Essential Afro-Latino/ Caribbean Current Events

[Yehuda]

Nigeria, Barbados Strengthen Trade Ties as Finance Minister Meets PM Mottley​

March 17, 2025

Wale Edun, minister of Finance and coordinating minister of the Economy (Nigeria), has met with the Prime Minister of Barbados, Mia Mottley, to discuss new avenues for strengthening trade relations and cultural exchange between the two nations.

The discussion took place during the Sustainable Energy for All (SEforALL) Forum, where both leaders discussed the importance of enhancing economic collaboration and improving the movement of goods and people between Africa and the Caribbean.

They reaffirmed their focus on deepening Africa-Caribbean ties, recognizing the historical and economic bonds that unite the regions.

Trade between Nigeria and Barbados goes way back. In 2023, Barbados exported goods such as delivery trucks, paper containers, and coated fabric garments worth $10.8 thousand to Nigeria, Nigeria exported hair, and beauty products, as well as non-knit women’s suits worth $8.45 thousand to Barbados.

Added to these, the Caribbean Export Development Agency signed a Memorandum of Understanding with Nigeria in 2023, to boost trade, investment and opportunities for small and medium-sized enterprises (SMEs) in both countries.

With both leaders reaffirming their commitment to strengthen collaboration, and an emphasis on shared history and economic aspirations, the possibilities of cooperation and growth continue to expand, providing fresh opportunities for businesses and citizens.

Nigeria, Barbados Strengthen Trade Ties as Finance Minister Meets PM Mottley

 

[Yehuda]

Nigeria, Jamaica Move to Establish Direct Flights Under BASA Agreement​

07:36, 13th Mar, 2025 by Kasim Sumaina

Nigeria and Jamaica have advanced discussions to create a direct air link under BASA agreement, strengthening diplomatic and economic relations.

The Minister of Aviation and Aerospace Development, Festus Keyamo, has welcomed the proposals of the Jamaican Ambassador to Nigeria to start the BASA arrangement between the two nations.

Keyamo noted he was delighted to start the BASA arrangements, adding that to ensure a swift resolution, he will set up a committee to expedite the process.

The minister made the disclosure when he welcomed the Jamaican Ambassador to Nigeria, His Excellency, Lincoln Downer, and his Consular, His Excellency, Andre Hibbert, to his office in Abuja for a significant diplomatic engagement.

In a statement by his Special Adviser on Media and Communications, Tunde Moshood, Wednesday in Abuja, Keyamo said he is further committed to visiting Jamaica if necessary, stating he would be willing to travel to Jamaica to finalise and sign the BASA agreement in person and expressed his eagerness to take the next steps.

Earlier, Ambassador Downer, in his address, expressed his deep appreciation for Nigeria, revealing an intriguing discovery from his four months as the Jamaican envoy to Nigeria.

According to Downer, “I have since discovered that Nigeria might be my ancestral home after all. This personal revelation set the tone for a productive discussion on strengthening the ties between the two nations, particularly in the areas of air services, trade, and investment.”

The Ambassador highlighted the importance of improving and enhancing bilateral relations, including reviewing the existing Bilateral Air Services Agreement (BASA).

He said: “I have been tasked by my country to review and improve on the diplomatic engagements between Jamaica and Nigeria, especially concerning air services.”

The Jamaican Ambassador also shared the growing interest in Nigerian culture, particularly Afrobeat music and Nollywood films, which are trending in Jamaica.

He noted this cultural exchange further reinforces the need for enhanced diplomatic and air connectivity, adding: “There is no reason why we should not have a direct flight between our countries. Nigerians love Jamaica, and there is a rising demand for Jamaican spices in Nigeria.”

A key area of focus during the meeting was the matter of air travel and connectivity. Ambassador Downer disclosed that Jamaica currently lacks a national carrier, relying on neighboring Trinidad and Tobago for air transport.

He proposed the idea of combining the BASA between Jamaica and Trinidad and Tobago to address the air services gap, underscoring the increasing demand for travel from Nigeria to Jamaica.

This meeting marks a significant step towards reinforcing the bilateral ties between Jamaica and Nigeria and sets the stage for future collaboration in the aviation, trade, and cultural sector.

Nigeria, Jamaica Move to Establish Direct Flights Under BASA Agreement

 

[Yehuda]

Togo and Barbados Plan Afro-Caribbean Chamber of Commerce​

Thursday, 20 March 2025 10:45

(Togo First) - Togo and Barbados teamed up to create an Afro-Caribbean Chamber of Commerce, Industry, Transport, and Tourism. Kovi Adanbounou, mayor of Agoè-Nyivé 1, made the announcement. This chamber will connect Africa, the Caribbean, Latin America, and the Middle East to drive trade and investment.

