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  • On the world stage

    On the world stage

    It was late in the night of Tuesday, September 19, in Nigeria. But in New York, United States (US), the sun was just setting. Inside the United Nations (UN) Headquarters, where the 78th General Assembly (GA) was taking place, the audience was gathering in ones, twos and threes. It was a significant date on the calendar for Nigeria.

    President Bola Tinubu was among the distinguished participants at the the 78th UNGA. It was his maiden outing. He was billed to speak on the occasion around 7p.m., New York time, which was around midnight local time. Tinubu did not disappoint as he faced the world in the plush settings of the UN Headquarters.

    There was pin-drop silence as he began to read his 46-point address. It was vintage Tinubu on display. The President was in his elements as he spoke in measured tones. The speech was well written and well delivered. His delivery brought out the message succinctly. In a calm and composed manner, he spoke in a hard way, without hurting feelings.

    He spoke about Nigeria and the kind of relationship that his country seeks with others, especially the developed nations of the world. He did not forget Africa, his continent which resources he noted had been exploited for centuries by the developed world. He was in virtual pains as he noted that Africa’s natural resourcess were pillaged, leaving it in poverty and penury.

    If Africa is backward today, the developed nations are liable. How Europe underdeveloped Africa, a book written by Walter Rodney, remains a rich text on the witting exploitation of the continent’s endowments by its colonial masters. Africa has not recoverd from that wicked act and may never do because it still goes on till today in one form or the other in some parts of the region.

    Tinubu’s call for an end to the pillaging of the continent’s wealth echoes the inaugural address of former U.S. President J.F Kennedy, who in 1961 called on “citizens of the world to come together and see what we can do for the freedom of man”. Africa has since been free from the shackles of colonialism, but its growth and development remain stunted because some colonial masters have refused to let go in countries where they still mindlessly mine mineral resources, treat the citizens as slaves and reptriate the profit back home.

    What kind of freedom is that when most people in those parts of the continent are still in servitude? Tinubu hit the nail on the head when he spoke of how blessed the continent is, but yet sufferings suffuse the land. “In fundamental ways, nature has been kind to Africa, giving abundant land, resources and creative and industrious people. Yet, man has too often been unkind to his fellow man and this sad tendency has brought sustained hardship to Africa’s doorstep.

    Read Also: UNGA: Tinubu’s speech reflects pan-African agenda – Olisa Agbakoba

    “To keep faith with the tenets of this world body (peace, security, human rights and development) and the theme of this year’s Assembly (Rebuilding trust and reigniting global solidarity…), the poverty of nations must end; the pillage of one nation’s resources by the overreach of firms and people of stronger nations must end. The will of the people must be respected. This beautiful, generous and forgiving planet must be protected. As for Africa, we seek to be neither appendage nor patron. We do not wish to replace old shackles with new ones”, Tinubu said.

    He was not done. Like the late JFK, Tinubu extended a hand of fellowship to all: “To the rest of the world, I say walk with us as true friends and partners. Africa is not a problem to be avoided nor is it to be pitied. Africa is nothing less than the key to the world’s future”. It was a great speech which resonated long after he finished speaking. With the speech, he heralded his entry into the UN Hall of Leaders, creating a name and place for himself and Nigeria in the hearts of other world leaders.

    Tinubu did not disappount his compatriots watching him at home. “Nigeria”, he said, “welcomes partnership with those who do not mind seeing Nigeria and Africa assume larger roles in the global community… Nigeria is open for business. The question is how much of the world is truly open to doing business with  Nigeria and Africa in an equally, mutually beneficial manner”.

    Yes, we were created equal and have inalienable rights, which one side, no matter how strong, should deprive the weaker party of.

  • Tinubu’s northern exploits and the Igbo challenge

    Tinubu’s northern exploits and the Igbo challenge

    No one can replace Papa Anthony Enahoro and Awo but we can inculcate their ideas, their beliefs, their feelings, their irrevocable commitment, to humanity, to human progress and the development of our country”.

    This was Bola Tinubu celebrating chiefs Anthony Enahoro and Obafemi Awolowo, as   celebrated Nigerian visionaries who left their footprint in the sand of time. They served as role models and guiding star during his war with Obasanjo and the predatory buccaneers that held the old southwest hostage. Tinubu celebrated his victory over Obasanjo with the return the old West from Edo to Lagos to its old glory of a pacesetter administered in the main by men of ideas who understand that their own wellbeing is contingent on the wellbeing of their neighbours.

    Tinubu incidentally was not one of those that Pa Awo and Enahoro heavily invested on to carry on the battle. But his principled stand on divisive issues of Nigerian politics such as fiscal federalism, devolution of power, revenue allocation, credible census exercise, free and fair election naturally positioned him as the one to continue his father’s unfinished battle. Today, his illustrious fathers who in spite of their heroic efforts, could not spread their epistle to the critical segments of Nigerian society, will be proud of Tinubu’s exploits from their graves for winning over many of the  descendant of those who once persecuted them for spreading the light. The struggle for liberation from colonial rule and institutionalization of an egalitarian society might have sounded attractive; most northern leaders of the period were probably put off by Awo, Enahoro and their other members’ abrasiveness.

