Nigeria Roundup: Okonjo-Iweala’s WTO reappointment, Nigeria-France relations, Naira gains

Okonjo-Iweala secures second term as WTO Chief

Ngozi Okonjo-Iweala, the first African and woman to lead the World Trade Organization (WTO), has been reappointed for a second term. Her reappointment comes amid concerns over potential challenges from the return of former U.S. President Donald Trump, known for his skepticism of global trade frameworks. The WTO’s 166 members reached a consensus during a closed-door meeting, fast-tracking the process initially set to take months. African nations advocated for the swift decision to secure Okonjo-Iweala’s position before potential U.S. opposition. Her second term will commence after her current one concludes in August 2025. This extension is in line with preparations for the WTO’s next ministerial conference in Cameroon, slated for 2026. A senior research fellow at the Hinrich Foundation, Keith Rockwell noted that the unstated objective is to “accelerate the process because they did not want Trump’s team to come in and veto her as they did four years ago," Vanguard quotes.

Nigeria-France Partnership Strengthens Economic Ties

Nigeria and France have signed agreements worth €300 million aimed at enhancing critical infrastructure and improving agriculture and food security. The deals, signed during President Bola Tinubu’s state visit to Paris, signify a lasting partnership between the two nations. The Guardian NG reports that some key highlights include agreements between the United Bank for Africa (UBA) and the French Ministry of Economy, Finance, and Industry, as well as Zenith Bank’s inauguration in France. The funds will support projects in urban infrastructure, transportation, education (especially in STEM), and healthcare. President Tinubu and French President Emmanuel Macron emphasized the importance of sustainable development and mutual economic growth, laying the groundwork for long-term cooperation.

Naira appreciates against the dollar

The Naira recorded gains in both the parallel market and the Nigerian Autonomous Foreign Exchange Market (NAFEM). On Thursday, the Naira appreciated to N1,740 per dollar in the parallel market and N1,644.86 per dollar in NAFEM, reflecting a N15.97 improvement. Market turnover also surged, with a 66% increase in dollar trade volume, reaching $560.34 million. The development is an indication of an improved liquidity in the forex market, though the disparity between parallel and official rates widened to N95.14 per dollar.

U.S. evacuates Binance executive from Nigeria

Tigran Gambaryan, a Binance executive detained in Nigeria on money laundering charges, has been released on medical grounds. The U.S. deployed a medical aircraft to retrieve him. Gambaryan’s release follows diplomatic interventions and months of detention. U.S. Secretary of State Antony Blinken expressed gratitude to Nigeria, calling the outcome a testament to the U.S.-Nigeria partnership. Gambaryan has been detained since February due to a government crackdown on the exchange for alleged manipulation of the naira. Alongside him, Binance regional manager Nadeem Anjarwalla was also detained. US Secretary of State Antony Blinken stated that Gambaryan’s release reflects the commitment of both countries to collaborate effectively, Vanguard reports. The statement read in part, “The United States thanks the Government of Nigeria for releasing U.S. citizen Tigran Gambaryan on medical grounds, allowing him to return to the United States to receive the specialized medical care he requires.

Investigative Journalist detained at oil bunkering site

An investigative journalist and founder of the Foundation for Investigative Journalism (FIJ), Fisayo Soyombo, has been detained by the Nigerian Army. He was arrested at an illegal oil bunkering site in Port Harcourt. The Army stated that the arrest stemmed from intelligence on a gang involved in pipeline sabotage. Soyombo and other suspects are undergoing investigations to determine their involvement. The incident has sparked public outcry, with FIJ calling for his immediate release, asserting that “journalism is not a crime.” The Foundation for Investigative Journalism (FIJ) revealed on X (formerly Twitter) that, “The 6 Division of the Nigerian Army in Port Harcourt has been detaining our founder, Fisayo Soyombo, for three days running. Journalism is not a crime,” the Punch reported.