Tag: Nigeria

  • Three active refineries in Nigeria you should know

    Three active refineries in Nigeria you should know

    Nigeria, Africa’s largest oil producer, has three major oil refineries: the Port Harcourt Refinery, the Warri Refinery, and the Dangote Refinery, which is owned by the Dangote Group. The Dangote Refinery is the world’s largest single-train refinery, making it a significant addition to the country’s oil industry.

    These refineries are crucial for turning crude oil into everyday products like petrol, diesel, and kerosene, which are used across Nigeria. By refining oil locally, the country aims to meet its fuel needs and reduce reliance on imported fuel.

    Here are the three active refineries in Nigeria you should know:

    Port Harcourt Refinery

    The Port Harcourt Refinery, located in Rivers State, with two refining units capable of handling 210,000 barrels of crude oil per day (bpd).

    In a statement  on November 26, 2024, the Nigerian National Petroleum Company (NNPC) Ltd announced that the refinery has resumed crude oil processing. The company also confirmed that petroleum products from the refinery will soon be delivered to the market, marking a significant step toward boosting fuel supply in the country.

    Warri Refinery

    The Warri Refinery, located in Delta State, is a major facility in Nigeria’s oil industry. It has a distillation capacity of 125,000 barrels per day (bpd) and includes a petrochemical plant that produces 13,000 metric tons per annum (MTA) of polypropylene and 18,000 MTA of carbon black.

    Read Also: New Year: Power minister calls for continued patriotism from Nigerians 

    On December 30, 2024, the Nigerian National Petroleum Company (NNPC) Ltd and President Bola Tinubu announced that the Warri Refinery had resumed operations after being inactive for several years. The refinery is now running at 60% of its full capacity, marking a key step toward improving fuel production and supply in the country.

    Dangote Refinery

    The Dangote Refinery, located in Lekki, Nigeria, is the world’s largest single-train refinery. Owned by the Dangote Group, it has the capacity to process 650,000 barrels of crude oil per day and was inaugurated in May 2023.

    Operations began in January 2024, but it wasn’t until September 2024 that the refinery started producing petrol. Initially, it supplied 25 million liters per day, with plans to gradually increase production to 35 million liters daily. The refinery is expected to play a major role in meeting Nigeria’s fuel needs and reducing the country’s reliance on imports.

  • Nigeria respects Niger’s sovereignty, territorial integrity – Tuggar

    Nigeria respects Niger’s sovereignty, territorial integrity – Tuggar

    The Minister of Foreign Affairs, Yusuf Tuggar, on Tuesday assured the government and people of the Republic of Niger of Nigeria’s respect for its sovereignty and territorial integrity.

    Tuggar also reaffirmed Nigeria’s unwavering commitment to peace, stability, and regional harmony in West Africa.

    The minister in a statement, however expressed concern about recent statements from President of the National Council for the Safeguard of the Homeland of Niger, Abdourahman Tchiani. 

    He said Nigeria remains steadfast in its desire for dialogue which are the cornerstones of sustainable solutions. 

    He added that Nigeria will not embark on any actions to undermine sovereignty and security of Niger. 

    The statement reads:”We reaffirm our respect for Niger’s sovereignty and territorial integrity, in alignment with ECOWAS principles.

    “We welcome and encourage open, constructive dialogue between our governments and invite Niger’s leadership to join us in candid discussions to address mutual concerns.

    Read Also: Tuggar urges ECOWAS leaders to foster environment for private sector growth

    “We are prepared to explore confidence-building measures, such as a collective support, to alleviate the humanitarian impact on our border communities.

    “We call upon regional and international partners to support efforts aimed at fostering reconciliation and stability, rather than deepening divisions.

    “Nigeria remains guided by the principles of diplomacy, mutual respect, and the pursuit of peace. We are confident that through constructive engagement, we can work together towards a more prosperous and stable future for our people.”

  • Niger’s Constant Chest Bumping of Nigeria

    Niger’s Constant Chest Bumping of Nigeria

    By Olawale Lawal, PhD

    Let me play the devil’s advocate because personally I do not believe in my opening remarks, but merely preparing the grounds for counterarguments to my treatise. Republic of Niger has been on Nigeria’s neck in the past few days raising accusations and putting Nigeria on the defensive by accusing her of having sinister objective and mission to destabilize the military government in her country. In fact, Niger has pushed further to claim that Nigeria is forging a military pact with France to ensure a demilitarized system of government in the country. Niger’s rascal vulgarity is coming on the heels of the recent visit of Nigeria’s President, Bola Ahmed Tinubu, to France, and many bilateral agreements that followed the visit, both real and imagined. Niger may have its point, after all, she just exited ECOWAS following the intervention of the regional organization in her political system.  Niger climbed aboard the undemocratic blitz which hitherto had engulfed both Mali and Burkina Faso, symbolizing not just endorsement of military rule, but its proliferation in the region. ECOWAS, which has a subregional supranational obligation to restore democracy, swung into action but to the chagrin of the trio who responded by exiting the organization in utter display of disregard of any consequences.

    At another level, Niger seriously frowns at the growing bilateral relations between Nigeria and France. Although known major agreement between Nigeria and France is the one on infrastructure and finance, Niger has been crying hoax that Nigeria has a military pact with France. Possible area of concern for Niger is that a military alliance between Nigeria and France could lead to the liquidation of the military junta in the country. Recall that France military pact with Niger was abrogated immediately after the current military regime seized power. Niger later insisted that France’s military base in the country must be dismantled; in fact, France was disgraced out of the Niger.

    To the brass tasks, the fulcrum of this intervention is how should Nigeria react to the latest umbrage from Niger. First tier response is that Nigeria should bear in mind that if the government of any neighbouring country has issue to grind with the Nigerian government, the first recipients of such government’s frustration will be the Nigerian citizens who live in the border areas or use the country as transit for humans and goods. Examples abound: during the Bakassi Peninsular debacle with Cameroun, Nigerians were maimed, harassed, and molested by the Gendarmes, before and after the ICJ judgment; during the Liberia Civil War, Nigerians in Liberia were subject of military and police actions. Tragically, Tayo and Chris (two Nigerian journalists) lost their lives. Ghana, South Africa, and Benin Republic etc. had at some points  created cycles of vengeance around Nigerians in their countries whenever Nigeria is considered to have overstepped her diplomatic authorities.

    Nigeria now has to double her efforts in countering insurgency, as the Nigerien authorities will likely allow insurgents to thrive around her frontiers bordering Nigeria. This is easy for Niger to do when one considers the vulnerability of the Sahara Desert to breeding of insurgent mercenaries. Niger holds firm control of border districts in Sebha (Libya), a notorious capital of all forms of crimes against any state. She could allow them passage to Agadez and then to Nigeria, just to reciprocate the perceived Nigeria’s aggression towards her. In addition to this is the alluring option for Niger to renege on all her regional security obligations to Nigeria as proof of her manifest vigorous opposition.

