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The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has said that it is impossible to fight Corruption in Nigeria with kid gloves.
He stated this when the Chairman of the Code of Conduct Bureau, Dr. Abdullahi Usman Bello, paid him a courtesy visit at the Commission’s headquarters, Jabi, on Tuesday.
According to a statement issued by the Commission’s Head of Media and Publicity, Dele Oyewale, the EFCC boss resolved to work with the CCB in the fight against corruption, economic and financial crimes, stressing that every effort must be made by stakeholders to build strength against corruption.
Olukoyede, while stating that both agencies have related mandates, added that there is a need for them to strengthen their existing collaboration.
He said, “I don’t see it as a courtesy visit, I see it more for the need for us to strengthen our existing collaboration. It is important for all of us to note that the two agencies are mandate -aligned, we are set up to fight corruption and financial crimes in the land.
“One of the things that we have been talking about with respect to the functions of CCB is the ability to be able to do investigation and to really ensure that investigations and prosecution are pursued very rigorously.
“You don’t fight corruption with kid gloves in Nigeria, it will never work. You don’t plead with people. You don’t beg people; everybody knows that corruption is bad.
“Fighting corruption is what nobody wants to do but somebody has to do it. All of us desire to see a better Nigeria, but a better Nigeria will not just drop from the sky, we have to work for it.
“Foreigners will not come and do it for us, we have to deal with it by ourselves and we have what it takes to deal with it.”
2027: Tinubu Using Wike To Destroy Opposition Parties, Push Toward Dictatorship – Atiku’s Aide
AFOLABI
Paul Ibe, spokesperson for the 2023 presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has accused President Bola Tinubu of attempting to establish a dictatorship by undermining and dismantling opposition parties.
Ibe alleged that Tinubu’s goal is to create a one-party state in 2027 by eliminating the opposition parties, including the PDP, Labour Party (LP), and the New Nigeria Peoples Party (NNPP), while ignoring the widespread suffering of Nigerians.
He described this as part of a broader strategy to maintain political control in the coming years.
In an interview with News Central TV, Ibe also responded to criticisms of Atiku, rejecting the notion that the former Vice President’s ambition is driven by selfishness.
He emphasized that Atiku’s actions are motivated by patriotism and his dedication to Nigeria’s development.
Ibe acknowledged that, like any political party, the PDP has its issues but emphasized that Tinubu’s administration is actively undermining the opposition rather than focusing on effective governance.
Ibe said: “Atiku is not selfish by choosing to run, it’s patriotism.
“Atiku was never selfish, he presented himself for an election, he won PDP’s primary and it was expected that every member of the party including Wike, who is now the man-Friday of APC administration is now being used to destroy the very fabric of the PDP and other opposition party, that’s selfishness, Atiku was never selfish, he was patriotic and committed to the development of Nigeria.
“What we should be focused on now is that Nigerians are suffering, we need to have a country first before talking about aspirations and ambitions.
“It’s insensitive to be talking about 2027 but that’s what Tinubu is doing. Instead of governing, all his calculations are towards how to suppend the opposition parties and destroy the PDP, destroy Labour Party, destroy NNPP, and pave a way for dictatorship and a one party State; that’s what they are focused on, reason they continue to fumble and stumble in the act of governance.
“The PDP like any other party including the APC have their problems, and like I told you, the strategy of Tinubu’s administration is to undermine and destroy the opposition parties.”
Canada on Wednesday ordered Chinese-owned TikTok’s business in the country to be dissolved, citing national security risks.
ByteDance is TikTok’s Chinese parent company.
The Canadian government however added that it was not blocking Canadians’ access to the short-video app or their ability to create content.
“The government is taking action to address the specific national security risks related to ByteDance Ltd’s operations in Canada through the establishment of TikTok Technology Canada Inc,” Innovation Minister Francois-Philippe Champagne said in a statement.
Ottawa last year began reviewing TikTok’s plan to invest and expand its business in Canada.