    Thus Enahoro’s March 31, 1953 motion for independence in 1956 left a permanent scar between the west and the north. Professor Banji Akintoye, not too long ago told a story of how a prominent northern leader accused the Yoruba of arrogance for trying to preach the epistle of ‘free education’ to the northern masses. “Who by the way told the Yoruba that the north wanted free education?”, the northern leader was quoted as asking not without a touch of some cynicism. Incitement of northern masses by their leaders against Akintola, the chief evangelist of free education to Kano led to the 1953 Kano riot with about 46 people dead. In Sokoto, Awo’s helicopter would not be allowed to land. A Sokoto convert who cleared his groundnut farm where Awo’s helicopter eventually landed paid the supreme price. Hawking his fathers’ same old wares during the 2023 election, Tinubu secured the bulk of the 2.7m votes that came from the northwest. The epistle was the same. What was different was Tinubu’s marketing skill.

    The Old West evangelists had underestimated the role of culture. They had thought the value of free education and other social policies will be so self-evident to be resisted by the north which they also believe will have no choice but embrace federalism because of the heterogeneity of the north where some state with 24 LGAs speak as many as 48 languages. They forgot that free education succeeded in the West because it is part of their culture and federalism because by nature, Yoruba are federalists.

    In spite of Tinubu’s gains in the north, he lost the critical voice of the Igbo without which Nigeria can make progress. History tells us that Nigeria is doomed without the critical voice of the Igbo. It was obvious from the outcome of 1959 election that the three dominant groups, Hausa/Fulani, Igbo and Yoruba have diametrically opposing world views. We can today see the hypocrisy in Dr. Azikiwe “with this giant step, Nigeria is no more a geographical expression” claim during the independence night cross-over celebration  at the Tafawa Balewa square on independence day in 1960. It was obvious by 1963 that “Nigeria was not a geographical expression’ only when the Igbo is inside.

    Read Also: BREAKING: Tinubu rings closing bell of NASDAQ stock market

    Igbo response to the loss of influence during the 1964 constitutional confrontation between Zik and Balewa was no less duplicitous just as the method of taking control in January 1966 was disingenuous. And very little has changed in Igbo strategy during their reaction to PDP betrayal in 2023. It is perhaps only Igbo that would believe Obi their adopted candidate would win Nigerian presidency by fighting his former benefactors while also waging an open war against the west and its candidate.

     But if we need one more evidence that Nigeria is still a geographical expression, it was Igbo’s violent opposition to Tinubu’s candidacy in the 2023 election and continued questioning of his legitimacy by majority of Igbo in spite of judiciary’s verdict.

    Tinubu was roundly rejected in the east which gave Obi 95% of their to vote to Obi whose support spread among all segment of Igbo society, from the unquestioning ‘Obidients’, to elder-statesmen like Chukwuemeka Ezeife, accomplished intellectuals like Prof Pat Utomi who stepped down for him as Labour’s presidential candidate, to Igbo world acclaimed writer Chimamanda Ngozi Adichie. Except for the Igbo, most Nigerians understand why Obi couldn’t have won an election in which his party fractured into three on the eve of election in which ethnic and religious sentiments were placed in the front burner by major actors. 

    Igbo leaders have generally owned up to their control of commerce in the country. And since in commerce, profit is the driving force, cutting corners is a model. And this may include importation of substandard manufactured goods which has in recent years led to the collapse of our pharmaceutical, ceramics, automobile accessories, textile, batteries, electronics or their relocation outside the country. That this has become a threat to our survival as a nation underscore the need for us to ensure Igbo remains inside.

    The challenge before Tinubu is politics. It is not running abroad to seek foreign investors who at the end will be frustrated out of forced to relocate to Ghana by those who control commerce. And Tinubu’s job has been well cut out for him since we know what the Igbo want is a wholesale importation of everything even when they are given license to manufacture locally as was the case with a company that, according to Prof. Mojisola Adeyeye, the Director General of the National Agency for Food and Drug Administration and Control (NAFDAC), “has not manufactured one bar of the soap in Nigeria since the its registration in 2013”. Instead the banned soap ‘was imported seven times in 2021 alone and each consignment is not less than three containers with 4,500 cartons of the soap’.

    Instead of playing the ostrich, it is time to return to restructuring. Nnewi can become Dubai of Nigeria and destination for all those who want substandard imported goods including medicines. That will save those who control commerce the trouble of having to ask their customers for their preference between fake and original. With the pioneering work of Aminu Masari, Nasir el-Rufai and Abdullahi Ganduje, northwest naturally becomes the zone for animal husbandry. Of course the Middle Belt will remain the food basket of Nigeria. President Tinubu only needs a fraction of billions of naira frittered away under Buhari on fighting herdsmen sponsored and armed by those who hide under his government to serve other tendencies.