    Not a few unbridled discussants of international affairs have argued that Nigeria should not have strengthened bilateral relations with France at the time when Niger, her closest neighbour, just severed relations with her. Unfortunately, nations do not owe any other nations apologies for their foreign policy choices for the simple reason that foreign policy does not often preserve primordial goals when new and contemporary objectives can hold better leverage. And by the way, did Niger seek Nigeria’s consent before establishing military pact with France or was that military pact strategically suited for Nigeria when it was signed? Who made Niger a judge over Nigeria’s diplomatic determinations?  

    Niger’s constant and systematic chest bumps of Nigeria, if not checked, can be misconstrued as dominance. Her joining heads with Burkina Faso and Mali to exit ECOWAS is a demonstration of fearlessness considering her immediate contiguity to Nigeria ‐- at least, Burkina Faso and Mali can rely on other states shields in the event of Nigeria’s attack. Niger is acting as though there are no consequences for actions in international relations. Now, she is putting Nigeria on the defensive by daylight blackmails. And she is having a field day as Nigeria responds so passively by submission to this external antic.

    Read Also: FULL LIST: Warri, Port Harcourt, seven other completed refineries in Nigeria

    To confront the current Niger’s diplomatic poking, Nigeria should take immediate action to further secure all her frontiers with Niger and, since she is transit of well-established nefarious and reprehensible transactions, Nigeria should step up more regulatory agencies around her borders with Niger. Nigeria should consider writing a petition to the International Court of Justice, (ICJ), at least, to serve as notification, in the event of the need for more compact action to be taken. Nigeria should realize that Niger’s greatest weapon against her is in the area of countering insurgents. Nigeria’s current success in countering insurgents has no technical input from Niger; even now, if she decides to act as a spoiler (as she has done with the Lukarawas), Nigeria will need to strengthen her position in the extant regional frameworks designed to combat insurgents. In the petition to the ICJ, Nigeria has the opportunity to refer to some of the security malefactors emanating from Niger, bearing in mind that a foreground is a crucial element in establishing cases at the ICJ. Economic sanctions should be applied with measure as Niger’s economy is not heavily reliant on Nigeria for survival. Regardless of that shortfall, Nigeria can flag the possibility of severing her petroleum pipeline and power supply agreements with Niger.

    Finally, exiting of ECOWAS by the trio and the constant bashing of Nigeria at the slightest provocation have put the country’s regional influence in disarray. Niger is emboldened by Nigeria’s lackluster responses. The effectiveness of foreign policy is when it is sufficiently crystallized in clear plans whether as response or strategy. Nigeria’s amorphous replies to Niger will not end her recalcitrance nor serve as deterrence to other would-be purveyors of diplomatic pummels against Nigeria. The time to act is now!

  • Nigeria must diversify beyond oil for sustainable growth – Speaker Abbas

    Nigeria must diversify beyond oil for sustainable growth – Speaker Abbas

    Speaker of the House of Representatives, Abbas Tajudeen, has emphasized that Nigeria’s economic security depends on moving beyond oil to create sustainable pathways for inclusive growth.

    Speaking on Monday at the 14th convocation lecture of Al-Hikmah University in Ilorin, Kwara State, Abbas warned that the country’s continued reliance on oil would exacerbate inequality, poverty, and unemployment.

    Delivering a lecture titled “Beyond Oil: Exploring Alternative Revenue Potentials for Economic Growth and Sustainable Development in Nigeria,” the Speaker urged the nation to harness its abundant natural resources and human capital to diversify the economy and ensure long-term growth and sustainability.

    “With dwindling oil revenues, global shifts toward renewable energy, and the increasing need for job creation, it is imperative that we chart a new course for economic transformation. This requires deliberate efforts to unlock the potential of other sectors, such as agriculture, solid minerals, technology and the creative industries. 

    “Achieving this transformation will secure Nigeria’s economic future and address poverty, inequality, and unemployment -critical barriers to sustainable development”, he said.

    The Speaker also said that examples of such countries as Saudi Arabia, Malaysia and the United Arab Emirates had demonstrated that economic transformation is achievable through deliberate diversification strategies anchored on policy reforms, infrastructure investments and human capital development.

    “This lecture has underscored the urgency of harnessing Nigeria’s abundant natural resources,

    fertile agricultural lands, burgeoning creative industries, and vibrant technology sector to

    build a resilient economy. 

    “Targeted policies, institutional reforms and partnerships can unlock the potential in agriculture, solid minerals, manufacturing, ICT and renewalble energy”. 

    He also said that Nigeria’s economic transformation demands collective responsibility, adding that the government must lead with visionary policies, transparent governance, and strategic investments in infrastructure and education. 

    On the part of the legislature, the Speaker said that parliament should continue to enact enabling legislation and ensure rigorous oversight of policies and programmes aimed at diversification.

    “Academia has a vital role in conducting research, generating data-driven insights and developing skills essential for the new economy”, he said. 

    The Speaker charged the nation’s universities to strengthen collaborations with industries in order to drive innovation and entrepreneurship.

    He added that the private sector must embrace investments in emerging industries, support small and medium enterprises and leverage technology to boost productivity. 

    Read Also: Nigerians facing complex security challenges, says Speaker Abbas

    “As the backbone of Nigeria’s workforce, youths, including all of you in this hall, must seize opportunities in entrepreneurship, agriculture, digital technology and creative industries to redefine Nigeria’s economic narrative.

    “Examples from countries like Malaysia and Singapore demonstrate how aligning government policies, academic research, and private-sector innovations can drive transformation.

    “Malaysia’s focus on manufacturing and industrialisation, coupled with sustained investments in education and technology, propelled it into a diversified econonmy. Singapore leveraged its strategic policies and talent pool to become a global hub for finance and innovation. 

    “These models show that with sustained commitment, Nigeria can achieve economic stability and prosperity”, he said.

  • Tackling state fragility, averting failure

    Tackling state fragility, averting failure

    While many commentators believe that state failure may be a prelude to disintegration, opinion is divided on the categorisation of Nigeria as a failed or failing state.

    Some scholars, who believe that the problems confronting the country have been exaggerated, explained that, Nigeria is not yet a failed state; it is a fragile state. “Nigeria faces a crisis of nation-building, which it must resolve, with the government, acting as its symbol of unity, and the people should be ready to be mobilised on agreed terms,” said Ayodele, who believes the country has manifested the trairs of a ‘soft state.’

    In a failed state, government is unable to perform basic functions of governance such as ensuring security, maintaining law and order and providing basic services to citizens. However, Gunnar Myrdal, a Swedish economist, who propounded the theory of ‘soft state,’ posited that such nation-states have weak governance structures and they are retarded by lack of discipline in public administration and law enforcement.

    Put succinctly, they are characterised by the non-implementation of laws, ineffective or poor law enforcement, corruption, exploitation of public positions by officials for personal gains, lack of formality in public life, illegal practices in government,  and social resistance to reforms due to cultural, political and economic inertia.

    In addition, there is chronic and sustained human flight, typically referred to as brain drain due to shrinking opportunities for able and competent young segment of the society while there is intense struggle among the factionalised elite along tribal or regional lines.

    Echoing Myrdal, the Swedish economist, Ayodele said:”Soft states often struggle to implement developmental projects or institutional reforms. They are not necessarily failed states, but they face challenges in becoming strong and functional states.”