Under Canadian law, the government can assess potential risks to national security from foreign investments, such as the TikTok proposal.
The law prevents the government from revealing the details of such investments.
“The decision was based on the information and evidence collected over the course of the review and on the advice of
Canada’s security and intelligence community and other government partners,” Champagne added.
TikTok said it would challenge the order in court.
“Shutting down TikTok’s Canadian offices and destroying hundreds of well-paying local jobs is not in anyone’s best interest, and today’s shutdown order will do just that,” a TikTok spokesperson said in a statement.
Canada has banned the TikTok app from government-issued devices, saying it presents an unacceptable level of risk to privacy and security.
TikTok and ByteDance sued the United States federal court in May, seeking to block a law signed by President Joe Biden on April 24 which gave ByteDance until January 19 to sell TikTok or face a ban.
The White House said it wanted to see end Chinese-based ownership in the state, citing national security, explaining that the ban was not on TikTok.
Nigerian activist, Martins Vincent Otse, widely known as Verydarkman, recently called out Apostle Johnson Suleman, the founder of Omega Fire Ministry.
Apostle Suleman predicted in a previous video that a woman would become the next President of the United States. After announcing the election results, Verydarkman, or VDM, responded to the prophecy in a video.
VDM criticized the prediction, suggesting that such a “false prophecy” should result in 30 years of jail time.
In his critique, he sarcastically referred to Apostle Suleman as a carpenter. He also humorously asked if the Apostle was Italian footballer Mario Balotelli.
VDM went on to assert that the internet is increasingly exposing false prophets, and he believes that future generations will gain a clearer understanding of these figures.
He argued that true miracles come solely from God, dismissing any claims of supernatural acts spearheaded by clergymen.
In his closing remarks, VDM laughed about the failed election predictions, expressing satisfaction that the outcome surprised those who had a lot of confidence.
Watch the video below:
Media
Power distribution companies in Nigeria have announced an increase in the price for various electricity meter models, marking the second price hike in four months.
Power consumers kicked against the development, describing it as “wicked”, considering the economic hardship nationwide currently.
According to the Discos, the cost of a single-phase meter has risen from approximately N117,000 to as much as N149,800.
This amount indicates an increase of 28.03 per cent or N32,800, depending on the distribution company and meter vendor.
The new prices posted on the official X handle of the Discos on Wednesday were scheduled to take effect on Tuesday, November 5, 2024.
It also reflects the deregulation of meter asset providers as directed by the Nigerian Electricity Regulatory Commission.
This upward revision follows an earlier increase in August 2024, further amplifying concerns among electricity consumers about affordability and accessibility.
An analysis of the documents revealed that meter prices vary across Discos, influenced by vendors and meter models (single-phase and three-phase).
Eko Disco pegged the price of its single-phase meter between N135,987.5 and N161,035, while a three-phase meter was pegged between N226,600 and N266,600.
Ibadan Disco said customers will pay between N130,998 and N142,548 for a single-phase meter and N226,556.25–NN232,008 for a three-phase-meter.
Customers under Abuja Disco will pay N123,130.53 – NN147,812.5 for single-phase meters and N206,345.65 – NN236,500 for three-phase meters.
Kano Electricity Distribution said its customers will pay N127,925–N129,999 for a single-phase meter and N223,793–NN235,425 for a three-phase meter.
Lastly, Kaduna Disco said N131,150 — N142,548.94 would be paid for single-phase meters and N220,375 — N232,008.04 for three-phase meters.
In April, the Nigerian Electricity Regulatory Commission introduced a significant policy shift by announcing the deregulation of meter prices under the Meter Asset Provider scheme for end-user customers.
The move was to address lingering issues surrounding meter supply and pricing transparency within the electricity sector.
According to NERC’s order, meter prices under the MAP scheme will now be determined through competitive bidding rather than being centralised.
This shift is expected to foster greater competition among meter providers, ultimately improving cost efficiency and service delivery for end users.
