Columns | ñ Consumer Experience Is A Top Priority Mon, 08 Sep 2025 18:13:07 +0000 en-GB hourly 1 https://wordpress.org/?v=6.7.3 /wp-content/uploads/2019/12/cropped-CC-Logo-for-Favicon-1-32x32.png Columns | ñ 32 32 The bond between President Tinubu and VP Shettima, by Tunde Rahman /45029?utm_source=rss&utm_medium=rss&utm_campaign=the-bond-between-president-tinubu-and-vp-shettima Mon, 08 Sep 2025 17:59:44 +0000 /?p=45029 *There is no doubt that Vice-President (Senator) Kashim Shettima has demonstrated absolute loyalty to President Bola Ahmed Tinubu, and has shown he is a worthy…

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*There is no doubt that Vice-President (Senator) Kashim Shettima has demonstrated absolute loyalty to President Bola Ahmed Tinubu, and has shown he is a worthy partner, who believes that both of them must work together for the good of the country they both love

Tunde Rahman

Long before President Bola Ahmed Tinubu decided on Vice-President Kashim Shettima, who turned 59, last week, as his running mate in the last Presidential Election, both of them had first collaborated across boundaries and different political parties several years ago to the present, when they are working together at the helm of Nigerian affairs.

President Tinubu and Vice-President Shettima continue to march on in harmony and deep partnership.

Their relationship is borne of mutual respect, trust, and fired by patriotic zeal and the need to promote democracy, good governance, and economic development. That bond has continued to wax stronger.

I do not feign any knowledge regarding the exact time the two leaders encountered each other. It’s on record, however, that both worked together, alongside other like minds, to merge the legacy parties that eventually formed the APC in 2014.

Indeed, the torchbearers of the merger were President Tinubu – leading the defunct Action Congress of Nigeria from the South-West – and late President Muhammadu Buhari, who led the Congress for Progressive Change from the North-West.

However, Vice-President Shettima of the defunct All Nigeria Peoples Party and other party leaders, among others, also played an important role in the consummation of the merger that brought together progressive forces from across Nigeria’s North and South.

By the time of that historic event, the relationship between Shettima and his political leader and former governor of the state, Senator Ali Modu Sheriff (SAS), had gone frosty.

Although up until that point, SAS dominated the ANPP structure in Borno State almost to the total exclusion of then Governor Shettima, a battle line was being drawn between supporters of the godfather and the Governor.

The merger, therefore, emerged like a rescue avenue for Shettima, and Asiwaju supported him greatly to successfully wrest the party structure and assume full leadership.

Asiwaju also came to his support when the Chibok girls were abducted, and the Goodluck Jonathan government saw Shettima like a villain.

Shettima had to take his story and efforts to rescue the abducted girls to the international community. Asiwaju helped in all of that and also facilitated his quick return to Maiduguri, the Borno State capital.

Many will recall that celebrated interview Shettima granted CNN’s Christian Amanpour at the time.

As Governor of Borno State, Shettima’s admiration for Asiwaju Tinubu and his politics was well-known. He would often invite him to inaugurate some legacy projects of his administration, even while they were in different parties.

On one such occasion, Asiwaju arrived in Maiduguri along with his entourage, in the heat of the Boko Haram insurgency.

He spent two days in that city, inaugurating the Doctors’ Quarters, which were built by Shettima and named after Tinubu, among other projects.

With that visit, it was evident that both leaders had become political soul mates – akin to a political father and son.

In the run-up to the 2023 General Elections, Shettima pitched his tent with Asiwaju Tinubu.

He rooted for Tinubu during the APC primaries and criss-crossed the country with him while the campaign lasted.

Given his competence, leadership experience, dynamism, and loyalty, it was no surprise that Asiwaju picked him as his running mate.

Indeed, it is an affirmation of his competence and good qualities that the committee set up by Asiwaju to recommend a suitable running mate for him had Shettima at the top of its list.

Former Secretary to the Government of the Federation and former ally of President Tinubu, Babachir David Lawal, headed that committee. Importantly, Shettima’s choice was reportedly blessed by late President Buhari.

In the end, the APC won the election. Asiwaju and Shettima were inaugurated as President and Vice-President.

After over two years in the saddle, they are moving on, united by a shared vision to engender a strong economy, deliver prosperity, and improve the living standards of Nigerians, based on the Renewed Hope Agenda.

This relationship has not been without its challenges.

However, the union has continued to weather the storms.

It is always the case in a political environment that power mongers and schemers will seek to throw spanners in the work to upset political relationships or any union, for that matter.

Indeed, relationships between a principal and deputy, like that between governors and their deputies or presidents and vice presidents, can be very testy, as suspicion and mistrust can sometimes creep in.

Deputies are endangered species. Like Caesar’s wife, they must be above board at all times, politically correct, and ensure they do not swim against the tide.

Writing in “Deputising and Governance in Nigeria”, former deputy governor and later two-term Governor of Kano State, Dr. Abdullahi Ganduje, contends that “the role of a Vice-President in government depends largely on his relationship with his boss, and could be expanded to make him influential, if positive and collaborative.”

According to the constitution, the vice president chairs the National Economic Council (NEC).

However, the Vice-President has no special powers except those delegated to him by the President, which is entirely at the President’s discretion.

The marriage between President Tinubu and VP Shettima is strong and vibrant.

There is no doubt that Shettima has demonstrated absolute loyalty to President Tinubu.

He has shown he is a worthy partner who believes that both of them must work together for the good of the country they both love.

If anyone doubted the bond between them, President Tinubu cleared the doubts in his 59th birthday message to Shettima September 2, 2025.

VP Shettima also responded with matching words of gratitude.

In the stirring message, the President said, among others, “Every day as vice president, you have justified that choice by strengthening our work, bringing fresh perspectives, and upholding our commitment to Nigerians.

“Your dedication reassures me that I did not make a mistake in choosing you as my deputy.”

Responding, the Vice-President promised not to take his bond with President Tinubu for granted.

In a message of gratitude on the birthday, the Vice-President said: “The bond we share, anchored in loyalty and service, is one I will never take for granted.

“I have watched you shoulder the burden of difficult choices at critical moments, steering our nation through turbulent waters into a harbour of stability that promises abundance.”

The opposition politicians and top political office aspirants have important lessons to learn from this harmony, mutual trust and tolerance, which is at variance with what obtained in the early part of the Fourth Republic.

Though frosty relationships between governors and their deputies have been recurring since 1999, former President Obasanjo and his deputy, Vice President Atiku Abubakar, took the matter to a frightening level. They engaged in a war of attrition.

Atiku tried to undercut and oust his principal from office because of his presidential ambition. Both of them dragged each other in the mud, almost literally, leading to tensions in governance and a protracted crisis. The country’s renewed democratic experiment was severely tested.

It was an ugly situation many would rather not be reminded of.

The nation was on the edge, with fault lines being dangerously toyed with.

It was, indeed, a dark moment in our political history! But that is no longer the story as Tinubu and Shettima are handling their relationship with maturity.

On this occasion of his 59th birthday, I commend Vice President Shettima for his loyalty to the President and his commitment to nation-building.

I wish him many more years and continued life of impact. Happy birthday, Sir.

