OTHERS' VIEWS

OTHERS' VIEWS

I wish to thank the Chatham House for inviting me to speak today. It is great to be back here, in this globally renowned ideation house, where contemporary issues are debated and discussed.

Ladies and gentlemen,

My last time here was when I was campaigning for the presidency of the African Development Bank in 2015.

A lot has happened since then: I was elected in 2015 and re-elected for a second term in 2020, with 100% of the votes of all 81 shareholder countries, African and non-African.

 

It is equally auspicious that I am speaking with you few days after the Annual Meetings of the African Development Bank Group, held last week in Nairobi, Kenya. There, our shareholders unanimously approved an additional $117 billion increase in the capital of the African Development Bank.

This follows the earlier general capital increase which raised the capital of the African Development Bank from $93 billion to $201 billion in 2019.

The new capital injection last week brings the capital of the African Development Bank to $318 billion.

 

We will be bigger, bolder and better.

The historic increase in our financial capacity shows the confidence of the shareholders in African Development Bank’s vision for Africa, and our resolve and commitment to accelerate its growth and development.

They did so because our High 5s priority programs (Light Up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and improve the quality of life of the people of Africa) have already impacted on over 400 million people in the last eight years.

The newly injected capital will allow us to do more.

 

It is therefore, with excitement of the wind in the sails of the African Development Bank, that I am delighted to speak to you today on “Envisioning Africa’s Economic Prospects”.

Ladies and gentlemen,

The New York Times recently had as its headlines: the future is African.

I agree with New York Times. Africa can no longer be ignored. I fully expect Africa to be the pivotal continent in the world, given its economic prospects.

 

First, Africa’s population is projected to reach 2.5 billion by 2050 and by then one of four persons on earth will be African. With a rising middle class and projected consumer and business expenditures to reach $7 trillion, this is a formidable market of the future.

Second, with its burgeoning young population of almost a billion people under the age of 35, Africa will boom with talented skills and form the workforce for the world.

 

Third, with 65% of the uncultivated arable land left on earth being in Africa, what Africa does with its agriculture will determine the future of food in the world to feed the global population of 9.7 billion by 2050.

Fourth, the future of energy transition, for a world powered largely with renewable energy, will depend on Africa. Africa has the largest solar potential in the world, which will be critical for developing green hydrogen and green ammonia that will power green economies of the world towards net zero emissions. Africa also has the largest deposits of green minerals and metals, from platinum, copper, nickel, manganese, chromium, graphite and lithium, that are critical for the manufacturing of solar panels, battery energy storage systems and electric vehicles, a market estimated to rise to $57 trillion by 2050.

 

Fifth, the African continental free trade area, which brings together all the 54 countries in Africa, with an estimated GDP of $3.4 trillion, is on its way to becoming the largest free-trade zone in the world.

Therefore, economic trends, growth and development of Africa are central as we look to a world where the continent will play a significant role.

 

Ladies and gentlemen,

Despite challenges of the Covid pandemic, geopolitical risks, high food and energy prices, and rising global interest rates, African countries are showing economic resilience. Africa’s real GDP growth increased from 3.1% in 2022 to 3.7% in 2023 and is projected to reach 4.3% in 2025, according to the African Economic Outlook Report of the African Development Bank.

Africa is the second fastest growing region in the world, second only to Asia, and has 10 of the 20 fastest-growing countries in the world.

As Africa’s economic resilience is bolstered, unlocking its economic prospects requires ensuring structural change of its economies, raising the productivity of agriculture, provision of electricity, accelerating infrastructure investments, supporting faster pace digitalization, unleashing economic and job opportunities for women and youth, and driving industrialization through greater mobilization of the private sector.

Assuring food security in Africa is top on the agenda for the African Development Bank. Over the past 8 years, we have provided close to $10 billion in support of agriculture. Our flagship initiative, Technologies for African Agricultural Transformation (TAAT), has delivered climate smart agricultural technologies for 13 million farmers. Our support of heat tolerant wheat varieties to Ethiopia turned it into a wheat self-sufficient country in under four years.

The African Development Bank is also developing Special Agro-Industrial Processing Zones in eleven countries to support agro-industrialization and value addition and development of agricultural value chains. This is critical to unlocking the value of the food and agribusiness in Africa worth $1 trillion by 2030.

Unlocking Africa’s vast renewable energy sources and assuring energy supply, access and security, is central to Africa’s economic prosperity. Africa still has close to 600 million people without access to electricity.

Since the African Development Bank launched its New Deal on Energy in 2016, much progress has been made, with the share of the population with electricity expanded from 32% to 57%. To expand access to electricity, the African Development Bank is implementing a $20 billion initiative called Desert-to-Power, to develop 10,000 megawatts of electricity from solar across 11 countries to connect 250 million people to electricity.

During the Spring Meetings of the World Bank earlier this year, the President of the World Bank and I launched a bold joint effort to connect 300 million Africans to electricity by the World Bank and the African Development Bank by 2030.

Ladies and gentlemen,

The African Development Bank is investing heavily in human capital to unleash the growth potential of Africa, including tapping into the scientific talents in the diaspora.

We are supporting universities of science and technology, expanding training in science, technology, engineering and mathematics, centers of excellence in biotechnology and material sciences, as well as technical and vocational training. We have committed $700 million for education and skills development, which has supported 4,000 tertiary education and training facilities, and provided 1.7 million African youth with access to education in science, technology, engineering and mathematics.

The African Development Bank is supporting Coding for Employment Programs, providing critical digital skills in computer coding in partnership with Microsoft Philanthropies. This is essential to continue to drive the expansion of the rapidly expanding fintech industries in Africa. Africa has witnessed a tripling in the number of startups, reaching 5,200 between 2020 and 2021, as revenue of fintech companies is estimated to reach over $30 billion annually by 2025. This trend mirrors what Google and the International Finance Corporation estimate that Africa’s internet economy will reach $180 billion by 2025 and $712 billion by 2050.

Unleashing the potential of the digital economy will require large investments in digital infrastructure, including fiber optics, data centers and the expansion of mobile networks to improve connectivity.

To support the businesses of young people in Africa, and drive greater entrepreneurship, the African Development Bank is establishing Youth Entrepreneurship Investment Banks across the continent. These are new financial institutions that will provide tailored financial instruments to build the businesses of young people and build youth-based wealth, which will reduce migration. The first Youth Entrepreneurship Investment Banks have been approved for Liberia ($16 million) and Ethiopia ($32 million), with several more in the pipeline.

We are also focusing on women.

The African Development Bank’s flagship initiative, Affirmative Finance Action for Women in Africa (AFAWA), is de-risking financial institutions to lend to women. AFAWA is delivering. It is working with 169 financial institutions in 43 countries and has so far approved $1.7 billion in financing for 18,300 women-led businesses. Our goal is to mobilize $5 billion for women-led businesses.

Ladies and gentlemen,

To improve regional integration and assure the success of the Africa Continental Free Trade Area, the African Development Bank has provided close to $50 billion in support of infrastructure projects in the past 8 years. This includes the construction of roads, transport corridors, rails, ports, water and sanitation, and digital infrastructure.

To support Africa’s net zero transition, the African Development Bank has launched the Alliance for Green Infrastructure in Africa (AGIA) to mobilize $10 Billion of private financing for green infrastructure in Africa.

The African Development Bank is mobilizing more private sector investments into Africa. We supported the $24 billion LNG project in Mozambique, which will provide over $66 billion in revenue for Mozambique and make it the third largest exporter of LNG in the world. We supported the $19.5 billion Dangote Refinery Complex, which is the largest single train refinery in the world and the largest ammonia plant globally. We supported the $13 billion OCP phosphate company in Morocco, the largest phosphate fertilizer plant in the world.

Ladies and gentlemen,

A major challenge for private sector investments is risk—especially market risks, counterparty risks, exchange rate risks and political risks. To mitigate these, the African Development Bank deploys partial risk guarantees and partial credit guarantees. These are working very well and have become a significant part of our business.

For example, our EUR 195 million partial credit guarantee allowed the Republic of Benin to raise EUR 350 million from international banks and international investors, lengthening maturity from 10 to 12.5 years, at low interest at around 290 basis points below the Eurobond yield curve for similar maturities.

Our partial credit guarantee of $345 million allowed Egypt to access private capital markets, by issuing Panda bond, the first ever Panda bond issued in China by an African Sovereign. The bond issue, with 100% guarantee by the African Development Bank and the Asian Infrastructure Investment Bank, won the Sovereign, Supra and Agency bond deal of the year at the 2024 Bonds, Loans and ESG Capital Markets Awards.

Partial Risk Guarantees are being used successfully to crowd in private investors into projects with governments. The Bank is using up to $800 million in partial credit guarantee to mobilize a commercial loan of $1.35 billion for financing the 6th lot of the Standard Gauge of the railways from Tanzania, DRC and Burundi, leveraging the Bank’s resources 3.4 times.