Additionally, the deregulation removes earlier operational restrictions, allowing MAP permit holders to provide metering services across all electricity distribution companies in Nigeria.
However, MAPs must meet specific regulatory requirements to ensure compliance and maintain quality standards in service delivery.
Previously, NERC regulated meter prices, which were often subsidised across all DisCos to reduce costs for customers. While this model aimed to make metering affordable, it inadvertently stifled competition and limited transparency in the supply chain.
As a result, Discos and customers were unable to negotiate or explore better deals from meter vendors, contributing to inefficiencies in the system.
FCCPC warns DisCos against metering abuses
With deregulation now in place, NERC anticipates a more dynamic metering ecosystem where customers and Discos can benefit from competitive pricing, improved service quality, and greater accountability among meter providers.
Meters are sold directly by the meter asset providers but the application will be done through Discos’ portals.
Some of the meter vendors are Mojec Asset Management Company, Wellsun Intelligent Technology, Gosslink Engineering, Turbo Energy Ltd, MBH Power, CIG Metering Assets, among others.
The meter asset providers had protested that the price approved by NERC was below the landing or production cost of the meters.
For days, meter application portals of the Discos were shut as the vendors refused to supply the product at a rate below its cost.
The Chief Executive Officer of Fermadec Group, Fola Akinola, had told one of our correspondents in April that the Discos shut down their meter application portals because the manufacturers and the Discos were regularising the prices of meters to reflect the current economic realities.
Akinola noted that the meter prices then were no longer sustainable, considering the exchange rate.
He said the NERC needed to stop fixing the prices of prepaid meters because the exchange rate was not stable.
“Before, the price used to be fixed, but now, each seller is going to give his or her price, depending on the type of meter,” he said.
After weeks of negotiation, the regulator approved an increase in meter prices to reflect the current reality in the foreign exchange market.
While announcing the new prices in May, the Discos disclosed that a customer would have his meter installed within 10 working days. However, reports from customers indicated that some of the vendors are not abiding by the rules.
It was also said the prices would be reviewed monthly after a competitive bid process by the vendors.
Consumers kick
The Executive Director of the Electricity Consumers Protection and Advocacy Centre, Princewill Okorie, rejected the new meter prices, saying there are no justifications for it.
He emphasised that the Discos were given N59bn from the N200bn earmarked for the National Mass Metering Programme in 2020, saying they only paid back N7bn.
“What do you want me to say? They keep increasing the meter price, why are they wicked? N200bn was earmarked for the NMMP that was to be implemented in three phases. Only the pilot phase of N59bn was implemented. And what the 11 Discos could pay back was only N7bn. What did they use the rest of the money for?
“Since after that N59bn, what has happened to the rest of the money when you removed N59bn from N200bn? Are they not the same people who are paying for this meter that are paying for the shortfall as part of their electricity bills? The regulator increased the tariff, saying they wanted the Discos to get money to pay back the loan. Who are the people that got the meters?
“Let them stop taking Nigerians as fools. The meter acquisition fund, what did they use it for? So, it’s not justified at all. I don’t know why they want to keep inflicting punishment on Nigerian consumers. Let them account for the N200bn for the national mass metering programme,” he said.
Okorie argued that “in other countries, how much is a meter? What is the price of a one-phase meter or three-phase compared to what they are asking Nigerians to pay?”
When told that the exchange rate was blamed for the meter price hike, he replied, “The N200bn, where is it? Is it the exchange rate that made the Discos not pay back the N59bn loan? Between 2020 and 2024, they were only able to pay N7bn. Why are consumers paying for meters when there is a meter acquisition fund?
On Thursday, Doyin Okupe, a former presidential spokesman, suggested how to unseat President Bola Tinubu in 2027.
Okupe said a combination of former presidential candidates from the Peoples Democratic Party, PDP, Atiku Abubakar and that of Labour Party, LP, Peter Obi, would unseat Tinubu in 2027.
He said it’s game over should former President Goodluck Jonathan joins the race in 2027.
