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WTO Reappoints Ngozi Okonjo-Iweala for a Second Term Amid Trump’s US Presidency

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The World Trade Organization (WTO) has reappointed Nigeria’s Ngozi Okonjo-Iweala for a second term as its Director-General. Her new term, announced on Friday, will begin September 1, 2025, and extend her leadership until 2029.

The decision solidifies her position as a trailblazer in global trade, as she was the first woman and the first African to lead the WTO when she assumed office on February 15, 2021.

“The General Council has appointed Director-General @NOIweala for a second term, effective 1 September 2025. More details to follow,” a statement on the organization X page read.

The World Trade Organization (WTO) previously announced that Ngozi Okonjo-Iweala’s current term as Director-General is set to conclude on August 31, 2025. However, the organization confirmed that she will run unopposed for a second four-year term.

Okonjo-Iweala formally expressed her willingness to serve a second term on September 16, and the WTO disclosed that she is the sole candidate for the position. The process to appoint the next Director-General officially commenced on October 8, with WTO members given until November 8 to submit nominations.

In a message to members, Petter Olberg, Chair of the WTO’s General Council, confirmed that no additional nominations were received by the November 8 deadline.

He stated, “Under the procedures for the appointment of Directors-General (WT/L/509), I am required to communicate to Members a consolidated list of candidatures received for the post of Director-General immediately after the close of the nomination period, in this case, 8 November 2024.

“I would like to advise members that at the end of the nomination period, the only candidacy received for this post is from Dr. Ngozi Okonjo-Iweala, the incumbent Director-General. The notification received from Dr. Okonjo-Iweala pursuant to paragraph 12 of the Procedures in WT/L/509 was circulated to all Members together with my communication in document JOB/GC/406, dated 16 September 2024.”

Reappointment Against a Changing Political Backdrop

Dr. Okonjo-Iweala’s reappointment comes just weeks before the inauguration of Donald Trump for his second term as U.S. President, a notable development given the controversy surrounding her initial appointment.

During her first appointment in 2021, the Trump administration vehemently opposed her candidacy, backing South Korea’s Yoo Myung-hee instead. The U.S. delegation under Trump argued that Yoo’s extensive trade experience made her a more suitable candidate, despite overwhelming global support for Okonjo-Iweala.

However, Yoo Myung-hee ultimately withdrew from the race in February 2021, a move widely seen as influenced by the growing consensus among WTO members. This withdrawal paved the way for the Biden administration to reverse the U.S. position, endorsing Okonjo-Iweala and breaking the deadlock that had stalled the WTO’s leadership transition.

The Biden administration’s endorsement was pivotal, as the WTO operates on a consensus-based system, requiring the agreement of all member nations to appoint its Director-General. With U.S. support secured, Okonjo-Iweala was unanimously confirmed.

A Legacy of Firsts and Reforms

Ngozi Okonjo-Iweala’s first term as Director-General of the World Trade Organization (WTO) has been characterized by groundbreaking achievements and transformative reforms.

One of her most notable accomplishments was spearheading efforts to modernize the WTO’s rules to address pressing contemporary challenges. Under her leadership, the organization began tackling issues such as e-commerce, climate change, and the vulnerabilities in global supply chains that became evident during the COVID-19 pandemic.

During the pandemic, Okonjo-Iweala’s focus on equitable vaccine distribution and accessibility showcased her commitment to global health equity. Her leadership was instrumental in brokering crucial negotiations on intellectual property waivers for medical supplies, ensuring that life-saving resources reached underserved regions.

Additionally, she championed the inclusion of developing nations in the global trading system. By advocating for policies that amplify their voices in decision-making, Okonjo-Iweala worked to level the playing field, ensuring that the benefits of international trade extend to all countries, particularly those in the Global South.

Her first term not only solidified her reputation as a trailblazer but also laid the groundwork for a more inclusive and responsive WTO, setting the stage for continued reforms in her anticipated second term.

Challenges and Expectations in Her Second Term

As Dr. Okonjo-Iweala prepares to embark on her second term, the global trade landscape is fraught with challenges. These include heightened geopolitical tensions, protectionist policies by major economies, and the lingering effects of the COVID-19 pandemic on global supply chains.

Her reappointment is seen as a stabilizing factor for the WTO, which has faced criticism for its perceived inefficiency in resolving disputes and advancing multilateral trade agreements. Many expect her to continue pushing for reforms to restore the organization’s credibility and relevance.

Nigeria Celebrates Her Global Icon

In Nigeria, Okonjo-Iweala’s reappointment has been met with widespread acclaim. She remains a symbol of excellence and a testament to the country’s potential to produce leaders of global significance.

Her career, spanning decades of public service, international development, and finance, underscores her readiness to tackle complex global issues. From her roles as Nigeria’s Finance Minister to her tenure at the World Bank, Okonjo-Iweala has consistently demonstrated her ability to navigate complex bureaucratic and geopolitical landscapes.

While her first appointment was overshadowed by the Trump administration’s opposition, her unanimous reappointment signals a renewed consensus among WTO members about her leadership. Analysts view this as a significant victory for multilateralism at a time when global cooperation is under strain.

