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Buhari’s Row with Wife Signals Frustration over FG Inertia

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A row between the Nigerian President Muhammadu Buhari and his wife has brought cracks in the ruling party right into the open, as frustration grows over government inertia in trying to drag the country out of its first recession in 25 years.

Aisha Buhari publicly criticised her husband’s record in office, saying she might not support him if he seeks re-election in 2019 unless he shakes up his administration, which she said had been hijacked by a “few people”.

The president tried to laugh off the rebuke from his wife of 27 years, saying “she belongs in the kitchen” – but without addressing the substance of her remarks, made last week in an interview with the BBC.

Reuters reported that the 73-year-old won last year’s election promising a new era in the West African nation, where graft has enriched an elite while most of the 180 million Nigerians live in poverty despite the OPEC member’s oil wealth.

Buhari came to power backed by his All Progressives Congress (APC) party, a broad coalition of politicians who united to remove his predecessor, Goodluck Jonathan, without having a joint plan on how to run the country.

Now, 17 months into office, there are few signs of Buhari’s promised reforms to diversify the economy away from exporting crude, prices of which have halved since 2014.

Already the naira is down 35 percent this year, making it one of the worst performing currencies in the world, and the National Bureau of Statistics forecasts the economy will shrink by 1.3 percent in 2016.

But criticism of the government goes beyond an apparent lack of urgency in tackling the economic crisis. A belief is growing that power is concentrated among Buhari’s chief of staff and an inner circle at the presidential villa, making it difficult for ministers to get the attention of the president.

The first lady is not alone in her views. Senate President Bukola Saraki, the third most senior politician in Nigeria, took to Twitter to express his concerns.

“It has become clear that there is govt within govt of @MBuhari who’ve seized apparatus of Executive powers to pursue their nefarious agenda,” he tweeted in June.

Buhari’s spokesmen declined to comment while the president himself has defended his economic record in general terms.

“I believe that this recession will not last,” he said this month. “We have identified the country’s salient problems and we are working hard at lasting solutions.”

Annual inflation accelerated in September to 17.9 percent, a more than 11-year high, and last week about 100 young people demonstrated near the central bank over the naira’s fall.

But, generally, the discontent has yet to turn into mass protest. “Let me commend Nigerians for your patience, steadfastness and perseverance. You know that I am trying to do the right things for our country,” said Buhari.

Nevertheless, Buhari has not answered questions about how Nigeria is governed under his presidency.

“People feel that the country is being run by a small clique of people who have taken over and are acting in the name of the president,” said Clement Nwankwo, director of the Policy and Legal Advocacy Centre, a think-tank in Abuja.

Buhari has put Vice President Yemi Osinbajo, a commercial lawyer, in charge of economic politics. But Osinbajo, who favours a more flexible currency policy to attract badly-needed foreign investment, has struggled to get his ideas heard.

“There is great worry that the input of the vice president does not seem to be taken into account in implementing policies, especially on the economic front,” Nwankwo said.

Buhari has said that as an ex-general he is no expert in economics, and yet he long rejected a devaluation of the naira – just as he did as military ruler in the 1980s when Nigeria was also in recession.

When the central bank finally dropped the naira’s peg to the dollar in June, the currency slumped 30 percent and many equity and bond investors had in any case long since gone.

Even now, Nigeria is operating a “managed float” which is keeping the official naira rate at around 305 to the dollar, far stronger than Monday’s black market rate of 455.

As ever in Nigerian politics, the division of powers between the mainly Muslim north, where Buhari is from, and the Christian south is playing a role.

Diplomats say members of northern circles known to Buhari for decades have resisted some ministers such as Finance Minister Kemi Adeosun, a southerner in her 40s who was not his first choice.

A source close to the presidency described the accusations of inertia as grumbling by some in the APC who had hoped for jobs or contracts under a system of patronage which Buhari stopped under his anti-graft drive.

Buhari needed to pick a cabinet from the APC but this was complicated because he was constitutionally bound to pick a minister from each of Nigeria’s 36 states.

To insert his influence he then brought in people he has known for decades. Members of his “kitchen cabinet” include his chief of staff Abba Kyari, whom Buhari has also put on the board of state oil firm NNPC, his uncle Mamman Daura and Babachir Lawal, the secretary to the government of the federation.

“Buhari is deeply suspicious of politicians because of Nigeria’s history of graft,” said one Western diplomat. “There are few people he trusts or regularly talks to to seek their advice.”

The pre-eminence of the inner circle has, say political insiders, created a rift between the president and Bola Tinubu, a former Lagos state governor who rallied southern Christian elites to help win power.

Tinubu has issued statements attacking APC chairman John Oyegun and oil minister Emmanuel Ibe Kachikwu, deepening divisions in the party.

