₦airaland Forum

koo

He's not an Indian!

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My opinion.........

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Serious Inflation is coming...........

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Prices are rising worldwide.......

We are ok.

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President Muhammadu Buhari has declared that the nation’s poor and vulnerable “remain top priority for protection and lifting from the poverty cycle.”

The president stated this at the virtual official presentation of the Country Review Report of Nigeria.

He stated this at the 31st Africa Peer Review Forum of the African Union leaders in Addis Ababa, Ethiopia, on Friday.

President Buhari assured that social safety nets would be further sustained, while access to education and opportunities will be expanded.

He said the government would also take advantage of Information, Communication and Technology to ensure inclusiveness, access and create more opportunities.

“Your Excellencies, Nigeria’s strategic focus, as we set out to achieve the objectives of the African Union Agenda 2063, has been around the following: Building a thriving and sustainable economy; Enhancing social inclusion and alleviating poverty; Enlarging agricultural output for food security and sufficiency; Attaining energy sufficiency in power and petroleum products.

“Access to quality education, affordable healthcare and productivity, social cohesion and security; and, building a system that fights corruption and improves governance,” he said.

According to the president, Nigeria remains resolutely committed to achieving these set goals in spite of the challenges that the report highlighted, including the Covid-19 pandemic.

”The government of the Federal Republic of Nigeria remains committed to providing social safety nets for the poor and most vulnerable in our society, while also taking advantage of the huge opportunities offered by the information and technology sector.”

He reiterated that Nigeria had remained a committed and dedicated member of the African Peer Review family, after acceding to the Mechanism in 2003.

“Today, the forum has presented its second peer review report on Nigeria. This Second Peer Review of Nigeria came at a critical time in the history of the country.

”From the report just presented, there is no doubt that the exercise was far reaching, as it touched the various segments of Nigeria’s political-economy and highlighted the progress recorded since the first peer review.

“The report also highlighted some challenges and as a country, we are prepared to review those challenges in the context of our internal dynamics in Nigeria, ultimately with the determination of achieving Agenda 2063 goals of the African Union.”

He said further that Nigeria remained grateful to be at the esteemed Forum of the Heads of State and Government “which provides a unique opportunity to present the Country Review Reports of some countries, including Nigeria.”

“Let me use this opportunity to commend the President of South Africa for his dedication to the Forum since his election as the Chairperson of the African Peer Review Forum.

“I also recognise the distinguished Panel of Eminent Persons for their continued good work in steering the African Peer Review Mechanism process in all member countries. I specifically recognise Dr. Abdoulie Janneh who led the Review Mission to Nigeria.”

President Buhari congratulated the other three countries – Namibia, Niger and South Africa – that had been reviewed alongside Nigeria, commending the boldness and courage to present their countries for the comprehensive exercise.

“I call on other member states to join us and present themselves for review as well. There are so many lessons that we can all learn together. It is from learning these lessons and recommitting ourselves as a continent that we all can contribute to our collective efforts to achieve the objectives of the “Africa We Want.”

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https://www.blueprint.ng/vulnerable-nigeriansll-continue-to-enjoy-social-safety-nets-buhari/

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China don see bad market!

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..a signal to foreign investors!

Nigeria looks to Europe for funding as Chinese lenders move away from costly projects in Africa

Transport minister says the West African nation is ‘stuck with lots of our projects because we cannot get money’ from China

It reflects a wider trend amid ‘real concerns about debt sustainability and the availability of Chinese financial resources’, according to analyst

Nigeria is looking to Europe for funding to complete infrastructure projects such as railways, with a senior official in the West African nation saying Chinese loans are drying up.

Analysts say Nigeria’s situation reflects a broader Chinese move away from funding these expensive projects in Africa, where China has provided hundreds of billions of dollars in loans to develop infrastructure as part of its Belt and Road Initiative.