Ladies and gentlemen,

A major challenge facing private sector is foreign currency exchange risk, which arises because of the mismatch between foreign currency denominated loans or equity investments and local currency earnings of companies or counterparties.

The Bank provides loans in eleven local currencies and deploys local currency products. In addition, the Bank uses a range of instruments to support local currency lending, including synthetic local currency loans and use of private sector FX hedging institutions such as TCX.

Portfolio managers of global institutional investors shy away from allocations to Africa, due to multiple reasons, the major ones being high-risk perceptions. African countries therefore suffer from high-risk premiums, with the cost of accessing capital on the continent being at least 3 times that of other emerging markets and developing regions.

This “Africa risk-premium” leads to underinvestment by the private sector in Africa.

But perception is not reality.

Moody’s Analytics conducted a 14-year survey on cumulative default rates on infrastructure loans in various regions of the world. The results show that default rate in Africa was 1.9%, while default rates in North America was 6.6%; Latin America, 10%; Eastern Europe, 12%; and Western Asia, 4.3%.

To support the African Development Bank to transfer risks off from its balance sheet to private institutional investors and insurance markets, the UK’s Foreign, Commonwealth Development Office (FCDO) provided the Bank with a $2 billion guarantee, which allowed the African Development Bank to free up $2 billion in new lending to support climate finance. The UK FCDO also provided a guarantee of $1 billion to free up the same level of financing for the African Development Bank to finance just energy transition for South Africa.

The Africa Investment Forum is providing a transparent platform for investors interested in Africa to meet, assess projects, evaluate risks, seek counter risk mitigants, as well as address political risks to investors. Since the establishment of the Africa Investment Forum in 2018, it has attracted investor interests to Africa worth over $180 billion.

Ladies and gentlemen,

There is no doubt that the economic prospects of Africa are strong. However, achieving them will require overcoming some significant headwinds.

At the top of this is building the resilience of the continent to climate change.

The continent loses $7–15 billion, which is expected to rise to $50 billion annually by 2030. From greater frequency and intensity of floods and droughts, no part of Africa is spared. Yet, Africa receives only 3% of global climate finance, with $30 billion annually for climate adaptation, while its needs are $277 billion annually.

The African Development Bank is supporting African countries to tackle climate change. We have significantly increased the share of climate finance in our annual lending from 9% in 2016 to 55% last year. The Bank is implementing a $25 billion initiative, the African Adaptation Acceleration Program—the largest climate adaptation program in the world—in partnership with the Global Center on Adaptation.

Another headwind is rising debt levels, with 22 countries at the risk of high debt distress.

This is especially the case as concessional financing globally has declined, with more countries depending on private commercial creditors and the Eurobond market. With Africa’s debt service payments of $74 billion due this year, up from $17 billion in 2010, urgent actions are needed on comprehensive debt treatment and resolution for Africa.

Ladies and gentlemen,

To address these headwinds, Africa will need significantly more financial resources. and for that the reform of the global financial architecture is critical.

Action is needed in five areas.

First, the G20 Common Framework on debt treatment needs to deliver much faster debt resolution for countries, to avoid a similar the “lost decade” that Africa experienced in the 1990s.

Second, the global financial architecture needs to deliver greater concessional financing for Africa. This is critical to reverse the dependence on commercial debt for development. The African Development Fund, which supports Africa’s 37 low-income countries, will need at least $25 billion for its 17th replenishment to be bolder, bigger and effective in providing much needed concessional financing for countries.

Third, the global financing system must deliver more for Africa and avoid economic divergences that slow down economic recovery of the continent in cases of global shocks. This disparity in access to financing was evident during the Covid pandemic, when developed countries provided fiscal stimulus of $19 trillion to their economies (18% of global GDP), while Africa was able to provide only $85 billion (4.5% of its GDP).

The African Development Bank is developing an African Financial Stability Mechanism to better shield African economies from liquidity shocks and build economic resilience.

Fourth, the global contingent financing system must deliver more for Africa. The $650 billion Special Drawing Rights (SDRs) issued by the IMF allocated only $33 billion to Africa—or 4.5%—the continent with the greatest need.

The recent approval of the IMF Board for the use of SDRs for hybrid capital, as per the framework developed by the African Development Bank and the Inter-American Development Bank, is a very positive development. The approved $20 billion SDR rechanneling for hybrid capital can be leveraged four times by the African Development Bank, Inter-American Development Bank and others to deliver at least $80 billion of additional financing for Africa and other regions.

Fifth, African countries need fairer access to global capital markets to reduce liquidity pressures and lower debt service payments. Fairer credit ratings for African countries can save at least $75 billion annually in debt service payments, according to the United Nations Development Program.

Ladies and gentlemen,

The trajectory for Africa will be much stronger as we tackle these challenges, as well as improve security, and expand more concessional financing and private sector financing.

At the end of the day, what will make the most difference is the mobilization of domestic resources. This will require continued strong macroeconomic and fiscal management, expanding tax revenues, reducing corruption and illicit capital flows, improving public financial management, and unlocking the huge natural capital wealth of Africa estimated at over $6.8 trillion.

Ladies and gentlemen,

The Africa we want is within reach.

We are making good progress.

With strong political will, global partnerships and regional cooperation, Africa will emerge as the pivotal continent.

An Africa critical to the future of the world.

An Africa, thriving, peaceful and prosperous.

It is a vision Africa deserves.

It is a vision we must do all to achieve.

Thank you very much.

Keynote delivered by Akinwumi A. Adesina, President and Chairman of the Boards of Directors African Development Bank Group at Chatham House, 7 June 2024, London

In one respect, it was fitting that former President Goodluck Jonathan was invited to make a statement yesterday at the lecture organised by the federal government to celebrate uninterrupted democracy in a quarter of  a century.

The theme of the lecture, delivered by  a former Speaker of the House of Representatives and a former governor of Katsina state, Alhaji Aminu Bello Masari, was “25 Years of Enduring Democracy: Prospects for the Future.”

By the way, since the forum was convened to reflect on the last 25 years of the nation’s democratic journey while looking forward into the future, the participation of other political parties should have been visible. It was a huge deficit in the organisation of the event  that this was lacking. Afterall, APC has been in power cumulatively for only nine of the 25 years of steady  democracy.

The significance  of Jonathan making a statement on democratic culture should not be lost on Nigerians. Jonathan  called for an alternative to  the present   winner-takes-it-all system in order to lessen frictions. He described the prevalent game of politics in Nigeria as “zero-sum” type.  It would be a pity if Jonathan’s proposition does not generate a virile debate in the polity. For instance, how would his idea work in a presidential system?  Jonathan also urged leaders to give democracy content by improving the quality of lives of the people.

Jonathan’s attitude to power   is one of the  good stories in the last 25 years of Nigeria’s experiment with liberal democracy. His decisive  role is a huge rebuke to the comments from some cynical quarters that “there is nothing to celebrate.”

As the votes were being collated in the 2015 presidential election, Jonathan of the Peoples Democratic Party (PDP) called General  Muhammadu Buhari of the All Progressives Congress (APC) to concede defeat.  He relieved   the nation of the poltical anxiety often associated with the prolonged judicial conclusion of the electoral process.  As they say, the final counting of the votes is often done in the courtroom by the tribunal judges.

It is also remarkable that in reciprocation, Buhari has been gracious to admit that the  act of his predecessor would deepen the nation’s democratic culture. At home and abroad Jonathan has continued to receive the applause justifiably  for being a democrat. He ensured a peaceful transfer of power from one party to another one. If you think Jonathan’s action “is no big deal,” juxtapose that heroic moment in 2015  with the extremely bitter atmosphere  which enveloped the political landscape after another election. 

Beyond that, those  who take whatever  happens in the West as the standard for democratic practice may wish to compare Jonathan’s heroism with the attack on the Capitol building in Washington, United States, on January 6, 2021. In what was akin to a coup, a mob of supporters  inspired by President Donald Trump of the Republican Party descended  on the parliamentary  house  in order to disrupt the conclusion of the process of the presidential election won by Joe Biden of the Democratic Party.  Trump wanted to prevent Biden, who was legitimately elected as president, from assuming office. In fact, the Federal Bureau of Investigation (FBI) considered the incident “an act of domestic terrorism.”  In the course of the ensuing violence,  lives were lost and about 140 Capitol and Metropolitan policemen were criminally assaulted.  The damage done to the Capitol building was estimated to be $1.5 million. Meanwhile, the same Trump said the other day that  unless he wins the next presidential election, that  would be the “last”  election in the country regarded as the citadel of democracy. Trumpists  still insist  that Biden “stole” the election despite court rulings to the otherwise.

The American democracy is over 200 years old. In precise terms, some theorists consider the point when the first  American president,  George Washington,  peacefully transferred power to his successor,  John Adams,  as the “real birth” of democracy in the United States in 1793.