*Rahman is Senior Special Assistant to the President on Media & Special Duties.[do_widget id=heateor_sss_sharing-2]

 

 

 

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From Fragility to Foundations: Inside PBAT’s political economy, by Tanimu Yakub /44997?utm_source=rss&utm_medium=rss&utm_campaign=from-fragility-to-foundations-inside-pbats-political-economy-by-tanimu-yakub Sat, 06 Sep 2025 10:24:21 +0000 /?p=44997 *President Bola Ahmed Tinubu, from fragility to foundations, extends his predecessor’s groundwork, setting Nigeria on a course where economic geography and political coalition are bound…

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*President Bola Ahmed Tinubu, from fragility to foundations, extends his predecessor’s groundwork, setting Nigeria on a course where economic geography and political coalition are bound together

Tanimu Yakubu

In early 2024, Nigeria’s Naira collapsed to N1,800 per Dollar, rattling households and businesses alike.

By August 2025, it had strengthened to N1,525. For President Bola Ahmed Tinubu, this is not just recovery but the opening proof of his broader political economy: building Nigeria on three foundations — credible currency, concrete infrastructure, and kilowatts of power.

Currency reform was the first bold stroke. By floating the Naira, clearing a $4 billion Foreign Exchange (Forex) backlog, and bringing remittances into official channels, the government restored some measure of trust.

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For traders, it meant fewer shocks when pricing goods. For students abroad, it meant less uncertainty over tuition.

For investors, it meant a government that honoured obligations. The Naira, long a burden to defend, began to look like a tool to deploy.

Infrastructure has been Tinubu’s second lever. More than N5.9 trillion has gone into projects in the North-West, his electoral base, but their benefits ripple nationwide.

The Kaduna–Kano Expressway, Kano–Maiduguri Highway, and Sokoto–Illela Corridor cut travel times and lower costs for farmers and traders.

Lagos, reframed as a logistics hub, connects Northern produce to Southern ports and Eastern manufacturers to western markets. Concrete here is less a regional trophy than a national glue.

Yet, roads without power remain empty. The revival of the 255MW Kaduna Power Plant shows how electricity must animate infrastructure.

For factories, kilowatts mean extra shifts and more jobs.

For clinics, they mean functioning refrigerators for vaccines.

For children, they mean studying under electric light rather than kerosene lamps.

Renewables strengthen the justice dimension: solar irrigation in Zamfara demonstrates how energy can power farms and livelihoods as well as industry.

The most ambitious vision is the Tinubu National Beltway, a Calabar–Maiduguri–Sokoto arc that redraws Nigeria’s map. But it is not alone.

With work on the Badagry–Lagos Expressway, the Illela–Sokoto corridor, and the Lagos–Calabar Coastal Highway, Tinubu is effectively sketching a square of dual carriageways across the Federation.

The Beltway curves, the coastal and Northern lines straighten — forming a lattice of asphalt that stabilises the country.

It is geography turned into strategy: a deliberate grid that holds together Nigeria’s diversity.

This continuity builds on his predecessor. Muhammadu Buhari poured concrete into signature projects — railways, bridges, and the Second Niger Bridge. Tinubu extends that legacy, turning Buhari’s lines into loops, spines into squares.

Rather than rivals, the two appear as successive masons: Buhari laying the pillars, Tinubu closing the frame.

The partnership is political continuity made visible in concrete and steel.

Critics dismiss this as propaganda, pointing to charts suggesting Lagos benefits most or that projects tilt northward.

Yet, the truest measure is lived experience: the driver who now saves hours on a repaired highway, the trader whose goods arrive in Lagos sooner. Hashtags fade; asphalt endures.

Risks remain. Nigeria has a history of stalled projects and rising costs. Inflation bites households even as reforms strengthen exporters. Security looms as a constant threat — a rebuilt road can be rendered useless overnight by banditry.

And without deeper financial markets, FX stability will remain vulnerable.

Still, Tinubu’s wager is clear. Currency credibility fuels competitiveness. Concrete stitches the Federation into one market.

Kilowatts power productivity and dignity. From fragility to foundations, he extends Buhari’s groundwork and sets Nigeria on a course where economic geography and political coalition are bound together.

*Yakubu is the Director-General of Budget Office, Abuja, FCT.

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Why Lagos. Yes Lagos. (And Abuja too). The North is mobilised, not marginalised, by Sunday Dare /44859?utm_source=rss&utm_medium=rss&utm_campaign=why-lagos-yes-lagos-and-abuja-too-the-north-is-mobilised-not-marginalised-by-sunday-dare Mon, 01 Sep 2025 11:14:29 +0000 /?p=44859 *The attempt to portray Lagos as ‘over-pampered’ while casting the Northern Nigeria as ‘neglected’ is not just misleading—it is lazy journalism…. President Bola Ahmed Tinubu…

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*The attempt to portray Lagos as ‘over-pampered’ while casting the Northern Nigeria as ‘neglected’ is not just misleading—it is lazy journalism…. President Bola Ahmed Tinubu is not just a statesman, he is a nationalist and President for all

Sunday Dare

Daily Trust’ recent headline screamed: “In Two Years, Lagos Gets ₦3.9 Trillion Projects.” Sensational, Yes. Accurate? Hardly. Numbers without context are not facts.

They are distortions—weaponised to inflame rather than inform.

The attempt to portray Lagos as over-pampered while casting the North as neglected is not just misleading—it is lazy journalism.

From Devaluation to Domination: Tinubu’s Forex reforms turns Naira into Nigeria’s export engine

The truth is more complex, more national, and more honest. President Bola Ahmed Tinubu is not just a statesman, he is a nationalist and President for all.

Northern Nigeria: Mobilised, not marginalised

Let’s start with the North. Far from being abandoned, it anchors over half of the capital budgets for 2024 and 2025, when you account for trunk infrastructure and agricultural investments.

– Abuja–Kano Expressway dualisation

– ₦12.1 trillion Sokoto–Badagry Superhighway (₦3.63 trillion already approved for rollout in Sokoto and Kebbi)

– Kano–Maradi Railway and the Zungeru–Kano Power Line

– Funtua and Bauchi Inland Dry Ports

– Airport upgrades in Katsina, Maiduguri, and Kaduna

Add to this massive funding for the Sokoto-Rima, Upper Benue, Hadejia-Jama’are, and Lower Niger River Basins; and food-security anchors like Special Agro-Processing Zones in Borno, Kaduna, and Kebbi, and wheat development in Jigawa and Kano.

This is not marginalization. It is mobilisation.

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Lagos and Abuja: The Real Picture

So why Lagos? Why the fixation on one headline figure?

Time and trend

What did Lagos receive in 2013–2015? Or 2021–2023? Without period-over-period comparisons—adjusted for inflation, exchange rates, and statutory revenue outturns—any single number is meaningless.

Scale and service burden

Lagos is not just a state. It is Africa’s second-largest city economy, with over 23 million residents and hundreds of thousands more arriving every year. Every Nigerian ethnicity is represented in Lagos.

It is Nigeria in microcosm—a great melting pot straining under infrastructure loads no other state faces.

And Lagos is not alone. Abuja is becoming the same: one of Africa’s fastest-growing cities, projected to exceed 7 million people by 2030.

As the federal capital, it carries the daily weight of the civil service, the diplomatic corps, and a booming private sector.