The move follows a Togolese business delegation's visit to Barbados from February 24 to 27, 2025. Mayor Adanbounou says this is part of a broader strategy to diversify economic partnerships and boost intercontinental trade.

Barbados will be a gateway for Togolese and African companies entering the Caribbean. In return, Togo will help Caribbean businesses expand into Africa.

Togo and Barbados started cooperating in 2024 by dropping visa requirements. This new chamber announces major opportunities in tourism, transport, trade, and industry, and should help Togo shine on the global economic stage.

Ayi Renaud Dossavi

Togo and Barbados Plan Afro-Caribbean Chamber of Commerce

 

[Yehuda]

Afro-Caribbean Investment Summit Charts Path for Stronger Economic Ties, Shared Prosperity​

13:53, 28th Mar, 2025 by Michael Olugbode

The Afro-Caribbean Investment Summit in Abuja united leaders to strengthen economic ties, foster trade, innovation, and sustainability

The Afro-Caribbean Investment Summit marked a significant step in strengthening the ties between the two regions; Africa and the Caribbean, with a focus on sustainability, economic diversification, and collaboration for shared prosperity.

The historical event, which took place in Abuja Nigeria, was organised by Aquarian Consult, in partnership with the government of Saint Kitts and Nevis, with the theme, ‘bridging continents: Africa and the Caribbean, a partnership for prosperity.’

The event brought together political, business, and academic leaders from both Africa and the Caribbean to discuss the potential for deeper economic partnerships and long-term development.

Prime Minister of St. Kitts and Nevis, Dr. Terrence Michael Drew while delivering his keynote address highlighted the deep-rooted connection between Africa and the Caribbean.

He described Africa not just as a distant relative to the Caribbean but as the “mother” of the region.

He called for a shift from occasional discussions to a more structured, sustained collaboration in economic, cultural, political, and spiritual areas.

Drew emphasised that both regions must chart a course toward greater cooperation, recognising their shared stories, challenges, and potential.

He highlighted the importance of addressing climate change, noting that the Caribbean, like many parts of Africa, has already felt the devastating effects of global warming.

Drew presented the geothermal energy project in Nevis as a model for sustainable energy, aiming to reduce the region’s dependency on fossil fuels and promote renewable energy solutions. He proposed that this effort could serve as a model for both African nations and small island developing states across the globe.

“The COVID-19 pandemic exposed the vulnerabilities of global supply chains, especially in the food sector. In response, St. Kitts and Nevis has been investing in modernising its agricultural systems with a focus on climate-resilient crops and sustainable farming techniques.

“We call on Africa’s agricultural expertise to partner in these efforts, joint research, farm exchanges, and technology partnerships could revolutionise food production for both regions.

“We need reform in our financial systems to support innovation and economic growth. Young entrepreneurs, women, and small businesses often struggle to access the capital needed to bring their ideas to life. It is important we create innovative financial instruments, such as diaspora bonds and microfinance programs, which could foster economic independence and growth across the Afro-Caribbean bloc.”

Former President of Mauritius, Dr. Ameenah Gurib-Fakim, also emphasised on the structural challenges facing Africa. She noted that while Africa is home to vast natural resources and a growing youthful population, it accounts for a disproportionately small share of global trade and GDP.

Gurib-Fakim highlighted the Africa Continental Free Trade Area (AfCFTA) as a critical step toward creating a unified market that could unlock Africa’s manufacturing potential.

However, she warned that Africa’s economic transformation would only be possible if the continent invests in science and technology and addresses its skills gap in order to meet the demands of the modern economy.

Gurib-Fakim also stressed the importance of education reform to drive innovation and entrepreneurship. She criticised the continent’s educational systems, which she argued “limits the development of critical thinking and problem-solving skills necessary for success in knowledge-based economies.”

For her part, Ms. Aisha Maina, General Managing Director of Aquarian Consult, emphasised the concept of a “Global Africa,” referring to the shared identity and common heritage of people of African descent around the world.

She declared that the time has come for the Global South to invest in itself, reject externally imposed development metrics, and create its own standards for growth.

Maina called for greater collaboration between Africa and the Caribbean, not just in trade but in innovation and entrepreneurship.

She stressed that “both regions must come together, leveraging their collective strengths, to overcome historical divisions and forge a path toward mutual prosperity.”

Also, Prof. Benedict Okechukwu Oramah, President of the Africa Export-Import Bank (Afrexim Bank), reinforced the need for institutionalised cooperation between Africa and the Caribbean.

He highlighted the shared history of colonisation and displacement, but also the immense potential for the two regions to collaborate on a global scale.