Buhari has won plaudits from ordinary Nigerians by saying he will target a hyper-rich elite accused of massive corruption.

He has also managed to retake most territory lost to the Islamist militants of Boko Haram and negotiated the release of 21 of more than 200 girls kidnapped in 2014, although suicide bombings remain part of life in northeastern Nigeria.

But much of his first year in office was beset by slow progress. A five-month wait for his cabinet to be formed was followed by wrangling with parliament over the 2016 budget, which was only signed off by Buhari in May.

Efforts to make Nigeria more business-friendly have stalled. Trade Minister Okechukwu Enelamah wants to ease visa rules, acknowledging complaints from foreign executives about obstructive embassy officials, but has given no timeframe.

Nigeria could have earned as much as $8 billion in travel receipts this year, instead of the $500 million booked in 2014, had it adopted visitor-friendly visa rules like Ghana, Renaissance Capital said in a report.

Some investors have expressed frustration over hard currency curbs. “You can’t even discuss a rational foreign exchange policy,” David Lapido, director at Amaya Capital invested in Nigeria’s power industry, told a panel debate.

Leading economists recently met Buhari, stressing it was high time for action as there were just 18 months left before the next election would paralyse politics.

“We were very frank,” said Bismarck Rewane, CEO of Financial Derivatives consultancy who attended the meeting. “The president is paying serious attention to the economy. I am now more optimistic.”


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AXA Mansard Empowers Female SMEs with Financial, Digital Skills

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AXA Mansard, a member of AXA has empowered 200 female Small and Medium Enterprises with financial literacy and digital business skills.

In collaboration with SME 100 Africa, the two-day training, which was held in Lagos, is part of AXA’s lined-up programmes to commemorate this year’s International Women’s Day.

Speaking, Olusesan Ogunyooye, Head of Marketing AXA Mansard, said the training was aimed to empower female SME owners with skills to improve business output and position them for the increasing economic opportunities available in an increasingly digital marketplace.

Ogunyooye noted that the move was in line with AXA Mansard’s sustainability agenda, explaining that the company was convinced that support for women through its inclusive protection programmes was pivotal to its purpose of acting for human progress by protecting what matters and its mission of moving from being a payer to a partner.

He further said that focusing on digital skills was important because the company realised the importance of digital skills to the growth of the SME sector in Nigeria and wants to ensure that women were empowered enough to be a consequential part of that growth.

“It’s almost trite to say that SMEs are the engine for economic growth, especially in developing countries like Nigeria, where over 45 million adults are business owners. What needs to be continually discussed is how Nigeria is going to unlock that potential for economic development and how much of that potential will be unlocked by women and for women.”

“For us at AXA Mansard, we are aware that digital will play a major role in unlocking these current opportunities and Nigeria’s economic future. So, to ensure that women are equally represented in unlocking these future potentials, that’s why we have collaborated with SME 100 Africa to support them in developing the required skills”.

“Our choice of digital and financial literacy skills is deliberate. We understand the power of the duo. We understand that helping these SMEs with the skills to attract more customers will be a faster means to empower them.

“We see that they have amazing products and services, but they need to understand how to attract value for themselves by attracting the right customers, and you will agree with me that virtually all customer segments are online in one way or another today.

“So, if we can empower them with digital business skills, we would have helped them with the heavy lifting of trying to find and attract customers”. Ogunyooye explained.

According to him, AXA Mansard believes that for the world to experience progress truly, there must be an equitable distribution of creation and access to opportunities for men and women. This quest for balance informed the SHE for Shield initiative, a women-centred inclusive protection programme of AXA Mansard.

SHE for Shield is a group of initiatives designed for the Nigerian woman. The goal is to see them grow, add value, and help them mitigate risks at every step.

According to the company, research has found that access to health care is one of the most important things to Nigerian women, regardless of their economic segment. They desire to be financially independent, secure, and respected in the community.

 


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IFC Invests in New 4DX Ventures Fund to Support Tech Startups in Africa

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IFC is investing $10.5 million in a new fund by 4DX Ventures, a New York-based venture capital firm focused on supporting early-stage African technology companies across a broad set of sectors, including fintech, e-commerce, edtech, climate tech, and health tech.

IFC’s investment in 4DX Ventures Fund III will come from IFC’s $225 million venture capital platform, which was launched last year to strengthen emerging VC ecosystems and invest in early-stage companies in Africa, the Middle East, Central Asia, and Pakistan.

Africa is among the regions least served by venture capital, receiving just 2% of global venture deal volume in the third quarter of 2023. Access to capital on the continent has been further exacerbated by a slowdown in global venture capital investment.

Tech ecosystems are nascent, or even nonexistent, outside of more established markets such as Egypt, Kenya, Nigeria, Senegal, and South Africa.