    Also, a political scientist, Prof.  Eghosa Osaghae, does not believe that Nigeria is a failed state. He alluded to state fragility, saying that state fragility expresses a tendency towards state failure, if cogent actions are not taken. However, he stressed that this condition can still be mitigated by stakeholders, if they find a common ground for building a nation-state.  In his opinion, state failure and disintegration can be averted.

    Osaghae acknowledged that the  Nigerian federation has been facing the most challenging test of survival.

    It is an understatement. Ethnic militant groups have threatened its existence. In the North, the Boko Haram sect has been on the prowl, with its members demanding a Muslim state. Why they are on rampage is now known. In the Middlebelt, the Ombatse Group was unleashing terror. Kidnapping for ransom has persisted. In the Southeast and Southsouth, militants and kidnappers have made life unbearable for people.

    In the Southeast in particular, non-state actors indulge in disrupting economic activities on Mondays, killing and maiming. In the Southwest, there is armed robbery, ritual killing and pockets of kidnapping are on the increase. The regional security outfit, Amotekun, has been assisting the police in arresting the trend.

    The Federal Government has tried to confront these challenges by mobilising the Armed Forces to tackle insecurity. Apart from battling terrorism perpetrated by Boko Haram, it is also battling a new group, Lakurawa, which constitutes a new threat to security in the North. In a nutshell,Insecurity is disrupting farming, transport, markets and destroying infrastructure, the economy,

    Diversity and disunity:

    Nigeria has remained a colonial legacy. It has not transformed from a nation-state to a nation. Yet, nations, which are united by common language, tradition, culture and history, have greater chances of integration and survival than nation-states made up of competing ethnic groups in a lopsided federation.

    From an amalgam of two incompatible protectorates, the fragile edifice transformed into a country of three diverse regions. Later, it metamorphosed into four antagonistic regions. Today, the federation of 36 states emphasises, not uniformity but division, which consistently threatens its foundation.

    Despite its oil, other natural deposits and vast human talents, the fledgling nation-state has not yet become an economic miracle. For over 25 years, Nigeria, the acclaimed sixth largest producer of crude oil did not have a functional refinery, until two months ago when the Port-Harcourt plant, like a phoenix, rose from the ashes.

    A former university don, Prof. Itsey Sagay (SAN), said its democratic institutions are weak and undependable. “Nigeria is not building institution and a system that  can sustain democracy,” he added.

    The implication is that dividends of democracy are not fully guaranteed. The polity is not erected on a strong political culture. Security of life and property is a mirage. The state, in the view of the late statesman, Dr. Pius Okigbo, has become the greatest corrupter of the society. Unemployment, especially among graduates, is increasing. Many elected functionaries are battling with legitimate crisis because they emerged through a colossal assault on the ballot box. The standard of living is declining on daily basis.

    It is a sad commentary that on assuming the reins,President Bola Tinubu, whose administration inherited the mounting challenges, has to be rebuilding critical sectors, almost from the scratch.

    Defective federalism:

    Many have attributed the long journey to a difficult future to the mistake of 1914. The foundational error by the first colonial governor, Lord Fredrick Lugard, who forcefully lumped the different tribes together without mutual agreement, may have become Nigeria’s albatross.

    From the forceful union, through the 46 years of colonial tremor, to a failed start at self rule at independence, the re-colonisation of the free country by its ambitious and restless soldiers and the trial and error process of installing a durable democracy, the involuntary union was boxed into multiple crises of nationhood, development and survival.

    The signs were ominous from the onset. The over 450 tribes have been locked in acrimonious relationship as they competed for  state power and resources. Even, among the nationalists fighting for self-rule, there were clevages, and the cause of tribes were projected than the anticipated independent nation.

    Read Also: Saudi trip yields investments, jobs for Nigerians – Edun

    The development of national outlook has proved abortive, with ethnicity and religion shaping the responses to the socio-political milieu. The Federal Government at any dispensation has always maintained an ethnic focus, with the zones not producing the President nursing a feeling of marginalisation, exclusion, alienation and exploitation. To the consternation of many political observers, the tension between theoretical federalism and regional selfishness has been sustained, making the country a victim of ethnic configuration and confrontation.

    At independence, the founding fathers adopted federalism. But the principle was later basterdised by the military, who became the country’s indigenous colonisers.

    “Owing to the successive administrations’ aversion for true federalism, equity and good governance, the country is also permanently assailed by a curious  crises,” said Dr. Ibukun Falayi, a lecturer at the Ayo Babalola University,  Ikeji-Arakeji.  Lamenting the distribution crisis, he added: “The crisis is triggered by a dubious formula for sharing of the somehow real and somehow elusive national cake.”

    Paradoxically, Nigeria’s strength is also its main weakness. It is a large heterogeneous society blessed with diverse human assets. Even, the British coveted its vast natural endowments. In fact, at independence, some British statesmen thought that, by mid seventies, the country would have become a medium-ranking world power. But, as pointed out by Falayi, a Fellow of the Instituteof Chartered Accountantsof Nigeria (ICAN), the country’s vastness is inversely proportional to its propensity for politics of affection, equity, cooperation and brotherhood.

    Frictions and tensions among the ethnic groups are recurrent phenomenon, right from the pre-colonial days. In this Fourth Republic, ethnicity and religion have also become a tool exploited by politicians in the struggle for power.

    The apathy towards the cultivation of national outlook has inadvertently given way to a continued lukewarm attitude towards nation-building by the frustrated sub-national units whose emotions are stirred by the clandestine tribal organisations coordinating the tribes in the hot race for relevance within the polity.

    Putting this into perspective, Falayi said: “Nigeria today faces a test, a challenge of continuity and survival. There is a federation on paper, but the federating units are detached and not united by a common destiny.

    “Major tribes dominating the six geo-political zones have grudges. They are apparently at each other’s heels; aggrieved and bitter; striving to build on the legacy of ethnicity erected by the founding fathers of Nigeria who promoted tribalism, mistrust and suspicion.”

    As ethnic tensions degenerate into ethno-religious crises, which have undermined national unity, cohesion and security, leaders, who adorn primordial lenses, are eager to politicise the core issues germane to the solution.

    Also, the Presidency is not a unifying factor. In the opinion of Ayodele, “it is perceived as a rotational commodity,” adding that any region that does not produce the President at a time cannot have confidence in the power base. “Nigerians see themselves, first as indigenes of their tribes, sub-tribes and ethnic nations. There is no sense of attachment and belonging outside your region of origin. A President is perceived as the Northern President, Southwest President and Southsouth President. There is loyalty to the regions, and not the centre.”

    The political scientist also pointed out that anger and disillusionment ooze from the feeling of domination; real or imagined; neglect and inequality. “Perhaps, no ethnic group has been insulated from the pervading fear of marginalisation, a singular development that has fueled unrestrained calls for confederation, restructuring of the much criticised lopsided federalism and outright secession,” he added.