That is why President Bola Ahmed Tinubu has given extra care to both Lagos and Abuja. Not as favoritism, but as strategy. When these two urban giants work, Nigeria breathes easier. When they fail, the whole country suffers.

Planning continuity

No project begins or ends in a single election cycle. What Lagos and Abuja receive today flows from the ERGP (2017–2020), the ESP (2020) during COVID-19, and the NDP (2021–2025). The forthcoming Renewed Hope Plan (2026–2030) will build on them.

National development is a continuum—not an accident.

Global Parallels

Mega-cities demand mega-support. Look abroad:

– New York City receives tens of billions in annual federal transfers, covering housing, health, education, and transport. In FY 2022, New York State and City received $117.5 billion in federal support.

– Johannesburg/Gauteng generates one-third of South Africa’s GDP. Its 2025/26 provincial budget tops R172 billion, aligned with federal transport and housing priorities.

If New York and Johannesburg receive proportional federal support because of their scale, why should Lagos and Abuja be treated differently?

Responsible Journalism requires rigour. We must separate propaganda from journalism. That’s the inescapable duty of media practice.

Why Lagos? Why Abuja?

Because Lagos is Nigeria’s economic lifeblood.

Because Abuja is its political and diplomatic heartbeat.

Because both cities carry the daily weight of the federation—demographically, economically, and symbolically.

Investing in Lagos and Abuja is not favoritism. It is statecraft. In the U.S. and South Africa, city-economies like New York and Johannesburg receive federal resources reflective of their burdens. Lagos and Abuja, which together anchor Nigeria’s survival, deserve no less.

The real question is not “Why Lagos?” or “Why Abuja?”

The real question is: What happens to Nigeria if Lagos and Abuja are ignored?

*Dare is Special Adviser to President Tinubu on Media and Public Communication.

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From Devaluation to Domination: Tinubu’s Forex reforms turns Naira into Nigeria’s export engine /44852?utm_source=rss&utm_medium=rss&utm_campaign=from-devaluation-to-domination-tinubus-forex-reforms-turns-naira-into-nigerias-export-engine Mon, 01 Sep 2025 11:09:24 +0000 /?p=44852 *President Bola Ahmed Tinubu administration’s economic reforms are yielding fruits as Nigerian goods, once overpriced in Dollars due to an artificially strong Naira, have now…

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*President Bola Ahmed Tinubu administration’s economic reforms are yielding fruits as Nigerian goods, once overpriced in Dollars due to an artificially strong Naira, have now become bargains on global markets

Tanimu Yakubu

When President Bola Ahmed Tinubu’s administration dismantled Nigeria’s rigid Foreign Exchange (Forex) regime, in 2024, critics were quick to call it a currency collapse.

The Naira plunged to N1,800 per Dollar, March 2024, and headlines screamed of economic freefall.

But beneath the noise, a deliberate, high-risk economic recalibration was underway—one that has now begun to pay off in spectacular fashion.

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By August 2025, the Naira had clawed its way back to N1,525/$1, marking a 15.28 percent strengthening in just five months—an annualised pace of nearly 48.9 percent.

This wasn’t luck; it was policy. Increased oil receipts, swelling Diaspora remittances, and the clearing of over $4 billion in Foreign Exchange backlogs restored investor trust.

The unification of Nigeria’s FX windows created a single, transparent market rate—finally letting the currency find its realistic value.

Why does this matter? This is because a realistic exchange rate does more than please economists—it changes the very arithmetic of trade. Nigerian goods, once overpriced in Dollars due to an artificially strong naira, suddenly became bargains on global markets.

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A bag of sesame seeds, cocoa beans, or even processed chocolate instantly cost less in New York, Mumbai, or São Paulo, without the Nigerian farmer or factory owner earning less in Naira terms.

The result was swift and striking. Non-oil exports jumped from $2.696 billion in H1 2024 to $3.225 billion in H1 2025—a 19.62% year-on-year growth.

And this wasn’t just a “price illusion.” Export volumes rose from 3.83 million to 4.04 million metric tonnes, proof that foreign buyers weren’t just paying more for the same goods—they were buying more goods, period.

A perfect “sweet spot” had emerged:

  • For buyers abroad, Nigerian goods were cheaper than competitors’.
  • For exporters at home, the naira value of earnings soared, enabling reinvestment into value-added processing—turning raw cocoa into chocolate bars, raw sesame into bottled oil.
  • For the economy, the export surge pumped foreign exchange back into the system, strengthening the Naira without eroding its competitiveness.

The feedback loop is textbook economics:

  1. FX Reform → Realistic Naira
  2. Cheaper USD Prices → Export Boom
  3. Export Boom → FX Inflows
  4. FX Inflows → Naira Stability
  5. Naira Stability → Investor Confidence & Long-Term Growth

What’s remarkable is that this cycle feeds itself. As Nigerian goods win more market share globally, the inflow of export dollars reinforces naira stability. That stability lowers risk for investors, inviting portfolio and capital inflows that further bolster reserves.

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The critics, who cried “worthless Naira”, missed the bigger picture: a floating currency is not a sign of weakness—it is a tool for national competitiveness.

By refusing to prop up the naira with scarce reserves and instead letting market forces work, the Tinubu administration has set the stage for a sustainable, export-driven growth path.

If Nigeria stays the course, the Naira’s recovery won’t just be about exchange rates—it will be the story of an economy finally learning how to turn its currency into a competitive weapon on the world stage.

*Yakubu is the Director-General of Budget Office of the Federation.

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Nigeria at TICAD9: Forging a stronger partnership with Japan, by Temitope Ajayi /44847?utm_source=rss&utm_medium=rss&utm_campaign=nigeria-at-ticad9-forging-a-stronger-partnership-with-japan-by-temitope-ajayi Sat, 30 Aug 2025 09:51:40 +0000 /?p=44847 *The Japanese Government, in addressing the problem of poverty and unemployment, has pledged to work with African leaders to make the continent the next growth…

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*The Japanese Government, in addressing the problem of poverty and unemployment, has pledged to work with African leaders to make the continent the next growth centre and build the capacity of youth and women to be employable

Temitope Ajayi

When Prime Minister Shigeru Ishiba addressed African leaders and multilateral development partners who converged on the port city of Yokohama at the just-concluded 9th Tokyo International Conference, he was clear about the impending mission.

Delving into the summit’s history, which started in 1993 as his launching pad, the Prime Minister said the idea of TICAD was founded on the basic principles of African ownership of her growth and development priorities, even as it seeks cooperation and international partnership.

He underscored the importance of mutual understanding, indigenous solutions, and collaborative efforts for Africa’s development.

As the host, Ishiba outlined his government’s focus on private sector-led sustainable growth, youth and women’s empowerment, and regional integration while speaking on the theme: “Co-create innovative solutions with Africa.”

At the head of the Nigerian delegation was President Bola Tinubu, who had embarked on a whirlwind of diplomatic shuttles and engagements in the last two years, making the voice of Nigeria loud and strong on how the country and the rest of Africa should engage the world.

During his intervention at the plenary session on ‘Peace and Stability’, President Tinubu underscored the importance of security to the economic growth and the collective prosperity of Africans and Nigerians in particular, stressing that Africa would remain mired in underdevelopment and consigned to a mere footnote in global affairs if conflicts and insecurity are not effectively tackled.