As Trump prepares to assume office in 2025, all are watching closely to see whether his administration will align with Okonjo-Iweala’s vision for the WTO or reignite tensions over its direction.

IntelMarkets (INTL): New AI Crypto With 100X Potential Whales are Betting On

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Large crypto investors, popularly called whales, are showing a keen interest in this new AI altcoin: IntelMarkets (INTL). Besides its AI-DeFi narrative, its growth prospects as a low-cap gem rival most top crypto coins—no surprise whales are betting big.

In addition, its future transformation of the crypto trading landscape makes it a must-have. It will combine the best elements of centralized and decentralized exchanges while blending TradFi with DeFi. Given current indicators, its adoption is all but certain—one of the best cryptos to invest in.

IntelMarkets (INTL): A Unique AI-Powered Trading Platform

IntelMarkets (INTL) will be the first true modern-gen trading platform. If you are wondering what this means: it will integrate AI across all levels, which experts have been calling groundbreaking. As an AI-powered trading platform, it will be unlike any existing players, setting it apart.

This AI-powered exchange protocol is poised to transform the $264 billion global crypto trading landscape by offering users unmatched computing power. Meanwhile, its trading bots will be different from others. First, it will be trained on over 100,000 data points. Additionally, these bots can learn from previous trades and real-time trading data while performing rigorous technical calculations in seconds.

Given the above, adoption is all but certain, fueling bullish forecasts. But before discussing its growth prospects, let’s cover its key features and advantages.

Key Features of the IntelMarkets (INTL) Exchange Protocol

1.   Dual-Chain Functionality

An exchange protocol that runs on two blockchains is a rare sight. However, INTL, a dual-functionality exchange, will popularize this model. It will be supported by and can run on the Solana and Ethereum blockchains, which are two of the fastest-expanding chains.

SOL is known for its cost-efficiency, scalability and fast transaction speed. Meanwhile, ETH stands out for its robust ecosystem of decentralized applications (dApps) and deep liquidity.

2.   Diverse Crypto Pairs

In simple terms, there will be something from every trader, from popular pairs to top altcoins, emerging cryptos and niche tokens. Traders won’t be limited to leading crypto pairs; they will be able to choose from a range of options, with up to 1,000x leverage on select assets.

3.   Advanced Trading Bots

Unlike existing players, IntelMarkets’ trading bots will be advanced, AI-driven and can learn from their own mistakes. They will be trained on over 100,000 data points and designed to give access to profitable strategies. With the ability to perform rigorous calculations at lightning speed, users can maximize opportunities across asset classes.

Equally important, these bots can identify market opportunities and automatically take positions depending on traders’ objectives. Users will only have to adjust variables like leverage, position sizing and risk.

Why Whales are Betting on the INTL Token

The INTL crypto is an up-and-coming cryptocurrency—one of the most promising new ICOs. Compared to top crypto coins, its upside potential is largely unmatched, making it a popular pick among whales and retailers.

Over $2.5 million has been raised by the team in the ongoing presale. A token costs just $0.054 in the sixth ICO stage, which is massively undervalued considering its growth prospects. Experts predict a 100x upside potential, poised to outperform competitors and other top altcoins.

Moreover, its impending adoption in the crypto trading scene makes it a must-have. It is hailed by experts as one of the best cryptos to invest in, gearing up to shake the crypto market after its debut.

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The Temu Effect Arrives Nigeria

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Now you are talking as Temu arrives Nigeria: “Chinese e-commerce firm Temu, known for its direct-from-manufacturer model, has officially entered the Nigerian e-commerce market.” That is a real deal in the Nigerian ecommerce because this company can decide to lose $2 billion for market share.

Google People, in 6 months, the largest B2C ecommerce company in Nigeria will be Temu if they use the same playbook they used in the United States. Enyimba FC, please reach out for a jersey deal since Temu advertises with no breaks.

With Temu around, the B2C ecommerce 2.0 era is now born in Nigeria. Now Jumia, Jiji and Konga will have to upgrade their playbooks. At the end, customers will benefit and the Nigerian customs will rake in more revenue because Temu will flood Nigeria with anything sellable, and none will be produced in Nigeria.

Yet, the direct from manufacturer model which Temu runs may not work out easily due to logistical challenges in Nigeria. But it can decide to invest in local delivery companies to get its mission executed. This is a positive for Nigeria because it will share its DNA with the local startup ecosystem on how to dream, and scale companies.

Temu Shakes up Nigeria’s E-Commerce Market With Entry of Signature Direct From Manufacturer Model

Temu Shakes up Nigeria’s E-Commerce Market With Entry of Signature Direct From Manufacturer Model

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Chinese e-commerce firm Temu, known for its direct-from-manufacturer model, has officially entered the Nigerian e-commerce market.

This move is expected to shake up the existing landscape and offer consumers a new shopping experience focused on affordability and convenience. Known for bypassing intermediaries to offer factory-direct pricing, Temu aims to redefine online shopping in Nigeria, while challenging established players like Jumia, Konga, etc.

