World
Burkina Faso Suspended From AGOA Programme
By Kestér Kenn Klomegâh
Burkina Faso, that desert-landlocked West African country located in the Sahel, might be facing its thorniest path to the unpredictable political situation. With an approximately 22 million population, the majority impoverished largely due to misplaced state planning by the previous political leaders, Burkina Faso has been severely affected by the rise of militant terrorist attacks since the mid-2010s.
Burkina Faso is not alone. Across the Sahel region, neighbours feared the jihadist insurgency might spread further down from Burkina Faso to coastal neighbours, including Ivory Coast, Ghana, Togo and Benin. Nigeria is already consistently fighting Boko Haram and other militant groups.
According to several media reports, Burkina Faso point-blank accused France of not doing enough to tackle an Islamist insurgency. The prolonged insecurity resulted in political instability and military takeovers in January 2022 and September 2022 in the country.
The reports further said Burkina Faso has allegedly made an agreement with Russia’s Wagner Group in which the shadowy mercenary outfit will help the west African country deal with surging jihadi violence in exchange for a mine.
Russia is broadening its geography of military diplomacy covering poor African countries and especially fragile states that need its military assistance. It has, during its past two decades of raising its economic influence and fighting French neo-colonial tendencies, bartered military equipment to have complete access to mineral resources in the Central African Republic, Guinea, Mali and Chad. There are similar cases in Sudan and Libya.
Last year, it suffered two military coups, heavily condemned by the regional bloc (Economic Community of West African States) and the continental organization (African Union). Both the ECOWAS and AU withdrew Burkina Faso’s membership and further imposed some restrictions on the country for its unconstitutional military ascension to political power.
The ECOWAS and AU have also expressed collective concerns about any use of private mercenary forces, instead of well-constituted regional forces approved by regional blocs, as a means to address conflicts in Africa.
During the U.S.-Africa Leaders Summit held December 13-15 in Washington, the White House did not invite Sudan, Guinea, Mali and Burkina Faso because they are currently suspended by the African Union following coups and counter-coups in Africa. These countries are simply not in good standing with the Africa Union.
Reports indicated that the United States had dropped Burkina Faso from its African Growth and Opportunity Act (AGOA). The main reason is that the United States operates within the framework of protocols of the African Union, and thus Burkina Faso is no longer and logically qualified for the AGOA trade preference program. The United States Trade Office said Burkina Faso had failed to meet the requirements of the AGOA statute.
The African Growth and Opportunity Act (AGOA) provides sub-Saharan African nations with duty-free access to the United States if they meet certain eligibility requirements, such as eliminating barriers to U.S. trade and investment and making progress toward political pluralism.
Frustrations over the government’s inability to curb an insurgency spurred two military coups in Burkina Faso in 2022. In late December, Burkina Faso’s military government ordered Barbara Manzi, who is a senior United Nations official, to leave the country, a decision that was contested by the United Nations.
Burkinabe Ministry of Foreign Affairs, however, reacted to the decision by repeating a November statement saying the timetable for a return to democracy had not changed. It had committed to returning to constitutional rule in 24 months in a July agreement with the West African regional bloc ECOWAS.
Burkina Faso is one of the world’s poorest countries. It is agricultural but is said to have been mining copper, iron, manganese, gold and phosphates. Despite its political crisis, Burkina Faso utterly refused to observe the protocols of the ECOWAS and the African Union. And the United States shows readiness to cooperate with African partners within the protocol principles and the framework of the African Union’s Agenda 2063.
By Aduragbemi Omiyale
A Memorandum of Understanding (MoU) to support sustainable food production at a range of scales towards climate adaptation while protecting and preserving soil health, biodiversity, and water resources has been sealed between Olam Agri and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ).
The deal provides a framework that will facilitate collaboration between the two organisations across staple agriculture supply chains that include rice, cotton, and rubber in developing markets in Asia, Africa, and Latin America.
The aim is to improve the livelihoods of smallholder farmers, provide them with access to key services and inclusive opportunities; and establish sustainability and traceability across agriculture supply chains, aligning with Olam Agri’s purpose to transform food and agriculture for a more sustainable and food-secure future.
For joint projects, GIZ and Olam Agri have identified six priority intervention areas: nutrition-sensitive regenerative agriculture; harvest and post-harvest loss reduction; access to finance for smallholders; economic inclusion and rights; management of crop residues and reuse; and ecosystem services, including protection and restoration of ecosystems and carbon initiatives.
