Shettima Departs To China For 3rd Belt, Road Forum

Shettima Departs To China For 3rd Belt, Road Forum

Nigeria’s Vice President Kashim Shettima on Sunday departed the country to represent President Bola Tinubu at the 3rd Belt and Road Initiative (BRI) Forum in Beijing, China which is scheduled to hold between October 16 and 18. Mr Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, Office of the Vice President, disclosed this in a statement in Abuja on Sunday. Nkwocha said that Shettima would join world leaders from over 130 countries in Africa, Asia, Europe and Latin America to deliberate on the theme, “High-quality Belt and Road Cooperation: Together for Common Development and Prosperity.” According to him, the vice president is expected to avail Nigeria of the platform provided by the forum to woo investors for more developmental projects. Nkwocha added that the Vice President would hold bilateral meetings with other world leaders to promote Nigeria’s trade and investment relations in line with the economic development agenda of the Tinubu administration. “The 2023 edition of the BRI will mark the 10th anniversary of the Belt and Road Initiative (BRI) championed by the President of China, Xi Jinping, as an initiative for global infrastructure development strategy. “Adopted and launched by the government of the Peoples Republic of China in 2013. “The initiative seeks international action to enhance cooperation and promote infrastructure investment in nearly 70 countries across Asia, Africa and Europe through land and maritime routes.” He recalled that in 2018, former President, Muhammadu Buhari, on behalf of Nigeria, signed the Belt and Road cooperation agreement with China. “Nigeria and other partner-countries across the world are to benefit from the initiative in areas of infrastructure investments such as ports, skyscrapers, railroads, roads, bridges, airports, dams and coal-fired power stations.” Nkwocha said that the delegation of the vice president to the forum includes the Minister of Foreign Affairs, Amb. Yusuf Tuggar, Minister of Budget and Economic Planning, Atiku Bagudu and the Minister of Transportation, Sa’idu Alkali. Others are the Minister of Works, David Umahi, Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite; the Managing Director of the Nigeria Railway Corporation, Fidet Okhiria, and the Director-General, Infrastructure Concession Regulatory Commission, Michael Ohiani. In a related development, Nkwocha said in pursuance of the food security and diversification policy of the Tinubu administration, the vice president will, from China, depart for the United States of America, USA. “While in US as the special guest, Shettima will deliver a keynote address at the African Development Bank (AfDB) and World Food Prize – facilitated Norman E.Borlaug International Dialogue slated to commence on October 24th, 2023. “Also, he will join other African international leaders, Heads of State and Government who in the past have delivered keynote addresses at the Borlaug Dialogue. “They include former United Nations Secretary-General, Kofi Annan; World Food Prize Laureates; Ghana President, John Kufuor, AfDB President, Akinwunmi Adeshina and former President Olusegun Obasanjo and others.” The media aide also stated that Shettima was expected to highlight reforms being instituted in the Nigerian Agrifood sector by the Tinubu administration. “The vice president will engage several stakeholders, partners and investors in opportunities for investments in Nigeria. “Several meetings and engagements have been slated for the vice president who is expected to be back to the country after his commitments in the US.” 