Except for those who suffer from incurable inferiority complex, the Jonathan 2015 moment in Nigeria’s democracy was democratically superior to the Trump abortive coup in America in 2021. While 2015 was a high point of Nigeria’s democracy, 2021 was a low point in the democratic history of America.

Another comparison could made between a brilliant episode  of Nigeria’s democracy  and the symptoms of democratic recession in another advanced country, the United Kingdom. Masari, who delivered the Democracy Day lecture, expectedly recalled the story of the failed attempt by some forces  to change the Nigerian  constitution so that the president and governors could have third terms in office. This happened towards the end  of the second term of President Olusegun Obasanjo. After the invidious plot failed, Obasanjo later made a national broadcast denying that he made a bid for a third -term. But those who were actively involved  on both sides of the third- term debate continue to tell  the stories of the highwire political manoeuvrings which took place. Masari was the Speaker of the House of Representatives while Senator Ken Nnamani was the President of the Senate. In an  alliance with some forces cutting across political parties,  the National Assembly deftly moved to  put an end to the third-term  plan. In fact, the whole exercise of constitutional review, which was the pretext for the third-term game,  was jettisoned all  together. Powerful forces  could not force the third-term provision into the constitution. On that  occasion the strength of the parliament was put to test. And the legislative  institution  rose to the occasion valiantly. 

Some years after the third-term debacle in Nigeria, the British parliament was divided on the deal to be struck by the United Kingdom with the European Union on Brexit. Prime Minister Boris Johnson wanted to have his way to quicken the process for his own  political advantage. He longed  for  a place  in history as the prime minister who “got Brexit done.” To realise his dream, all means were fair in the Brexit war.  Fearing that he might  not secure enough votes in parliament to back his position,  Johnson manipulated the process of  “prorogation” of  the parliament.  Prorogation refers to the period between the end of the parliamentary session and the commencement of a new session. In simple terms,  Johnson suspended the British parliament  so as to avoid a proper scrutiny of his Brexit deal. The Speaker of the House of Commons at the time, John Bercow, called it a “constitutional outrage.” Johnson’s act was later ruled as “unlawful”  by the court. The Liberal Party is currently  campaigning to review the Brexit deal.  Yes,  that was what  happened to the “mother of all parliaments,” as the British parliament is often admirably  called.             

So, democracy  can decay.

The  other powerful point made at  yesterday’s occasion was that of  Ambassador  Babagana Kingibe. He  asserted that the  process of democratic growth should be seen as a continuous one. He also shared his experience about the challenges of  democracy.  Kingibe was the running mate to Bahorum Moshood Abiola in the historic June 12, 1993 presidential election. It was 30 years  two days ago  that Abiola declared himself president at Ekotedo in Lagos State in what amounted to the climax of the struggle to reclaim the June 12 mandate. The election was  annulled by the military government of  President Ibrahim Babangida. The military government of General Sanni Abacha incarcerated Abiola until his death on July 7, 1998. Kingibe joined the cabinet of Abacha while Abiola was in jail.

On June 12, 2018 Buhari proclaimed Abiola the elected president and Kingibe the elected vice president based on the results of the June 12, 1993 presidential election. Abiola was posthumously awarded the highest national honour, the Grand Commander of the Federal Republic (GCFR),  while Kingibe was awarded the second highest national honour, the Grand Commander of the Order of Niger (GCON).  The point Kingibe made yesterday about  meeting the challenges of democracy  in Nigeria and making a distinction between “democracy as a system” and “governance as a process” is quite significant. Remarkably, as pointed out in the foregoing, Kingibe also made references to challenges faced by the advanced liberal democracies. He was quite on  point to advocate  that democracy should be defended at all costs  as no alternative to it could be contemplated.

Such is the role of the individual in history with all its contradictions and complexity. The journey is often full of twists and turns. 

Perhaps, Vice President   Kashim Shettima made the most vigorous point about  the role of  the individual in the struggle for democracy. He recalled again the part played by Tinubu as a leader of the struggle for the revalidation of the June 12 mandate. In his view, the verdict of history would be kind to  Tinubu.  Shettima said: “As we celebrate our past, we look to the future with clear and determined vision. Today is not just a day of remembrance, it is a call to action”

Now, the challenges of democracy are immense. They include the weaknesses  of the institutions of democracy such as the parliament, political parties, electoral body, free press, judiciary and the  civil society. 

Voter apathy is also  a serious problem. About 93 million registered to vote in 2023 and 87 million actually collected their voter’ cards. However,  less than  30% of those who registered  actually  turned out at the polling booths on the election day.  Democracy should be widely participatory. 

According to the English liberal philosopher,  John Stuart Mill, “democracy is government by discussion.” Such discussions come as public reasoning. Public reasoning is an essential ingredient needed  in deepening democracy. But the public sphere in Nigeria is too toxic to allow proper public reasoning. Incivility, prejudice  and shallowness  prevail in the media especially the so-called social media.

It’s tempting to look into the horizon and see only the cloud. That would be a wrong thing to do. It is important to seek out deliberately the silver linings in this cloud. In other words, it is only those democratic forces  who elect to have an optimistic outlook while working hard  to deepen democracy that could mobilise the people towards a future of genuine democracy and social justice.

Doubtless, it is quite useful to reflect on the past  as the nation ponders the future.

For clearly understandable reasons, not a few people are disappointed at many stops in the nation’s democratic journey.

Yet, it is important to look into the future with hope.

All told, the earnest hope is that in  another quarter of a century some of the challenges will be overcome in the course of democratic development.

 
 
 
 

Nigeria is facing its worst economic crisis in decades, with skyrocketing inflation, a national currency in free-fall and millions of people struggling to buy food. Only two years ago Africa’s biggest economy, Nigeria is projected to drop to fourth place this year.

The pain is widespread. Unions strike to protest salaries of around $20 a month. People die in stampedes, desperate for free sacks of rice. Hospitals are overrun with women wracked by spasms from calcium deficiencies.

The crisis is largely believed to be rooted in two major changes implemented by a president elected 15 months ago: the partial removal of fuel subsidies and the floating of the currency, which together have caused major price rises.

A nation of entrepreneurs, Nigeria’s more than 200 million citizens are skilled at managing in tough circumstances, without the services states usually provide. They generate their own electricity and source their own water. They take up arms and defend their communities when the armed forces cannot. They negotiate with kidnappers when family members are abducted.

But right now, their resourcefulness is being stretched to the limit.

A map of Nigeria locating Kano, Ibadan and the state of Nasarawa. Lagos and Abuja are also located.

On a recent morning in a corner of the biggest emergency room in northern Nigeria, three women were convulsing in painful spasms, unable to speak. Each year, the E.R. at Murtala Muhammed Specialist Hospital in Kano, Nigeria’s second-largest city, received one or two cases of hypocalcemia caused by malnutrition, said Salisu Garba, a kindly health worker who hurried from bed to bed, ward to ward.

Now, with many unable to afford food, the hospital sees multiple cases every day.

Mr. Garba was sizing up the women’s husbands. Which source of nutrition he recommended depended on what he thought they could afford. Baobab leaves or tiger nuts for the poor; boiled-up bones for the slightly better off. He laughed at the suggestion that anyone could afford milk.

Image
A man in a white coat silhouetted against a window with blue drapes puts on a pair of rubber gloves as he prepares to treat a patient.
Salisu Garba, a community health worker, treating patients at a hospital in Kano, Nigeria’s second largest city, last month.

More than 87 million people in Nigeria, Africa’s most populous country, live below the poverty line — the world’s second-largest poor population after India, a country seven times its size. And punishing inflation means poverty rates are expected to rise still further this year and next, according to the World Bank.

 

Last week, unions shut down hospitals, courts, schools, airports and even the country’s Parliament, striking in an attempt to force the government to increase the monthly salary of $20 it pays its lowest workers.

But over 92 percent of working-age Nigerians are in the informal sector, where there are no wages, and no unions to fight for them.

For the Afolabi family in Ibadan, in southwestern Nigeria, the descent into poverty started in January with the loss of an electric tuk-tuk taxi.

Forced to sell the taxi to pay his wife’s hospital bills after the difficult birth of their second child, Babatunde Afolabi turned to occasional construction work. It paid badly, but the family managed. 

“We had no thoughts about starvation,” he said.

Women in colorful hijabs and men in tunics and pants wait outside a white-painted hospital building.
Patients wait to be seen at the Murtala Muhammad General Hospital. The crowds are thinner than they used to be, as many can no longer afford the bus fare.

But then, he said, cassava — the cheapest staple in many parts of Nigeria — tripled in price.

All they can afford now, he said, is a few biscuits, a little bread, and for their 6-year-old, 20 peanuts a day.

Nigeria is a country heavily dependent on imported petroleum products, despite being a major oil producer. After years of underinvestment and mismanagement, its state refineries produce hardly any gasoline.

For decades, the national soundtrack has been the hum of small generators, fired up during daily power outages. Petroleum products move goods and people around the country.

