At Senegal’s 65th Independence Day, Nigeria Hails Strategic Relationship As Key To W’African Stability, Economic Growth

* Canvasses deeper cooperation in trade, security, democracy

* Senegal accounts for 68.7% of Nigeria’s exports within ECOWAS market 

Deji Elumoye in Abuja 

The Nigerian government has described its relationship with Senegal as a strategic partnership built on a foundation of shared history, democratic values and economic interdependence. 

This followed Vice-President Kashim Shettima’s presence at Senegal’s 65th Independence Day Anniversary held at the Place de la Nation in Dakar on Friday. 

Shettima had represented President Bola Tinubu at the event where President Bassirou Diomaye Faye of Senegal played host to guests from across Africa and beyond.

Speaking on the sidelines of the event in Dakar, Nigerian Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, said there were very strong bilateral ties between Nigeria and Senegal, noting that both countries achieved independence in 1960 and have maintained shared commitments to democratic governance and regional security.

Also on Nigeria’s delegation was Hon. Oluwole Oke, Chairman of the House Committee on Foreign Affairs. 

“Senegal and Nigeria have very strong bilateral ties. This has been as a result of our shared history and circumstances—both countries attained independence at about the same time in 1960,” the minister stated.

Odumegwu-Ojukwu emphasised the need for continued collaboration in democracy, trade, and security between the two countries.

According to her, “Both countries have remained committed to deepening democratic governance, values and constitutional governance in the African continent. We have also jointly remained committed in the fight against terrorism and building strong regional institutions.”

The minister revealed that Senegal accounts for 68.7% of Nigeria’s exports within the ECOWAS market—an indicator of Nigeria’s central role in regional trade.  

“Senegal takes 68.7% exports from Nigeria within the ECOWAS market,” she disclosed, describing the statistic as a reflection of “mutually beneficial economic cooperation”.

Odumegwu-Ojukwu also pointed to sustained high-level engagement, noting that: “The President of Senegal, Bassirou Diomaye Faye, was in Nigeria last year to meet with our President President Bola Tinubu to talk about areas of collaboration and cooperation.”

She expressed optimism about the future of the Nigeria-Senegal partnership, expressing hope that both nations will “continue deepening this economic relationship and enhance” their relationship across all sectors.

In his national address at the event, President Faye applauded Senegal’s democratic maturity, reaffirming his commitment to deeply transforming the country.

“Now more than ever, we must harness this driving force to correct what needs fixing and to give shape to the aspirations of our people and the hopes of our youth,” Faye said.

These reforms, he said, include optimizing local finances, ensuring budgetary transparency, rationalizing public spending, and managing debt efficiently to safeguard fiscal sustainability.

The event was attended by several foreign dignitaries, including Guinea-Bissau’s President Umaro Sissoco Embalo, The Gambia’s President Adama Barrow and Mauritania’s President Mohamed Ould Cheikh Ghazouani. 

​  

  • Related Posts

    US Tariffs: To Maintain Liquidity, CBN Injects Dollars into FX Market

    US Tariffs: To Maintain Liquidity, CBN Injects Dollars into FX Market

    *Says oil price slump by 12% threatens dollar inflows, external reserves

    Festus Akanbi and Nume Ekeghe

    The Central Bank of Nigeria (CBN) on Friday injected $197.71 million into the foreign exchange market to authorised dealers, in a renewed bid to ease pressure on the naira, and maintain market stability and liquidity, amid the global shocks arising from the falling oil prices and the new United States’ import tariffs.
    A statement signed by the apex bank’s Director of the Financial Markets Department, Omolara Omotunde Duke, said the CBN’s action followed noticeable movements in the FX market between April 3 and 4, 2025.

    She said the movements were being driven by broader economic shifts affecting several emerging and developing countries.

    Duke explained further that the intervention was in response to the impact of the ongoing tariff war on the crude oil price and the foreign exchange market.
    She said: “The Central Bank of Nigeria (CBN) has noted recent movements in the foreign exchange market between April 3 and 4, 2025, reflecting broader global macroeconomic shifts currently affecting several emerging markets and developing economies.

    “These developments were a result of the recent announcement of new import tariffs by the United States government on imports from several economies, which has triggered a period of adjustment across global markets,” the statement said.

    The statement noted that crude oil, Nigeria’s main revenue earner, has now dropped more than 12 per cent in recent days, trading at around $65.50 per barrel a development the apex bank said poses significant challenges for the country’s dollar inflows and external reserves.

