Nigeria looks to strenghten economic ties with South Africa

Nigeria's President Bola Tinubu held talks with South African President Cyril Ramaphosa in New York, seeking to advance economic cooperation between the two largest economies in Africa, his spokesperson said on Monday.

The two African leaders met ahead of the United Nations General Assembly that is scheduled to start this week, they said in a joint statement.

"We can collaborate in a mutually beneficial way that enriches our populations," Tinubu said, adding that both countries can cooperate in the mining and telecommunications industries to help "deliver jobs".

Tinubu has embarked on Nigeria's boldest reforms in decades, scrapping a popular but expensive petrol subsidy and lifting foreign exchange trading curbs. He has pledged to revive an economy struggling with record debt, anaemic growth and double-digit inflation.

President Ramaphosa hailed Tinubu's "brave" economic reforms and pledged that South Africa will explore greater partnership with Nigeria.

"We are two major economies on our continent, and it is important that we deepen economic ties, particularly in light of the African Continental Free Trade Agreement," Ramaphosa said .

"We would love to see Nigeria and South Africa working closely together on a number of issues because whenever we join hands, we have made an impact globally through those joint positions," he said.

Tinubu also urged South Africa to join Nigeria in a call for reforms of global finance institutions to help Africa combat rising poverty and economic woes.

"We must join hands and agree that International Finance Institutions require reform as Africa is not to be a ground for economic scavenging any longer, but it is a place with gifted people that is ready for investment and cooperation," Tinubu said.

Tinubu, attending his first U.N. General Assembly as Nigeria's president, is also scheduled to meet U.S. President Joe Biden and executives from Microsoft, Meta and Exxon Mobil in New York in a drive to mobilize global capital to develop infrastructure. 

By Felix Onuah, Reuters

US Treasury Secretary Adeyemo urges Nigeria to fight corruption

U.S. Deputy Treasury Secretary Wally Adeyemo on Monday urged Nigeria to work to stabilize its currency and fight corruption to unlock what he called the "unrealized opportunity" of Africa's most populous country.

Adeyemo, who emigrated from Nigeria to the United States as a child, is visiting Nigeria through Tuesday to underscore the Biden administration's commitment to deepening economic and trade ties with African countries.

His trip comes as Nigeria’s new president, Bola Tinubu, adopts reforms to revive the country's economy and is part of a broader push by U.S. President Joe Biden to strengthen ties and offer African countries an alternative to Chinese and Russian investment and trade.

"Your economic success is not only important to the approximately 200 million people who call Nigeria home, it is important to the region, the continent and the global economy," Adeyemo said in a speech at Lagos Business School.

The visit by Adeyemo, the highest-ranking member of the African diaspora in the Biden administration, comes after visits to the continent by other top officials, including Treasury Secretary Janet Yellen and Vice President Kamala Harris.

Adeyemo said Nigeria could attract more foreign direct investment if it accelerated efforts to stabilize the nation's currency, the naira, and revamped its fiscal policies to end fuel subsidies and invest more in digital infrastructure, education and a strong small business environment.

Rooting out corruption, including by moving more licensing and other government functions online, would also fight skepticism and boost digital entrepreneurship, he said.

Adeyemo also called for steps to shore up the integrity of the Nigeria's banks and reduce the ability of "criminals, terrorists and others" to launder money through the Nigerian financial system. Washington stands ready to help Tinubu's government tackle challenges in this area, he added.

"The opportunity has never been greater," he said. "Your government is pursuing difficult and bold reforms. The United States looks forward to being a partner as you build an economy that works for all Nigerians."

By Andrea Shalal, Reuters

Election-related visa restrictions imposed on citizens of Nigeria

The United States has imposed entry restrictions on more Nigerians for undermining the democratic process during the African nation's 2023 election cycle, U.S. Secretary of State Antony Blinken said on Monday.

"These individuals have been involved in intimidation of voters through threats and physical violence, the manipulation of vote results, and other activity that undermines Nigeria’s democratic process," Blinken said in a statement.

Additional details were not provided.

The action is the latest in a series of visa restrictions imposed on Nigerian individuals in recent years.

Nigeria's election tribunal this month was to begin hearing opposition petitions challenging president-elect Bola Tinubu's victory in the disputed February presidential vote, court records showed.

Tinubu, from the ruling All Progressives Congress party, defeated his closest rivals Atiku Abubakar of the People's Democratic Party and the Labour Party's Peter Obi, who have alleged fraud and have launched a court challenge.

Atiku and Obi want the tribunal to invalidate Tinubu's victory, arguing that the vote was fraught with irregularities, among other criticisms. Tinubu, who is set to be sworn in on May 29, says he won fairly and wants the petitions dismissed.

There have been numerous legal challenges to the outcome of previous Nigerian presidential elections but none has succeeded.

By Doina Chiacu, Reuters