Oramah emphasised the role of Afreximbank in facilitating trade and investment, urging both regions to harness their natural resources and intellectual capital to build industries that can compete on the global stage.

Oramah concluded by stating that the unity of Africa and the Caribbean could form one of the world’s most powerful political and economic blocs, with the capacity to shape global affairs.

The summit, he said, “was a step toward creating a structured, organised framework for Afro-Caribbean collaboration, with the goal of increasing trade, innovation, and sustainable development.”

Afro-Caribbean Investment Summit Charts Path for Stronger Economic Ties, Shared Prosperity

 

[Yehuda]

Afreximbank Breaks Ground in Barbados, Bridging Africa-Caribbean Trade​

March 25, 2025
Author: Aayushya Ranjan

Afreximbank launches its first trade centre outside Africa in Barbados, enhancing Africa-CARICOM trade, fostering investment, and driving regional economic integration.

African Export-Import Bank (Afreximbank), Africa’s leading Multilateral Financial Institution, made history today when it broke ground on its first-ever state-of-the-art Afreximbank African Trade Centre (AATC) in the Caribbean, marking a pivotal moment for trade relations between Africa and the CARICOM region.

The US$180 million Barbados AATC, the first to be established outside Africa, is an authentic icon of trade embodying the ambition, resilience, and influence of leading commercial cities in Africa and the Caribbean that serve as dynamic focal points for commerce, fostering regional and global trade connections. It is expected to enhance intra-and extra-African trade, with a focus on countries of the Global South through Afreximbank’s Global Africa initiative.

To facilitate the construction of its iconic AATC in its capital, Bridgetown, the government of Barbados granted Afreximbank 6.4 acres of land at Jemmotts Lane, the former Ministry of Health headquarters. Upon completion, the business complex will house Afreximbank’s CARICOM office, a conference facility, a technology and SME incubator, a Digital Trade Gateway, 100 room hotel, and a trade and exhibition centre, as well as office spaces for local, regional and international financial and policy organisations. This groundbreaking event marks the official commencement of construction for this historic project and is a significant step in Barbados and CARICOM’s journey towards economic advancement and regional integration.

Afreximbank initiated the AATC concept following a 2018 Board decision to create trade facilitation hubs in key commercial capitals across Africa. These hubs will provide integrated trade information, services, finance, and ancillary facilities. Nine leading commercial cities were subsequently selected to host the network of AATCs across Africa and the Caribbean. They include Abuja (Nigeria), Harare (Zimbabwe), Kampala (Uganda), Cairo (Egypt), Abidjan (Cote d’Ivoire),Yaoundé (Cameroon), Bridgetown (Barbados), Kigali (Rwanda) and Tunis (Tunisia).They will serve to link buyers, sellers, suppliers, service providers, enterprises, governments, chambers of commerce, financial institutions, economic development organisations and the general African and global trade and investment community.

Delivering the keynote address during the event, The Honourable Mia Amor Mottley, Prime Minister of Barbados and Chairman of the Caribbean Community (CARICOM), highlighted the site’s historical significance as the location of Barbados’ first hospital, opened in 1844 to look after the health of emancipated slaves.

"My government stands proud here today to be able to bring in to the pantheon of financial institutions in this country, Afreximbank, not simply as an entity that is leasing a building from somebody for an office, but as an institution ready to lay roots and foundations in this country – the first AATC outside of Africa, just like Barbados was the first hub (for slaves) outside of the continent of Africa, and in so doing, we send the signal that we intend to be able to reclaim our Atlantic Destiny.

Professor Oramah, I ask you to accept, on behalf of Afreximbank, this clear offer from the Government of Barbados to make available this gesture of over two hectares of land to ensure that the investment will bring jobs to the people of Barbados; that it will bring foreign exchange and investment opportunities to the people of Barbados and the region."

– The Honourable Mia Amor Mottley, Prime Minister of Barbados and Chairman of the Caribbean Community (CARICOM)

Speaking during the groundbreaking, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, thanked the Hon. Mia Mottley, her government and its people for the warm welcome and for being a strong agent for the reunification of Global Africa and hosting Barbados AATC that will also serve as Afreximbank’s regional CARICOM office.

"The Barbados AATC will serve as the gateway for Afri-Caribbean trade and investments, creating opportunities for doing business with the Caribbean and for Caribbeans doing business in Africa."

– Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank

He expressed confidence that the project would deliver tangible positive economic, community and social impact to Barbados and the Caribbean region by enhancing trade and fostering sustainable development. Prof. Oramah assured the Prime Minister and other leaders present that Afreximbank remained committed to supporting the economic growth and prosperity of Africa and the Caribbean by attracting investments, removing barriers to trade and reshaping the narrative of business in the region.