Posting on X, Okupe charged business mogul, Aliko Dangote should emulate Elon Musk and back Atiku.
He wrote: “Many Nigerian pseudo politicians lack deep thinking. Atiku/Obi will unseat Tinubu. Assumes Yorubas are stupid.
“Bring GEJ in 2027. Game over assumes the North is self-destructive.
“Dangote should be like Elon Musk & back Atiku. Assumes Dangote is suicidal. Where is God in all this.”
The presidency has stated the reason why President Bola Tinubu launched the Presidential CNG Initiative.
According to the Presidency, the reason is to provide a cheaper and cleaner energy source for Nigerians following the removal of fuel subsidy.
It said President Tinubu introduced CNG as a response to the high cost of petrol and the attendant rise in the cost of transportation.
This was disclosed in a statement on Wednesday titled, “Status Update on the Presidential CNG Initiative by the Project Director/CEO, Presidential CNG Initiative (PCNGI), Michael Oluwagbemi.
He added that since its launch, over 100,000 vehicles had been converted from petrol to CNG/bi-fuel.
Oluwagbemi also urged Nigerians to embrace the CNG initiative and disregard attempts to discredit the scheme, adding that with CNG, Nigerians can save up to 60% of the amount spent on petrol.
According to him, thousands of new jobs and economic opportunities were also opening up along the line and value chain of the CNG initiative introduced by President Tinubu.
He stated, “As a response to the high cost of petrol and the attendant rise in the cost of transportation, following the removal of fuel subsidy, President Bola Tinubu launched the Presidential CNG Initiative to provide a cheaper and cleaner energy source for Nigerians.
“Since the launch of this ground-breaking initiative, the response has been positive as Nigerians are embracing and converting their petrol-powered vehicles to CNG-enabled vehicles – with over 60 per cent reduction in the amount of money they spend on fuel.
“To date, over 100,000 vehicles have been converted from petrol to CNG/bi-fuel-powered, and more conversion centres are being established across the country.
“In addition, investors are ramping up the development and deployment of CNG infrastructure, with over $200 million already invested across the value chain. Thousands of new jobs and economic opportunities are opening up along the line.
“Going by the level of progress being made as regards the adoption and deployment of CNG infrastructure, we are concerned over certain instances of misinformation against this epochal initiative by a section of the media.”
The statement noted that prior to the removal of subsidy in May 2023, Nigeria spent about $10 billion annually on subsidy, but with CNG, the country can save $3 billion and add another $2 billion in revenue to the national purse in the next three to four years.
The statement noted that one of the issues raised against the CNG initiative and its implementation was ease of conversion.
It explained that the number of conversion centres had risen from seven in 2023 to more than 140 across the country, and certainly not 50 centres, as claimed by detractors of the project.
Oluwagbemi noted that conversion is also free for commercial vehicles.
He said, “We see this as an opportunity rather than a challenge, and we are already deepening the development of CNG infrastructure with our partners.
“In addition, more than 2,000 Nigerians have been employed in these conversion centres, with more jobs in the offing as CNG penetration ratchets up.
“In the past year, the private sector invested over N2 billion to establish these conversion centres, and another N6 billion to N10 billion will go into setting up more centres to meet the targeted 1,000 centres required to transform the nation’s energy dynamics.
“Second, there is no cost of conversion for commercial vehicles in Nigeria. It is FREE under the President’s Conversion Incentive Programme. The programme seeks to convert one million commercial vehicles to CNG/bi-fuel in the next three years.
“This is verifiable information as the National Union of Road Transport Workers (NURTW), whose members have benefitted recently issued statements acknowledging this fact.”
The PCNGI project director said many government vehicles are being converted to CNG, and the government is leading by example.
The statement said, “The claim that the government is not leading by example on CNG is false. On the contrary, the conversion programme started with government institutions, like the Nigerian Army and the Nigeria Police – through the Police Trust Fund. The programme has now expanded to other MDAs, like the Federal Road Maintenance Agency, the Ministry of Finance, and even the Federal Inland Revenue Service, as well as the PCNGI leadership team.