    It is believed that the 12 per cent decline in crude oil prices is presenting new dynamics for oil-exporting countries such as Nigeria.

    She stated: “The Central Bank of Nigeria has noted recent movements in the foreign exchange market between April 3 and 4, 2025, reflecting broader global macroeconomic shifts currently affecting several Emerging Market and Developing Economies.

    “These developments were a result of the recent announcement of new import tariffs by the United States government on imports from several economies, which has triggered a period of adjustment across global markets.

    “In line with its commitment to ensuring adequate liquidity and supporting orderly market functioning, the CBN facilitated market activity on Friday, April 4, 2025, with the provision of US$197.71 million through sales to Authorised Dealers. This measured step aligns with the Bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market.”

    Despite the turbulence, the central bank insisted Nigeria’s FX framework remains resilient and capable of adapting to changing economic conditions.
    It also reminded banks and FX dealers to stick to the rules laid out in the Nigeria FX Market Code and to maintain high standards in their dealings with customers and other market players.

    It states: “The CBN continues to monitor global and domestic market conditions and remains confident in the resilience of Nigeria’s foreign exchange framework, which is designed to adjust appropriately to evolving fundamentals.

     “All Authorised Dealers are reminded to adhere strictly to the principles outlined in the Nigeria FX Market Code and to uphold the highest standards in their dealings with clients and market counterparties.”

    Nigeria’s official exchange rate had crashed to N1,600/$1 at the end of trading on April 4, 2025, as Trump-era tariffs continued to rattle global markets.

    Data from the CBN shows the naira closed at N1,600/$1, marking a 1.9 per cent depreciation compared to the N1,569/$1 recorded the previous day.

    This is also the weakest level the naira has reached since December 4, 2024, when it closed at N1,608/$1. The exchange rate has now weakened by 3.9 per cent in the first four days of April, after closing March at N1,537/$1.

    According to data from the CBN, the exchange rate closed at N1,600/$1 on Friday, April 4, marking a 1.9 per cent depreciation from the previous day.
    The intra-day highs and lows were reported as N1,625 and N1,519 to the dollar, respectively.

     The intra-day high of N1,625 is also one of the highest levels recorded this year, suggesting that traders priced the naira at significantly weaker levels.
    In contrast, the intra-day low of N1,519/$1 indicates that some traders still priced the naira stronger, possibly betting on short-term interventions.
    The NFEM rate, which represents the average exchange rate, closed at N1,567, also the weakest the naira has traded this year and since December 4, 2024.

    ​  

    *Says oil price slump by 12% threatens dollar inflows, external reserves Festus Akanbi and Nume Ekeghe The Central Bank of Nigeria (CBN) on Friday injected $197.71 million into the foreign

    Tension Grips Kano over Emir Sanusi’s Invitation by IG

    Tension Grips Kano over Emir Sanusi’s Invitation by IG

    *Monarch summoned to appear on Tuesday over incident during Sallah celebrations

    Ahmad Sorondinki in Kano

    Tension has gripped Kano following a formal invitation by the Inspector General of Police (IG), Kayode Egbetokun, requesting the 16th Emir of Kano, Muhammadu Sanusi II, to appear at the Force Intelligence Department (FID) headquarters in Abuja on Tuesday, April 8, 2025.

    There were speculations that the invitation might be in connection with an attack on his entourage during the Sallah celebrations.
    The state police command had arrested one Usman Sagiru in connection with the alleged killing of a vigilante member, Surajo Rabiu, in an attack on the entourage of Emir Sanusi II.

    Another vigilante member, Aminu Suleman, sustained injuries and was rushed to the Murtala Muhammed Specialists Hospital, Kano, for medical treatment.
    The state police command spokesman, SP Abdullahi Haruna, said the incident occurred while the local guards were protecting the entourage of Emir Sanusi II on their way from the Kofar Mata Eid prayer ground after observing the two rakat eid-el-fitr prayers.

    The invitation letter dated April 2, 2025, with reference number CR:3000/FID/FHQ/ABJ/VOL59/697, was signed by a Commissioner of Police (CP), Olajide Rufus Ibitoye on behalf of the Deputy Inspector-General of Police (DIG), Force Intelligence Department (FID), Abuja.

    The letter reads: “I have the directive of the Inspector-General of Police, through the Deputy Inspector-General of Police, Force Intelligence Department (FID), to invite you for an investigative meeting regarding an incident that occurred during the Sallah celebrations within your domain,” the letter stated.
    Meanwhile, the invitation has sparked tension in Kano City and the environs, with some residents describing it as an alleged move by the federal government to impose a state of emergency in the state.