Until recently, the government subsidized that petroleum, to the tune of billions of dollars a year.

Many Nigerians said the subsidy was the only useful contribution from a neglectful and predatory government. Successive presidents have pledged to remove the subsidy, which drains a hefty chunk of government revenue — and later backtracked fearing mass unrest.

A yellow tuk-tuk – an electric tricycle taxi – and a man on a red motorcycle cruising down a tree-lined street in Kano.
Nigeria is a country that runs on imported gasoline, which the government has long subsidized to the tune of billions of dollars a year.

Bola Tinubu, who was elected Nigeria’s president last year, initially followed through.

“It was a necessary action for my country not to go bankrupt,” Mr. Tinubu said in April, at a meeting of the World Economic Forum in Saudi Arabia.

Instead, many Nigerians are going bankrupt — or working multiple jobs to stay afloat.

Mr. Garba, the hospital worker, used to be solidly middle class, even though 17 family members, including 12 children, depended on him.

After shifts at the hospital, where he is setting up the first statewide ambulance service in addition to working in the emergency room, for which he is paid $150 a month, he heads to the Red Cross. There he occasionally receives a $3.30 volunteer stipend for helping tackle a severe diphtheria outbreak.

At night, he works at the pharmacy that he and a colleague set up. But few people have money for medicine anymore. He sells about $7 worth of medication per day.

 

Last year, Mr. Garba sold his car when the gas subsidies were removed, and now takes a tuk-tuk to work. Unable to power the generator, he reads medicine labels at the pharmacy by the light of a small solar lantern. He can only afford to buy rice and cassava in small quantities.

Life under the previous government was very expensive, he said, but nothing like today.

“It’s very, very bad,” he said.

It’s gotten so dire that there have been several deadly stampedes for free or discounted rice distributed by the government — including one in March at a university in the central state of Nasarawa where seven students were killed.

A man carries a heavy-looking sack past a petty trader’s stall offering baby clothes and toys.
The vast majority of Nigerians work in the informal sector, with no salaries, unions, or safety net. And because of skyrocketing inflation, many can no longer afford basics, like food.

Mr. Tinubu promised to create a million jobs and quadruple the size of the economy within a decade, but has not said how. The International Monetary Fund said last month the state has started subsidizing fuel and electricity again — though the government has not acknowledged this.

 

“There’s still very little clarity — if any — on where the economy is headed, what the priorities are,” said Zainab Usman, a political economist and director of the Africa Program at the Carnegie Endowment for International Peace.

A spate of new crypto-mining games that promise to generate income the more the user plays has people across Nigeria spending all day tapping on their smartphone screens, desperate to earn a few dollars.

People tap as they pray, in mosques and churches. Children tap under desks at school. Mourners tap at funerals.

A man holds a foldable smartphone with his left hand and taps on an image of a gold coin with his right.
Many Nigerians desperately hope that hours spent tapping on smartphone cryptocurrency apps will eventually earn them a bit of cash. One man, Rabiu Biyora, says he made millions of naira this way.

There’s no guarantee any of them will ever benefit from the hours they put in mindlessly tapping.

Then again, they can’t count on the national currency, the naira.

 

The government has twice devalued the naira in the past year, trying to enable it to float more freely and attract foreign investment. The upshot: It’s lost nearly 70 percent of its value against the dollar.

Nigeria cannot produce enough food for its growing population; food imports rise 11 percent annually. The currency devaluation caused those imports — already expensive because of high tariffs — to explode in price.

Nigerians can become paupers almost overnight. So they’re searching for anything that might hold its value — or ideally, get them rich.

“People are looking for me everywhere,” said Rabiu Biyora, the undisputed king of tapping in Kano, opening one of his five foldable phones to add to his 2.7 billion taps on the TapSwap app. “Not to attack me, but to collect something from me.”

A relaxed, businesslike 39-year-old followed everywhere by young tech-savvy acolytes, Mr. Biyora would only say that he made “over $10,000” from the previous tapping craze.

A man supervises a young construction worker as he installs a drawer unit in an office.
With the proceeds from his tapping, Rabiu Biyora is opening an office in Kano to promote and educate people on cryptocurrencies. Nigeria already has the world’s second highest cryptocurrency adoption rate.

He profits from everyone else’s taps, so he encourages them in posts on social media, and by providing free internet to anyone willing to sit outside his house. Nigerians don’t need much encouragement — despite the risks and volatility, Nigeria has the second highest cryptocurrency adoption rate in the world.

So every evening, struggling young men gather by Mr. Biyora’s home and tap.

In much of Nigeria, it’s normal to share with your neighbors and give alms to the poor.

Every day, people come to the gate of Kano’s Freedom Radio station to drop off sheets of paper containing heartfelt appeals for help paying medical bills or school fees, or to recover from some disaster.

A radio presenter chooses three to read out daily, and often a sympathetic listener calls in to pay the supplicant’s bill.

 

But lately the appeals have multiplied, and offers of help have dried up.

Good Samaritans used to come to the E.R. and pay strangers’ bills for them, Mr. Garba said. That rarely happens now either.

Still, Mr. Garba said, the number of patients coming to his hospital has almost halved in recent months.

Many of the sick never even make it. They can’t afford the 20-cent bus ride.

A man sits at a blue desk covered with radio equipment. He wears headphones.
A presenter on Kano’s Freedom Radio station reads out petitioners’ requests for assistance. But these days, few listeners have the means to help.

Pius Adeleye contributed reporting from Ibadan, Nigeria.

A correction was made on 
June 11, 2024

An earlier version of a map with this article misstated the name of a state in central Nigeria. It is Nasarawa, not Asarawa.


When we learn of a mistake, we acknowledge it with a correction. If you spot an error, please let us know at This email address is being protected from spambots. You need JavaScript enabled to view it..Learn more

Ruth Maclean is the West Africa bureau chief for The Times, covering 25 countries including Nigeria, Congo, the countries in the Sahel region as well as Central Africa.

Akwa Ibom state government has the largest social welfare programmes in almost every sector in the country, but adding free football tickets could be counterproductive. The government provides free education for all primary and secondary school students with free books, and this has been going on since 1999. It pays about N700 million yearly as WAEC fees to its students and, in addition, there’s a scholarship and bursary scheme for university and polytechnic students.

Gov. Umo Eno has increased the bursary to N100,000 per student from what his predecessors offered. He is also extending generous financial help to all students with disabilities, including those who are not from the state as recently published lists of beneficiaries indicate. In terms of medical care, there is free health care for pregnant women and children under five years of age. Women who have multiple births are also generously provided for. The government also routinely sponsors people on pilgrimage to Israel. It is common to see some persons with the suffix ‘’JP’’ attached to their names. It stands for ‘’Jerusalem Pilgrim’’.

The current governor has gone a step further to provide free foodstuffs to thousands of the very poor across the state. A new body known as Akwa Ibom Bulk Purchase Agency has been set up by law to drive the program whose aim is to offer succor to vulnerable citizens facing hard times. The Umo Eno administration has also introduced a free housing scheme for widows and the poor.

Known as the Arise Shelter Initiative, the scheme plans to deliver 100 homes for the poorest of the poor in the 31 LGAs. The gesture was first introduced by Mrs Unoma Akpabio as a pet programme of her NGO when her husband was governor, but the incumbent governor has upgraded it into a government programme.

 

It all started when Gov. Eno watched a video of a young girl celebrating the completion of her NYSC with her aged father at home in Obubra, in neighbouring Cross River. Reports say the governor was so moved by the wretchedness of what passed as her family home that he ordered a brand new three-bedroom house to be built for her father.

Civil servants are not left out. Some 150 of them are getting free housing units out of the 236 apartments being built at Grace Housing Estate in the outskirts of Uyo.

Of all these, I detest pilgrimage sponsorship and offering free football tickets whenever the Super Eagles play at the state-owned Godswill Akpabio Stadium. It happened last Friday when the national team played against South Africa in a 2026 World Cup Qualifying game. The three categories of tickets cost N1,000; N2,000 and N3,000. These are quite affordable to the people, but the government chose to pay over N40 million to the NFF to buy off the tickets and fill up the 30,000 seats in the iconic stadium.

 

This is an ill-advised policy that was started by the Akpabio administration. Gov. Udom Emmanuel continued with it and now it would seem that it has become an agenda of the government. Over N600 million might have been spent on free tickets since the stadium was built ten years ago. We have to scrub the practice because the disadvantages are many.

In the first instance, watching football games (or any other games) at the stadium is a luxury pastime. It is not a necessity that the poor needs to survive. It is, therefore, wrong for the government to fund a hobby or lifestyle for people who can afford it. Second, the tickets are quite affordable and football fans in the state and neighbouring states can afford them.