Last weekend, Transport Minister Rotimi Amaechi told Nigerian newspaper The Guardian that the country was “stuck with lots of our projects because we cannot get money”. “The Chinese are no longer funding,” he said. “So, we are now pursuing money in Europe.”

In Abuja on Wednesday, Amaechi said Nigeria had approached Standard Chartered Bank for funding of two existing rail projects, Reuters reported.He had said in July that Standard Chartered had agreed to provide US$3.02 billion for the Port Harcourt-to-Maiduguri railway project and that Credit Suisse was expected to fund the Kano-to-Maradi line, according to the report.

“We have gone to Standard Chartered Bank. They have not done financial closure but they have approved some level of funding for Kano-Maradi,” Amaechi was quoted as saying on Wednesday.

Nigeria’s funding difficulties indicate a wider trend of Chinese policy banks becoming more risk-averse, according to analysts.

Tim Zajontz, a research fellow with the Centre for International and Comparative Politics at Stellenbosch University in South Africa, said lenders were more cautious in assessing projects now.That included more realistic feasibility studies and consideration of the potential reputational damage for China, particularly with regard to potentially unsustainable debt, he said.

In Nigeria, the administration of President Muhammadu Buhari has for some time been trying to diversify funding – including looking to European lenders – for its ambitious railway development programme.

Zajontz said that for projects such as Kano-Maradi, Port Harcourt-Maiduguri and the remaining phases of the Lagos-Kano railway, the government had sought to combine commercial loans with concessional funding to keep debt servicing manageable.

But he said European lenders had tough requirements for the economic feasibility of projects, as well as their social and environmental impact. “I am therefore not entirely convinced by Minister Amaechi’s optimism about securing funding from European sources for all these projects,” said Zajontz, who is also an international relations lecturer at the University of Freiburg in Germany. “His comments might also serve the strategic purpose of getting Chinese financiers back to the negotiation table.”

Is this the end of the line for China’s big belt and road funding in Africa?

China has invested billions of dollars in infrastructure projects in Nigeria, Africa’s most populous country with about 200 million people. Nigeria is also the continent’s second-largest importer of Chinese goods – in 2020 it imported goods worth US$16.78 billion, with Nigerian exports to China worth US$2.45 billion.

Between 2000 and 2019, Nigeria received US$7.2 billion from Chinese lenders, according to the China Africa Research Initiative at Johns Hopkins University and Boston University. Most of the loans went into funding projects in the transport and power sectors, and information and communication technology.

But the general trend now is a shift away from costly infrastructure projects in Africa, according to Yun Sun, director of the China programme at the Stimson Centre in Washington. “There are real concerns about debt sustainability, and also the availability of Chinese financial resources given the economic slowdown,” Sun said.

European lenders would also be careful about loan terms and project quality, she said. “It all goes back to the financial viability of the project. Good projects should not worry about the availability of funding,” she said. “Investors chase quality projects.”

Chinese lending to Africa peaked in 2013, the year Beijing announced its belt and road trade and infrastructure scheme. At November’s Forum on China-Africa Cooperation in Senegal, Beijing signalled a continued shift towards trade financing and support for Chinese equity-based investment in Africa, rather than infrastructure loans. During the Dakar talks, Chinese President Xi Jinping promised US$10 billion in trade finance to support African exports and another US$10 billion in credit lines for financial institutions, but he did not say how much would go to bilateral project finance.

W. Gyude Moore, a senior policy fellow with the Centre for Global Development in Washington and a former Liberian public works minister, said China appeared to have become more stringent in its financing criteria. “Projects that would have secured funding five years ago may not cut today,” he said.

In general, African governments that fall behind on loan repayments or default on outstanding debts will find it difficult to get new loans from China, according to Bradley Parks, executive ­director of AidData, a research lab at the College of William and Mary in Virginia.

“China’s state-owned banks are primarily motivated by profit, so they don’t like to throw good money after bad if they can avoid it,” Parks said.
But he said Chinese lenders with especially high levels of financial exposure to a particular borrower could offer new loans to help them repay the old ones.