    In the past, many stakeholders argued that Nigeria could overcome ethnic tensions by evolving a virile federation through the breaking the country into smaller units for easy administration. State creation was designed to dismantle the tribal bonds and chains. However, the exercise was conducted by partial, partisan and distant military rulers, who imposed a unitary system, which ironically alienated the newly created states and systematically encouraged further regression to tribal enclaves. In fact, the civilian regimes inherited the unitary posture, which has hindered the growth of cooperative federalism. The elite who spearheaded the agitation for state creation however, achieved thd objective of more access to state resources through state creation.

    State creation has also bred division and suspicion in many states. In some states like Kwara, Kogi, Plateau, Benue and Adamawa, different tribes with different identities were lumped together. An unresolved problem of state creation is the indigenes/settlers rifts that have led to bloodshed.

    Also, the states and local governments are not also evenly distributed between the North and the South by the military. For example, while Lagos, despite its huge population, has 20 local governments,old Kano state, made up of Kano and Jigawa, has 71 local governments.

    The national question:

    Sixty four years after independence, the national question has remained unsolved. Also,critical reforms by the Tinubu administration aimed at restoring devolution and decentralisation are being resisted. There is tension between people bent on sustaining the unitary status quo and thise pressing for structural reforms and true federalism. Nigerians are more divided more along ethnic and religious lines than any time in its history.

    “Some radical groups in the south now believe that the only solution is for Nigeria to split, with each major ethnic region becoming a country of its own,” said Adaobi Nwaubani, a public commentator, who added:”Some politicians and pundits prefer “restructuring” with each region having more autonomy, which would keep Nigeria united but significantly reduce power at the centre.

    Whatever resolution Nigeria eventually takes as it enters its 70th decade of independence, one thing is certain: the country’s future depends on how successfully coming governments can maintain unity in diversity.”

    The unresolved national question revolves around the core crises of development, including identity, legitimacy, participation, and distribution crises.

    The burning issues arising from these unresolved challenges include citizenship and indigeneship, the secularity of the state, state and community policing, the revenue allocation, the  devolution of power, the rotation or zoning of presidential power, and corruption. Although former Presidents Obasanjo and Goodluck Jonathan set up National Conferences to resolve these issues, their reports did not see the light of the day. Thus, efforts at resolving the national question through constitution amendment have failed.

    In the past, political diversity management techniques were adopted by the military governments. But these measures – federal character, quota system and catchment areas -, whicg were never erected on the pillars of merit and excellence, compunded the problems of inefficiency across the sectors.

    As noted by Nwuabani, “rivalry between ethnic groups often leads people to lift as many of their kinsmen as they can once they find themselves in a position to do so.”

    The flawed Constitution:

    The consensus opinion among historians, political scientists, civil society groups, and legal experts, is that Nigeria operates a flawed constitution.

    Dismissing the 1999 Constitution as a ruse, the legal luminary, the late Chief Rotimi Williams said the document, which is actually a military decree, lied against itself, when it opened with the preface: “We the people.” Another lawyer, Chief Niyi Akintola (SAN), described it as a rebellion to true federalism. Citing two defects of the constitution, he said it is wrong for the Federal Government to have input into the creation of local government, adding that it is also wrong for the governors, who are the chief security officers in their states, to rely on the Abuja-based Inspector-General of Police for maintenance of law and order.

    Since the police is beyond reach, governors have been giving support to vigilante groups, ethnic militia and other para-military forces. Irked by this development, a lawyer, Kola Awodein (SAN), said these “emergency and quack security men”, who lack proper training and structure, are dangerous. But, what has also dented the image of the police is its inability to resolve high profile murders. When eminent Nigerians, including former Justice Minister Chief Ajibola Ige, Alfred rewane, Harry Marshall, Abiye Sekibo, Kunle Arojo, Funso Williams, Iyalode Bisoye Tejuoso, and Ayo Daramola were killed, foreign investors started to doubt the prospects of a safe atmosphere for business.

    Ethno-religious crises have aggravated the security challenge. So far, the state of emergency in the troubled states have not stopped the killings. Non-indigenes have left for their regions of origin, having lost relations and property. This has generated bad blood. Even, wealthy indigenes cannot visit home because of the fear of kidnapping. Not all the Chibok girls kidnapped by the Boko Haram sect have been rescued by soldiers, who in the past fought terror with obsolete equipment. Ayodele expressed worry about the “demobilised army,”saying that a state or country is incomplete without a competent military base. “One of the conditions for nationhood is the presence of a standing army ready to protect the territorial integrity of Nigeria. Our soldiers are not equipped to fight internal forces. It is doubtful, if they can defend the country against foreign aggression. The litmus test is the Boko Haram insurgency. It is not their fault. It is the fault of past governments that refused to fund the military adequately, despite the heavy defence budgets,” he said.

    Ayodele also pointed out that “when some sects “annex” part of the component units that make up a federation and hoist a strange flag, sovereignty is threatened and the country becomes fragile and susceptible to failure.” However, he said for a country to break up, it would have been subjected to socio-economic and political stress for a long time. “It would have gone through upheavals and disintegration can only come as a last resort. I don’t think Nigeria has come to that stage,” he stressed.

    Military: a unitary legacy

    Despite its delicate plurality and the ethnic bitterness of its regional leaders, Nigeria gave birth to a promising First Republic anchored on true federalism, regional autonomy and fair revenue sharing, based on the principles of derivation, need and national interest. The only dark side of that epoch was the lack of national outlook and the promotion of ethnic interests above the national interest. But, the politics of the independence years reflected the image of Nigeria as an amalgam of incompatible, diverse and antagonistic social formations. The leaders recognised the need to build a big, economically viable, politically strong and stable country. The Premier of Eastern region, Dr. Nnamidi Azikiwe, told his Northern counterpart, Alhaji Ahmadu Bello: “Let us burry our differences”. Bello replied: “No, let us understand our differences”. The Premier of Western Region, Chief Obafemi Awolowo, had said: “Nigeria is a geographical expression”. By this, Awo implied that the terms for peaceful co-existence must be agreed upon by the component units.

    The coup of 1966 terminated the delicate marriage and compounded Nigeria’s woes. The military, which posed as “modernisers” and “agents of change”rejected the federal principle and foisted a unitary system. According to analysts, the army mirrored the polity, its ethnic bias and cravings for power in regional interest. Thus, under the military regime, the country nearly disintegrated when it was plunged into a three year civil war. In post-war period, the North, more or less, consolidated its control of the federal power, until 1999, when the regions renegotiated for power rotation.

    Under the military, economic management was a difficult task. Under the punctured civilian regime of the Second Republic and relatively stable Fourth Republic, a huge gap has existed between expectation and reality. Nigeria has not made a speedy progress, unlike the Asian countries, which were on the same pedestal with Nigeria, over six decades ago.

    The manufacturing sector is gone. Churches and residential buildings have sprouted up from the industrial estates. The army of unemployed youths is now a liability instead of asset. Yet, profligacy, theft and graft are peculiar to the privileged few in government. Disturbed by the trend, an Afenifere chieftain, Hon. Wale Oshun, said that “Nigeria is at crossroads,” adding:”President Bola Tinubu inherited a mess. He has much work to do. The first step is restructuring.”