Third, by asking Akwa Ibom people to go watch the games free, the government is unwittingly shutting out those who are able and willing to pay for the tickets, including hundreds of fans who would have come from Calabar, Benin, Aba, Port Harcourt and other places with enough money to buy the tickets and spend on hotels accommodation. Think of the economic benefits lost. By hosting the UEFA Championship league final last week at Wimbledon, the London economy is said to have gained $68 million.

Putting people on football welfare encourages indolence and is antithetical to basic economics and business principles. I understand the assumptions behind this practice. Football is the people’s favourite hobby, and whenever the national team is in an international competition, it deserves our support at the stadium. The government probably believes that the people are too poor to afford N1,000 ticket; and that it owes us a duty to provide the opium that football matches have become in these difficult times. That’s not true.

 

Truth is the games are organized by FIFA and it is the duty of the NFF to market and sell the tickets. Akwa Ibom government has done enough by providing the stadium free to the NFF who should actually be paying handsomely for its use. The stadium was built at a great cost and is maintained expensively by international facility managers. That is why it is still as beautiful as it was when it was completed in 2014.

This is not your typical federal government assets that are rotting away all over the country because of quota-driven incompetence. Akwa Ibom has done well for itself in just 15 years. We have an iconic stadium; we have a splendid airline; we have our own airport, with a first-class international terminal and an MRO soon to be put to use. We must benefit from these assets.

Football is a huge global business. It was wrong to have started this football welfare. Now, it may be difficult to wean the people off it, but we must do it. I implore the government to engage a reputable marketing communication firm to drive corporate advertisements for the stadium and discontinue the practice of giving out free football tickets. Interested fans can buy for themselves.

 

Peter Obi, presidential candidate of the Labour Party (LP) in 2023, says South Africa’s recent election was hitch-free and devoid of technical glitches.

Obi made the claim on Saturday while making comparisons between the elections in Nigeria and South Africa.

“The outcome of the recent South African election results remains a shining example of what a transparent and efficient democratic electoral process should look like,” the former Anambra governor tweeted.

“With about 60% voter turnout, over 90% of polling open on time, allowing diaspora voting, the results and updates were real-time without any form of technical glitches during the election.

“This demonstrated the robustness and transparency of their system. The seamless online dissemination of results further highlights their commitment to democratic principles and technological advancement.”

South Africa’s national and provincial elections were held on May 29. Later that same evening, results began to trickle in with the outcome eventually announced on June 2.

The elections grabbed global attention as the ruling African National Congress (ANC) lost the majority of seats needed to win the country’s parliament, forcing it into a coalition.

It is the first time the ANC, which has been in power since the end of apartheid in 1994, would fail to secure a majority of the votes.

President Cyril Ramaphosa accepted the outcome, saying it reflected the people’s wish.

Ramaphosa’s smooth concession earned him commendations from political stakeholders in and outside the country, including Obi.

But how factual were Obi’s claims in his observations?

CLAIM 1: SOUTH AFRICA’S ELECTIONS WERE HITCH-FREE

Verdict: False

One of Obi’s claims was that there were no technical glitches during the election.

This is incorrect.

In the early hours of May 31, the results page of the country’s Electoral Commission (IEC) went blank for roughly two hours.

The IEC apologized for the glitch without citing a reason for the disruption but assured that results were not compromised.

The development did not sit well with the uMkhonto we Sizwe (MK) party backed by former President Jacob Zuma which accused the IEC of “serious transgressions”.

Zuma claimed that the MK party has “proof” that vote-rigging allegedly went on “in the background” when the IEC dashboard crashed, threatening that his supporters would be provoked if the results were not amended.

CLAIM 2: ‘60% VOTER TURNOUT, DIASPORA VOTING’

Verdict: Partly correct

Obi claimed that the elections had a 60 percent voter turnout.

According to the South African Government News Agency, voter turnout was 58.57 percent.

The turnout was a steep decline from the 66.05 percent recorded in the 2019 national elections.

However, Obi’s claim of diaspora voting was correct.

The IEC has been mandated to organise out-of-country voting since 2009 and the process was also used for last month’s election.

Citizens who wish to vote out-of-country must be registered to vote and must be able to produce a South African identity document (ID) when voting at an international voting station at an accredited mission.

VERDICT

Obi’s claims about the South African elections being hitch-free were mostly false. The elections had hitches and the voter turnout was lower than 60 percent. However, diaspora voting was in place.

IN my visit to the United States from May 22, 2024 to deliver a Lecture, I was determined to meet a man I had never met. I wrote him from Nigeria and we agreed to meet. At the crowded Port Authority train station in New York, we easily picked out ourselves; his image was etched in my memory. We went into a locked embrace.

I first heard about him 46 years ago. I was a student at the Methodist Boys High School, Lagos and a frantic military regime was threatening students at all levels with dire consequences if we dared joined the on-going nationwide protests led by the National Union of Nigeria Students, NUNS.

To show it was deadly serious, the regime had not only shot dead four undergraduates and an unspecified number of persons across the country, it had also in Zaria, killed 13-year-old Lasisi Abubakar, a Primary Six pupil and, 15-year-old Alhaji Shehu. An unidentified secondary school student had also been killed in Ile-Ife, home of the University of Ife, now renamed, Obafemi Awolowo University.

 

To us, the protesters were heroes. When in the new session that year, I was admitted into Ife, the first student rally I attended, was a demand that the four expelled leaders of those protests must be re-admitted to complete their studies. One of them was Offiong Offiong Aqua, the 22-year-old pioneer President of the University of Calabar, UNICAL, Students Union.

Back in 1978, the country was like a conquered territory of the military top brass. It had three years earlier, decimated its own ranks. It destroyed the public service and judiciary through arbitrarily mass sack. It had also proscribed the central labour organisation for three years and banned for life, eleven leading labour leaders from trade unionism.

Finally, it took on the education sector by imposing fees, increasing feeding costs by 200 per cent and generally, tried to transform education into a commercial product only the affluent could afford.

The regime had befriended student leaders and so, did not expect any protest either from the students nor from a populace it assumed it had conquered.

But the NUNS rejected the moves and embarked on “Operation Consultation” to “Operation Consolidation”. When these would not make the regime rethink its ruinous policies, NUNS met at the University of Ilorin to review its strategies and weigh its options. This was where Aqua came firmly into the scene. He had seconded a motion for collective action, including lecture boycotts and protests moved by the teenage President of Ife, Tunde Babatunde. But no firm decision could be taken. So it was decided to hold a further meeting. Aqua on behalf of UNICAL offered to hold the meeting, but the NUNS leadership was uncomfortable because he was the most outspoken advocate of the need to move to “Operation Confrontation”. More so, when he was already advocating regime change.

An angry Aqua announced that if the NUNS leadership did not want UNICAL to host the crucial meeting, it would pull out of the national union. Frantic consultations ensued, and the follow up vote gave UNICAL the hosting right.

Aqua arrived from Ilorin in the night and immediately convened the UNICAL parliament which voted for protest. The parliamentary approval meant the student executive was empowered to utilize the union funds to actualise its decision. Back in 1978, that was no small money: one dollar was equivalent to 66 Kobo. So, the UNICAL Student Union budget was the equivalent of $2.5 million!

The Aqua leadership hit the road and took to the air campaigning across the country for lecture boycott. When the NUNS met in UNICAL, it endorsed “Operation Confrontation.” That led to the historic April-May, 1978 protests.

The protests spread like wildfire across the then 13 universities, other tertiary institutions, on to the streets.

After brutally suppressing the protests, the regime went on a revenge mission. It identified the four core student leaders and expelled them from school. Segun Okeowo, the NUNS President, was detained for 43 days. Ekpein Appah, leader of the University of Benin Students Union and Buka Mbaya, President, Ahmadu Bello University Students Union, were detained at the Kirikiri Prison, Lagos. Aqua was detained in Calabar for months.

If Aqua’s aunt, Elizabeth Weyen Henshaw, later Professor, had her way, he would not have attended university in Nigeria. She taught at the New York University, NYU, and had secured admission for him, but his father preferred he schooled in Nigeria. Now, with his expulsion, she secured a new admission for him. He applied for a passport, but was refused on the basis that he was banned from not only processing a passport, but also leaving the country. Similarly, he was barred from attending the World Youth Festival in Cuba.

At this point some socialists led by veteran journalist, Dapo Fatogun, and labour leader, Wahab Goodluck, secured a scholarship for him to study in Moscow and also got a flight ticket.

When preparatory to civil rule, electioneering began, Aqua’s mentor, the journalist, Bassey Ekpo Bassey, gave him a note to the Secretary General of the Nigerian Peoples Party, NPP, Paul Unongo, who was able to secure a passport for him. But he was still barred from travelling.

In Lagos, he met a sympathetic Army Lieutenant who asked if he had a visa. When he answered in the affirmative, the officer asked him to get a ticket that can fly him from Cotonou, Benin Republic. Luckily, he had the Lagos-Moscow ticket that was part of his scholarship. He got it changed to Cotonou-Moscow.

