Foreign
Nigeria and Switzerland: A Flourishing Partnership for Innovation and Economic Diversification.
On Monday, Nigeria’s Senate President, Godswill Akpabio, affirmed the nation’s readiness to collaborate with Switzerland to foster innovation, diversify the economy, and create sustainable opportunities for future generations. This announcement came during a courtesy visit from the Chairman and members of the Swiss European Free Trade Association (EFTA) at the National Assembly.
Senator Akpabio emphasized Nigeria’s position as Africa’s largest economy and a proud participant in the African Continental Free Trade Area. He expressed aspirations for a partnership with EFTA that extends beyond mere trade to encompass innovative initiatives and economic cooperation. He remarked, “Switzerland, and indeed the European Free Trade Association, has long been a beacon of ingenuity and perseverance, setting a standard for nations to achieve meaningful collaboration.”
The historical context of this partnership was underscored by the significant 2017 agreement, where Switzerland returned $321 million in recovered funds to Nigeria. Akpabio highlighted that this gesture not only reinforced trust between the two nations but also demonstrated the power of accountability and integrity in international relations.
With Nigeria undergoing transformative economic reforms under President Bola Tinubu’s leadership, including the removal of fuel subsidies and the unification of the naira exchange rate, the nation is poised for sustainable growth. Projections indicate a promising GDP growth rate of 4.17 percent by 2025, further enhancing Nigeria’s potential as a viable partner for Switzerland.
Thomas Aeschi, the leader of the Swiss delegation, acknowledged Nigeria as a nation of immense potential and an indispensable partner in Western Africa. He reiterated EFTA’s commitment to fostering economic cooperation and exploring new avenues for collaboration, marking the visit as a stepping stone toward a stronger bilateral relationship.
As both nations look to the future, the groundwork laid during this meeting could usher in a new chapter of shared prosperity, driven by innovation and mutual respect.
Ford Motor Company has announced a pause in the shipment of select vehicle models, including the F-150 Raptor, Mustang, Bronco SUV, and Lincoln Navigator, from the United States to China. This decision stems from escalating trade tensions and retaliatory tariffs imposed on US-manufactured vehicles, reportedly reaching rates as high as 150%.
The company acknowledged the detrimental impact of the current trade environment in a recent statement. Despite the suspension of vehicle exports, Ford will continue supplying US-built engines and transmissions to the Chinese market. The Lincoln Nautilus, produced within China, remains unaffected by the halt, although it is still subject to existing tariffs.
The “on-again, off-again” trade policies are placing considerable strain on automotive manufacturers and suppliers. Industry analysts predict significant cost increases for automakers due to the tariffs, potentially totaling $108 billion by the end of 2025. Ford is reportedly contemplating price increases on new vehicles to offset the financial burden imposed by these ongoing trade challenges. While largely producing its vehicles domestically, the company may still need to adjust pricing to preserve profitability in the face of escalating tariff costs.
The Kremlin announced Monday that President Vladimir Putin has expressed his condolences following the death of Pope Francis. In a message addressed to Cardinal Kevin Joseph Farrell, Camerlengo of the Holy Roman Church, President Putin acknowledged the late Pope’s significant role in fostering dialogue between the Russian Orthodox and Roman Catholic churches. Furthermore, he recognized Pope Francis’ contribution to constructive cooperation between Russia and the Holy See. The Russian leader conveyed his “sincere condolences” and offered words of “sympathy and support” to the Catholic clergy during this period of mourning. The Vatican confirmed Pope Francis’ passing on Monday, citing pneumonia as the cause of death for the first Latin American pontiff.
The Vatican announced this morning the passing of Pope Francis at the age of 88. His death occurred at his residence within the Vatican.
Born Jorge Mario Bergoglio, Pope Francis was elected to the papacy on March 13, 2013, marking a significant moment as the first Latin American to lead the Roman Catholic Church. News of his passing follows a recent recovery from a severe case of double pneumonia.
Cardinal Kevin Farrell formally announced the Pope’s death on the Vatican’s television channel, stating, “At 7:35 this morning the Bishop of Rome, Francis, returned to the house of the Father.”
During his tenure, Pope Francis faced both praise and criticism. Conservative factions within the Church accused him of undermining established traditions, while progressive voices argued he should have pursued more substantial reforms within the Church’s established framework.
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