Reaffirming Nigeria’s readiness to partner with Japan and other global development agencies to co-create solutions that address the development challenges of his country and the rest of Africa, President Tinubu declared that inclusivity, diversity, and the rule of law, which are essential ingredients for economic growth, are already entrenched in Nigeria’s social and political fabric.

He described the current momentum of the Nigerian Armed Forces’ fight against terrorists and other forces of destabilisation as a springboard for national development and stability.

The Nigerian leader decried how conflicts and poor management of political differences undermine the much-needed progress in Africa.

President Tinubu also referenced the economic reforms his administration is spearheading in Nigeria as a pointer to the revitalisation that is possible with the right investments in critical infrastructure, institutional reforms, and collaboration with civil society and international partners to improve the living standards of all citizens.

Calling for a new approach and fresh thinking in conflict resolution in Africa, President Tinubu acknowledged how a new model of mediation buoyed by economic considerations is resolving the decades-long civil war in the Democratic Republic of the Congo.

“We should be under no illusions about the scale of our task. But neither should we underestimate the successes we have had.

“In the past, competition for resources has weakened states and triggered conflict.

“Now, we see mediators directly linking outcomes to investment in Congo.

It is working and underlines the need for fresh thinking in everything we do to deliver peace and stability,” he said.

In his well-received intervention, President Tinubu appealed to the government of Japan, the 5th largest economy in the world, for a more impactful investment in job-creating sectors of the Nigerian economy.

And in the rest of African countries, market-driven cooperation and partnerships that will eliminate poverty among the teeming population, rather than the hackneyed appeals for aid and handouts.

President Tinubu took the opportunity to call on Japan to support the campaign for reforms in the United Nations’ organs, especially the United Nations’ Security Council, to give African countries a greater voice.

“It is the view of Nigeria that Africa’s quest for fair and equitable representation in the UN Security Council is a just and fair demand.

“Indeed, Africa deserves two seats in the Permanent Category, with all its prerogatives and privileges, including the Right of Veto.

“Africa also deserves additional seats in the non-permanent seat category of the Security Council, as encapsulated in the Ezulwini Consensus and the Sirte Declaration.”

While laying out the new template for cooperation between Japan and Africa, Prime Minister Ishiba emphasised that locally rooted solutions that leverage the advantages of both Japan, the 5th largest economy in the world, and Africa, with a vast and vibrant young population, are essential for economic growth and development.

The Prime Minister appealed to African countries to assist Japan as it grapples with the challenges of a declining population and shrinking agricultural land.

He said: “In 75 years from now, the population of Japan will have been halved.

“In the local communities, the population continues to decline; this is one big challenge Japan is facing. “All agricultural land is being reduced, another major challenge for Japan.”

Ishiba also stated: “There is another potential in Africa: a growing young population, but for the power of young people in Africa to flourish, you need to create a manufacturing industry and create employment, which is very important.

“Solving challenges is not a one-way street. I would also like Africa to lend its strength to solving Japan’s challenges.”

In addressing the problem of poverty and unemployment, Japan promised to work with African leaders to make the continent the next growth centre and build the capacity of youth and women to be employable.

“Recognising this, we will implement human resource development for 300,000 people over three years.

“Through the ‘AI and Data Science Human Resource Development and Africa Economic Growth Initiative’, we will develop 30,000 AI industry personnel in Africa over three years,” the Prime Minister said.

As part of the TICAD9 commitment, Prime Minister Ishiba announced investments in Africa’s health sector based on the “Investment Promotion Package for Sustainable Health in Africa.”

The Universal Health Coverage (UHC) Knowledge Hub will be established in Japan this year, and the development of 35,000 health and medical personnel will contribute to achieving UHC in African countries.

He unveiled Japan’s mission to support Africa’s vaccine supply through contributions of up to $550 million over the next five years to Gavi, the Vaccine Alliance.

According to Prime Minister Ishiba, Japan started Kaizen training in Tunisia to boost industrialisation and improve the productivity of Africa’s manufacturing sector.

This has now been expanded to 41 African countries.

To date, the number of Kaizen trainers has reached 1,400, contributing to productivity improvements at 18,000 companies that generate employment for 280,000 people.

Through this Kaizen approach, companies’ productivity in the 41 African countries has reportedly improved by more than 60 percent.

Promising to do more to expand the manufacturing base in Africa and access to finance, the Prime Minister added, “We will nurture and expand the industrial ecosystem between Japan and Africa.

“We will advance ‘Japan Africa Co-Creation for Industry’, an initiative in which African startups and Japanese companies jointly develop industries.

“In terms of finance, we will strengthen the functions of the ‘Enhanced Private Sector Assistance for Africa’, a collaborative framework between Japan and the African Development Bank, expanding it to a maximum of $5.5 billion. “We will mobilise $1.5 billion in public-private impact investment, using Japan International Cooperation Agency’s Private Sector Investment Finance as a catalyst.”

Beyond the African-wide initiatives and the private sector funding assistance through the African Development, Nigeria’s participation at TICAD9 recorded major milestones and tangible results that will further accelerate progress already being made in key sectors of our economy, especially in the power and health sectors.

Specifically, Chief Adebayo Adelabu, Honourable Minister for Power, led Nigeria’s power sector delegation to conclude negotiations and activation of several Japan-backed energy projects and had productive engagements with top equipment manufacturers.

One of the power projects is the Lagos-Ogun Power Transmission System Improvement, which is designed to improve the wheeling capacity and grid stability and enable the connection of industrial customers on the corridor. There is also the partnership between the National Power Training Institute (NAPTIN) and JICA to enhance Vocational Training Delivery for the power sector.

The third power project is the Distributed Access Through Renewable Energy Scale-up, for which $190 million has been provided.

Speaking on the outcomes of his sideline engagements at TICAD9, Adelabu said, “We’re engaging with Toshiba and Hitachi facilities tied to upcoming grid infrastructure, and with Japan’s Transmission and Distribution Corporation and Energy Exchange to share best practices and loss-reduction strategies.

“The signed project includes technical training and loss reduction; the equipment is installed at NAPTIN in Abuja.”

The Minister stated: “We’re activating a $190M JICA renewable energy facility, complementing Nigeria’s $750M World Bank clean energy fund under Mission 300.

“We are also finalising plans to commission three JICA-funded substations in Apo and Keffi (FCT) and Apapa (Lagos), delivered via a $32M Japanese grant.

“This is moving from agreement to action, planning to implementation and promise to results.”

Also, on the sidelines of the conference, Dr. Dele Alake, Honourable Minister for Solid Minerals Development, and his team had a productive meeting with the officials of the Japan Organisation for Metals and Energy Security (JOGMEC).

JOGMEC pledged to devise plans to encourage Japanese mining companies to invest in Nigeria’s mining sector. President of JOGMEC, Mr. Michio Daito, acknowledged that Nigeria’s rich mineral resources are well-known globally, but Japanese mining companies need more information to make investment decisions.

He raised issues about power generation for industries, tax incentives, labour, duty waivers, free trade zones, and entry and exit conditions.

Noting that Japanese mining firms rely on JOGMEC to make investment decisions in foreign countries, Daito requested information on the state of infrastructure that supports mining.

Dr. Alake highlighted the reforms of President Bola Tinubu’s administration, especially monetary policy, tax, and fiscal policy reforms, which have made the business environment more stable and conducive.