The young officer in uniform then drove Aqua in a military vehicle through the border into Benin Republic. But they got information that security men were waiting in Cotonou to pick up Aqua, so they drove on to Lome, Togo, where luckily, an Aeroflot Airline accepted his ticket.

After settling down in Moscow, he applied to the Nigerian Embassy that he had lost his passport. This was to cover up the fact that his passport had not been stamped out of Nigeria. He came home on holidays in 1980, but his name was still on the no-fly list. So his passport was seized, he was under house arrest for 14 weeks. Since he had presidential pardon, Presidential Political Adviser, Dr Chuba Okadigbo, intervened and got his passport returned. Aqua returned to his studies in Moscow where he obtained medical post-graduate medical training in Maxillary Surgery.

As my wife and I sat with him in his NYU office where he is a Clinical Professor, I could not but reflect that Aqua who was twice offered admission into the same university, but could not take them up, has for over a decade been producing doctors in the same university.

With the conclusion last Wednesday, June 5, 2024, of the first-ever South Korea-Africa summit attended by no fewer than 30 African heads of state and South Korea’s President Yoon Suk Yeol, the big question on the lips of many analysts is whether a new chapter has been opened in the relations between the Republic of Korea and Africa, which began in the 1950s. This question has become pertinent because, though the relationship between the two has always been cordial, it has not been impressive enough in terms of economic cooperation, particularly in the areas of trade and investment.

Africa is a huge consumer market with a population of 1.4 billion and a GDP of $3.4 trillion and currently, South Korea’s trade with Africa accounts for only 1.9% of total trade, according to statistics gleaned on Wikipedia at the weekend.

In fact, the chairman of the Africa Union Commission Moussa Faki Mahamat lent credence to this when he declared that the trade volume between Africa and Korea remained insignificant. “In 2022 Africa accounted for 2% of Korea’s trade,” Mahamat said, while advocating the promotion of bilateral trade relations and more exchanges in the private sector and focusing on key value-added areas.

However, it would appear the situation is about to change. At last week’s two-day summit, held in Seoul, South Korea’s capital, important agreements were signed between South Korea and Africa, and pledges of economic cooperation and assistance were made.

 

President Yeol and the leaders of African countries agreed to forge deeper trade and business cooperation. They also resolved to launch a “critical minerals dialogue,” which will be convened later this year. Indeed, given the desire of South Korea to tap into Africa’s mineral resources and potential as a huge export market, the summit expectedly had a heavy focus on critical minerals. Africa is estimated to be home to 30% of the world’s reserves of critical minerals, including lithium, chrome, cobalt, and manganese.

Apart from the minerals dialogue, a major highlight of the summit is the declaration by the Republic of Korea to commit $14 billion in export financing to support Korean companies investing in Africa, while also increasing its official development assistance (ODA) to $10 billion over the next six years.

In a joint resolution agreed to by South Korea, the African Union (AU), and its member nations, the leaders pledged to speed up talks about economic partnership agreements, trade and investment promotion frameworks. They called for advancing cooperation for Africa’s food security with South Korea’s support, harping on Korea’s agricultural technology and smart farming. African leaders also lauded South Korea’s “Tech4Africa” initiative aimed at supporting education and training of Africa’s young population.

 

President Yeol also promised that Korea would extend its Trade and Investment Promotion Frameworks, and Investment Protection Agreements to African countries.

On their part, the African leaders praised Korea for its open and mutual approach to strengthening cooperation with the continent based on shared prosperity. They highlighted investment opportunities in their own countries and across the continent. Speaking at a joint news conference with President Yeol, AU Chair and Mauritanian President Mohamed Ould Ghazouani said African countries were looking forward to learning from Korea’s experience in developing human resources, industrialisation and digital transformation.

South Korea has done excellently well for herself given that a couple of decades ago, it was a poor and aid-dependent country wracked by the Korean war. Today, South Korea is a developed economy and a superpower. Many African leaders turned up for the summit in their bid to draw from the impressive development trajectory of South Korea and her giant accomplishments as an economic power by strengthening economic cooperation with the Southeast Asian nation. This is perhaps why Zimbabwe’s President Emmerson Mnangagwa said at the summit that, “the Journey travelled by Korea is a beacon and source of encouragement to Africa as it works to lift its people out of poverty.”

In total, up to 48 African countries either had their presidents or prime ministers in attendance at the summit or represented. Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggah, represented President Bola Tinubu. The theme of the summit- “The Future We Make Together: Shared Growth, Sustainability, and Solidarity-” resonated well with Africa and its present challenges. It was the largest multilateral event organised by South Korea since President Yeol mounted the saddle in 2022. South Korea’s overture to Africa comes at a time its recalcitrant neighbour North Korea seeks to break out of diplomatic isolation.

 

It is important to highlight some of the speeches and other useful aspects of the summit. Ambassador Tuggah said Nigeria was at the event to further strengthen ties and explore new cooperation opportunities, emphasizing Nigeria’s commitment to bilateral relations and addressing shared global challenges.
He spoke of the country’s readiness to boost trade and commerce, saying under President Tinubu, the country has put in place the right policies to engender a favourable business environment for foreign investors.

African Development Bank Group President, Dr. Akinwumi Adesina, who was also present at the summit, while referring to the theme of the summit said: “To show solidarity with Africa, for the ‘future we make together’, I wish to request that Korea solidify this Korea-Africa Summit by agreeing to re-channel SDRs (Special Drawing Rights) to the African Development Bank.”

“The approval by the IMF Board for use of SDRs of $20 billion for hybrid capital, as championed by our institutions, with immense advocacy of African heads of state and government, marks a new way to scale up development financing,” he said.

“The IMF-approved $20 billion limit for SDR re-channelling for hybrid capital, channelled through the African Development Bank and other multilateral development banks, will deliver $80 billion of new financial support.”

 

Rwanda’s President Paul Kagame said Korea’s experience had shown that a country could be radically transformed in the course of a generation. Then pricking the conscience of the African leaders on why the continent has remained poor and at the bottom of the global poverty ladder, he asked: “Is there any reason Africa hasn’t become a high-income region?”

President William Ruto publicly acknowledged the African Development Bank’s financial innovations. He told Korea to consider channelling some of the SDRs through the African Development Bank.

 

Mohamed Ould Ghazouani, the president of Mauritania and chairperson of the African Union, and co-chair of the summit alongside host President Yeol described the summit as an opportunity for both sides to renew their commitment to shared growth and partnership based on mutual respect and trust.

King Mswati III of Eswatini spoke like an African statesman, encouraging the Korean business community to invest in any part of the continent they like. “Choose a location to establish industries. Choose anywhere. We are no longer competing but collaborating.”

 

Has Nigeria benefited from the conference? I think so.

South Korea’s Ambassador to Nigeria, Kim pan Kyu, told this writer that the gains accruing to Nigeria from participating at the highest level of the summit were unquantifiable. Apart from providing opportunities to strengthen relations between South Korea and Nigeria, it has helped to boost business for Nigerian institutions on the basis of shared prosperity because Korea “is a genuine partner of Africa.”

 

Indeed and as if to confirm Kyu’s assertion, on the sidelines of the summit, the Korea Exim Bank, International Finance Corporation, AfDB, Afrexim Bank and KIND all declared their readiness to fund projects and programs in Nigeria including infrastructure projects, which cuts across the continent like the Mombassa-Lagos Corridor and the Lagos-Abidjan corridor.

Former secretary to Edo state government Taiwo Akerele who attended the summit said the country’s delegation also had high-level side events that featured Nigerian organisations such as the Nigerian Export Promotion Council (NEPC), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), etc.

A non-governmental organisation from Nigeria, Policy House, among others, also participated in the green energy transition event- Accelerating Access to Green and Climate Finance for Africa- featuring former UN Secretary-General Ban Ki-Moon.

In the end, I cannot agree less with both President Yeol and Cote d’Ivoire’s President Alassane Ouattara who both described the summit as a turning point in the relationship between Korea and Africa.

Rahman is a senior presidential aide

There is currently no evidence to support the claim that democracy is a perfect system of governance. However, humans still need to figure out a better means to guarantee the freedom and consent of the governed. Democracy remains the most practical choice available. We must keep working on it until it accurately reflects our goals because it’s an evolving idea even after many years. Because Nigeria, Africa’s largest democracy, is fashioned after the United States (US) model of liberal presidential democracy, whatever threatens democracy in that land becomes of interest to us. Recent unsavoury developments around the candidature of Donald Trump called for Nigeria to look inward and reflect on the ability of the institutions to prevail over considerations of status and sentiments. 

America, the flagship of democracy, may face its first real test of the elasticity of democracy and democratic institutions. For the first time in its history, there is a likelihood that Donald Trump may be campaigning from prison or as a convicted criminal to be elected as President of the US. A Manhattan Jury has convicted Donald Trump for falsifying business records to cover up a hush-money payment to a porn star. On July 11, a New York court will give him a sentence. This raises a moral conundrum, a constitutional issue, a dilemma for the party, electoral questions, and a logistics challenge.

