THE FACT CITY.🦅🦍

The statement below reportedly released by Gambia’s Central bank is deeply worrisome. It is requiring banks to replace existing non-Gambian employees with qualified Gambian nationals by December 31, 2026. While NiDCOM recognises Gambia's right to promote local employment and develop its workforce, such policies must be implemented fairly and in a manner that respects existing employment arrangements, legitimate work authorisations and the principles of African solidarity and regional integration. Information available indicates that 57 Nigerian professionals employed by four Nigerian-origin banks operating in Gambia which could be affected by the directive. These professionals reportedly hold valid residency and work permits and have contributed significantly to the Gambian banking sector. The economic contributions of these four banks are equally significant. Collectively, they account for approximately 37.2% of total banking industry deposits (GMD35.3 billion), 32.6% of loans (GMD7.67 billion) and 37% of industry assets (GMD44.78 billion). They also account for approximately 34.5% of investments in Central Bank bonds and reportedly contributed 90% of the funding supporting the operations of the National Water and Electricity Company (NAWEC). It is contradictory to encourage African investment, regional economic cooperation and the free movement of people while adopting employment measures that could lead to the indiscriminate displacement of qualified African professionals. We call on the Central Bank of Gambia to immediately reconsider and reverse the blanket replacement directive and engage the Nigerian High Commission in Banjul, affected financial institutions and relevant stakeholders towards an equitable resolution while also urging Gambian authorities to uphold the spirit of ECOWAS integration and the longstanding cordial relationship between Nigeria and The Gambia. We call for a constructive diplomatic engagement on the matter