    Crisis of development:

    Closely related is the integration crisis. This relates to forging cohesion among the tribal units, which differ on sensitive national issues. But, far more challenging is the legitimacy crisis, which is triggered by the abuse of the ballot box and lack of performance by the government. 

    A peaceful, free and fair presidential election won by the late Chief Moshood Abiola was criminally annulled, drawing the country to an edge. But, in this dispensation, democracy has been mocked by the assault on the ballot box. It is a tragedy, said Ayodele, that many unelected governors and parliamentarians have invaded the corridor of power, thereby creating a disconnect between the government and the governed. He pointed out that the extent of the legitimacy crisis manifested in the confession by the late President Umaru Yar’Adua that the election that brought him to power was severely flawed.

    How has the country resolved the distribution crisis, in a mono-product economy where oil is the main source of income? There are many questions and few answers: should the national cake be shared among the component units, who are producers and non-producers of oil? Which formula for distribution will foster equity, fairness and justice, and minimise the complaints of the “marginalised” and the “minority?” Is resource control plausible and practicable? Are the regions or states prepared for the challenge of true federalism or guided resource control? Until recently, why was diversification ignored? If there is oil theft or disruption of mining activities in the Southsouth, will Nigeria will not be held to ransom?

    The over-dependence on oil has implications. There is the feeling that Nigeria is being fed by one region. The zone is devastated by exploration and mining activities. Former Lagos State Governor Lateef Jakande said: “It is ironic that the region has suffered monumental regret and deprivation in the past.” This is injustice, he added. The offer of amnesty to the restless Niger Delta youths and the setting up of the Niger Delta Development Commission (NDDC) have doused the tension. 

    For long, citizens have been denied of comfortable living. In the last 20 years, lack of electricity has crippled business operations, especially by artisans. The cost of doing business has gone up because people have shifted to generators as the alternative source of power. Efforts to fix the electricity has not succeeded.

    Generally, government has to fight the infrastructure battle with more vigour. There should be more investment in roads, and education and health should not be underfunded.

    A group, Transparency International, has listed Nigeria among the most corrupt countries in the world. Activist-priest Dr. Mathew Kukah, the Catholic Bishop of Sokoto Diocese, blamed the elite for the cankerworm. “Greed will always stand on the way of national interest”, he said. In fact, corruption is the greatest problem. Even, pensions are stolen by government officials.

    In an obvious reference to Nigeria, former United States President Barack Obama said: “No country is going to create wealth, if its leaders exploit the economy to enrich themselves or the police can be bought off by drug traffickers. No business wants to invest in a place where the government skims 20 percent off the top or head of the port authorities is corrupt. No person wants to live in a society where the rule of law gives way to the rule of brutality and bribery. That is not democracy; that is tyranny and now is the time to end it”.

    The anti-graft bodies are in dilemma. The Independent Corrupt Practices Commission (ICPC) and the Economic and Financial Crimes Commission (ICPC) have their limitations. While it is relatively easier to fight corruption outside government, it is difficult to curb corruption in the corridor of power. In the early nineties, foremost economist Dr. Pius Okigbo cried out that “the government has become the greatest corrupter of the society.” In the past, critics alleged that the anti-graft bodies were used by government to intimidate and witch-hunt perceived foes. It takes months to prosecute a person who stole a goat or tubers of yam; it takes an average of 12 years to prosecute a former governor for graft or sleaze.

    Surviving threats of disintegration

    The myriad of problems notwithstanding, Nigeria, the most populous country in Africa, has shown a curious capacity for resilience and survival . Although the country  has been threatened by the secessionist  agenda  four times in its chequered  history, it has triumphed.

    The first time was in 1953, when Northern delegates to the pre-independence Constitutional Conference in Lagos and members of the Northern Regional House of Assembly asked for secession from the rest of the country. The agenda was borne out of frustration and disillusionment. That was when the legislators from the North opposed the Action Group (AG) l’s called for “independence now.” In their view, the North was not ripe for independence because of the obvious educational and economic gap between it and the seemingly more prosperous South, especially the educationally advantaged West. The delegates were booed and jeered at in Lagos as they headed for the railway terminal in Iddo, Ebute- Meta, Lagos  to board the train, after rejecting the independence motion. The shouted “arabah,” which meant seccession.

    But, as recalled by a professor of history, Akinjide Osuntokun, “British officials were able to persuade the Northerners that it would be economic suicide to consider such a move.” Therefore, the Northern Nigeria Congress (NPC)-dominated Northern House passed an eight-point resolution, which manifested the compromise between “outright secession” and “loose federation.” Their resolutions expressed their readiness for a federal structure, which agreed with the clamour power federalism by the defunct Action Group (AG).

    The second threat to the continued existence of Nigeria was the civil war, which was foisted on the country by the competition for power and clash of egos among members of the ruling military class. Rejecting the elevation of the Army Chief of Staff, Col. Yakubu Gowon, to the military Head of State and Commander-In-Chief, following Major-General Thomas Aguiyi-Ironsi’s assassination by soldiers of Northern origin at Ibadan, the military governor of the Eastern Region, Col. Emeka Odumegwu-Ojukwu, declared the ill-fated Republic of Biafra. At the reconciliation meeting in Aburi, Ghana, brokered by Gen. Ankrah, Gowon tactlessly accede to Ojukwu’s clever demand for balkanisation.   On returning home, Ojukwu and his men retorted: “On Aburi we stand.” The Vice Chairman of the Federal Executive Council and Federal Commissioner for Finance, the late Chief Obafemi Awolowo, said, if the East was allowed to secede, the West would have been motivated to follow suit. For three years, Nigeria was up in arms against itself, until the secessionists surrendered on the battle front.

    The third attempt at disintegration also came during the military rule. A coup plotter, Major Gideon Okar, during a failed coup, announced that eight states have ceased to be part of the federation. He said they should come and negotiate with the new government, which never came into existence. Lamentably, the military President, Gen. Ibrahim Babangida, who survived the coup, later annulled the most transparent and credible presidential election. It was an unprecedented milestone that adversely affected the unity of Nigeria. That was the fourth threat to nationhood.

    Since the Third Republic, it was evident that the struggle for presidential power was a big issue. The resort to zoning or rotation appear to be the way out.

    During the military rule, a foreign body warned that aroused the country stood the risk of a break-up in 2015. The warning was dismissed with a wave of the hand. Also, in 2009, the former American Secretary of State, Senator Hillary Clinton warned that Nigeria may become a failed state because of soaring corruption. That period of turbulence was characterised by the persistent struggle for self-determination by ethnic organisations, which thought that loyalty to a central government that cannot defend the interests of component units was illusory.

    “The most immediate source of disconnect between Nigeria’s wealth and its poverty is a failure of governance at the federal, state and local levels. Lack of transparency and accountability has eroded the legitimacy of government and contributed to the rise of groups protesting the injustice and challenging the authorities of the state,”Mrs. Cliton said.

    Another United States organisation, the ‘Fund for Peace,’ evenlisted Nigeria among the failed states. In the list are war-torn Somalia, Iraq, Yemen, Chad, Afghanistan, Congo, Ivory Coast and Haiti. For almost two decade, peace has eluded these countrie and their citizens were in disarray. The growing number of refugees there was a major concern to the United Nations and some regional organisations.