Some pertinent rhetorical questions merit consideration: can Trump run for office, and what does the US Constitution say?  Can the Republican Party replace Trump, and is there a precedence? Can the party system survive a deadly jolt in the event that the law eventually disqualifies Trump? Mr Trump is registered to vote in Florida, and the law of that state bars convicted people; can Mr Trump vote? Can Mr Trump be elected while in prison, and is there a constitutional provision to guarantee this? What if Mr Trump is convicted in other states where he is facing more criminal proceedings? What are the implications? These questions will test the US Constitution and presidential transition tradition as it has never done before.

Although I will not attempt to answer most of these rhetorical questions, I boldly posit some facts that deserve attention. The US Constitution does not disqualify a person convicted from running for the office of President. Consequent to the preceding, a court’s conviction of Donald Trump will not prevent or disqualify him from running for the said office. In the case of Nigeria, Section 137 lists grounds for disqualifying a person standing for election to the office of President, and it includes a trial Court conviction that must have taken place within a period of less than ten years before the date of the election to the office of President,  and the said conviction must be in respect of an offence involving dishonesty or the person has been found guilty of the contravention of the Code of Conduct. In essence, not all court convictions apply in Nigeria. A sentence that does not border on fraud, financial crimes or forgery will not count or lead to the disqualification of a person running for President. We may recall that this issue arose at the last presidential election petition trial, and legal experts argued this point.

Besides, the US Constitution overrides any State law, particularly the Florida State law prohibiting a convict from voting. This Florida State Law will only apply if such a conviction occurred in Florida or was made by a Florida Court. In this way, Donald Trump has not been convicted by the State of Florida, and the said Florida State law will not apply or be enforced against him. However, while a convict can still run and win a presidential election in the US, the nature of the sentence may prevent him from occupying the office.

The implications of all of these are still on us. This marks the first-ever conviction of a sitting or former President in American history for a criminal offence. A triumph for accountability and the fundamental idea that no one in a democracy is above the law—not even the highest elected official—this momentous milestone is also a victory for soberness. Trump’s conviction shows how a working democratic system can achieve justice. It serves as a reminder that we cannot discuss democracy without bolstering the judiciary’s independence built on solid political culture and institutional resilience. This is a painful spot in Nigeria’s democratic journey right now. The only thing that can ensure the preservation of democracy and our freedom is an impartial, courageous, and independent judiciary.

The stress tests American democracy faces reveal the resilience and fragility of democratic systems, especially the institutions. Learning from these challenges allows Nigeria to build a more robust and responsive democracy. This stressor provides valuable insights into the strengths and vulnerabilities of democratic governance, which can be instructive for countries like Nigeria, which has a complex democratic landscape.

The first lesson is the supremacy of the rule of law. No one is above the law, and no matter how highly placed, they must be subjected to the accountabilities and dictates of the law. Reminding future generations that nobody is above the law in a democracy is essential, and we must strengthen our democratic institutions so they can withstand any bully. Creating strong institutional structures is vital to withstand the most heinous attacks on democracy. 

The second lesson is that we must fortify the other two arms of government – the legislature and judiciary against executive capture. Any attack on democracy from the executive arm, either still in power or out of power, must be resisted by the legislature and judiciary. The legislature must make clear laws that can easily overcome divisiveness, not opaque ones that become easy political tools. The judiciary must dispense justice equitably and responsibly. The weaker a legislature or the judiciary is, the easier it is for leaders from the executive arm to exploit the system, either to expand their power or to take down an opponent. Furthermore, weak institutions of democracy could manipulate facts like supple political stupidity.

The third lesson is that the Nigerian state must declare a war on corruption and hold all corrupt people accountable. The fight against corruption should not be limited to politicians and politically exposed people but must cover corrupt businesses, public servants, and civil society. Like the case of Trump, his first conviction was not based on his action while in office but based on his seemingly private affair that hovers around how he handled his books and hush money for the porn star he was accused of having sexual entanglement. The question we must ask ourselves is, can a seemingly innocuous thing, albeit a crime, force a former president in Nigeria to be convicted of a felony? We know of media sleaze of infractions and alleged corruption by high-powered politicians, but after a while, we hear nothing again about the prosecution of the case, and sometimes we hear of such people receiving national awards or portfolios of office without being acquitted by a court of law for the alleged crime.    

The fourth lesson is that no criminal should be allowed to become the President of Nigeria. Americans did not foresee a future where a strong candidate like Trump would emerge as a party frontrunner with convictions hanging on his neck, but now it has happened. The example of Eugene V. Debs, a socialist leader who appeared as a candidate from prison and ran for the presidency, should have guided their legal framework, but America has a way with a history that their democracy does not fall apart. That cannot be said of an emerging democracy like Nigeria. Just like it happened to us during the death of Umaru Yar’adua and for days, lawyers were struggling with the instrument to use until the “doctrine of necessity” was invoked, this is the best time to review the constitution to amend any ambiguity in our laws to protect our democracy. 

The fifth lesson is that Nigeria must tackle economic inequality, which creates a huge class divide that makes some feel above the law. Policies to reduce economic disparities through education, healthcare, and social welfare programmes can strengthen social cohesion and democratic stability. Developing strategies that promote inclusive economic growth and providing opportunities for all segments of society is critical for maintaining long-term democratic health. 

Nigeria must fortify its democratic foundations and ensure a stable and inclusive political future.

Building solid institutions and an excellent democratic political culture steeped in democratic principles and ethos deemphasizes the power of political agents, especially those so powerful that they exert a considerable influence on the entire political system. Everyone across the political divide must work collaboratively to defend our democracy. Encouraging dialogue across political divides and fostering a culture of bipartisan cooperation can mitigate polarization. Civic education that promotes understanding and respect for diverse viewpoints is essential.  We must protect our democracy at all costs!

 

Issues around climate change have dominated global conversations since the historic Paris Agreement reached by world leaders on December 12, 2015 at the UN Climate Change Conference (COP21) in Paris. The Agreement is an international treaty which became legally binding on November 4, 2016.

Since climate change poses a huge threat to our humanity, urgent action is required to mitigate its risks and negative impacts for a sustainable future. This perhaps explains why 195 Parties (194 States and the European Union) joined the Paris Agreement which set long-term goals to guide all nations as follows: reducing global greenhouse gas emissions, periodically assess the collective progress being made, and provide financing to developing countries to mitigate the impact of climate change, strengthen resilience and enhance abilities to adapt to climate impacts.

The United Nations and its agencies and partners (they include UNEP, UNFCCC, etc.), the World Bank, International Monetary Fund (IMF), and the Intergovernmental Panel on Climate Change (IPCC) are huge resources to guide any study on climate change.

Generally speaking, climate change refers to “long-terms shifts in temperatures and weather patterns,” according to information available on the UN website. “But such shifts can be natural due to changes in the sun’s activity or large volcanic eruptions,” the statement continued.

In Nigeria, we have experienced severe flooding, drought and extreme temperatures lately. These are the consequences of climate change. Other parts of the world are also experiencing the devastating impact of climate change in various dimensions.

The National Assembly passed the Climate Change Bill in 2021 and signed into law by former President Muhammadu Buhari. With this law, the expectation is that Nigeria will achieve net zero carbon emission between 2050 and 2070. To drive a coordinated action on climate change, the same act of parliament created the National Council on Climate Change (NCCC).

Last month, President Bola Ahmed Tinubu established a presidential committee on climate action and green economy. The initiative clearly underscores the need to strengthen our commitment to climate change, especially from the standpoint of accelerating the transition from fossil fuels to renewable energy that are derived from natural sources such as the sun and wind.

The beauty of renewable energy is that they are constantly being replenished which guarantees a sustainable future.

UN Reports indicate that human activities have been the main driver of climate change, primarily due to the burning of fossil fuels like coal, oil and gas. When fossil fuels burn, they generate greenhouse gas emissions that cast a blanket around the Earth, trapping the sun’s heat and raising temperatures.

The same Report says if we cannot keep global warming from rising above 1.5°C, then we are in real danger of being exposed to more heat from the sun. The solution is to reduce the dependence on fossil fuels, cutting it by half within the next six years and achieving net zero emission by 2050. Whether these goals would be achieved is a matter of conjecture.

Fossil fuels, as studies have shown, are the biggest contributors to the global climate change crisis, and poses severe risks to all forms of life. For the record, the main greenhouse gases are carbon dioxide and methane. For a moment, just imagine the volume of carbon emissions from the cars on our roads and electricity generators in Nigeria. The result is catastrophic air pollution that endangers our health.

Clearing land and cutting down forests can also release carbon dioxide, according to UNEP reports. Agriculture, oil and gas operations are major sources of methane emissions. Energy, industry, transport, buildings, agriculture and land use cause greenhouse gases.