“More MDAs are signing up to the use of CNG for their vehicles.”
It said, “In addition, the federal government had already issued clear directives that only CNG-enabled vehicles should be purchased by government agencies. President Tinubu also directed that only such vehicles are to be approved by the Federal Executive Council.”
Former US President Barack Obama has congratulated Donald Trump on his victory.
Trump won the race for the White House on Wednesday after exceeding the requisite electoral college votes.
The ex-president picked up a raft of battleground states to leave his opponent trailing and won the popular votes.
Obama and Michelle, his wife, had endorsed Vice-President Kamala Harris’ presidential bid. The couple also went all out for Harris on the campaign trail.
In a statement on Thursday, Obama said although the election result was not the outcome he hoped for, democracy is about being willing to accept the peaceful transfer of power.
He also praised Harris for a remarkable campaign, adding that he is proud of her.
“Over the last few weeks and through Election Day, millions of Americans cast their votes — not just for president, but for leaders at every level. Now the results are in, and we want to congratulate President Trump and Senator Vance on their victory,” the statement reads.
“Michelle and I could not be prouder of Vice President Harris and Governor Walz — two extraordinary public servants who ran a remarkable campaign.
“And we will always be grateful to the staff and volunteers who poured their heart and soul into electing public servants they truly believed in.
“As I said on the campaign trail, America has been through a lot over the last few years — from a historic pandemic and price hikes resulting from the pandemic, to rapid change and the feeling a lot of folks have that, no matter how hard they work, treading water is the best they can do.
“Those conditions have created headwinds for democratic incumbents around the world, and last night showed that America is not immune.
“The good news is that these problems are solvable — but only if we listen to each other, and only if we abide by the core constitutional principles and democratic norms that made this country great.
“In a country as big and diverse as ours, we won’t always see eye-to-eye on everything. But progress requires us to extend good faith and grace — even to people with whom we deeply disagree.
“That’s how we’ve come this far, and it’s how we’ll keep building a country that is more fair and more just, more equal and more free.”
Harris put a phone call across to Trump to concede defeat on Wednesday. Addressing supporters afterwards, the vice-president promised that the fight will go on.
“I know many people feel like we are entering a dark time. But for the benefit of us all, I hope that is not the case,” Harris said.
“While I concede this election, I do not concede the fight that fuelled this campaign.”
A Nigerian national, Dr. Oye Owolewa, has now been elected to the House of Representatives to represent the United States Capital, Washington DC.
Oye Owolewa, a Democrat politician, was first elected into the US House of Representatives in 2020.
According to Wikipedia, while the position is unpaid, it was authorized by District of Columbia voters in 1982 but never approved by Congress.
His first election was in November 2020. Owolewa is tasked with lobbying for D.C. statehood. His position is also described as shadow congressperson.
He was born in Boston to a father from Omu Aran, in Kwara State, and a mother from Ilesa, in Osun State.
Owolewa family is in Igangu, Omu Aran, headquarters of Irepodun local government area of Kwara State
He was raised in Newton, Massachusetts and nearby Boston, where he attended Boston Latin School and graduated in 2008.
In 2014, he earned a doctorate in pharmacy from Northeastern University and moved to Washington to practice pharmacy.
In an acceptance message on his X handle after his victory, Owolewa wrote, “Almost 6 years to the date, I ran in my first election.
“On Nov 6, 2018, I ran for ANC Commissioner where I won by a single vote. Since then, I’ve learned to take nothing for granted and earn it every single day.
“6 years, we’re still here. Working. Onwards to DC Statehood.”
The Australian government has pledged to introduce what it described as “world-leading” legislation to ban children under the age of 16 from social media.
Anthony Albanese, the Australian prime minister, confirmed the age limit at a press conference on Thursday.