    In 1994, a former university don, Prof. Adebayo Williams, warned that Nigerian federalism had become a compelling and comprehensive failure. He alluded to frightening memoranda and manuals for disintegration flying all over the place. “What we are witnessing is a man-made disaster of epic proportions. The Nigerian State has, so far, become a compelling and comprehensive failure,” he said, adding that the consequence may be the price for the failure of leadership. At that time, the country was facing serious economic challenges and the transition programme was on the reverse.

    Like Obasanjo, former Military Head of State, General Abdulsalami Abubakar, raised a red flag in 2021, raised a red flag, warning that the country could disintegrate amid the convulsions; the unprecedented level of insecurity, spectacular acts of criminality, bitter feuding among ethnic nationalities, a dysfunctional national government, mass poverty and joblessness, restive youth and increasingly voiced loss of confidence in the union by significant segments.

    Abubakar, who heads the National Peace Committee, feared that Nigeria could plunge into state failure, saying: “Tension has been growing and embers of disunity, anarchy and disintegration are spreading fast and if care is not taken, this might lead us to a point of no return.”

    Also, a retired soldier, Major General Henry Ayoola, raised an alarm, saying: “Nigeria is in a critical state facing real, present and existential threats to her peace, union and progress. Everywhere across the country, there are signs of degeneration, collapse and loss of confidence.” Other analysts have also warned that the possibility of a second civil war, once thought to be far-fetched, has become altogether real.

    So far, Nigeria has  survived the predictions.

    If Nigeria disintegrates, Africa, particularly West Africa, is likely to be in big trouble. “One in every Africa is a Nigerian. How will neigbouring countries in West Africa cope with refugees from Nigeria?” asked Ayodele. “A calamity of monumental proportion may befell Africa,” he added.

    To many stakeholders, disintegration is not the answer. The solution, according to them is the restoration of true federalism, with its elements of regionalism, state police, devolution of power and restructuring, which may save the country from doom.

    That was why the three dominant regional mouthpieces – Afenifere,  pan Yoruba socio-political group, Arewa Consultative Forum and Ohanaeze Ndigbo, have persisted in their calls for  a Sovereign National Conference “to discuss the basis for peaceful co-existence.” instructively, the reports of the 2004 and 2014 national conferences were thrown into the dustbin. They therefore, paled into decoys and jamboree, and another avenue, not only for airing regional grievances, but also for fuelling pre-existing bitterness among competing political leaders, who debated issues in an atmosphere of mutual suspicion.

    Besides, effective or good governance should provide answers to the multiple challenges of

     corruption in national life, and in the judiciary,  free and fair elections, national security, the rejuvenation of the the economy, and national unity.

    It is possible that the zoning debacle would be resolved as the polity continues to be stable. The pattern of succession, from Jonathan to Muhammadu Buhari, and to Tinubu affirms the conventional endorsement of rotation better the North and South.

    Averting state failure in Nigeria

    The capacity of the Federal Government to offer a creative leadership required in the period of grave economic crisis should not be in doubt.

    Much is expected of President Tinubu as he steers Nigeria from fragility. He should promote the culture of dialogue, listen and not ignore the complaints and warnings. The President is paying much attention to security as the 2025 budget has shown. He should prevent cross-border invasion and infiltration, prevent internal attack on the social structure, and promote dispute settlement without resorting to arms.

    Issuse that need attention include ethnic and religious conflicts, herder/farmer clashes, massive internal displacement, improper ventilation of grievances by aggrieved groups, endemic corruption in high places, economic decline and inequality, gross rights abuse, soaring youth unemployment, electoral reforms, improved access to justice, military and police action driven by intelligence and technology, state police, decentralisation of resource control, and true federalism.

  • Nigeria: How we got here

    Nigeria: How we got here

    The declaration by President Bola Ahmed Tinubu that he has no regrets for the sudden removal of fuel subsidy without any cushioning measures to mitigate the resultant crippling effect on the productive sector, high cost of living and associated hardship which is now driving citizens to extreme poverty and early death also confirms APC’s disconnection from the primary purpose of government which is the welfare and security of the citizens.

    “It is instructive that President Tinubu in the chat admitted that Nigerians are bearing the brunt of the failure and inability of the APC administration under his watch to effectively police and secure our nation’s borders as to prevent the smuggling of petroleum products to neighbouring countries” – PDP’s  Publicity Secretary, Debo Ologunagba, commenting on the President’s Media chat adjudged by most as

    Reading through the above and, indeed, temporarily unmindful of Alhaji Atiku Abubakar and Peter Obi’s forever lie- suffused, and convoluted, critique of the Tinubu administration, I was still easily reminded of my article of the above title, first published 26 May, 2024.

    When this duo of Nigeria’s most troubled politicians – they are currently thinking of  working together again in 2027 – criticise President Tinubu for not waiting to , as Ologunagba put it, put in place:”any cushioning measures to mitigate the resultant crippling effect on the productive sector, high cost of living and associated hardship”, as they do almost on a daily basis, they are merely lying through their teeth because, neither of them could have forgotten the promise to make subsidy removal their very first action in office, nor could Obi and his obidients deny that they were only waiting to immediately throw  their extremely partisan ally,  the Joe Ajaero – led NLC into the fray, had the President attempted any negotiation ahead of the removal.

    That, therefore, was a masterstroke by the president and

    it should beat any keen observer hollow, how the Nigerian political opposition continues, ad nauseam, to get their reading of President Bola Ahmed Tinubu completely wrong; each time  falling prey to his superior stratagems.

    Looking back now you won’t believe that Atiku actually had the opportunity to learn, first hand, from the master strategist during the ACN days.

    I digress.

    Back then to my article of  26 May, 2024  titled as above.

    With food inflation hovering at around 40 per cent, a threat of increase in the pump price of petrol, as well as an unremitting insecurity, there’s more than enough reason to critically examine how we got to this terrible juncture in Nigeria.

    There’s this popular Yoruba proverb about a disabled who, when  told how unsteady the load on his head was, tld the interlocutor to better look at his legs. There has been a deluge of criticism of the President Bola Ahmed Tinubu government, especially by political opposition titans, the likes of Alhaji Atiku Abubakar and Mr Peter Obi, both dishonestly attributing everything wrong in Nigeria to the present government  even when they both know that, truth be told, Nigeria did not get to this sorry pass  between May 29, 2023 and today.

    Any objective appraisal of the  Tinubu government must, therefore, take into cognisance how  President Muhammadu Buhari (2015 – 2023), and though of the same political party, completely wrecked Nigeria, taking her back, economically, no less than 30 years. That, in essence,  means that whoever became President on May 29, 2023 could only have done very little to ameliorate our extant circumstances.

    We must, therefore, outrightly dismiss the shibboleth that sees Tinubu as being the source of our current multi- sectoral problems simply because, as these do nothings claim, he removed fuel subsidy too quickly as if there was even, any longer, a budgetary provision for it beyond June, 2023 according to a statement  by President Buhari’s Finance Minister,  Zainab Ahmed on 7 October, ’22.

