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Many Headaches of GMB, President-Elect
For President-elect Muhammadu Buhari, winning Nigeria’s tight election race is the easy part. Keeping Africa’s biggest country afloat will be harder, according to Aryn Baker of Time.
When he defeated President Goodluck Jonathan at the polls on March 28, Buhari made history as the first opposition candidate in Nigeria to unseat a president through the ballot box.
But the president-elect faces far greater challenges when, on May 29, he takes office and must confront Nigeria’s multiple problems, from an economy that has been hit by the falling price of oil, a government paralysed by corruption, and a security sector beset by one insurgency and threatened by another.
Time reported that if Buhari, 72, is to leave a legacy equal to his history-making victory, he will have to take on these challenges:
Cutting out corruption
Buhari’s All Progressives Congress [APC] party emblem is a broom, symbolizing his commitment to sweeping out the corruption that has plagued Nigeria for decades. He has a proven track record, too.
Unlike most of his predecessors and successors, he did not use his time in power, as military president from 1983 to 1985, to enrich himself, and still lives in the modest home of a retired general.
But even if he manages to resist the temptations of office, he will have to work with the political elites in his party who brought him to power, largely through Nigeria’s deeply entrenched system of political patronage and its attendant promises of favors and kickbacks.
“The APC line is that there will be no corrupt individuals in Buhari’s cabinet, but there will have to be some wiggle room,” says Elizabeth Donnelley, assistant head of the Africa program at London’s Chatham House foreign policy institute. “Deals have been made, and things are owed.”
Buhari may not be able to sweep away graft in the short term, but if he immediately strengthens existing anti-corruption institutions that had been intentionally weakened under previous administrations, such as Nigeria’s Economic and Financial Crimes Commission, and oversees the prosecution of standout cases, he will set the right tone.
A good place to start would be an investigation into the country’s petroleum ministry, where an estimated $20 billion in oil revenue is thought to have gone missing, according to a 2014 report by Nigeria’s Central Bank.
Taming Boko Haram
In tackling the Islamist insurgency that has killed more than 13,000 over the past six years, Buhari faces a three-fold problem. With significant help from neighbors Chad and Niger, along with an estimated 100 foreign mercenaries, Nigeria’s army has managed to push Boko Haram out of all but three local districts, liberating territory roughly the size of Belgium.
But in order to keep Boko Haram from re-grouping, Buhari will have to oversee a complete restructuring of an army hollowed out by years of neglect and corruption. He will also need to ramp up security and intelligence services as the insurgents, denied territory, resort increasingly to terror attacks.
Two assaults in the country’s northeast over the weekend took several dozen lives, underscoring the urgency.
Buhari will also need to strengthen the relationship with those countries assisting in the fight, whose leadership feels that they are doing the bulk of the work with little recognition.
The insurgency has devastated parts of Nigeria. The United Nation’s Deputy emergency relief coordinator, Kyung-wha Kang, says that some 1.5 million people have been displaced by the fighting, creating one of the worst humanitarian crises in the world today.
More than 300 schools have been severely damaged or destroyed, and less than 40% of health facilities, in a historically underserved area, remain operational. Farmers have fled fighting in the country’s agricultural heartland, leading to rising food costs and the risk of widespread malnutrition.
It’s the economy, stupid
Nigeria may have surged past South Africa to become the continent’s biggest economy last year, but that growth has slowed.
The International Monetary Fund estimates that economic growth will slow to 4.8% this year, down from 6.1% in 2014, and the Naira is down 17% against the dollar. Inflation is on the rise, and foreign reserves are at a historic low, largely due to the decline in oil and gas prices, which provide nearly 70% of government income.
The oil and gas sector only accounts for about 16% of GDP, which means that if Buhari can help the government diversify its revenue base to better incorporate Nigeria’s booming entertainment and telecoms sector, he could oversee a return to better growth.
The problem is that when it comes to economics, he is largely inexperienced, and will have select cabinet members with strong economic and business backgrounds.
“I believe that Buhari is going to choose a very strong, good team in various departments, but most especially in economy,” Nigeria’s Nobel laureate Wole Soyinka told Bloomberg TV. “I think, like me, he’s an economic illiterate.”
Keeping the oil-rich delta area onside
To secure Nigeria’s economic growth, Buhari will have to prioritize his government’s relationship with the militants that upended the oil industry for much of the early 2000s. In 2009, then Vice President Jonathan negotiated a temporary amnesty deal with the militants that saw an end to the attacks on oil pipelines and kidnappings of foreign oil workers that made the region a no-go area and drove the price of oil to record highs.
In exchange the militants, who claimed that they had long been denied the oil riches from their native lands, received generous payouts. The deal, which includes education stipends for some 30,000 residents, is set to expire at the end of 2015.
If Buhari is not prepared to extend multi-million dollar contracts with local powerbrokers that make up a large portion of the amnesty agreement, the militants could respond with violence, igniting an uprising in the south even as he tackles the Boko Haram insurgency in the north.
Buhari could extend the agreement, but better still would be to address the underlying issues: that the Delta’s oil wealth funds the nation with little in return for locals but environmental degradation and a few low-wage, low-skill jobs.
Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).
This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.
A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.
However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.
Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.
According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.
Credit: Vanguard
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Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth
Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.
This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.
Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.
With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.
According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”
“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.
Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.
The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.
Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.
In a recent gathering, organized by 234Finance, key stakeholders and HNIs came together to discuss the theme “Fueling Progress in the South East.”
The conversation highlighted the rich heritage, entrepreneurial spirit, opportunities for growth and the potential of the South East to be economic powerhouse.
During the discussion, the Managing Partner of 234Finance, Ezinne Nwazulu unveiled plans for an upcoming event of significant impact: the 4-week intensive SME Bootcamp and Mentor Matchup Challenge South East edition designed to empower SMEs. The program aims to empower SMEs with the knowledge, tools, and capital for rapid expansion and global competitiveness.
This initiative is building on the success of previous Mentor Matchup Challenge events, which equipped SMEs with actionable strategies and one-on-one mentorship, resulting in winners of the pitching competition securing grant funding to scale their businesses by 4x-10x.
The SME Bootcamp will feature an array of activities, including physical and virtual training sessions, onsite industrial training, and a pitching competition.
Ezinne Nwazulu emphasized the rigorous selection process, where the top 100 applicants meeting the criteria will undergo intensive training at two training centres in Abia and Anambra. From there, the most promising 15 participants will have the opportunity to pitch their business for grant funding.
Dr Chima Anyaso, Chairman of Caades Group, expressed his commitment to the region’s development and encouraged entrepreneurs with innovative crafts to seize this opportunity.
Criteria for selection are uncompromising, emphasizing technical expertise in core sectors; Agribusiness, Manufacturing, Supply Chain & Logistics, Fashion & Textile, and Retail, with a particular focus on businesses operating within the South-East region for at least three years and significant growth potential of 4x-10x.
The Bootcamp is set to commence from May 14 to June 14 2024 with Southeast-based entrepreneurs encouraged to visit the 234finance bootcamp to apply.
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