Albanese said the legislation will be introduced in the country’s parliament during its final two weeks in session this year, beginning on November 18.
The prime minister lamented that social media “was doing harm to our kids, and I’m calling time on it”.
He said the ban would take effect 12 months after the law passes.
Albanese said there would be no penalties for users, and that it would be up to Australia’s online regulator to enforce the laws.
The prime minister added that there will be no exemptions for children who have parental consent, or who already have accounts.
“Today, the minister and I have an important announcement. And this one is for the mums and dads. Social media is doing harm to our kids and I am calling time on it,” he said.
“I have spoken to thousands of parents, grandparents, aunties and uncles. They are worried sick about the safety of our kids online.
“And I want Australian parents and families to know that the government has your back. I want the parents to be able to say ‘sorry it is against the law for me to get you to do this’.
“… The government’s proposed age is 16. And that decision was made in cabinet on Monday. And that proposal will go to the national cabinet that I am conveying.
“The onus will be on parents and young people. There will be no penalty for users. A safety commissioner will provide oversight function and enforcement. The legislation will come into force 12 months after passage. There will also be a review.”
Michelle Rowland, the communications minister, said platforms impacted would include Meta Platforms’ Instagram and Facebook, as well as ByteDance’s TikTok and Elon Musk’s X.
“Alphabet’s YouTube would likely also fall within the scope of the legislation,” she added.
Earlier proposals to introduce a social media age limit have enjoyed broad bipartisan support in Australia.
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Three minors detained in Borno State for allegedly participating in the #EndBadGovernance protest are still in custody, despite a recent directive from President Bola Ahmed Tinubu ordering their immediate release.
President Tinubu’s directive, issued three days ago, led to the release of minors held in Abuja.
But the Borno minors’ defence counsel Barrister Yakubu Alhaji Adamu, said they are still held in a juvenile facility in Maiduguri, following a court order.
The minors were initially arraigned before Justice Aisha Mohammed Ali at State High Court 10 in Maiduguri, where they pleaded not guilty.
The judge subsequently ordered their remand in a juvenile facility and adjourned the case till November 18, 2024.
Salamtu Idrisa from the Borno State Ministry of Justice’s Public Prosecutions Office said they have not yet received any formal communication regarding the minors’ release.
“If there is any update on their release, we will be informed,” she said.
The Sokoto police command says an armed group identified as ‘Lakurawas’ is operating in five LGAs of the state.
Ahmed Rufai, police spokesperson in the state, confirmed the development to Punch.
Rufai said members of the group wield sophisticated weapons and operate in Gudu, Tangaza, Binji, Illeila, and one other LGA.
“They have been in those areas for some years now. They are armed with weapons and part of their agenda is to impose their own kind of religious practice on the people,” he said.
“They even attack suspected bandits in the areas, according to information available to us. They claim to be working against illegalities.”
On November 5, Idris Gobir, the deputy governor of the state, raised concerns over the emergence of a criminal group in the state.
Gobir said the group is a faith-based one, adding that security agencies were working to address the threats.
“An assessment carried out indicated that the group possessed sophisticated weapons and their criminal activities were observed in about five local government areas in the state,” Gobir said.
“The sad development is happening at a time the state is grappling with banditry.
“The state government has been working closely with federal security agencies to address numerous security threats to lives and properties of the people of the state.”
Donald Trump’s return to the White House as the 47th President of the United States, following a dramatic victory over Kamala Harris, brings new questions for Nigeria’s economic outlook.
Trump’s economic policies, built around “America First,” prioritize domestic energy production, tariffs on imports, and pushing for low interest rates.
These policies could have a significant impact on Nigeria’s economy, particularly in the areas of exchange rates, capital flows, inflation, and immigration. Below is an analysis of how these shifts could affect Nigeria’s economic landscape.
Key takeaways
Donald Trump’s second term could have sweeping implications for Nigeria’s economy.
- A stronger dollar, potential capital outflows from the U.S., and low global oil prices may add to Nigeria’s exchange rate volatility, putting pressure on the naira and increasing inflation.