    Although they now, opportunistically, claim that they would have waited ages to end it, all presidential candidates of the major political parties promised to make fuel subsidy removal their very first action in office.

    Long story cut short, President Buhari, by his failure to have a firm grip on his government, especially on his key  aides, the likes of Attorney – General

    Read Also: Yuletide: Leaders must keep their promises for Nigeria to progress

    Abubakar Malami, who completely took over control of the EFCC, Aviation Minister, Hadi Sirika, who sold Nigeria cheap, claiming to be  setting up a National Carrier and, of course, Godwin Emefiele the Central Bank governor, who so completely epitomised  Buhari’s laizerfaire,  Sheik-like approach to governance.

    Emefiele made it his bounden duty to  ensure  that Nigerians went through agonising  anguish, queuing up for hours in banks trying to access their own money which he had earlier cleverly ‘confiscated’, claiming that the CBN was going to redesign the national currency.

    So completely did Emefiele overawed President Buhari that the latter kept giving   his own interpretation of a Supreme court decision on the Naira re- design case after some state governors, belonging to the President’s own political party, had become so pissed off at his lilly livered actions on the issue they headed to the apex court for a quick constitutional resolution.

    For President Buhari, his position on the matter was a literal abdication of his official duties, indicating how powerful Emefiele had become, serving the financial interests of members of the Villa cabal.

    And, of course, his own as later events would show.

    On my part, all I could do was record all the sordid happenings for posterity.

    I did that in the article below, published Sunday, 19 March, 2023 drawing very close attention to the Presidential aide who went toe to toe with President Buhari on the furious journey to Golgotha, taking Nigeria down with them.

    Titled: ‘Godwin Emefiele: Not Until I Have Been Disgraced’, it read as follows, with slight editing for space-

    I was privileged to have been both a student, and later, staff of the University of Ife, Ile – Ife, when Olawale Gladstone Emmanuel Rotimi Esq, best known as Ola Rotimi (13 April 1938 – 18 August 2000), one of Nigeria’s leading playwrights, and theatre directors dominated, and popularised theatre at the Source ( Ile – Ife, that is.)

    In one of his many plays, the Tortoise, a slow, ugly and very crafty character, was seen preparing to go on a journey and was asked if he must, and when he would return.

    Without the slightest hint of shame, he retorted:”Not until I am disgraced”.

    As Lasisi Olagunju would put it later, “the Tortoise is that character who fights on both sides, plunging the world around him into needless wars and anguish. Seeing himself as a charmer who cannot fail, he was without any moderation in consumption or in his assumptions.”

    Emefiele, like the Tortoise, never cared a hoot; not for Nigeria nor for Nigerians.

    He has been in and out of one court or the other since he got booted out of office.

    The Tortoise story is, therefore, analogous to his  harebrained currency re- design and swap policy which, not surprisingly, failed spectacularly, turning millions of Nigerians to worse than beggars.

    In all this, it is President Mohammadu Buhari I pity the most. This column eulogised him highly during his first two years in office but I soon took all that back.

    However, the way things are now I, completely out of pity, earnestly wish he had left office even a day before Emefiele, and his co- conspirators, inflicted this currency deluge on Nigerians.

    Who exactly did Garba Shehu think he was deceiving when he issued his meaningless story about President Buhari not directing Emefiele and Malami to flout the Supreme Court judgment on the currency case?

    Nigerians know that President Buhari is not hard of hearing but can we also say that he never one day saw, even on television, the thousands of Nigerians milling around empty ATMS, from morning till  night, eager to withdraw their own money, even if as little as N5000? Neither Buhari nor Enefiele was bothered that those children of perdition, those God forsaken Boko Haram elements and their sundry cousins, could have decided to vent their own anger on these hapless Nigerians, many of who hadn’t eaten for days, nor knew where the next meal would come from.

    As I wrote earlier, I sincerely wish, for purposes of historical reckoning, that President Buhari had finished his tenure a day earlier than this Emefielian ‘mala fide’ because, truth be told, President Buhari was in the process of regaining something of his old aura amongst Nigerians. But as things now stand, generalised hunger, anger and utter delusion have wiped off all that possibility.

    Talk of his huge infrastructural achievements now and Nigerians are more likely to point to the unprecedented national debt, mention the railways, and you are likely to have Nigerians tell you they dare not risk their lives on a kidnapper- infested rail line.

    Nigerians have just been witnesses to the most inefficient duo of an arrogant Attorney – General and and an equally arrogant and tactless CBN governor who actually wanted to become the nation’s president.

    Only last week the defence in the P/ID 11B dollar arbitration case in London, raised serious issues of incompetence against the Attorney- General just as It will now take a new Attorney – General to let Nigerians know what, and what have been sold, and for how much, of the humongous EFCC’s legal seizures.

    The least said about Emefiele the better.

    Having been  serving  his ‘real bosses’ at the corridors of power far better than he served Nigeria, they were even prepared to make him President over us, so he could cook more of his failed ‘rice pyramids’ which evaporated as soon as his presidential dream collapsed.

    Under him, the CBN had multi – dollar exchange rates over which

    not even the World Bank or the IMF could restrain him.

    For instance, the IMF’s Staff Concluding Statement on the 2022 Article IV Mission to Nigeria reiterated its past recommendations towards moving towards a unified and market-clearing exchange rate by dismantling the various exchange rate windows at the CBN, accompanied by clarity on exchange rate policy and supportive fiscal and monetary policies. That in the medium term, the CBN should step back from its role as main FX intermediator, limiting interventions to smoothing market volatility and to allow deposit money banks determine FX buy-sell rates, in collaboration with it.  They noted that an end to his crooked forex policy would help increase  revenue and thus solve a major Nigerian fiscal challenge.

    But all these meant nothing to the arrogant CBN governor.

     Rather he left the country struggling for forex inflow, whilst  selling the limited volume it had at dubious rates.

    Indeed as at the time the two leading world financial institutions were advising him, he was acquiring over a hundred vehicles for his chimeric presidential election campaign.

    Like in the case of the A-G, the incoming administration must make it a point of duty to let Nigerians know who exactly Emefiele is.

    For now, he has received his comeuppance, having been thrown under the bus from his  olympian heights.

    Indeed, if he knows what is good for him, he should give public service a long berth.

    It is safe to say that while President Buhari looked askance, Godwin Emefiele took Nigeria down together  with himself.

    It will be President Tinubu’s bounden duty to retrieve her from that dungeon.

    That won’t be easy but I believe he can do it.

  • Nigeria, China $2bn currency swap renewal deal to strengthen bilateral trade – DG Tegbe

    Nigeria, China $2bn currency swap renewal deal to strengthen bilateral trade – DG Tegbe

    The Federal Republic of Nigeria and the People’s Republic of China Nigeria have renewed a 15 billion yuan (about $2.2 billion) currency swap arrangement designed to boost trade and investment between the two countries. 

    This according to the Director-General of the Nigeria-China Strategic Partnership, Joseph Tegbe, will help strengthen financial cooperation and expand the use of the two currencies.

