Thursday, February 23, 2023

Peace Pact signed by Presidential candidates in Nigeria days before polling

The 18 presidential candidates of Nigeria’s general election have signed a second peace accord in the capital, Abuja, in a bid to prevent unrest surrounding the February 25 polls.

The pact is to ensure “the conduct of free, fair, credible, transparent and verifiable elections cognisant of the need to maintain a peaceful environment before, during and after the 2023 general elections” and “to place national interest above personal and partisan concerns”.

An earlier agreement had been signed in September 2022, which former military head of state and retired general Abdusalam Abubakar said had been violated numerous times.

The Tuesday evening signing, organised by the National Peace Committee and the Kukah Leadership Centre, an Abuja-based think tank, was in the presence of President Muhammadu Buhari and other African and international leaders and diplomats.

Committee officials said the accord was meant to bind political parties, candidates and their supporters to resort to constitutional means if they are dissatisfied with electoral outcomes.

Abubakar, the chairperson of the National Peace Committee, said 44 percent of the September accord’s violations “were carried out by the spokespersons for political parties, 26 percent by party members, 19 percent by the presidential candidates themselves, 11 percent by the hardcore supporters and four percent by the chairmen of the parties”.

“As a nation, we’ve got to put a stop to all this,” he said, without providing further details about the incidents.

Saturday’s race to succeed Buhari is being keenly contested.

Among the 18 candidates, four are generally accepted to be top contenders.

The ruling All Progressives Congress (APC) candidate, former Lagos governor Bola Tinubu, faces his former associate and Nigeria’s former vice president Atiku Abubakar of the main opposition People’s Democratic Party (PDP).

The Labour Party’s Peter Obi, has, however, emerged as a surprise third candidate to challenge a traditional dichotomy in Nigeria’s political landscape. A fourth candidate, Rabiu Kwankwaso of the New Nigeria People’s Party (NNPP), is seen as a wild card in the race.

Tuesday’s signing was held in the presence of domestic and international stakeholders to monitor for potential violence – a common feature in Nigerian elections.

Along with the presidential candidates, members of observer missions from the African Union, European Union and the Commonwealth, and other diplomats were present at the signing.


Also present were Thabo Mbeki, Joyce Banda, Uhuru Kenyatta, John Mahama and Ernest Bai Koroma, the former presidents of South Africa, Malawi, Kenya, Ghana and Sierra Leone respectively who are heading foreign observer missions.

Africa’s richest man, Aliko Dangote, another member of the committee also attended, as was Patricia Scott, secretary-general of the Commonwealth and a representative of the United Nations secretary-general.

President Buhari urged all the contestants to have the “confidence to trust our legal systems”.

”Let me remind all Nigerians not for the first time that this is the only country we have and we must do everything to keep it safe, united and peaceful,” he said. “There should be no riots or acts of violence after the announcement of the election results. All grievances, personal or institutional, should be channelled to the relevant courts.”

Mahmood Yakubu, the chairman of the Independent National Electoral Commission, said election preparations were well under way with ballot papers and other materials being moved to polling units nationwide.

“By Friday we will activate the registration area centres so that at first light on Saturday, polling units will open on time.” 

Al Jazeera

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Wednesday, February 22, 2023

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Depleted revenue, a high debt profile and a huge budget deficit are among several economic woes that the next Nigerian President will be confronted with. The West African country goes to polls this Saturday.

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54% of currency in Nigeria no longer in circulation

Nigeria currently has about 1.39 trillion of its currency in circulation, after cutting off an estimated 1.6 trillion in just a month.

This 54% drop is part of the Central Bank’s governor's initiative to inflate the value of Nigeria’s currency, the Naira. In January, the money in circulation totaled N3.1 trillion.

Subsequently, the currency outside the vaults of banks has also been cut down by 69.3%, jumping from N2.56 trillion to N788.92 within the same month.

In December, the governor of the Central Bank Godwin Emefiele alongside the president of the country, Muhammad Buhari, revealed the new redesigned legal tenders for the N200, N500, and N1000 notes.

This redesign according to the governor was to recover the lost value of the naira. The governor disclosed that the Naira was depreciating because most of the country’s cash was being hoarded outside banking halls.