“As the old adage goes, if you owe the bank a little, the bank owns you. But if you owe the bank a lot, you own the bank,” Parks said. “This is why we are beginning to see Chinese lenders offer balance of payments loans rather than project loans to some of their biggest borrowers,” he said.

“We may also see Chinese lenders minimise repayment risk by lending to project companies and joint ventures rather than government borrowers with unsustainable levels of sovereign debt.”

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https://www.scmp.com/news/china/diplomacy/article/3165844/nigeria-looks-europe-funding-chinese-lenders-move-away-costly

Tight game

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Russia has outstanding business with Ukraine
China has outstanding business with Hong Kong and Taiwan

Now's the best time to accelerate the reunions.

US should face their side - go invade Canada or Mexico.

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For the second time, in less than one week, terrorists have attacked the military camp in Allawa in Rafi local government area of Niger state.

They burnt down the camp, killed some soldiers, stole two military vehicles and carted away weapons.

The terrorists, mounted on 100 motorcycles also invaded Mariga town in Mariga local government area of the state and rustle over 300 cows.

Although there was no killing here, sources close to the vigilante, said almost all the cattle in the town were rustled away.

The gunmen, also in hundreds reportedly stormed Allawa town about 10;00pm on Thursday and made their way straight to the Military camp.

They engaged the soldiers in a fierce gun battle which lasted for several hours.

According to a source close to Allawa town, there were casualties on both sides but details of the actual casualties were still sketchy as nobody could go in or out of Allawa town.

A number of the villagers were equally caught in the crossfire between the soldiers and the gunmen.

The entire town is now deserted as the villagers have escaped into the bush.

This latest onslaught by the gunmen is coming barely one week after a similar attack, which targeted the Joint Security TaskForce camp at Galadiman Kogo.

No fewer than 11 members of the security TaskForce and unspecified numbers of civilians were killed.

Houses, food barns, vehicles and other properties worth millions of naira were burnt down by the gunmen.

In April last year, the gunmen invaded the same military camp in Allawa, killing five soldiers and an Inspector of Police.

This led to the shutting down of the camp by the Military.

It was reopened a month after with more troops deployed.

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https://pmnewsnigeria.com/2022/02/04/just-in-terrorists-sack-allawa-military-base-kill-soldiers-steal-army-vehicles-300-cows/

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They're all the same......

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Maybe vice presido go entice am?

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Make i balance here......

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Aptitude test required?

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....racists!

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A.nother

P.robable

C.on

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12 months for 57Mill?

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......he won't come out rehabilitated!

Nigeria is hanging on a Repudiated and illegitimate 1999 Constitution, so any lender, whether it be China or Europe (or any other country) will have to bear the consequences of lending to a Disputed Project. Due to that imposed 1999 Constitution, Nigeria has now finally collapsed. Do not let it crash out!

n February 1, 2022, Nigerians heard some more dismal news from Rotimi Amaechi, the country’s Minister of Transportation, blaming China for the delay in some major infrastructural projects. He announced, “We are stuck with lots of our projects because we cannot get money. The Chinese are no longer funding. So, we are now pursuing money in Europe.”

From the news report seen, it was not clear if China had suspended disbursements of an already agreed loan, or whether Nigeria was having trouble seeking fresh loans from China to continue with projects. Anyway, getting funding from China is now going to be harder for African countries. In early January 2022, the Financial Times newspaper published an article titled, “China applies brakes to Africa lending” because the risks of defaulting were quite high.


With regards to Nigeria, where does the BLAME truly lie for not being able to get funding from China? Only those who are involved in negotiations for possible loans from China will know what the conditions for giving and getting a loan are, and they would be the ones who would be engaged in writing out loan agreements, etc. Negotiations for any Federal loan would involve the Ministry of Finance, Budget and National Planning. Since funding here is being sought for building railways, the Ministry of Transportation would also be involved, so too the Debt Management Office and other relevant agencies. Thereafter, the loan and its conditions would have to be approved by both the Federal Executive Council and the National Assembly. That is on the Nigerian side. The potential lender, China in this case, would also have their own stringent processes and assessments involving their different ministries and agencies. Generally, quite a large number of people would be required in forming a loan agreement, and in scrutinizing it before any funds are released.