Apart from the Paris Agreement, there are other global agreements such as the Sustainable Development Goals (to make the world a better place by 2030) and the UN Convention on Climate Change to guide progress. However, an SDG Report in 2022 revealed that about two billion people worldwide don’t have access to safe drinking water. If we consider the effects of climate change and a growing population, it means that number is likely go up.

We must understand that climate change hazards do not occur in isolation because the Earth is a system – just like the human body – where everything is connected. It means changes in one area, according to a report by the Intergovernmental Panel on Climate Change (IPCC), can influence changes in others.

It is why the consequences of climate change now include, among others, threats to our health, intense droughts, water scarcity, severe fires, rising sea levels, flooding, melting polar ice, catastrophic storms and declining biodiversity. The World Meteorological Organisation (WMO) and the United Nations Environment Programme (UNEP) set up the IPCC in 1988.

In a self-made climate change manual, you should include and learn about the effects of climate change which varies depending on your region. You should also add sustainable solutions that include reducing carbon emissions, slowing the pace of global warming, and transition from fossil fuels to clean energy sources.

The manual should note adaptation as a mitigation strategy that delivers economic benefits while also seeking climate justice in the sense that small island nations and developing countries must be supported financially. These countries have fewer resources to cope with the devastating effects of climate change.

When my associates at Climate Action Africa (CAA) decided to launch Climate Action Africa Forum (CAAF24), I took more than a passing interest in climate change and commenced a research on the intersection between climate action and sustainable development.

The executive director and co-founder of CAA, Grace Oluchi Mbah, is leading a team that is organising CAAF24 which is scheduled to hold from June 19 – 20, 2024 at Landmark Centre, Oniru, Lagos. Multi-stakeholder partnerships and collaborations are required to address pressing climate change challenges.

This was why CAA signed a partnership agreement with the National Council on Climate Change (NCCC) in Abuja about four months ago as part of a broader framework to catalyze the climate policy conference. This was followed by a world press conference in Abuja to announce CAAF24. Salisu Dahiru, the former director general of NCCC while speaking at the MoU signing ceremony, said the collaboration was a “pivotal step towards building a climate-resilient Nigeria.”

In her response, Mbah said Nigeria’s vulnerability to climate change necessitates immediate and collective action. “Through this partnership,” she said, “we aspire to harness the power of innovation, sustainable practices, policy dialogue, and community engagement to re-shape Nigeria’s future, and set a global example.”

Clearly, CAAF24 is a bold and innovative response to the climate change challenge in Africa. After the Abuja meeting, CAA received the backing of NCCC for the conference. CAAF24 will host a diverse group of influential thought leaders and environmental champions from the Africa Development Bank (Abidjan), Afrexim Bank (Cairo), World Bank (Washington DC), World Economic Forum (Geneva), and the Africa Enterprise Challenge Fund (Nairobi).

CAA’s mandate includes fostering climate-resilient communities, driving innovation and contributing to the expansion of Africa’s green economy.

The theme of the conference is, “Green Economy, Brighter Future: Innovating and Investing in Africa’s Climate Smart Development.” One of the keynote speakers is Ms. Ramatoulaye Diallo N’Diaye, a former minister of culture in Mali, and the founder/CEO of the Great Green Wall of Africa (GGWoA) Foundation with a mission and unwavering commitment to restoring African forests and reversing the ravaging effects of climate change in the continent.

The list of speakers also include Tokunbo Wahab, Honourable Commissioner for environment and water resources, Lagos State; Markus Wauschkuhn, Cluster Coordinator, Sustainable Economic Development Cluster of GIZ Nigeria and ECOWAS, and Gerald Esambe, Principal Officer, Climate and Green Growth Department at African Development Bank Group.

Others are Kingsley Uranta, General Manager at Channels TV; Bankole Michael from the Lagos State Climate Change department, Ms. Helen Brume, representing the President of Afrexim Bank; Edith Jibunoh, External and Corporate Relations (ECR) Manager for East and Southern Africa representing the World Bank; Olalekan Ogunleye, Executive Vice President, Gas, Power & New Energy, NNPC Ltd and others.

The organisers of the conference are worried about the impact of climate change in Africa. Mbah said the following themes would be explored with nuance by the speakers and facilitators: changing weather patterns, rising sea levels, air pollution, forced displacements, water scarcity, food insecurity, hunger and poor nutrition, desertification, declining GDP, and limited adaptive capacity.

According to her, CAAF is building a platform for Africa to lead the change in addressing global climate issues. With over 3,600 registered attendees, and more than 600 applications for its Deal Room and Workshops, CAAF24 is on track to be an unprecedented hub for climate action and sustainable energy transition in Africa.

 CAAF Deal Room is a ground-breaking idea and strategic initiative that aims to connect high impact climate innovators in Africa with potential investors seeking to accelerate sustainable solutions. The objective of the Deal Room is to select finalists who would have the opportunity to pitch their ideas and solutions during CAAF24.

The deals will include prize money, equity, debt financing, mergers and acquisitions as well as other investment options. Those eligible to apply include venture capitalists, impact investors, climate-tech startups, Green SMEs, and not-for-profit organisations. Applications for the Deal Room opened on April 22, and closed on May 17, 2024.

It would be nice for the organisers of CAAF24 to extend an invitation to the new director general of NCCC, Dr. Nkiruka Maduekwe, as a special guest of honour. I am using this opportunity to congratulate the DG on her well-deserved appointment announced last Sunday.

Braimah is a global public relations consultant and marketing strategist. He is also the publisher/editor-in-chief of Naija Times (https://ntm.ng) and Lagos Post (https://lagospost.ng), and can be reached via This email address is being protected from spambots. You need JavaScript enabled to view it..  

 

 

The Israeli Defence Force slaughtered 274 innocent & defenceless Palestinian civilians in Nuseirat on saturday just to rescue four Jewish hostages in what has been decribed by an eyewitness as a "callous massacre" & "hell on earth". 

How can anyone in his right senses justify this madness? How can any sane person rejoice in such mindless savagery & callousness. 

Would it not have been more humane to get them released through negotiation & a ceasefire? 

Would you not have got more hostages back that way without taking any innocent lives? 

Are the babies & infants that you butchered in Nuseirat also members of the Al Qassam Brigade? 

Did they also participate in the October 7th attack on Israel? 

Were the four hostages hidden in their baby cots, their prams or their diapers?

Did you have to murder them too? 

This degree of depravity beggars belief. 

It is utterly astounding & totally incomprehensible. It represents a new low in the long & horrific history of Zionist barbarity.   

Bibi Netanyahu & his supporters should clap for themselves! 

Yet as they rejoice in their butchery & carnage & their pyrrhic victory let them take note of the following: there is NO glory in murdering women & children. 

There is NO honor in slaughtering babies & infants & blowing up their little bodies with your sophisticated weapons & precision bombs! 

There is NO victory in snuffing out their precious young lives & blotting out their shining star!

There is NO joy in shattering their dreams & destroying their destinies. 

Your cruelty is greater than that of Herod, your soul is darker than that of Pharaoh, your boast is greater than that of Sennacherub, your arrogance is greater than that of Nebuchadnezzar, your heart is harder than that of Jezebel, your bloodlust is greater than that of Athalia and your end shall be worse than that of all of them put together. 

The Lord of Hosts, the Alpha & the Omega, the Ancient of Days, the Man of War, the Lily of the Valley, the Rose of Sharon, the El Shaddai, the Elohim, the Adonai, the Lord of the universe, the God of all flesh, the Avenger of our blood, the Lamb of God, the Blood of the sprinkling, the I AM THAT I AM, He who is high & lifted up whose train fills the Temple & He that they call Jesus Christ of Nazareth, whose name is above all names, who is the author & finisher of our faith & to whom every knee must bow, has seen your wickedness & stands against you. 

From generation to generation you shall be cursed, your suffering & sorrow shall have no end & a special place in hell has been reserved for you where you shall burn forever. 

The time for glorifying yourselves will soon be over for the God of the poor, the weak, the oppressed, the vulnerable & the persecuted shall rise up in defence of the women & children of Gaza & avenge them speedily! 

Even Benny Gantz, the leader of the opposition & an erstwhile member of your 'war cabinet', can no longer bare the stench of blood that trails you & has abandoned your rat-infested ship & sinking Zionist Government.

Woe unto you Netanyahu and unto Smotrich, Ben Givr, Eliyahu, Gotllieb, Herzog and all the other depraved, bloodthirsty, delusional & insane men & women in your crumbling cabinet & heartless Government.

Woe unto the people of Israel for choosing you as their leader. 

Woe unto America for arming, funding & supporting you in your bloody enterprise of mass murder & ethnic cleansing. 

Woe unto them for being complicit in war crimes, crimes against humanity & genocide.

Woe unto the rest of the world for refusing to stand up for truth & justice, for refusing to resist you & for refusing to find the courage to march on Tel Aviv & drag you off your blood-soaked throne.

 

(FFK)