Both partners will continue to identify topics relevant across value chains and regions to drive innovation and scaling, with possible cross-sectoral issues including climate and carbon credits, landscape-scale approaches, and digitisation.
“We’ve shared a strong and fruitful relationship with GIZ over the years during which we’ve made significant inroads in transforming smallholder farming in several supply chains across many geographies to be more productive, profitable, and sustainable.
“I am thrilled to be signing this MoU with such a valuable partner that is GIZ and commit to collaborate even further to scale up our sustainability programmes in developing and emerging agriculture economies,” the co-founder of Olam Agri, Mr Sunny Verghese, said.
Also commenting, the Managing Director of GIZ, Anna Sophie Herken, said, “The signing of this MoU with Olam Agri marks a pivotal step forward in our collaborative efforts towards sustainable food production.
“I am very happy and grateful that we can deepen and broaden our cooperation efforts simultaneously. We look forward to enhancing the scope and impact of our successful projects in climate-smart farming.”
By Adedapo Adesanya
Bitcoin (BTC), the world’s best-known digital currency, reached a fresh record high of $108,943 on Monday morning as Mr Donald Trump prepared to return to the White House.
The support from Mr Trump has boosted the crypto industry and after mentioning the asset’s record performance in a Sunday speech alongside gains in the broader US stock market, the prices have been heading north.
“Since the election, the stock market has surged and small business optimism has soared a record 41 points to a 39-year high. Bitcoin has shattered one record high after another,” Mr Trump said.
Business Post reports that some other tokens making gains include Ethereum (ETH), the second most valued coin which has gained 5.9 per cent to $3,349.93, Ripple (XPR) added 6.2 per cent to sell at $3.31, and Cardano (ADA) added 3.3 per cent to $1.07.
Mr Trump, who over the weekend launched a coin, has been vocal about his support for cryptocurrencies during his campaign and promised to make the US the crypto capital of the planet and create a strategic national bitcoin reserve, moves that have fueled investor optimism.
There are hopes that new policies and regulators will send the price of BTC and by extension, other coins much further this year as the US economy continues to show strength in the long term.
BTC reversed losses from earlier in the day when it fell to nearly $100,000 from a high over $102,000 on Sunday as incoming first lady Melania Trump issued a memecoin, drawing liquidity away from major assets.
Mrs Trump followed her husband’s lead by launching a multibillion-dollar cryptocurrency meme coin – briefly tanking the price of $TRUMP coin in the process.
A meme coin is a type of cryptocurrency inspired by trends such as internet memes with no inherent utility, and are often susceptible to price swings and crashes. Meme coins have been described by traders as a pure form of gambling and akin to buying a lottery ticket.
However, some crypto enthusiasts hailed the Trump meme coin’s release, saying it was symbolic of the incoming president’s support for an industry that felt unfairly targeted by the Biden administration.
By Adedapo Adesanya
Nigeria has joined the BRICS bloc of developing economies to boost trade and investment. It is not joining as a full status member but as a partner country.
According to a statement by the Ministry of Foreign Affairs to the effect, the country was admitted as a BRICS partner country during a BRICS summit in Russia in 2024.
This marked the country’s inclusion in a partnership with 12 other nations aimed at strengthening ties with the emerging economic bloc.
As a partner, Nigeria can engage with BRICS initiatives without the formal obligations or decision-making rights that come with full membership.
Full members, on the other hand, actively shape the bloc’s policies, benefit from broader access to resources, and have a more significant role in governance.
BRICS was established in 2009 by Brazil, Russia, India, and China, with South Africa joining a year later in 2010. In 2024, the alliance expanded to include Iran, Egypt, Ethiopia, and the United Arab Emirates (UAE).
Saudi Arabia has also received an invitation but has not yet formalised its membership.
According to the Ministry of Foreign Affairs, the formal acceptance to participate as a partner country highlights Nigeria’s commitment to fostering international collaboration and leveraging economic opportunities.
The ministry also said Nigeria is focused on advancing strategic partnerships that align with its development objectives.
The ministry noted that BRICS, as a collective of major emerging economies, presents a unique platform for Nigeria to enhance trade, investment, and socio-economic cooperation with member countries.
Business Post reports that Nigeria becomes the ninth BRICS partner country, joining Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan.
BRICS created to counterbalance the Group of Seven (G7), which consists of advanced economies. BRICS aims to amplify the influence of developing nations.
The term “BRICS” originated in the early 2000s as a label for emerging economies projected to become major global economic powers by the mid-21st century. The bloc has since evolved into a platform for addressing global economic disparities and fostering cooperation among rising economies.
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