CSOs call for debt rescheduling with China, others

CSOs call for debt rescheduling with China, others

Over 50 civil society Organisations have called on President Bola Ahmed Tinubu to reschedule Nigeria’s debt with China. In a communiqué signed by Action Aid Nigeria, BudgIT Foundation, Centre for Social Justice (CSJ), Civil Society Legislative Advocacy Centre (CISLAC), Heinrich Boell Stiftung Nigeria, OXFAM Nigeria, Natural Resource Governance Institute (NRGI), and 48 others, the CSOs noted that the present situation where the country was spending 80 per cent of its resources to service debt was unsustainable. Analysts have said that the country spends over 90 per cent of its revenue on debt servicing. The federal government has put Nigeria’s debt profile at N77 trillion including the Ways and Means from the Central Bank of Nigeria (CBN). The group noted that the huge debt burden has put the country in a position where it would be difficult to fulfill its commitments to achieve the Sustainable Development Goals (SDG) and contribute to the attainment of the climate goals of the Paris Agreement. According to them, instead of making accelerated progress, the country, like many others on the continent, is regressing. They therefore urged the National Assembly to review the existing debt management strategy with a view to strengthen it. “Adhering to relevant legal and institutional fiscal frameworks is important in the context of high and rising debt levels. Although the country has a comprehensive legal framework that specifies processes and obligations of government entities to manage debt, these are not always complied with. For example, annual borrowing plans are not made available to the public and borrowing occurs without being attached to any particular projects, contributing to a lack of transparency and accountability.  “National Assembly should review the existing legal and institutional frameworks relevant to debt management with the view of closing existing loopholes and strengthening transparency and enforcement. For example, the Fiscal Responsibility Commission and Debt Management Office should be empowered to sanction breaches of existing laws and regulations. “Lawmakers should carry out loan approvals with proper scrutiny and approvals be subject to public hearings and input. Public disclosure of, for example, the terms and conditions of loans, and borrowing plans are critical steps to increase transparency and accountability in Nigeria.   “The Nigerian government and its decision-makers should reduce its reliance on borrowings from the international capital market and commercial loans. There is a need to more strictly adhere to the provision of the law on maintaining concessional loans,” the group said. While noting that Nigeria’s high debt levels is a function of poor revenue mobilisation through taxes and other means, they urged the federal government to introduce measures that would address the country’s revenue challenge. “An enhanced Debt Sustainability Analysis that integrate climate and other sustainability risks, and climate resilience benefits, as well as estimates of a country’s financing needs for climate change adaptation, mitigation, and achieving the broader goals set out in the 2030 Agenda for the SDGs; “Access to debt restructuring for all debt-distressed, climate-vulnerable low and middle-income countries, and a speeding up of debt relief talks; “A debt restructuring framework that incorporates adequate incentives to ensure private creditors participate and bear a fair share of the burden; “A departure from regressive conditions attached to debt restructuring frameworks (i.e. cutbacks on social spending), giving room to countries to develop their own plans to advance development and climate resilience (guided by SDG commitments and NDCs); “The inclusion of disaster clauses in lending deals with public and private creditors to allow countries to divert debt payments to disaster relief; “The possible establishment of a new Global Debt Authority, designed to operate in an inclusive manner, independent of creditors or debtors, and the development of an international legal framework for sovereign insolvency,” the communiqué read.