This, in his assessment, amongst other factors, devalued the naira. As a result, some of the country’s legal tender were redesigned, and the governor gave a short deadline for the return of the old notes.

The first deadline was a little over a month after unveiling the redesigned notes on the 31st of January, which would eventually be extended to the 7th of February.

After massive bouts of civil unrest across the country and a disagreement with the country’s supreme court, which ruled that the deadline be extended, the CBN governor and the president of Nigeria insisted that the deadline would stand, and the redesigned notes would be the country’s official legal tender.

As result, the CBN has managed to reduce the level of hoarded cash outside of banking halls, by a significant margin. This refusal to budge under pressure has also made Nigerians more receptive to the idea of a cashless economy. Now more than ever, Nigerians have keyed into the idea of transacting business via transfers.

In the same period under review, Nigeria’s money supply rose to N53.27 trillion, a 2.2% increase compared to the previous month.

Chinedu Okafor, Business Insider Africa

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Tuesday, February 21, 2023

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With elections in Nigeria just days away, recent attacks have caused concern among the public. Outgoing president Muhammadu Buhari had promised to end violence by Boko Haram in the north. Al Jazeera's Ahmed Idris has more from Maiduguri, Nigeria.

Al Jazeera

China beats Tesla to lithium deposits in Nigeria

Kaduna, a state in northwestern Nigeria, has selected China’s Ming Xin Mineral Separation Nig Ltd. (MXMS) to build the country’s first lithium-processing plant, with a plan to manufacture batteries for electric vehicles (EVs).

On January 13, the Kaduna Investment Promotion Agency tweeted pictures of its leadership team reviewing the plant’s construction. According to Kaduna State’s mining company, the plant is being built on 9.3 hectares of land. Khalil Nur Khalil, the executive secretary of the state’s investment promotion agency, told Rest of World that the plant is a “game changer,” which he believes will lay the foundation for Nigeria’s ambitions to build “battery factories” and produce “EVs in Kaduna.”

This comes more than five months after the Nigerian government claimed it had rejected Tesla’s proposal to purchase raw lithium from the country.

Ayodeji Adeyemi, special assistant to the minister of mines and steel development, told Rest of World that Tesla’s proposal was rejected because it did not align with the country’s new mining policies.

“Our new mining policy demands that you add some value to raw mineral ores, including lithium, before you export to create jobs and build industries,” Adeyemi said. “They don’t have to turn ores into finished goods. We are only asking them to add some value before exporting.”

In January, Elon Musk, the co-founder and CEO of Tesla, said he sees the company’s biggest competition coming from China. That same month, Tesla even slashed the prices of its cars in China for the second time since September last year.

According to the International Energy Agency (IEA), China already controls 60% of the world’s lithium processing and is exploring new frontiers, like Nigeria, to expand its dominance. Kaduna is one of several Nigerian states with lithium deposits. At least seven other states in the country are confirmed to have the mineral — essential in the manufacturing of EV batteries — in commercial quantities.

The Nigerian government has relied significantly on funding from China for several landmark projects, including the Abuja Light Rail project, planned terminal expansions at four major airports, and the National Public Security Communications System project. According to Nigeria’s debt management office, Chinese loans represented 3.94% of the country’s total public debt as of March 2020.

Despite increasing Chinese interest in infrastructure financing and construction, the U.S. is still one of Nigeria’s top five sources of imported capital. In 2021, Nigeria received over $2.2 billion from the U.K., over $677 million from the U.S., and $10 million from China, official records from the National Bureau of Statistics show.

Analysis from the IEA shows that to reach net zero emissions by 2050, about 2 billion EVs and hybrids need to be produced and used. However, global lithium reserves can only make about 2.5 billion EVs. This means that lithium will continue to be a valued, in-demand mineral, given that it has alternative uses apart from making EV batteries. It is used to make batteries for laptops, phones, and digital cameras and is also essential in the manufacturing of planes and trains.

“Nigeria can take advantage of this market by leveraging the domestic value-added process to the mineral,” Oghosa Erhahon, a lawyer and energy transition analyst, told Rest of World. “For example, manufacturing batteries for exports. It’s one thing to limit foreign activities, but not building sustainable infrastructure for lithium mining is not favorable, especially with the national plans to diversify exports.”

By Temitayo Lawal, rest of world  

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