    A resident of Dorayi quarters, who spoke on condition of anonymity, said: “We view this invitation as an affront to our traditional institution and as a move to harass and intimidate our Emir by the Police who failed woefully to provide security to us on Sallah day.”

    He urged President Bola Tinubu and the federal government not to allow the police to plunge Kano State into crisis.

    Another resident, who also craved anonymity, expressed concerns over the invitation, which he said could set the state ablaze and cause a state of emergency.
    “What happened on Sallah day was never in any way a Durbar but rather a movement of the Emir from his palace to Mosque, which is normal for him to ride a horse, and not to trek anyway.”

    He cautioned against breaching the peace of Kano, insisting that, “inviting Emir Muhammadu Sanusi II, because of flimsy excuses is a violation of his fundamental human rights, and would be resisted by the residents of the city.”

    ​  

    *Monarch summoned to appear on Tuesday over incident during Sallah celebrations Ahmad Sorondinki in Kano Tension has gripped Kano following a formal invitation by the Inspector General of Police (IG),

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Business & Economy

    Education minister proposes two-year NYSC scheme, seeks expansion of skill training program 

    FG orders closure of waterway between Eko and Carter Bridges over dredging damage 

    FG orders federal tertiary institutions to publish financial, student data by May 31 

    TotalEnergies declares N27bn profit for 2024

    TotalEnergies declares N27bn profit for 2024

    JAMB says April 7 not deadline for 2025 Direct Entry registration 

    TotalEnergies reports 140.35% surge in full-year profit as revenue surpasses N1 trillion, recommends N40 final dividend 

    Ogun Govt plans film and entertainment village, begins Olumo Rock, MKO residence renovation 

    Weekly Market Wrap: All-Share Index dips 0.14% as market activity declines, banking sector records modest gains 

    BREAKING: CBN injects $197.71 million into FX market to boost liquidity and stability 

    Trade war: Trump’s 10% baseline tariffs take effect, higher duties to follow 

    Lack of funding major cause of African startups’ shutdowns in 2024 -Report  

    Nigeria’s official exchange rate crashes to N1,600/$1 as Trump tariffs rattle global markets

    Unilever, UK Government and EY, announce grant of £500,000 for five West African Startups, including three in Nigeria 

    Transcorp Hotels announces N7.6bn dividend for shareholders, plans flagship 5-Star property in Ikoyi 

    Input cost inflation cools to 10-month low as PMI hits 54.3 in March – Report 

    NNPC announces new senior management team

    NNPC announces new senior management team

    French aerospace company Dassault Aviation considers setting up MRO facility at Ogun’s Gateway Airport 

    BREAKING: Nigeria’s total public debt hits N144.67 trillion in December 2024 

    Navy destroys illegal refining sites, seizes vessels across states in March operation 

    YouTube increases YouTube Premium service price by 54% in Nigeria 

    Ecobank launches suit to stop Barbican Capital, others from selling shares in FBN Holdings

    Ecobank launches suit to stop Barbican Capital, others from selling shares in FBN Holdings

    Ojulari takes over as new NNPC chief

    Ojulari takes over as new NNPC chief

    Nigerian govt, LNG Arete sign $27 million agreement to develop mini LNG plant

    Nigerian govt, LNG Arete sign $27 million agreement to develop mini LNG plant

    NNPC’s New Board and CBN’s Reserve Truth | Drinks and Mics

    Meningitis: Nigeria receives over 1 million doses of Men5CV vaccine to combat outbreak 

    Gospel artists Nathaniel Bassey, Mercy Chinwo make YouTube’s most streamed Nigerian Acts globally in Q1 2025 

    NGX Lotus Islamic Index emerges as best-performing index in Q1 2025 with a gain of 8.56% 

    Top performing stocks on the NGX in Q1 2025 

    Minister Hails Dangote Cement Over Youth Development in Host Community

    Fraud Fight Now More Urgent, Expert Insists

    Between Power Bikes And Smartphones

    GMW: Access Bank Empowers Teens with Financial Literacy Skills

    Between High Inflation and Your Savings

    FCMB Group’s annual profit drops 21% despite higher revenue

    FCMB Group’s annual profit drops 21% despite higher revenue

    P-CNGi, LNG Arete Ltd. sign $27.3 million agreement to boost CNG infrastructure in Northern Nigeria 

    All-Share holds steady above N66 trillion, slips by 0.01%; UBA and UCAP lead trading volume