The entry of the e-commerce firm in Africa’s most populous nation, follows its debut in South Africa earlier this year, where its aggressive marketing campaigns and ultra-low prices quickly captured market share. Temu has reportedly shaken up the competition for ad space among local brands, thanks to in part, its substantial ad spend, exceeding $5 billion a year.

This investment has created a fiercely competitive landscape in the online shopping sphere. Currently maintaining an average impression share of about 40%, Temu ensures that a significant portion of its target audience is exposed to its ads.

The surge in interest in Temu, as revealed by Google Trends data, has seen it outpace both Shein and Superbalist in monthly search volume. Interestingly, Temu appears to prioritize promoting its own brand terms over aggressively bidding on competitor terms, as evidenced by the absence of its ads in direct searches for Superbalist or Shein.

Now, with its entry in Nigeria’s burgeoning e-commerce space, Temu is set to revolutionize consumer expectations. “Our direct-from-factory model meets the growing demand for quality, affordable products in Nigeria.” a Temu spokesperson said. “We aim to offer a secure and trustworthy platform for seamless shopping experiences.”

Launched in 2022, Temu’s unique strategy has proven successful globally. By eliminating middlemen and catering to price-sensitive consumers, the e-commerce firm has disrupted markets in over 80 countries. From sales of $3 million in September 2022 to $400 million by April 2023, the company’s growth trajectory is staggering.

Furthermore, Temu’s entry in Nigeria, intensifies competition for Jumia, Africa’s e-commerce leader, and AliExpress, another popular platform for Nigerians buying foreign goods.

With its impressive performance in South Africa following its entry earlier this year, Temu’s experience in South Africa has likely shaped its Nigerian strategy. While the e-commerce model resonates with consumers, in Nigeria, it will need to navigate complex market dynamics and regulatory landscapes to sustain its momentum.

Temu’s Nigerian expansion signifies a pivotal shift in Africa’s e-commerce evolution. With McKinsey projecting the continent’s e-commerce market to surpass $75 billion by 2025, the stakes are high. Whether Temu can replicate its global success in Africa remains uncertain, but one thing is clear: its disruptive entry will intensify competition, likely benefiting African consumers through better prices and enhanced services.

For now, Temu’s affordability, direct-from-factory efficiency, and focus on consumer trust have set the stage for a fierce battle that could reshape the region’s e-commerce landscape.

Rising Cyber Threats: Nigeria Faces 18,872 Cyberattacks Monthly Amid Digital Growth – Report

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Nigeria is grappling with a significant surge in cyber threats, recording an alarming 18,872 cyberattacks each month, according to Check Point Software Technologies’ 2024 African Perspectives on Cyber Security Report.

This surge highlights Nigeria’s growing status as a digital hub in Africa and the associated cybersecurity challenges.

The report reveals an average of 4,718 cyberattacks per week targeting Nigeria, ranking it 19th globally for cyberattacks as of July. This trend parallels the expansion of Nigeria’s digital economy, where increased internet access has heightened exposure to cyber risks.

The financial institutions are also not being spared, as a report from Check Point Software technologies reveal that Nigerian banks are targeted by 182.01 percent more than their global counterparts.

In 2023 alone, 80,658 Nigerian bank customers were scammed resulting in a loss of N59,33 billion between 2019 and 2023, according to the Nigeria Inter-Bank Settlement System. A notable incident involved a banking trojan compromising 100,000 customer accounts, causing $3 million in losses.

Nigeria’s finance sector is one of the most significant in Africa, making it a top target for cybercriminals. Top threats include InfoStealer and Banking Trojans, as well as weak multi-factor authentication and outdated banking systems, which make the sector very vulnerable.

In response to escalating attacks, several banks have announced increased investment in digital infrastructure and cybersecurity. Five commercial banks have earmarked N248.21 billion for technology upgrades in the coming months, with N59.69 billion allocated for cybersecurity enhancements.

The report also highlights cyber vulnerabilities across the continent, with South Africa, Kenya, and Morocco experiencing consistent attacks. South Africa faces 3,312 weekly attacks on government entities, coupled with a 90% rise in ransomware incidents, costing nearly 1% of its GDP. Kenya and Morocco endure 4,719 and 8,733 weekly attacks, respectively, with critical sectors like government, education, and finance being primary targets.

In response to escalating threats in Nigeria, the government issued 33 cyberattack advisories in the past year a record high. However, African companies invest only 0.05% of their revenue in cybersecurity, far below the global average of 0.3-0.5%. Experts stress the urgent need for robust cybersecurity strategies, including Al-driven threat detection and continuous monitoring. Public-private collaboration is also crucial to tackling these challenges and protecting the continent’s growing digital infrastructure.

Issam El Haddioui, Head of Security Sales Engineering for Africa at Check Point, stated, “Now is the time for African organisations to take proactive steps to align with global standards and enhance their cybersecurity resilience!”

As Africa’s digital economy grows, addressing cybersecurity vulnerabilities is essential to safeguard operations and secure valuable trade partnerships, ensuring long-term economic stability across the continent.