The event also featured the official handover of the land for the project from the Government of Barbados to Afreximbank. Construction of the complex is projected to take approximately 30 months, generating around 1,000 direct and indirect jobs during this phase. Additionally, about 50 SMEs will benefit from business opportunities as subcontractors and suppliers of construction materials, labour, and other services. Upon completion, the facility will create 300 permanent jobs, significantly contributing to employment. The facility will include a hotel, which will boost the supply of hotel rooms in Barbados, critical for tourism promotion. It will also house the Bank’s office as well as lettable office spaces, which are expected to be occupied by Caribbean businesses as well as African Banks and businesses that are already beginning to do business in CARICOM.

Afreximbank has extended its credit lines to CARICOM to the tune of US$2.5 billion, aiming to bolster the region’s development, particularly on the backdrop of Guyana and Suriname’s new oil discoveries, expected to impact the entire region once fully commercialised. In 2024, the Bank provided Barbados with US$25 million for its Cricket World Cup sports complex refurbishment, and currently has deals worth US$500 million in the pipeline.

Meanwhile, Hon. dikkon Amiss Thomas Mitchell, Prime Minister of Grenada, noted that in the very short period since the Bank landed by choice on the shores of the Caribbean, the region has benefitted tremendously.

"Grenada will follow Barbados, Guyana and The Bahamas, hosting on July 28 and 29 the Afreximbank Trade and Investment Forum in Grenada. And we do so cognisant of the economic opportunities, trade, investment, financing, the movement of our people, our goods and services between the continent of Africa and the Caribbean."

– Hon. dikkon Amiss Thomas Mitchell, Prime Minister of Grenada

Also participating in the groundbreaking ceremony was Dr. Carla Barnett, Secretary General of CARICOM, Afreximbank’s Board Members, the Bank’s Senior Executive Vice President and Vice Presidents and several other notable local and regional government officials and business leaders.

Afreximbank Breaks Ground in Barbados, Bridging Africa-Caribbean Trade

 

[Yehuda]

St. Kitts And Nevis Signs MOU With Nigeria’s Green Economic Zone To Establish African-Caribbean Atlantic Cooperation

By Observer News - April 2, 2025

Basseterre, St. Kitts – Prime Minister, the Honourable Dr. Terrance Drew, highlighted that one of the key outcomes of his recent working visit to Nigeria was the landmark signing of a Memorandum of Understanding (MOU) with the Nigeria-based Green Economic Zone (GEZ) Special Economic Zone Management Company, paving the way for the development of a state-of-the-art Agro-Hub Warehouse and Logistics Center in Saint and Nevis.

This strategic move marks an important step toward creating an African-Caribbean trade bridge aimed at boosting both economic and trade relations between Africa and the Caribbean.

Prime Minister Dr. Drew, while engaging members of the media during Wednesday’s (April 02, 2025) edition of the Roundtable, stated that the President of Nigeria, His Excellency Bola Ahmed Tinubu, expressed his full support for the venture, noting the importance of fostering strong economic ties between the African continent and the Caribbean region.

As part of this commitment, a special Nigerian team will attend the upcoming Investment Gateway Summit in Saint Kitts and Nevis, scheduled for May 2025, where the continued development of this initiative will be explored.

The main objective of this project is the establishment of the African-Caribbean Atlantic Cooperation (ACAC), a landmark initiative that seeks to facilitate the direct movement of goods between the West Coast of Africa and the Caribbean. This ambitious undertaking will enhance trade, with a special focus on the export of agricultural products from Saint Kitts and Nevis.

“Our discussion is that we don’t want things to come one direction,” said Prime Minister Drew. “So there will be meetings between the minister [of agriculture] and the producers here in Saint Kitts and Nevis to get our products ready, because we intend to send [our products] to the west of Africa.”

As a result, Prime Minister Drew is urging the country’s producers to scale up their production and ensure that local goods meet international standards, positioning them to fully capitalize on the opportunities when this venture becomes operational.

“If Saint Kitts and Nevis were to just cater to 0.05 percent of that, that is much more than our own population here, and almost any industry here will survive as a result. This is a very, very great potential for our people and for our producers here,” Dr. Drew added.

This historic partnership signals a bold step for Saint Kitts and Nevis, as the smallest nation in the Caribbean takes a leading role in establishing meaningful trade relations with Africa. Through the African-Caribbean Atlantic Cooperation, Saint Kitts and Nevis is paving the way for long-term economic growth, cultural exchange, and mutual prosperity.

St. Kitts And Nevis Signs MOU With Nigeria’s Green Economic Zone To Establish African-Caribbean Atlantic Cooperation