From 16th December 2020, Nigeria became a Disputed Project with both national and international implications, including where it concerns any loan-taking by central government. The Notice of the Constitutional Force Majeure proclaimed on that day by the NINAS Movement in Lagos made it very clear, and states,

“…BY THIS PROCLAMATION, Let it be known to ALL, including International Money Lenders, that Nigeria is now a Disputed Project and that while the Constituent Components commit to honouring existing International Debt Obligations, WE CAUTION that whatever Obligations that may arise from any Foreign Loans contracted by the Federal Government of Nigeria from the date of this Proclamation may come into controversy. Similarly, all Loans contracted by the Federal Government of Nigeria, containing any Clause that may Cede the Sovereignty of Nigeria or any part thereof in the event of Repayment Default shall be disputed as illicit, and in breach of the Sovereignty of the Federating Units…”


Essentially, being a Disputed Project means that Nigeria under its constitutional arrangement is not creditworthy for lenders. The NINAS Movement were the first to Repudiate the illegitimate 1999 Constitution, a known forgery, but now also many individuals and groups have done so. Late last year, leaders and those who guide the direction that Nigeria takes, in essence repudiated the 1999 Constitution too in their Communiqué, describing it as “Oligo-military in nature and not representing the collective interest of Nigerians”. They then called on government to begin a process that would end in reworking the Constitution. This took place at a meeting convened by Vision Africa and the Global Peace Foundation on 13 December 2021. Present were political, cultural, and religious leaders from right across the country such as former President Obasanjo, the Sultan of Sokoto, Rev. Pam Yakubu, Sheikh Gumi, Gani Adams, former Governor Obong Victor Attah, Madam Ankio Briggs, and many others.


Given that Nigeria’s constitutional arrangement needs to be reworked, no lender (or investor) who hopes to get his money back would be keen on lending to Nigeria. Time is passing, insecurity is deepening on all fronts, so the sooner this needed reworking is done, the better. Those in government, plus senior officials had all sworn an Oath of Office to govern by and uphold the sham, imposed 1999 Constitution in return for huge salaries and lavish living, (plus if they so desire, open access to looting public funds). However, as Nigeria gains pariah status, it is hoped that those personally benefiting from the fraud called the “1999 Constitution” would have a change of heart, consider their end, and show some concern for Nigerians. For, as long as Nigeria remains a Disputed Project, potential lenders will rightly not lend, and sustainable progress will not be possible.


We can fix it. Since Nigeria has no legitimate Constitution to base itself upon, there should be a transitioning process where the Union Dispute is resolved, which, in following due process, is by having a Transitional Government. The NINAS Movement (that Proclaimed the Constitutional Force Majeure) has already put its Propositions on the table, and government at central and state levels are aware of them. Since the 1999 Constitution has been repudiated, its life cannot be renewed by taking it to the next general elections. So that means halting preparations for general elections in 2023 even if temporarily, for transitioning. During the time-bound Transitional Government, elected officials and governance structures would remain as they are, with some adjustments. There would then be self-determination regional referendums whose outcomes would form the basis of reworking new constitutional arrangements.


Nigeria is hanging on a Repudiated and illegitimate 1999 Constitution, so any lender, whether it be China or Europe (or any other country) will have to bear the consequences of lending to a Disputed Project. Due to that imposed 1999 Constitution, Nigeria has now finally collapsed. Do not let it crash out!

By Ndidi Uwechue

http://saharareporters.com/2022/02/04/china-and-europe-foreign-lenders-beware-nigeria-disputed-project-ndidi-uwechue

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