Much ado about BRIC as threat to America’s global economic dominance

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No question, powers rise and fall. It is the immutable law of nature and of geopolitics. The US has dominated the globe both in the economic, military and geopolitical spheres for over half a century and beyond, frankly since the end of the Second World War. Hence, this is often described as the US century.  So, it is natural for any nation that has been on top for such a long time to expect emerging powers to challenge it.  So, the ongoing realignment of the globe’s economic and geopolitical power structure is to be expected. However, any boxer who has faced a dominant, undefeated super heavyweight champion of the world knows it is much easier to talk about dethroning him than actually doing it.  So, when you see and hear all the hyperventilation about the decline of the US and how its dethronement is imminent, take it with more than a pinch of salt.  The US is not sitting on its rear end waiting for someone to walk up and take the championship belt from it. Whoever wants the crown would have to do better that the iconic Zaire Kinshasa rumble in the jungle bout to get it. So, when you see a half-baked, amateurish, voice-over, outlandish, really hogwash of a video reporting China suspending all trade with the U.S., you need to put your thinking cap on.  It is so outlandish and an obvious no-brainer hogwash, that it is so shocking that anyone will share that video.  Anyway, no surprises here. Almost anything, including the master of all absurdities, gets shared on Nigerian social media, including a platform like the “Great Minds” populated by the cream de la cream of Nigerian intellectuals and movers and shakers of society.  We have already entered the phase of the diminution and override of the human neural cells by AI.  We are so bombarded with information overkill to the point that we are slowly losing our ability to conduct nuance and critical analysis of information. Otherwise, why would anyone share a video that announced with fanfare and so authoritatively that China has officially cut off all trade with the US!!!? For China to do that will be akin to a man cutting off his trachea to stop the passage of inspired and expired air into and out his lungs. Does that even pass the laugh test?  Yet people are mindlessly sharing that video on Nigeria social media predicting a global economic earthquake.  China is an export dependent economy while the U.S. is a consumption-based economy (the consumer confidence index is a great indicator of US’s economic health). China economy will crumble like a house of cards without demand from the West, especially the U.S. for its manufactured goods. Yes, the exploding Chinese middle class and super rich is changing its economy to a more mature consumption and service driven economy, but it still depends on exports for its sustenance.  So, this ridiculous post about China suspending trade with US and how BRIC is a threat to a dollarized global economy in the near term, reveals an abject misreading and lack of knowledge of how the global economy operates.  While China and Russia might want to use BRIC as a counterbalance and in fact, anti-U.S. body in their geopolitical struggle with the U.S., India and Brazil have a different objective. Brazil is in the orbit of the North and South America economic zone.  India is trying to decouple its military from its reliance on Russia for her military equipment.  Who would blame them after what the world has now seen about the incompetence weakness of Russia’s military industrial capacity and its military?  Russia’s overblown and oversold military is depending on Iran made drones and missile from North Korea in its disastrous war against Ukraine. India is a rising global power. It just landed its spacecraft on the moon, the first country to do so on the more challenging moon’s southern hemisphere. Juxtapose that against Russia’s space mission to the moon which just failed spectacularly.  Global policy analysis requires nuanced and critical analysis than simply sharing alarmist, half baked propaganda of an economic earthquake.  The US, because of the dynamism of its economy, and its leadership as the innovation heartbeats of the globe’s economy, will continue to remain a major, albeit diminished force in the globe economy as new power centres emerge.  India is the country to watch. It also has territorial dispute with China. The Indian diaspora is also deeply entrenched and connected to the U.S. with high profile Indians in both the political and more so in the economic domain. Anyone who is hoping India will align with China or Russia in opposition to the West should look at who is the current occupant of No 10 Downing Street, the residence of the UK Prime Minister.  In case we have forgotten, Rishi Sunak is a full-blooded British-Indian. About the Author: A current affairs analyst, Prof. Wale Alonge is a university Don and Head, Africa-Diaspora Partnership for Empowerment and Development (ADPED) based in Miami, Florida.

China strengthens bilateral ties with Nigeria, visits Lagos with 3 ships

China strengthens bilateral ties with Nigeria, visits Lagos with 3 ships

In a bid to strengthen the bilateral relationship between the two countries, the Chinese Navy Escort Task Group (ETG) 162, comprising MSL Destroyer NANNING, MSL Frigate SANYA, and Supply Ship WEISHANHU, on Sunday, visited Nigeria. The Chinese Ambassador to Nigeria, Mr. Chi Jian Chun, said that the visitation of the Chinese envoy, scheduled for July 2 to 6, would also enhance maritime security within the West African sub-region. The MSL Destroyer NANNING, made the port call at Nigerian Port Authority (NPA) Berth 21, while the other two ships remained at anchorage. Chun said that the delegation from China was big with more than 700 people and three ships to Nigeria. “The visit is to further deepen the relationship the two countries have with one another and also seek to strengthen and improve our relationship and cooperation with each other. “This visit demonstrates the harmony and symphony between Nigeria and China,” he said. The ambassador said that China and Nigeria would continue to work together and promote peace and harmony while also seeking ways to make contributions to the international community. “I believe that this visit will deepen the cooperation between both countries military sector so that we can work together to overcome obstacles. “We will continue to do more things to facilitate and promote the relationship between the two countries,” Chun said. Also, the Flag Officer Commanding (FOC) Western Naval Command, Rear Adm. Joseph Akpan, said the visitation would further help to cement the relationship between the two countries. This is “especially between the Nigerian Navy and the Chinese Navy as well as the military. This will help us fight crimes, especially in the Gulf of Guinea. “During their period of stay, our men will be interacting, we will be having some sporting activities, exchange of momentous and gifts. “We will also discuss the future of both navies, especially on how we can benefit from each other,” Akpan said. The FOC added that the term called ‘sea riders’ enabled some of the Nigerian Navy personnel onboard the Chinese ship and they could also have some of their own men onboard our ship. “This helps to foster friendship across the horizon,” Akpan said. The Chinese nationals resident in Lagos came out in their numbers to welcome the Chinese envoy at the NPA. There was also a rich display of the culture of the Chinese people which could be seen in the colourful display of their synchronised dance routine at the port.