  • BREAKING: Tinubu rings closing bell of NASDAQ stock market

    BREAKING: Tinubu rings closing bell of NASDAQ stock market

    President Bola Tinubu on Wednesday rang the closing bell of the NASDAQ stock market.

    The US Chamber’s bell ringing ceremony with President Tinubu took place on the sidelines of the 78th session of the UN General Assembly.

    The U.S. Chamber of Commerce’s U.S.- Africa Business Center hosted Tinubu at the Nasdaq MarketSite in Times Square.

    He rang the bell around 4:00pm (New York time).

    Read ALso: UNGA: Tinubu’s speech reflects pan-African agenda – Olisa Agbakoba

    The bell ringing symbolises the significance of the economic ties between the United States and Nigeria.

    Ranked second on the list of stock exchanges by market capitalisation of shares traded, behind the New York Stock Exchange, the Nasdaq is the most active stock trading venue in the US by volume.

    The closing bell ceremony at the seven-storey tower of the Nasdaq headquarters in New York, signifies the end of a trading session.

  • TINUBUNOMICS:  The storm before the calm

    TINUBUNOMICS:  The storm before the calm

    • By Dr. M. Kay OLUWOLE

    Email:  babakay59@yahoo.com

    Simply put, we define Tinubunomics as the economic philosophy and policies enunciated by President Bola Ahmed Tinubu during his presidency of Nigeria. Tinubunomics covers areas like Trade, Foreign policy, labor/employment, monetary and fiscal policies that guide the administration for the next four years.   It is not yet fully and clearly defined, but from what we can glean from the effected policies and pronouncements, one can safely gauge the direction of the economic caravan: it is headed towards deregulation.

    President Bola Tinubu in his inaugural speech on May 29, announced two major consequential decisions on May 29, among other things.  The two decisions included the removal of the petrol subsidy and the plan to introduce a unified foreign exchange rate replacing the existing two windows (the investment and export, I&E, and the parallel exchange rates).  Both decisions had immediate impacts on the economy.  The price of petrol increased by three hundred percent and led to increase in the price of transportation and associated activities.  The petrol subsidy cost the government $10 billion last year.  That was the equivalent 2.1% of the GDP.  According to the Economist, the unified foreign exchange rate caused a devaluation in the value of the naira, up to 63% causing hardship for transactions that involve paying in foreign currency, including school fees abroad.

    There were speculations that something would happen to the fuel subsidy in the new Tinubu administration but only few suspected that it would be totally removed and even fewer people suspected that it would be removed as early as the first day of the Tinubu administration.

    The presidential inauguration speech customarily includes announcements of palatable news of intentions to follow-through with the promises made during the campaign to provide relief and hope to the electorate. Usually, presidential inaugurations are followed by a “honey moon” period during which supporters express goodwill and hope, while detractors may express criticisms of the newly inaugurated government. 

    Instead of President Tinubu using his inaugural speech to sell goodies and picking low-hanging fruits that will ingratiate him to the electorate, he announced the removal of the petrol (fuel) subsidy, a tough decision, giving the nation a much-needed medicine to wean it off the perennial fuel subsidy that had become a drainpipe on the economy but a conduit pipe of lucre for the well-connected and powerful elites.

    Barely did the president conclude his speech, before the effects of the removed subsidy were felt in the petrol stations and the consequent sky-rocketing of the prices of food, transportation and other daily necessities.  The effects were swift and harsh.  The government is responding by engaging the labor leaders, state governments and other stake holders of the economy to work out reasonable palliatives to cushion the impacts of the removal of the fuel subsidy.

     According to the government, the money saved by removal of the fuel subsidy will be used to fund some other national priorities like healthcare, education, infrastructure, and investment in other sectors of the economy.

     The combined effects of the two policies, the removal of the petrol subsidy and the attempt to unify the foreign exchange rates have caused some hardship for most Nigerians.  These hardships must have been anticipated in advance given that the price of petrol affects most things and given that the Nigerian economy is heavily import-dependent.

    Given our long history of macroeconomic profligacies and the fiscal incontinence of the free-wheeling past years, the president has chosen a realistic but painful approach to the management of the economy.  One hopes that the two policies are implemented as best as possible.  Many economists in the country support the policies, as painful as they may be in the short-run.  The administration should stay with the policies as it continues to implement ways and means to cushion the unpalatable effects.  On the long-run, the country will be better off as we reap the benefits of the reforms.

    Following the two decisions, the president also announced the formation of the Presidential Committee on Fiscal Policy and Tax reform to look into the best ways to improve the national taxation system including the vexing issue of double taxation.  One hopes that the committee would address issues like tax avoidance, tax evasion, over taxation, under taxation, tax loopholes, etc. A transparent fiscal policy will enhance the ease of doing business and ensure a fair and equitable distribution of the tax burden that will attract foreign investment.  One of the aims of an impactful tax policy should include a reasonable progressive tax policy that will encourage the reduction of inequality.