Acknowledging the industrial nature of the Japanese economy and the role of electric technologies, Alake said Nigeria would be critical to Japan’s needs for processed minerals to drive its economy.

He encouraged JOGMEC to invest in the extraction and processing of its mineral needs in Nigeria before exports to Japan in line with the administration’s policy on local value addition.

Addressing other investment concerns, Dr Alake rated the Nigerian workforce as one of the best in the world because of high literacy and education levels.

He assured the investors that the Tinubu administration had embarked on critical infrastructure projects in rail, road, and water transportation to support industries.

“In terms of economies of scale, producing and processing the critical minerals you need in Nigeria is cheaper and more profitable as the production costs are lower, the Minister said.

The Minister informed the Japanese Government of Nigeria’s new electricity law, which allows industries to generate their own power and manage their own needs.

A major interesting element of TICAD9 was the elevation of cultural diplomacy and people-to-people connection to higher pedestal with the naming of the city of Kisarazu as the Hometown for Nigerians by the Japan International Cooperation Agency under the “JICA Africa Hometown.”

JICA, in a ceremony on Thursday, August 21, also named the cities of Nagai in Yamagata Prefecture the Hometown of Tanzania, Sanjo in Niigata Prefecture the Hometown of Ghana, and Imabari in Ehime Prefecture the Hometown of Mozambique.

Under this initiative, the government of Japan aims to further strengthen existing relationships with the four African countries by connecting municipalities with the four countries in Africa.

Mrs. Florence Akinyemi Adeseke, Nigeria’s Charge d’Affaires and Acting Ambassador to Japan, and Mr. Watanabe Yoshikuni, the Mayor of Kisarazu, received the certificate from JICA naming Kisarazu the Hometown of Nigeria.

In all, Nigeria had a great outing at TICAD9, with President Tinubu leading the charge and representing Nigeria at the highest level of government, signifying a strong bond between Nigeria and Japan.

The biggest takeaway from the conference is Japan’s commitment to collaborate in co-creating solutions to development challenges in Nigeria and the rest of Africa, as well as inspiring a win-win partnership.

*Ajayi is Senior Special Assistant to President Tinubu on Media and Publicity.

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Takeaways from Harvard Strategic Leadership Programme, by Tunde Rahman /44836?utm_source=rss&utm_medium=rss&utm_campaign=takeaways-from-harvard-strategic-leadership-programme-by-tunde-rahman Sat, 30 Aug 2025 09:43:54 +0000 /?p=44836 *A key takeaway is the conversation about the changing dynamics of leadership in our rapidly changing world. The idea that one leader is super human,…

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*A key takeaway is the conversation about the changing dynamics of leadership in our rapidly changing world. The idea that one leader is super human, and endowed with all the required competencies has become obsolete

Tunde Rahman

Harvard University, in the United States (US) has always held a special attraction for me.

And why not? Its awesome reputation as a remarkable citadel of learning, knowledge and research never fails to stir a sense of pride.

So, when an opportunity recently came my way to undergo a course in Strategic Leadership, I grabbed it with both hands.

Going to Harvard offered a good chance to glimpse the city.

Located in Cambridge, a city in Middlesex County, Boston Massachusetts, it is one of the oldest cities in the United States.

Being one of the oldest and most prestigious universities in the US, Harvard has been a significant part of Cambridge since its founding in 1636.

The city of Cambridge has a rich and inextricable history with the university. Harvard is reputed for its academic legacy, historic buildings, technology and cultural attractions.

Aside from its fascinating history, one of which is its leading role in the American revolution of the late 1700s, Boston’s sporting traditions also run deep.

The weather in Cambridge is almost comparable with what obtains in Lagos at that time of the year – bright, warm with some sunshine.

I basked in the warmth and friendliness of this weather.

It was my first time in that city. Everything around Cambridge revolves around the University. Supermarkets sell only items, clothes, and souvenirs with imprints of the university’s logo.

Most of the restaurants also sport the Harvard colour. This is the first culture shock.

Yes, some of our universities in Nigeria impact their local communities in a way, but the immersive blend of the town and the gown does not go that deep as can be discerned in Harvard.

My eagerness to glimpse Massachusetts can be compared in equal measure with my excitement about the Harvard Strategic Leadership Course.

Held from July 14 to 17, the programme was very enlightening and informative.

It was an opportunity for interactive conversations, cross fertilisation of ideas, experiences and cultures.

A key takeaway is the conversation about the changing dynamics of leadership in our rapidly changing world.

The idea that one leader is super human and endowed with all the required competencies has become obsolete.

There is now a radical shift in leadership perspectives, with growing emphasis on individual responsibility and competence.

These individual capacities within an organisation – or a nation – are developed to engender growth and sustainable development.

It is when all these competences are harnessed that an organisation or a nation grows bountifully.

Margaret Andrews, the Harvard Instructor and professional speaker, who was our main resource person during the programme, noted quite succinctly: “None of us is as smart as all of us.

“No human knows everything and somebody knows something.”

Margaret was profound and impressive as she led discussions.

She emphasised the importance of building a team and the relevance of teamwork to the success of an organisation.

There may, however, be difficulty in building and maintaining a team.

A number of reasons account for this. Accounting for derailment are factors like narrow perspective or not being strategic, bad working relations, poor performance, and inability to develop or adapt.

There are many ways of building and managing successful teams.

For the Harvard instructor, the most effective is for the leader to have a harmonising influence and give team members purpose.

This will help increase their engagement, motivation and productivity.

We had extensive discussions on topics like the imperative of feedbacks to the success of a project or enterprise and the feedback process, confronting a new reality, implementing change and change management, and why transition is important for change to occur.

Here, Margaret observed that most organisations tend to start a relay, but without putting in place effective transition.

Talking about decision-making, she restated the often-stated conventional wisdom, which is to pay attention to the decision-making process.

The more one pays attention to the process, the more good decisions that are made, she explained.

The processes must take cognizance of the framing of the problem, gathering data or intelligence, drawing conclusions, and of course, learning from experience.

For every option, there is a consequence.

Analysing the pros and cons, benefits and drawbacks is absolutely necessary in choosing alternatives.

The question should always be: how will the consequences of options taken be mitigated?

Many a leader in a public or private sector will take better decisions, if they factor in these important processes and factors.

The programme offered a good opportunity for networking.

During the conference, I again met my friend John Breen of Harvard Education Team. The caliber of the course participants and their strong professional backgrounds were quite impressive.

In the classroom among others were Dr. Verity Rawson, MD of a hospital in Michigan, US, specialising in hospital medicine and lately palliative medicine; Amanda Loveday, the CEO of NP Strategy, a strategic communications firm serving small and large corporate and non-profit clients across the US, and Ozde Demituok, Director of Sustainable Finance at Sanko Group, one of the largest conglomerates in Turkey, focusing on renewable energy, textile production, packaging and recycling.

At the programme, I also encountered Khalil Suleiman Halilu, that young transformative leader changing the narrative at the National Agency for Science and Engineering Infrastructure (NASENI), Dr. Dairu Mohammed, Chairman of the Presidential Committee on Technology Transfer, and Prof. Ahmed-Doko Ibrahim of Ahmadu Bello University, among other Nigerians, nay African participants.

The final point of the programme emerged at the point participants were divided into groups and asked to share their leadership perspectives, which are recorded.

The questions included what each participant thinks make them a leader, their leadership journeys and philosophies.

As Margaret puts it, everyone is potentially a leader.

The pertinent questions, however, are what type of leader are you? What type of leader would you like to become? What kind of phrases would you like people to use in reference to you?

*Rahman is Senior Special Assistant to the President on Media and Special Duties.

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Key takeaways from our tour of Enugu and Ebonyi states, by Bayo Onanuga /44524?utm_source=rss&utm_medium=rss&utm_campaign=key-takeaways-from-our-tour-of-enugu-and-ebonyi-states-by-bayo-onanuga Mon, 18 Aug 2025 23:57:00 +0000 /?p=44524 *The Federal Government’s National Communication Team, led by Mohammed Idris, Minister for Information and National Orientation, affirms the unanimous acknowledgement by Governors of Ebonyi, Enugu…

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*The Federal Government’s National Communication Team, led by Mohammed Idris, Minister for Information and National Orientation, affirms the unanimous acknowledgement by Governors of Ebonyi, Enugu states, and citizens that President Bola Ahmed Tinubu’s administration is actively executing various projects across Nigeria

Bayo Onanuga

We returned to Abuja, FCT, Saturday, August 15, 2025, after a three-day working tour of Enugu and Ebonyi States as members of the National Communication Team, led by Alhaji Mohammed Idris, Honourable Minister for Information and National Orientation.

During the visit, we engaged with the governors and key officials of both states, held town hall meetings with citizens, and delivered messages from President Bola Ahmed Tinubu.

The team also highlighted Tinubu’s achievements and commitment to lifting Nigerians out of poverty, particularly through the Renewed Hope Ward Development Programme. We also inspected a range of Federal and state projects, both completed and ongoing.

Our first key takeaway was the unanimous acknowledgement by the Governors and citizens that the President Tinubu administration is actively executing various projects in both states, as in other parts of the country.

It is reassuring to see that the South-East, like other regions, has not been left behind, as Tinubu has ensured equitable distribution of Federal projects.

In Enugu, the Federal Government has established a world-class oncological centre for the treatment of cancer.

Major ongoing road projects include the Enugu–Port Harcourt Highway, Enugu–Onitsha Highway, the reconstruction of the 9th Mile–Umulumgbe–Ukehe–Opi Junction, and the iconic Eke Obinagu Flyover in Emene, which would resolve longstanding traffic gridlock in the area.

Minister Idris highlighted that the Port Harcourt–Aba Railway project has been completed, delivered, and is currently operational. Additionally, the Federal Executive Council (FEC) has approved $3 billion for the completion of the 2,044km Eastern Rail Line, projected to unlock N50 billion in annual trade for the region.

Furthermore, $508 million has been earmarked for the upgrade and modernisation of Eastern Port infrastructure.

In Ebonyi, portions of the Calabar-Abuja Super Highway have been completed, while work is progressing on the other parts of the road.

Governor Francis Nwifuru of Ebonyi and Governor Peter Mbah of Enugu acknowledged that their states have never witnessed the level of federal intervention currently being experienced under President Tinubu.

Governor Nwifuru noted that this is the first time since the creation of Ebonyi State, in 1996, that the Federal Government has made such a significant impact.

Our visit coincided with the commissioning of several landmark projects in Enugu, including modern bus terminals and 100 CNG buses by Governor Mbah.

While he did not formally invite us to the ceremony, at an earlier meeting with the National Communication Team, Governor Mbah expressed his gratitude to the Tinubu administration for increased revenue allocations resulting from the removal of fuel subsidies and the re-engineering of revenue collection by the Federal Inland Revenue Service (FIRS).

Governor Nwifuru shared a similar perspective, stating that his administration has been able to undertake many new projects without resorting to borrowing.

Notably, he is establishing an ICT University, in Oferekpe, developing several housing estates, and expanding the state’s road infrastructure, which he inherited from his predecessor.

His signature project, the Vanco Flyover and twin underground tunnels in Abakaliki, is expected to be completed, in 2026.

This landmark project, the first of its kind in the South-East—and, indeed, in Nigeria—is poised to become a tourist attraction.

Governor Nwifuru also emphasised that the iconic road project was awarded to a Nigerian construction company.

According to him, this indicates that the South-East state was ahead of the Federal Government in supporting local businesses and buying Nigeria-made products.

The climax of our Ebonyi visit was the Town Hall meeting at the Ecumenical Centre in Abakaliki.

The event, attended by a vibrant crowd—party faithful, including many women in colourful attire—transformed from a simple meeting into a lively carnival atmosphere. Minister Idris delivered the President’s message of renewed hope, while Governor Nwifuru outlined his achievements since assuming office two years ago.

We concluded our tour of the states with a courtesy visit to the Minister of Works, Engr. Dave Umahi, who provided additional insights into the extensive road and bridge projects being undertaken by the Tinubu administration across the South-East and the nation.

He clarified recent online reports, stating: “What I brought to the Federal Executive Council was a technical report on the state of the Third Mainland and Carter Bridges in Lagos, and proposals for their preservation.

“We will soon invite construction companies to submit suggestions on how the Federal Government can best safeguard these critical assets.”

Our tour of Enugu and Ebonyi reaffirmed the Federal Government’s commitment to inclusive development and underscored the visible progress being achieved under President Tinubu’s Renewed Hope Agenda.

*Onanuga is Special Adviser to President Tinubu on Information and Strategy.

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What does ‘the economy is stable’ mean? By Yemi Kale /44505?utm_source=rss&utm_medium=rss&utm_campaign=what-does-the-economy-is-stable-mean-by-yemi-kale Sun, 17 Aug 2025 07:20:29 +0000 /?p=44505 *When economists say ‘an economy is now stable, in practical terms, this suggests macroeconomic indicators are steady, predictability and confidence where businesses, investors, and consumers…

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*When economists say ‘an economy is now stable, in practical terms, this suggests macroeconomic indicators are steady, predictability and confidence where businesses, investors, and consumers feel more confident making long-term plans and there are no immediate crises

Yemi Kale

I try to stay away from unnecessary debates but let me offer my own view from a purely technical and economist perspective (for education purposes only) to recent debates that were really unnecessary.

When economists say “an economy is now stable”, they usually mean that the economy has reached a point where it is no longer experiencing major fluctuations/disruptions.

In practical terms, it suggests macroeconomic indicators are steady, predictability and confidence where businesses, investors, and consumers feel more confident making long-term plans and there are no immediate crises.

In short, saying an economy is “stable” means it has reached a balanced state where economic activities are proceeding without major turbulence.

An economy being described as “stable” however, does not always mean that citizens are free from hardship.

When economists say the economy is “stable,” they usually mean that overall indicators (like inflation, exchange rates, and GDP growth) are no longer swinging unpredictably.

For example, Inflation falling from 25% to 12% and staying steady might be seen as stability.

However, prices may still be very high compared to past years, meaning people continue to struggle.

Citizens experience the economy differently through cost of food, housing, transport, healthcare, and wages.

Even in a “stable” economy, if incomes are low and basic goods remain expensive, families still face hardship. Stability might only mean conditions are not getting worse quickly, not that they’ve improved enough to ease off daily struggles.

So, stability, which is good, can coexist with hardship, which is bad for several reasons:

Stabilisation Phase: After a crisis (e.g.currency crash or hyperinflation), stability may mean the bleeding has stopped.

But citizens may still be hurting from the high cost of living established during the crisis.

Lag Effect: Economic stability often benefits investors and businesses first who might start posting great results.

It can take months or even years before stability eases hardship and translates into job creation, higher wages, or cheaper goods for citizens, assuming the stability holds long enough (very important.

But till then, the pain is real, immediate and personal and there is still risk of stability reversing, in which case, hardship won’t be eased.

So, in summary, economic stability is like stopping a boat from rocking wildly but hardships persist, if the boat is still far from shore.

For citizens, stability may only mean less new hardship is being added, not that life has become easier yet.

But the first step to reverse hardship is stability and stopping the bleed. It’s a necessary not sufficient condition.

Note:  This is a purely technical, not political view.

*Kale, former Director-General of National Bureau of Statistics, is now Group Chief Economist at Afreximbank.

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The Dollar still rules, but US policy is making it less special -Report /44478?utm_source=rss&utm_medium=rss&utm_campaign=the-dollar-still-rules-but-us-policy-is-making-it-less-special Fri, 15 Aug 2025 21:40:05 +0000 /?p=44478 *United States President Donald Trump’s policies are shaking the Dollar’s role as the world’s reserve currency. Trust is the cornerstone of the world’s choice of…

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*United States President Donald Trump’s policies are shaking the Dollar’s role as the world’s reserve currency. Trust is the cornerstone of the world’s choice of the Dollar as ‘king’ but he is chipping away at that credibility

Web Editor | ñ

United States (US) President Donald Trump’s push to redesign the global economic order in favor of the US is shaking one of the foundations of its post-World War II supremacy: the Dollar’s undisputed role as the world’s reserve currency.

It’s a status that shows the dollar is used in roughly nine out of 10 foreign exchange transactions and about half of all merchandise trade conducted globally, and is making up almost 60% of reserves held by governments around the world.

That dominance helps Washington to run gaping budget deficits and US consumers to spend more than they make—all funded by overseas investors eager to snap up assets denominated in greenbacks adorned with the motto: “In God We Trust.”

But trust in the dollar is faltering. In 2022 the Biden administration’s curbs on Russia’s access to the currency after the invasion of Ukraine spurred a first round of diversification.

If the US could freeze out the world’s 11th-largest economy, so deeply entrenched in global oil markets, is anyone safe? The Great Inflation, and a rapidly deteriorating fiscal trajectory since then, has added to doubts about American economic exceptionalism.

And most recently, the haphazard rollout and rollback of Trump’s tariff campaign in April sparked a rare weakening in both the dollar’s value and that of US Treasuries.

The US dollar index tumbled more than 10 percent in the first six months of the year, its worst first-half performance since 1973.

Like an uncorked genie, the “sell America” talk is proving hard to bottle up again.

Banks and brokers are seeing rising demand for currency products that bypass the Dollar, and some of Asia’s richest families are cutting exposure to US assets, saying Trump’s tariffs have made the country much less predictable. Geopolitical rivals within BRICS—a loose group of large economies led by Brazil, Russia, India, China and South Africa—are continuing their long push for a new cross-border payments system.

Even long-term allies such as Europe see an opportunity to erode the dominance of the Dollar.

Not everyone is so dour. JPMorgan Chase & Co.’s Jamie Dimon said in May that the US remains the most “prosperous, innovative nation on the planet” and that he doesn’t fret over short-term fluctuations in the Dollar.

Secretary of the Treasury Scott Bessent has tried to convince investors that the strong Dollar policy remains intact, and his boss has threatened 100 percent tariffs against anyone who dares challenge it.

Yet for all the tough talk, the reality is that the greenback’s greatest relative strength is actually the lack of any single challenger to its standing atop the global monetary order.

There’s talk of a “global euro moment” in which the European common currency plays a bigger role, but history has shown that the bloc struggles to move in sync, and its institutions are too fragmented to create the markets deep enough to rival those of the US. China’s Central Bank governor is talking up his nation’s currency as an option for those seeking to shift from the Dollar, but it’s hard to imagine how that will be embraced when capital controls still impede the free flow of assets across Chinese capital borders.

Central banks and investors have piled into the ultimate haven asset—gold—but it’s cumbersome to hold, offers no yield and can’t easily be used in trade or financial transactions the way the dollar can.

Speculation for Dollar replacements range as far as Bitcoin and other digital assets, though few outside El Salvador (which in 2021 adopted the cryptocurrency as legal tender) are ready to shift toward anything that’s not government-backed.

Other financial innovations, such as stablecoins—digital tokens meant to substitute for traditional cash—may entrench rather than dislodge the Dollar’s primacy as they peg their value to the greenback.

With no viable alternative to the US Dollar as the world’s currency on the horizon, the more likely change is to a multicurrency world.

The Dollar would still be dominant, but other currencies would play a larger role.

Although this may not be as revolutionary as a complete breakdown in the global monetary order that some Dollar doomsayers are foreseeing, the resulting currency competition will still have profound effects on the US’s hard and soft geopolitical power.

Indeed, no one is really ready for what a feeding frenzy of currency competition will mean in ­practice—especially not Americans.

The US would have to give up some of the benefits of the strong-dollar regime, a key one being lower interest rates as fewer overseas investors buy dollar-denominated bonds.

Barry Eichengreen, an economist at the University of California at Berkeley, who’s written extensively on the Dollar, has calculated that in a scenario where the US withdraws from the global stage, the Dollar’s share of reserves in countries that rely on its security could decline by about 30 percentage points. Long-term US interest rates could increase by as much as 0.8 of a percentage point, he estimates.

US banks will need to pay more to raise money and charge more for mortgages as a result. Higher home loan rates tend to slow the economy because they leave less income for consumers to spend on vacations, home improvements, and the like.

And though a weaker Foreign Exchange rate may be good for rebalancing the trade deficit—by making American exports cheaper and more competitive and deterring spending on costlier imports—that’s not great for household wealth.

The Federal Government will also feel the pinch. It finances its annual budget gap, a little less than $2 trillion, through Treasuries. In a world where Euro- or Yen-denominated assets are more strongly vying for investor attention, borrowing costs for the US Government would need to rise.

In fact, we’re already noticing signs of that: Thirty-year Treasury yields have more than doubled since the start of 2022 and exceeded 5 percent at one point in May.

That means America will pay more for new borrowing and more to keep rolling over its existing debt too.

Annual payments on US government debt by some measures are now larger than what the country spends on national defense.

The globalised Dollar has long shielded lawmakers in Washington from having to decide between guns or butter—or tax cuts.

And even as doubts in the dollar grow as the budget deficit swells, legislators still aren’t ready to tighten their belts.

Elon Musk promised $1 trillion in savings through the so-called Department of Government Efficiency, or DOGE; the cuts so far have saved less than $200 billion.

Meanwhile, a key legislative win for Trump, the One Big Beautiful Bill, will add as much as $3 trillion to the budget deficit over the next decade, according to estimates from the Congressional Budget Office.

But in a world where investors continue moving away from the greenback, markets could eventually force difficult trade-offs to cut the deficit—meaning that social safety nets and public research-and-development spending that’s long spurred private-sector innovation in areas, including Big Tech and Big Pharma will start to have limits imposed on them.

A less hegemonic Dollar would affect America’s geopolitical prowess.

With a weaker currency, overseas military bases would become more expensive to keep up.

With less use of the Dollar in global transactions, economic sanctions would have less bite.

And policing the financial system for malign activities, such as financing terrorist undertakings or laundering money, would be harder because flows outside of dollar-based networks won’t be visible to American policymakers.

“We don’t appreciate how good we have it,” says Josh Lipsky, senior director of the GeoEconomics Center at the Atlantic Council in Washington and a former adviser at the International Monetary Fund.

“Ownership of the reserved asset means cheaper credit for Americans and the Federal Government, it means more transparency of US policymakers in the financial system to carry out economic statecraft that aligns with US foreign policy objectives. That is what’s at risk.”

US Treasury secretaries, the stewards of the Dollar and American currency policy, have long said that it’s up to the nation itself to guard the treasure that the reserve asset is.

Whether it’s Bob Rubin, Hank Paulson or Janet Yellen, these leaders have said that a strong economy bolstered by independent institutions and the rule of law will protect the dollar’s status. Yet, the Trump administration has sent mixed signals.

Bessent has stuck largely to the script of predecessors, but Stephen Miran, Chair of the White House’s Council of Economic Advisers and Trump’s latest pick to serve as governor of the Federal Reserve, has referred to the Dollar’s status as a “burden.”

Trump’s efforts to shift executive authority into independent agencies like regulators and even the Federal Reserve, his consistent challenges to the courts, and Washington’s disregard for record-high federal debt are adding to the Dollar’s headwinds.

Trust is the cornerstone of the world’s choice of the Dollar as king, and Trump is chipping away at that credibility.

“For the first time, the dollar’s future status may be determined by how other currencies develop,” Lipsky says.

“And those will develop faster if people are looking for them—that’s the lesson of capitalism.”

The world economy is more financialised and knit together than the last time it saw a tectonic shift in global currency power about 80 years ago, when the Dollar eclipsed the British pound.

Indeed, the Dollar’s status has faced a reckoning before and persevered.

President Richard Nixon unilaterally, abandoned the gold peg in 1971 and imposed a 10 percent import tariff after nations, including France, sought to swap Dollars for bullion, threatening the monetary system agreed at Bretton Woods after World War II.

The American-made global financial crisis earlier in the 2000s also triggered questions, particularly in China, about whether the US continued to merit its role as cornerstone of the global monetary order.

Previous eras have had mixed currency use, but typically those were anchored to either gold or silver.

There’s never been a period when multiple fiat currencies competed for dominance.

This fact makes some people nervous about what lies ahead.

A multicurrency era could provoke instability as investors run from one to another in reaction to financial conditions, compounding the challenge for businesses already grappling with how they’ll rewire supply chains in an era of rising tariff walls.

Today’s steward of US currency policy, Bessent, is pushing back against the Dollar doubters: “Since World War II, the demise of the dollar as a reserve currency has been predicted,” he said on Bloomberg TV July 3. “Once again, the skeptic is going to be wrong.”

And he’s right: The US Dollar isn’t about to disappear from Central Bank hoards or as a medium for global finance.

But it will face more competition in a multipolar world.

And that will have unpredictable repercussions both at home and abroad. (Piece extracted from Bloomberg)[ do_widget id=heateor_sss_sharing-2]

 

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From Politics to Terrorism? Canada’s dangerous redefinition of Nigeria’s democracy /44425?utm_source=rss&utm_medium=rss&utm_campaign=from-politics-to-terrorism-canadas-dangerous-redefinition-of-nigerias-democracy Thu, 14 Aug 2025 17:09:22 +0000 /?p=44425 *Terrorism is a grave charge. To weaponise it against political organisations that have governed a democracy for decades is to dilute the meaning of the…

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*Terrorism is a grave charge. To weaponise it against political organisations that have governed a democracy for decades is to dilute the meaning of the term and cheapen the fight against genuine extremists

Olufemi Soneye

When a Canadian Federal court recently declared Nigeria’s two largest political parties, the ruling All Progressives Congress (APC) and the opposition Peoples Democratic Party (PDP) as terrorist organisations under Canadian law, it wasn’t just an immigration decision.

It was a political earthquake with consequences that could reverberate far beyond Canada’s borders.

This decision, made during an asylum case involving Nigerian politician Douglas Egharevba, was based solely on his past membership in these parties.

No evidence was presented to show his personal involvement in violence or terrorism.

Yet, under Canada’s Immigration and Refugee Protection Act, affiliation alone with a designated terrorist group is enough to bar entry.

The implications are deeply troubling. Legally, the ruling sets a precedent that political affiliation, no matter how commonplace or mainstream can be equated with terrorism. Diplomatically, it risks souring Canada-Nigeria relations by painting the country’s core democratic institutions with the same brush as extremist groups.

For Nigerians abroad, especially those who have ever held a party membership card, it signals heightened scrutiny, denied visas, and rejected asylum claims not only in Canada but potentially in other Western democracies that may follow suit.

Even more alarming is what this means for democracy.

Labelling established political parties as terrorist organisations undermines their legitimacy at home and abroad.

It blurs the vital line between dissent and danger, between governance and extremism.

Once such a label is applied, it can be wielded, domestically or internationally as a tool to silence opposition, suppress political participation, and erode civil liberties.

Terrorism is a grave charge. To weaponise it against political organisations that have governed a democracy for decades is to dilute the meaning of the term and cheapen the fight against genuine extremists.

It also blurs the essential boundary between political disagreement and criminal threat, a boundary that safeguards democratic life.

Canada has long been a champion of democratic values abroad.

This ruling contradicts that legacy. It must be revisited, challenged, and corrected, not just for Nigeria’s sake, but for the integrity of democratic politics everywhere.

If this precedent stands, no political party, in any country, is safe from being redefined into illegitimacy by a foreign court.

An immediate consequence of the Canadian ruling is that law-abiding Nigerian youths, both at home and across the Diaspora could be branded “terrorists” solely for past or present affiliation with the APC or PDP.

I know for a fact that the immigration laws of the US and Canada allow inadmissibility, based on membership in a group deemed terrorist, this creates a real risk of collateral stigma for young people whose involvement was purely civic.

The prospect of visa denials, asylum rejections, or routine travel scrutiny will chill legitimate political participation among youths who are the lifeblood of party renewal. Far from strengthening democracy, such deterrence erodes pluralism by pushing emerging voices out of mainstream politics.

The world should take note: when courts begin deciding which foreign political parties are “terrorists,” the erosion of democracy is no longer theoretical, it has begun.

This is not merely Canada’s internal immigration matter.

It’s a global warning. If the definition of terrorism can be stretched to encompass mainstream political organisations in one of Africa’s largest democracies, then no political movement anywhere is safe from being redefined into illegitimacy.

Canada’s decision is not just about Douglas Egharevba, it’s about the dangerous precedent it sets.

And if democratic nations don’t push back on this kind of overreach, they may one day find their own politics on trial in a foreign court.

*Soneye is a seasoned media strategist and ex- former Chief Corporate Communications Officer of NNPC Limited.

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