- Immigration restrictions could reduce remittance flows, while geopolitical shifts might reduce U.S. support for Nigeria’s security and development needs.
- Nigeria’s policymakers may need to consider alternative strategies, such as fostering regional trade, increasing non-oil exports, and pursuing structural reforms to counterbalance the potential challenges posed by Trump’s policies.
Exchange Rate pressures from a Stronger Dollar
Trump’s policies could lead to a stronger U.S. dollar, particularly if his administration imposes tariffs that increase demand for domestically produced goods and services.
- A stronger dollar generally makes it more expensive for emerging economies like Nigeria to acquire foreign exchange, potentially straining the Central Bank of Nigeria’s (CBN) efforts to stabilize the naira.
- Nigeria’s naira has depreciated by over 45% this year, and an appreciation of the dollar could further weaken the naira, impacting import costs, inflation, and purchasing power.
- A stronger dollar also increases Nigeria’s debt-servicing costs, as many of Nigeria’s obligations are dollar-denominated.
- Given Nigeria’s reliance on imports for fuel, raw materials, and consumer goods, additional dollar strength could heighten inflationary pressures on already high living costs.
Interest rates and Capital Flows into Nigeria
Historically, Trump has favoured a low-interest-rate environment, pushing the Federal Reserve to maintain a loose monetary policy even during periods of economic growth.
- During Trump’s initial presidency, the Federal Reserve raised interest rates, peaking at 2.5% in 2018 before cutting them near zero by March 2020 to counteract the economic effects of COVID-19.
- Trump’s renewed pressure for lower interest rates could again influence the Federal Reserve’s policy direction.
- If the Federal Reserve keeps rates low, this could, in theory, result in capital outflows from the U.S. as investors seek higher returns in emerging markets.
- However, if dollar strength persists and other global markets remain volatile, investor sentiment may still favour U.S. assets as a haven.
From 2016 to 2020, Nigeria attracted approximately $58.1 billion in capital importation, with 2019 seeing the highest inflows at $23 billion.
- This was in part due to Nigeria offering high-yielding instruments like government bonds, which attracted foreign investors—including $4.69 billion from U.S. sources in that year.
- Should Trump’s policies create a continued low-yield environment in the U.S., Nigeria could once again attract U.S.-based capital looking for higher returns, particularly if Nigeria maintains attractive interest rates on its debt instruments.
- This capital inflow could help alleviate Nigeria’s foreign exchange pressures and support naira stability.
Inflation and Trump’s energy policies
Trump’s focus on reducing U.S. energy costs by increasing domestic oil production and drilling on federal lands could mean sustained low global oil prices. In his first term,
- Trump’s policies and the COVID-19 pandemic led to WTI crude oil prices falling sharply to around $39.17 per barrel in 2020, compared to $65.20 per barrel in 2018.
- As Nigeria heavily relies on oil exports for government revenue and foreign exchange, prolonged low oil prices could impact budget stability and government spending, with knock-on effects on inflation and economic growth.
- Furthermore, Trump’s proposed tariffs on imports, including a 60% tariff on Chinese goods, could raise inflation within the U.S., which might trickle down to Nigeria by increasing the cost of imported goods and components.
- Since the U.S. is among Nigeria’s top trading partners (N2.2 trillion in imports and N2.8 trillion in exports in the first half of 2024), a U.S.-led price increase could influence Nigeria’s inflation through costlier imports of essential goods like machinery, pharmaceuticals, and agricultural products.
Immigration and Nigerian diaspora impact
Trump’s return to office raises concerns for Nigerians regarding U.S. immigration policy. His administration previously imposed travel restrictions on Nigeria, citing national security risks, which disrupted the movement of students, professionals, and family members.
- If Trump reinstates such policies, it could dampen the ability of Nigerians to pursue educational and work opportunities in the U.S.
- This restriction would not only impact Nigerian nationals but could also reduce remittance flows, which are a major source of foreign exchange for Nigeria.
