor Rifle Regiment (military unit 91701) of the 4th Guards Kantemirovskaya Tank Division of the armed forces of the Russian Federation.
UDI said that they signed contracts with the Russian Army in the second half of 2025 – the deceased Mr Kolawole on August 29 and Mr Udoka on September 28.
“Udoka received no training whatsoever — just five days later, on October 3, he was assigned to the unit and sent to the temporarily occupied territories of Ukraine,” the report read.
It added that no training records for Mr Kolawole have been preserved; however, it is highly likely that he also received no military training, but his wife and three children remain in Nigeria.
Both Nigerians, the report added, were killed in late November during an attempt to storm Ukrainian positions in the Luhansk region.
“They never engaged in a firefight — the mercenaries were eliminated by a drone strike,” UDI stated, warning foreign citizens against travelling to the Russian Federation or taking up any work on the territory of the “aggressor state”.
“A trip to Russia is a real risk of being forced into a suicide assault unit and, ultimately, rotting in Ukrainian soil,” the statement read.
In an investigation earlier this month, CNN reported that hundreds of African men have been enticed to fight for Russia in Ukraine with the promise of civilian jobs and high salaries. However, the media organisation uncovered that they are being deceived or sent to the front lines with little combat training.
CNN said it reviewed hundreds of chats on messaging apps, military contracts, visas, flights and hotel bookings, as well as gathering first-hand accounts from African fighters in Ukraine, to understand just how Russia entices African men to bolster its ranks.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn











