News
U.S. To Pay Keen Attention On Nigeria’s 2019 General Election
As Nigeria prepares for the 2019 general election, the United States (U.S.) says it’s major priority now is to see a peaceful transition, as the country occupies a strategic position in Africa.
The U.S. Department of State said this during a background briefing on the first trip of Secretary of State Rex Tillerson to Africa, monitored by the News Agency of Nigeria in New York.
Tillerson would meet with Nigeria’s President Muhammadu Buhari and other top government functionaries, and also leaders of Chad, Djibouti, Ethiopia and Kenya during his travels from Tuesday, March 6 to 13.
The department said over two decades ago, the number of countries in Africa with really democratically elected government were really very few – only three or four.
It said, however, now we had over two dozen African countries with democratically elected governments and which are hopefully not going to have transitions in government through coup d’etats and other illegal methods.
“As we look at the 20 elections, obviously Nigeria, though it’s not this year – it’s going to be next year – that really is a major priority focus, because that’s going to be the third most populous country in the world by 2050.
“It has really very complex political issues and ethnic and tribal issues and security issues,
“And that’s an area that we really are focusing on how to do a peaceful transition, a democratic transition, but more important is how to hold governments accountable to the people,” the state department said.
The department explained that obviously, a lot of those African countries were still fragile democracies and the U.S. was trying to strengthen them.
The U.S. commended the most recent elections in Liberia, saying it was the first open, fair, and peaceful transition of governments in over 75 years, saying that it is a good thing.
It regretted what it called the “horrendous rule of Charles Taylor and the degradation of the institutions there, but now we’ll going back and they’re building, and I think with the election of George Weah, there is going to be a positive thing”.
The U.S. also noted the election of Nana Akufo-Addo in Ghana, Alassane Ouattara in Cote d’Ivoire and Macky Sall in Senegal, describing them as positive developments.
It said, however, that Ethiopia remained a challenge for the U.S. and a focus for it as well and an opportunity.
The U.S. explained that it was looking at trying to build institutions and strengthen them, and also have peaceful transitions and hold governments accountable to the people in Ethiopia.
It said it was also looking at how it could have reconciliation and dialogues between all of the different groups – the Oromos, the Amharas, the Tigrays, and also in Kenya with the opposition and with the ruling government.
Accordingly, the department said building strong institutions and holding governments accountable are some of the things that are certainly going to be the subjects of discussion during Tillerson trip.
“How do we advance political and economic reform that will help in the transition process? Those are issues too that we’re working in Zimbabwe with the transition between Robert Mugabe and Emmerson Mnangagwa.
“And also we’re looking hopefully at South Africa with the election of Cyril Ramaphosa from Jacob Zuma and seeing how that is going to transform the country,” the state department said.
The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.
The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.
Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.
He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.
“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.
Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.
While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.
Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.
He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”
Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.
He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”
Dangote Petroleum Refinery has made headlines by announcing a further reduction in the price of diesel, dropping it from ₦1200 to ₦1000 naira per litre.
The refinery’s decision comes on the heels of its recent supply at a significantly reduced price of ₦1200 per litre, which was introduced three weeks ago, signifying a remarkable 30 per cent decrease from the previous market price of approximately ₦1600 per litre.
This substantial reduction in diesel prices at Dangote Petroleum Refinery is expected to reiterate positively throughout various sectors of the economy, potentially serving as a catalyst in alleviating the persistently high inflation rate in the country.
In a statement last week, Aliko Dangote, Africa’s wealthiest individual and the owner of the refinery, expressed his optimism regarding the potential impact of the price reduction on inflation in Nigeria.
“I believe that we are on the right track. I believe Nigerians have been patient, and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1900,” he remarked.
As anticipation builds around the implications of this move by Dangote Petroleum Refinery, stakeholders and consumers alike remain hopeful for the positive effects it could bring to the Nigerian economy in the coming months.
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