- In recent years, remittances from the Nigerian diaspora have contributed over $20 billion annually to Nigeria’s economy, helping to offset FX shortages.
- A decrease in remittance inflows would reduce domestic consumption and place additional pressure on Nigeria’s foreign reserves, which are already under strain.
Geopolitical dynamics and U.S. aid to Nigeria
Under Trump’s “America First” foreign policy, military aid and development assistance to African nations were deprioritized in favour of reducing overseas commitments.
- For Nigeria, which partners with the U.S. in counter-terrorism and security, this could imply reduced military support.
- Nigeria has relied on U.S. assistance to combat Boko Haram and other insurgent groups, so any reduction in support could undermine Nigeria’s regional security efforts.
- A decline in aid could also impact Nigeria’s developmental projects and social programs funded by U.S. agencies.
- With high poverty rates and a significant need for investment in health, education, and infrastructure, a reduction in aid would necessitate increased spending by the Nigerian government, potentially redirecting funds away from other critical areas.
Trade Policies and Nigerian Exports to the U.S.
Trump’s “Buy American” policy has often focused on reducing imports and increasing tariffs, which could impact Nigeria’s trade relationship with the U.S.
- In the first half of 2024, Nigeria recorded a trade surplus with the U.S., with imports at N1.9 trillion and exports at N3.1 trillion.
- If Trump’s tariff policies discourage U.S. imports from Nigeria, this could negatively affect Nigeria’s export earnings, particularly for sectors like oil, minerals, and agricultural products.
- A decrease in exports to the U.S. might impact Nigeria’s current account balance, further complicating its exchange rate and foreign reserve challenges.
[Nairametrics]
A prominent Niger Delta elder and chieftain of the Pan Niger Delta Forum (PANDEF), Chief Edwin Clark, has called for an investigation into what he described as the misuse of oaths by lawmakers in the Rivers State House of Assembly, who are reportedly loyal to former Governor Nyesom Wike.
Martins Amawhule leads the legislators in question, Naija News reports.
In a statement released on Wednesday, Clark accused the lawmakers of contradictory declarations regarding their party loyalties while under oath.
He urged law enforcement authorities to thoroughly investigate the matter, emphasizing the seriousness of such discrepancies.
“Amawhule and his associates have made conflicting statements under oath, at times professing allegiance to the Peoples Democratic Party (PDP) and at other moments aligning with different political groups,” Clark said, describing this as a grave issue requiring immediate police attention.
Clark’s statement also took aim at recent court rulings involving the Rivers State House of Assembly, denouncing the judgments as “obtained by fraud.”
He alleged that Amawhule and his colleagues withheld crucial information that influenced the outcomes of decisions made by Justice James Omotoso and the Court of Appeal.
The controversy dates back to December 11, 2023, when Amawhule and 26 other assembly members defected from the PDP to join the All Progressives Congress (APC).
According to Clark, this defection breached Section 109(1)(g) of the Nigerian Constitution, which mandates that any lawmaker who switches parties without just cause should forfeit their seat. He argued that by leaving the PDP, these lawmakers had effectively vacated their positions.
Following their defection, the lawmakers submitted legal documents containing inconsistent claims about their party membership.
Clark contended that these contradictions undermine the validity of a January 22, 2024, ruling by Justice Omotoso, who did not account for the constitutional provision regarding party defection and seat forfeiture.
Clark also raised concerns over the actions of Justice Okorowo, who blocked the Independent National Electoral Commission (INEC) from initiating the process of replacing the defected lawmakers.
This decision, Clark noted, was issued shortly before Justice Okorowo’s elevation to the Court of Appeal, raising questions about the timing and implications of the judgment.
In addition to these criticisms, Clark expressed disappointment over recent remarks made by the Court of Appeal directed at Rivers State Governor, Siminalayi Fubara, adding another layer of complexity to the ongoing political turmoil in Rivers State.
[NaijaNews]