    Concessionary tax rates, like tax cuts, tax holidays to foreign investors in some industries will also encourage foreign investments.

    Read Also: Tinubu, world leaders commit to pandemic prevention, preparedness

    Regarding monetary policy, a unified foreign exchange rate will enhance foreign investment as it eases the repatriation of profits and earning of foreign investors.

    With the president’s searchlight into the operations of the Central Bank of Nigeria, it appears that the bank would be better-positioned to achieve its traditional roles of a better management of the monetary policies, inflation and employment.

    Within the first hundred days of the administration, President Tinubu has demonstrated courage and conviction by taking hard decisions with the hope that his reforms would bear fruits in due course. His constant refrain to the economy indicates it is very dear to his heart and he is doing everything possible to improve it. A growing economy will enable him fulfil his electoral promises. He should continue to go big on the economic reforms with the focus of a laser beam. A scatter-shot approach or reversal of policies for political pressure will not achieve the desired results.

    A growing economy has been compared to a “rising tide that lifts all boats” since everyone benefits from an expanding economy.

    The palliatives provided by the Federal and state governments are a welcome relief, but not a panacea.  The ultimate solution will be a growing economy that works for everyone.

    President Tinubu has hinted on some judicial reforms that will include review of the salaries of judges in an effort reduce the temptation of bribery and corruption. Hopefully, this proposed review of emoluments in the judiciary will include the modernization of the judiciary and updates in the use of technology and faster ways to improve the administration of justice.  Such judicial reforms should go a long way to reduce the incidents of unpunished crimes and scandalous acquittals.

    The country needs plenty of foreign investment to improve employment.  Major areas that will attract foreign investments include improved security, anticorruption, equitable taxation, flexible labor laws, enforcement of the laws of ownership and laws of contract. 

    The current turmoil in the economy and hardship should be seen as transitory in that would soon calm down as the reforms begin to bear fruits. Hopefully, the long-term effect of the reforms will make life more comfortable and improve the standard of living of the populace.

    The Tinubu administration should keep marketing Nigeria to investors, both local and foreign by resolving issues of repatriation of earnings and profits, improvement in security, enforceable contract laws, ownership laws and reasonable labor laws.  Economic diplomacy is increasingly becoming more important in the face of creeping global multi-polarization. As we maintain our non-aligned status in international affairs our economy should have no restrictions but welcome all nations who can help our economic development. 

    Further focus on the economy is enhanced by the equipment of the ministers with the administration’s 8-point template for rapid economic development. With the reforms focused on the fiscal and monetary policies, the judiciary, the other main area that needs urgent improvement include improved security which is foundational to most activities. Improved security will enable the free flow of daily commercial activities.

  • Tinubu, world leaders commit to pandemic prevention, preparedness

    Tinubu, world leaders commit to pandemic prevention, preparedness

    World leaders have committed to strengthen international cooperation, coordination and investment needed to prevent a repeat of the devastating health and socio-economic impact caused by COVID-19. 

    It was agreed that a resilient and strong health care system is important to make the world better prepared for future pandemics, and get back on track to achieving the Sustainable Development Goals.

    They spoke at UN High-Level Meeting on Pandemic Prevention, Preparedness and Response (PPPR) meeting at the 78th session of the United Nations General Assembly (UNGA 78) in New York, Wednesday.

    Health Ministers of various countries agreed to put health for all on the highest agenda and apply lessons learned from the COVID-19 pandemic.

    In their separate remarks, they unanimously promised to further mobilize political momentum, including through the integration of a multisectoral approach towards pandemic prevention, preparedness and response, given the multifaceted consequences of pandemics.

    The session has in attendance World leaders, health ministers of various countries, Ms. Amina J. Mohammed, Deputy Secretary-General of the United Nations; Ms. Helen Clark, Former Co-Chair of the Independent Panel for Pandemic Preparedness and Response; Mr. Axel van Trotsenburg, Senior Managing Director, World Bank. 

    Nigeria’s coordinating Minister of Health and Social Welfare, Ali Pate; Assistant Director General at the World Health Organization (WHO) Pandemic & Epidemic Intelligence, Dr. Chikwe Ihekweazu; MWIA President, Dr. Eleanor Nwadinobi (Nigeria) were also in attendance. 

    President of the 78th session of the General Assembly, Dennis Francis in his remarks said: “We cannot blindly assume that this is the last pandemic; there will be others, just as there have been successive ones in the past.

    “We owe it to ourselves – and importantly to future generations for whom we hold this planet in trust – to make sure that we are ready for what is to come.

    “We also owe it to those most vulnerable in our communities, who regrettably unfairly bore the heaviest brunt of COVID-19. We must approach everything we do in that spirit.

    Read Also: UNGA: Tinubu’s speech reflects pan-African agenda – Olisa Agbakoba

    “This meeting and the political declaration to be approved by Member States are important steps in that regard.

    “The Declaration before you should go a long way to demonstrate continued commitment by the international community to do better in the face of other future pandemics – that is, better prevention, preparedness, and response.”

    WHO Director-General, Tedros Adhanom Ghebreyesus noted that the political declaration approved called for further strengthening of the global health emergency architecture to better protect the world from a repeat of COVID-19.

    He said: “I welcome this commitment by world leaders to provide the political support and direction needed so that WHO, governments and all involved can protect people’s health and take concrete steps towards investing in local capacities, ensuring equity and supporting the global emergency health architecture that the world needs.”

  • US Court orders Chicago State University to release Tinubu’s academic records

    US Court orders Chicago State University to release Tinubu’s academic records

    Judge Jeffrey Gilbert of the U.S District Court, Northern District of Illinois, has ordered the Chicago State University to release the academic records of President Bola Tinubu, according to a request made by the presidential candidate of the Peoples Democratic Party, Atiku Abubakar.

    Judge Gilbert, a US magistrate judge, gave the ruling on Tuesday, ordering Chicago state university to produce “all relevant and non-privileged documents” to Abubakar Atiku, the plaintiff, within two days.

    The ruling acknowledged Tinubu’s lawyers’ argument against lifting their client’s privacy privilege and clarified that only “non-privileged documents” should be produced.

    Read Also: Chicago State University releases Tinubu’s academic records

    “This matter is before the Court on Atiku Abubakar’s Application Pursuant to 28 U.S.C. § 1782 for an Order Directing Discovery from Chicago State University for Use in a Foreign Proceeding (“Application”) [ECF No. 1]. For the reasons discussed below, the Application is granted,” Gilbert  said.

    Atiku had initiated the legal action seeking an order to compel the university to release Tinubu’s academic records.

    The Nation reports that Atiku on Tuesday filed a 35 grounds charge in which he faulted the tribunal’s ruling on electronic transmission of results, Federal Capital Territory votes, and other key planks.

    Peter Obi, on the other hand, faulted the September 6 judgment on 51 grounds.

    The two candidates in separate appeals asked the apex court to set aside the PEPT ruling and nullify Tinubu’s election, describing the verdict as erroneous.

  • SWAGA: Tinubu inherited poor economy

    SWAGA: Tinubu inherited poor economy

    • President should write biography on his political style, says AbdulRazaq

    The South West Agenda for Asiwaju (SWAGA) has said President Bola Ahmed Tinubu’s administration inherited an abysmal economy.

    Its National Chairman, Prince Dayo Adeyeye, said this in Ilorin, the Kwara State capital, while launching a palliative programme for the state.

    The programme was sponsored by Northcentral for Asiwaju in alliance with South West Agenda for Asiwaju (SWAGA).

    Adeyeye said: “Things were really very bad, I must confess to you. But he is not a man given to excuses. The first step he took on the day of his inauguration as the President will go down in history as a courageous one by a born leader.

    “If he had not announced subsidy removal on fuel, from available information to us, by now, Nigeria’s economy would have grounded to a halt. The implication was that after four months of his inauguration, it would have been impossible to import fuel.

    “A visionary leader takes creative decisions. We know that after very much pain, there will be gain. In a matter of months, there will a turnaround for the better.”

    Kwara State Governor AbdulRaman AbdulRazaq expressed confidence that President Tinubu would turn around the economy in the next four years.

    AbdulRazaq, who doubles as the Chairman of the Nigerian Governors Forum (NGF), urged fellow Nigerians to pray for the President to succeed in his determination to make life better for all cisitzens.

    Represented by Deputy Governor Kayode Alabi, the governor prayed that “by the grace of God, in the next eight years, Asiwaju Tinubu would have turned around the economy of the country, but we need to support him with prayers”.

    Read Also: Tinubu at UNGA: Nigeria welcomes true partnership

    AbdulRazaq added: “He cannot do it alone. I know he is a good administrator and a team player. In politics, some people will smile and laugh with you, but behind, they will plot your downfall.

    “There is time for everybody. This is Tinubu’s time. That is why the enemies could not bring him down. They tried the change the naira, caused fuel scarcity and did every gang-up but could not bring him down.

    “I have never seen a politician like President Bola Tinubu. Any day I meet him one on one, I will tell him to write a book about his political journey so that future politicians will draw a lesson from his experience. 

    “He is a man that moved from the private sector into politics.

    “Against all odds, Tinubu fought a sitting government to a standstill. It is very difficult to fight a sitting government anywhere in the world. A president can turn the richest man in the world to a poor man under three months. 

    “All the apparatchik of government fought against Asiwaju Tinubu not to get the ticket (of his party) and rose against him, but he still won. You know why? His heart is richer than his pocket. Tinubu has uplifted a lot of people. That is why I am not surprised he is the Nigerian President today.”

    Corroborating Adeyeye’s position, SWAGA Convener Oyetunde Ojo said President Tinubu met a bastardised economy. 

    Ojo urged Nigerians to exercise patience with the government.

    He added: “It was an economy that was bastardised for many years. 

    “We are talking about an economy in comatose for almost 40 years. The most important thing is to get the person that will fix the bastardised economy well. China, the United Kingdom, and Germany had been in this situation. When they got the right person at the right time, they overcame the unsavory situation.”

  • Tinubu at UNGA: Nigeria welcomes true partnership

    Tinubu at UNGA: Nigeria welcomes true partnership

    • President addresses world leaders

    President Bola Ahmed Tinubu took the  stage this morning (yesterday afternoon in New York) when he gave Nigeria’s statement to world leaders at the ongoing 78th United Nations General Assembly (UNGA) in New York, United States.

    It was his maiden speech at that level.

    The President, who spoke on the first day of the Assembly, signposted the readiness of Nigeria and other African nations to welcome genuine foreign partners.

    The Nigerian leader was the 12th head of state to address the gathering. The first to speak was  UNGA President /Permanent Representative to the United Nations, Dennis Francis;  United Nations Secretary General Antonio Gutteres, Brazilian President Inacio Lula, and others. They all denounced the situation in which Africa had become a honey pot for some foreigners.

    Demanding an end to the pillage of Africa’s resources by firms and people of stronger economic nations, the President said that it was imperative for  the will of Africans to be respected.

    Tinubu said:   ”The question is not whether Nigeria is open for business. The question is how much of the world is truly open to doing business with Nigeria and Africa in an equal, mutually beneficial manner.

    “Direct investment in critical industries, opening their ports to a wider range and larger quantity of African exports and meaningful debt relief are important aspects of the cooperation we seek.”

    The general debate, which opened at the UN headquarters provides an opportunity for Heads of State and Government to express their views on major international issues.

     President of the session, Ambassador Francis, presided over the opening of the debate.

    Tinubu, Chairman of Authorities of Heads of States of Economic Community of West African States (ECOWAS), spoke on behalf of Nigeria and Africa.

    He addressed the event’s theme: “Rebuilding trust and reigniting global solidarity: Accelerating action on the 2030 Agenda and its Sustainable Development Goals towards peace, prosperity, progress and sustainability for all.”

    The President expressed confidence that with fair international cooperation, African nations would make meaningful economic progress and achieve the 2030 agenda and Sustainable Development Goals (SDGs).

    He also affirmed democratic governance “as the best guarantor of the sovereign will and well-being of the people. Military coups are wrong, as is any tilted civilian political arrangement that perpetuates injustice.

    “The wave crossing parts of Africa does not demonstrate favour towards coups. It is a demand for solutions to perennial problems.

    “Regarding Niger, we are negotiating with the military leaders. As Chairman of ECOWAS, I seek to help re-establish democratic governance in a manner that addresses the political and economic challenges confronting that nation, including the violent extremists who seek to foment instability in our region. I extend a hand of friendship to all who genuinely support this mission.”

     Pledging to create jobs and “belief in a better future” for Nigerians, Tinubu stressed that Nigeria must lead by example to fulfil its duty to Nigerians and other Africans.

    He highlighted five “important points,” including a call for debt relief, investment in critical industries and access to African exports.

     The president also condemned coups and bad governance in Africa and criticised foreign nationals and firms for looting Africa’s resources.

    He boldly told the gathering that Africa was not a problem, but a key to the world’s future.

    Tinubu also explained why he removed “corrupt “ petrol subsidy and the “noxious” currency exchange system. He said that the two actions have boosted investors’ confidence and paved the way for Nigeria’s economic growth.

     He noted that many proclamations have been made at UNGA 2023, yet many parts of Africa have troubles at hand.

    His words: “Failures in good governance have hindered Africa. But broken promises, unfair treatment and outright exploitation from abroad have also exacted a heavy toll on our ability to progress.

    “Given this long history, if this year’s theme is to mean anything at all, it must mean something special and particular to Africa.”

     The President noted that following the Second World War and nations’ attempts to rebuild their societies,  the UN was formed as a symbol and protector of humanity’s aspirations and ideals. 

    The aftermath of the war, according to him, also led to the Marshall Plan, an American initiative enacted in 1948,  to provide foreign aid to Western Europe.

    Tinubu therefore sought similar assistance for Africa.

    He said: “Nations saw that it was in their own interests to help others exit the rubble and wasteland of war. Reliable and significant assistance allowed countries emaciated by war to grow into strong and productive societies.

    Read Also: FULL TEXT: President Tinubu addresses world leaders at #UNGA78

    “The period was a high water mark for trust in global institutions and the belief that humanity had learned the necessary lessons to move forward in global solidarity and harmony.

    “Today and for several decades, Africa has been asking for the same level of political commitment and devotion of resources that described the Marshall Plan.

    “We realise that underlying conditions and causes of the economic challenges facing today’s Africa are significantly different from those of post-war Europe.

    “We are not asking for identical programmes and actions. What we seek is an equally firm commitment to partnership. We seek enhanced international cooperation with African nations to achieve the 2030 Agenda and Sustainable Development Goals.”

    Expatiating his five points, the President said: “First, if this year’s theme is to have any impact at all, global institutions, other nations and their private sector actors must see African development as a priority, not just for Africa but in their interests as well.

    “Due to both longstanding internal and external factors, Nigeria’s and Africa’s economic structures have been skewed to impede development, industrial expansion, job creation, and the equitable distribution of wealth.

    “If Nigeria is to fulfil its duty to its people and the rest of Africa, we must create jobs and the belief in a better future for our people. We must also lead by example.”

    He urged Nigerians to be patient with his domestic policies, noting that to foster economic growth and investor- confidence, he “removed the costly and corrupt fuel subsidy while also discarding a noxious exchange rate system in my first days in office.”

    Tinubu announced also that other growth and job-oriented reforms were in the wings.

    “I am mindful of the transient hardship that reform can cause. However, it is necessary to go through this phase in order to establish a foundation for durable growth and investment to build the economy our people deserve,” said the President.

    Noting that Africa, including Nigeria, is resource-rich but plagued by foreign and local criminals, he suggested ways to secure its riches.

    Tinubu said: “The important aspect of global trust and solidarity is to secure the continent’s mineral-rich areas from pilfering and conflict. Many such areas have become catacombs of misery and exploitation.

    “The Democratic Republic of the Congo has suffered this for decades, despite the strong UN presence there. The world economy owes the DRC much but gives her very little.

    “The mayhem visited on resource-rich areas does not respect national boundaries. Sudan, Mali, Burkina Faso, CAR, the list grows.

    “The problems also knock on Nigeria’s door. Foreign entities abetted by local criminals who aspire to be petty warlords have drafted thousands of people into servitude to illegally mine gold and other resources. Billions of dollars meant to improve the nation now fuel violent enterprises. If left unchecked, they will threaten peace and place national security at grave risk.

    “Given the extent of this injustice and the high stakes involved, many Africans are asking whether this phenomenon is by accident or by design.

    “Member nations must reply by working with us to deter their firms and nationals from this 21st-century pillage of the continent’s riches.”

     The  President also cited the growing problem of climate change in Nigeria and the continent but asked for an Afrocentric solution.

    He said: “Climate change severely impacts Nigeria and Africa. Northern Nigeria is hounded by desert encroachment on once-arable land. Our south is pounded by the rising tide of coastal flooding and erosion. In the middle, the rainy season brings floods that kill and displace multitudes.

    “As I lament deaths at home, I also lament the grave loss of life in Morocco and Libya. The Nigerian people are with you.

    “African nations will fight climate change but must do so on our own terms. To achieve the needed popular consensus, this campaign must accord with overall economic efforts.

    “In Nigeria, we shall build political consensus by highlighting remedial actions which also promote economic good. Projects such as a Green Wall to stop desert encroachment, halting the destruction of our forests by mass production and distribution of gas-burning stoves, and providing employment in local water management and irrigation projects are examples of efforts that equally advance both economic and climate change objectives.

    “Continental efforts regarding climate change will register important victories if established economies were more forthcoming with public and private sector investment for Africa’s preferred initiatives.

    “Again, this would go far in demonstrating that global solidarity is real and working.”

    The President emphasised that Nigeria’s objectives accord with the UN’s guiding principles: peace, security, human rights and development.

    He added: “In fundamental ways, nature has been kind to Africa, giving abundant land, resources and creative and industrious people. Yet, man has too often been unkind to his fellow man and this sad tendency has brought sustained hardship to Africa’s doorstep.

    “To keep faith with the tenets of this world body and the theme of this year’s Assembly, the poverty of nations must end. The pillage of one nation’s resources by the overreach of firms and people of stronger nations must end. The will of the people must be respected. This beautiful, generous and forgiving planet must be protected.

    “As for Africa, we seek to be neither appendage nor patron. We do not wish to replace old shackles with new ones.

    “Instead, we hope to walk the rich African soil and live under the magnificent African sky free of the wrongs of the past and clear of their associated encumbrances. We desire a prosperous, vibrant democratic living space for our people.

    “To the rest of the world, I say walk with us as true friends and partners. Africa is not a problem to be avoided nor is it to be pitied. Africa is nothing less than the key to the world’s future.”

  • How Africa can achieve prosperity, by Tinubu

    How Africa can achieve prosperity, by Tinubu

    • President pledges Nigeria’s support for AU, OIC

    President Bola Tinubu has sounded the need for Africa to focus on building peace and stability, saying this will be the continent’s path to growth and prosperity.

    He also called on the African Union (AU) to move beyond some elements among member-states, whose vision of the continent he described as narrow and evil, explaining why his leadership will avoid confrontations at the moment.

    President Tinubu, who is also the chairman of the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS), expressed the opinion during a bilateral discussion with the President of the Union of Comoros and Chairperson of the AU, President Azali Assoumani, on the sidelines of the United Nations General Assembly (UNGA) in New York.

    He explained that Africa needs stability across board to take advantage of the development and opportunities to prosper presented to it by current global developments, declaring that this is the continent’s era.

    According to a statement issued by his Special Adviser on Media and Publicity, Ajuri Ngelale, President Tinubu also asserted that the AU is strategically positioned to secure consensus positions for the continent on economic and socio-political relations with the world, particularly with Nigeria’s backing.

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    Assoumani noted that the African Union seeks to complement Nigeria’s effort in securing peace and prosperity in Africa, rather than competing with it.

    He said it’s the responsibility of the African leaders to confront those wrestling for power on the continent.

    “We have told China and Russia that they have a responsibility to ensure that there is stability in these countries, as there will be no developmental partnership where there is a lack of stability in countries being impacted by coupists. We appreciate your stand on these matters,” the AU Chairperson said.

    As President of the Union of Comoros, the AU Chairperson said Comoros seeks to learn from Nigeria’s experience concerning the steady improvement in diversity management, electoral officiating and economic growth over many years.

    “We want to turn our country into an emerging economy and we need the experience of Nigeria as we seek your cooperation to conduct an election that will win us the respect of the international community and allow us to develop at the right speed and quality,” the Comoros President emphasised.

    President Tinubu also welcomed the Secretary-General of the Organisation of Islamic Cooperation (OIC), Hissein Brahim Taha and reiterated that the Islamic world has a strategic role to play in the sustenance of peace and development in Africa and across the globe.

    The leader of the 57-nation body of cooperation praised the Nigerian President for his active effort in bringing African states to a place of common understanding.

  • Tinubu seeks local solutions to economic growth, joblessness

    Tinubu seeks local solutions to economic growth, joblessness

    • President offers incentives to willing investors
    • Elumelu praised for $100m start-ups seed fund

    President Bola Tinubu has challenged African political and business leaders to look inwards towards economic and youth unemployment issues.

    He made the call yesterday at the Tony Elumelu Foundation (TEF), United Nations Development Fund (UNDP) and United Nations Children’s Emergency Fund (UNICEF) Generation Unlimited (GENU) Breakfast Roundtable meeting, a side event at the ongoing United Nations General Assembly (UNGA) in New York.

    The President, who was represented by the Minister for Trade and Industry, Doris Uzoka-Anite, decried the over-reliance by Africans on foreign donors, calling for an end to that mindset.

    “I don’t think we are doing enough as Africans for Africa. We need to do a lot more. Tony Elumelu has been the major person driving investments in supporting the youths and start-ups.

    “We need to challenge ourselves a bit more. Africa has some of the richest people on the planet. We have a resource-rich continent with huge population of young people.

    “We need to take up the challenge upon ourselves as Africans to support one another. It is about time we stopped looking for international organisations for donor funding. We need to go out of that mentality.

    “We will rather have donor funds coming in to support what we have on ground already and not them coming to give us a seed or showing us the way. We actually know how to do things. In Africa, we have a rich culture and if we go back to our tradition, there is a whole lot we can learn from each other.”

    Continuing, the president noted that Micro, Small and Medium Enterprises (MSMEs) were the engines of Nigerian and African economic growth, adding that they contributed almost half of national GDP, and more than 80% percent of employment.

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    In his welcome remarks titled, “The TEF Entrepreneurship Programme: A Decade of Impact,” Elumelu said it highlighted the significant contribution of the TEF’s flagship 100 million dollars Entrepreneurship Programme in advancing Africa’s socio-economic growth.

    He and his wife, according to Elumelu, took a bold step 13 years ago, to rewrite and change Africa by enhancing entrepreneurship development to galvanise African solutions.

    “Seed capital, training, mentoring and networking. We have lit a beacon, and we need the beacon to shine brighter and better. To do this, we need the support and collaboration of everyone.

    “One hundred million dollars is a drop of water in the ocean compared to what we need in Africa.

    “Young Africans need economic support. We’ve seen the devastating effect of climate change, how our young ones due to hopelessness are migrating and living in difficult situations. We want to put a stop to that,” he said.

    To achieve that, Elumelu called for collaboration to prioritise young Africans, bring more women to economic activities and alleviate poverty.

    Also, Lagos Governor Babajide Sanwo-Olu said TEF’s work aligns with the state programmes on economic empowerment and poverty reduction.

    Sanwo-Olu said collaborative efforts must be evolved to enhance the scale of Impact to deepen inclusion, equity and fairness.

    Regional Director for Africa, UNDP, Ahunna Eziakonwa, said the group partnered TEF due to shared belief in galvanising development across Africa and globally.

    Eziakonwa noted that Africans wealth was its population which constitutes 70 per cent of young, vibrant and innovative people.

    TEF’s Chief Executive Officer (CEO), Somachi Chris-Asoluka, said the foundation had funded 18,000 entrepreneurs, disbursing over a 100 million dollars directly as seed capital to these entrepreneurs and they have gone on to create over 400 thousand jobs across all African countries.