    The bilateral currency swap agreement is a landmark deal that strengthens economic ties between the two nations. 

    Worth NGN 3.28 trillion, this agreement facilitates bilateral trade and investment, reduces reliance on the US dollar, strengthens financial cooperation, and mitigates financial risks.

    This agreement is a testament to the growing relationship between Nigeria and China, with trade value hitting N7.38 trillion as of June 2024, making China Nigeria’s number one trading partner. 

    The Central Bank of Nigeria and the Nigeria-China Strategic Partnership have been instrumental in fostering economic cooperation, with various initiatives, strengthening financial ties with China. 

    The currency swap agreement is expected to boost bilateral trade and investment, creating new opportunities for economic growth and development. By enabling direct settlement of transactions in CNY and NGN, Nigerian businesses will benefit from lower transaction costs and reduced exchange rate risks.

    As President Bola Ahmed Tinubu’s administration continues to implement its economic agenda, this partnership will undoubtedly contribute to a more prosperous and economically independent Nigeria. 

    The agreement signifies a deeper financial collaboration between the two central banks, enhancing financial market stability and providing businesses with more financing options and convenience.

  • Yuletide: Leaders must keep their promises for Nigeria to progress

    Yuletide: Leaders must keep their promises for Nigeria to progress

    In the spirit of Christmas, political leaders have been urged to emulate God’s example of keeping promises by fulfilling their commitments to ensure Nigeria’s progress.

    Reverend John Joseph Hayab, former Chairman of the Christian Association of Nigeria (CAN) in Kaduna State and CEO of the Christian Awareness Initiative of Nigeria (CHAIN), made the call during his Christmas sermon at the Baptist Church in Hayin Banki, Kaduna.

    Hayab, one time Special Adviser to former Governor Ramalan Yero, emphasised that both leaders and citizens must honor their promises to foster the nation’s development.

    “Christmas reminds us of how God kept His promise. As leaders and citizens, we must learn to do the same to move Nigeria forward,” he said.

    According to him, “One of the unique things about life is integrity, that’s what differentiates humans from animals and integrity makes you keep your word, our leaders and all of us as citizens must learn to keep our word.

    “There is something we call African time in this country, it is out of lack of integrity, because when you cannot keep your word and say you are coming at 5 for 5 you have already failed, so when people grow up in a community where they see their leaders promising and never fulfilling they see their parents promising and never fulfilling, they see things happening around them and there is no fulfillment and no one willing to fulfil the promise, it is assumed that that is the norm. 

    “As we celebrate Christmas, I wanted us to look at Christmas and the history surrounding Christmas. Christmas came as a result of God’s promise and God kept his promise. If truly you are celebrating Christmas and you believe that Christmas came for God, then learn this lesson of keeping the promise, be honest. If you are a governor, keep your promise, if you are a commissioner, keep your promise and if you are a local government chairman keep your promise and all other government officials.”

    He noted that if government officials keep to their promise, the country will change within two years adding, “Our biggest problem is that our leaders do not keep this promise.”

    He said, “A leader can attend 10 functions and say different things, but he is unable to do even one, he is thinking all the people listening to him at daft or simply do not understand and we are passing this kind of culture to our children and that is why, when you look back 50 years ago, from 1960 to today, we seem to be standing in the same place because people just think that, say it even when you are not going to do it. 

    “This is not good for a nation and it cannot work , in countries that people know what it takes, if you promise and fail, they will hold you accountable, but in this country, we are not holding people accountable. 

    “In the spirit of Christmas, look at how God kept the promise and challenge the leader to start keeping promises and see how things change very fast, for the better.”

  • Nigeria, China $2bn currency swap renewal deal to strengthen bilateral trade – DG Tegbe

    Nigeria, China $2bn currency swap renewal deal to strengthen bilateral trade – DG Tegbe

    The Federal Republic of Nigeria and the People’s Republic of China Nigeria have renewed a 15 billion yuan (about $2.2 billion) currency swap arrangement designed to boost trade and investment between the two countries. 

    This according to the Director-General of the Nigeria-China Strategic Partnership, Joseph Tegbe, will help strengthen financial cooperation and expand the use of the two currencies.

    The bilateral currency swap agreement is a landmark deal that strengthens economic ties between the two nations. 

    Worth NGN 3.28 trillion, this agreement facilitates bilateral trade and investment, reduces reliance on the US dollar, strengthens financial cooperation, and mitigates financial risks.

    Read Also: NNPCL not influenced by political affiliation, says Soneye

    This agreement is a testament to the growing relationship between Nigeria and China, with trade value hitting N7.38 trillion as of June 2024, making China Nigeria’s number one trading partner. 

    The Central Bank of Nigeria and the Nigeria-China Strategic Partnership have been instrumental in fostering economic cooperation, with various initiatives, strengthening financial ties with China. 

    The currency swap agreement is expected to boost bilateral trade and investment, creating new opportunities for economic growth and development. By enabling direct settlement of transactions in CNY and NGN, Nigerian businesses will benefit from lower transaction costs and reduced exchange rate risks.

    As President Bola Ahmed Tinubu’s administration continues to implement its economic agenda, this partnership will undoubtedly contribute to a more prosperous and economically independent Nigeria. 

    The agreement signifies a deeper financial collaboration between the two central banks, enhancing financial market stability and providing businesses with more financing options and convenience.

  • China, Nigeria renew currency swap agreement

    China, Nigeria renew currency swap agreement

    As part of moves to strengthen cooperation and promote bilateral trade and investment between their countries, Nigeria and China have renewed their currency swap agreement worth 15 billion Yuan ($2 billion). 

    The People’s Bank of China (PBOC) in a statement yesterday confirmed that the arrangement will remain in place for another three years, with provisions for renewal by mutual agreement.

    Bloomberg quoted the bank as saying that  “The agreement is valid for three years and can be renewed upon mutual consent.”

    The deal allows for the direct exchange of the Chinese Yuan and Nigerian naira, bypassing reliance on the US dollar and reducing transaction costs in trade between the two nations.

    Read Also: Imo community decry alleged extortion, harassment of youths by security personnel

    Originally signed in June 2018, the currency swap facility was introduced to address liquidity challenges for businesses in both countries and to facilitate trade in their respective currencies.

    The deal enabled the exchange of up to 15 billion Chinese Yuan (CNY) for 720 billion Nigerian naira (NGN), equivalent to $2.5 billion at an exchange rate of NGN305 to $1 at the time.

    According to the agreement, the swap is designed to streamline trade transactions by eliminating the need for US dollars as an intermediary currency.

    It provides liquidity in naira for Chinese businesses operating in Nigeria and in yuan for Nigerian firms trading in China. This mechanism aims to facilitate seamless transactions, support bilateral investments, and enhance market efficiency.

    The arrangement allows the central banks of both countries to inject liquidity into their respective financial systems via bi-weekly auctions.

    By doing so, they promote the purchase, sale, and repurchase of yuan and naira to support trade and investment activities. The agreement shows the deepening economic ties between China and Nigeria, prioritising direct currency exchanges to reduce dependency on the dollar and encourage cross-border trade.