“IFC and 4DX Ventures share the commitment to supporting tech entrepreneurs with innovations that will help Africa leapfrog in critical areas such as climate, health care, fintech, e-commerce, and education,” said Walter Baddoo, Co-Founder and General Partner of 4DX Ventures.

“We look forward to partnering with IFC to help promising tech startups build transformative businesses and realize sustainable development impact on the continent.”

4DX’s new fund will invest in companies with tech solutions that can improve productivity, efficiency and competitiveness across Africa. The firm’s first two funds invested in companies such as Egypt-based e-commerce platform MaxAB, an IFC portfolio company; Ghana-based health tech firm mPharma; and Kenya-based B2B e-commerce platform Wasoko, formerly known as Sokowatch.

“By supporting the development of tech ecosystems in emerging markets, IFC’s venture capital platform aims to improve access to key services, boost business competitiveness, and promote job creation through digital transformation,” said Mohamed Gouled, Vice President of Industries at IFC.

“Our investment in venture funds such as 4DX Ventures will help African entrepreneurs access more financing and resources they need to scale tech innovations and bolster sustainable growth across the continent.

In addition to providing capital, IFC will work with 4DX Ventures to implement their environmental and social management system.


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Climate Action Africa Announces CAAF24

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Climate Action Africa (CAA) has announced the inaugural convening of the Climate Action Africa Forum (CAAF24). This international event brings together stakeholders from across the world who drive thought leadership insights on how to encourage collaboration, catalyse actionable solutions, and urge governments, businesses, and individuals to invest in climate-smart initiatives.

The climate-focused event was announced at last week’s Friday international press conference held at the prestigious Transcorp Hilton Abuja. This marks a significant milestone in Africa’s journey towards a sustainable future. A precursor to the upcoming Climate Action Africa Forum scheduled for June 17-19, 2024, at the Landmark Events Centre in Lagos, Nigeria, this press conference brought together leaders, experts, and stakeholders from across the globe. The gathering’s main goal was to discuss the urgent need for sustainable development plans and climate-smart investments in Africa.

Framed by the theme “Green Economies, Brighter Futures: Innovating and Investing in Africa’s Climate-Smart Development,” the international press conference became a vibrant platform for insightful discussions, strategic collaborations, and impactful engagements. It convened an esteemed gathering of leaders, experts, and stakeholders to explore solutions for Africa’s pressing environmental challenges.

The event kicked off with a welcome address by the Executive Director and Co-founder of Climate Action Africa, Grace Mbah, who having announced the commencement of event registration as April 2nd, 2024, made the call for tech-driven solutions and innovations in the fields of emissions reduction, transportation, agriculture, energy, circularity and building and construction to apply to participate in the deal room.

Providing insights to attendees on how innovative approaches and collaborative action is at the heart of CAAF24, she extended an opportunity to like minded organisations who would like to partner by hosting side events and finally, a call for volunteers from across the continent.

“It’s no news that the world stands at a critical juncture, where decisive action is imperative to mitigate the adverse impacts of climate change. Against this backdrop, CAAF24 serves as a pivotal platform for key stakeholders to engage in meaningful discourse, and forge collaborative pathways towards a greener, more sustainable future.

The essence of CAAF lies in its commitment to shaping a climate-resilient Africa through co-creation, innovation, and sustainable investment. Through this initiative, we aim to catalyse solutions that enhance the sustainability and prosperity of the continent’s natural resources, people, and economies,” Grace stated.

During the International Press Conference, distinguished speakers and thought leaders emphasised the urgent need for collective action in tackling Africa’s climate challenges.

They delved into critical topics like renewable energy, sustainable agriculture, biodiversity conservation, and climate finance, offering practical insights and inspiring initiatives.

Jummai Vandu, representing the National Council on Climate Change, expressed optimism about the initiative’s outcomes. “Today’s discussions,” she said, “underscore the urgency of our collective efforts to combat climate change. The National Council believes working together is key to driving meaningful action and creating a more sustainable future for Africa and beyond.”

With the International Press Conference complete, the stage is set for CAAF24. Stakeholders will converge to translate ideas into action, forge partnerships, and drive progress towards a climate-smart Africa.

Mrs. Taiwo Fashipe, Head of Media for the Presidential CNG Initiative (P-CNGi), echoed similar sentiments, stating: “The theme of this year’s Climate Action Africa Forum aligns with our goals, vision, and mission at the Presidential CNG Initiative.

“We look forward to using this platform to advance interest in and investment in greener and cleaner energy sources like CNG.”

Standing at a crucial juncture in Africa’s quest for sustainable development, CAAF24, convened by Climate Action Africa in partnership with the National Council on Climate Change, Channels Media Group, and Founder Institute, emerges as a beacon.

It brings together the private and public sectors, guiding the continent towards a future marked by resilience, prosperity, and environmental stewardship.

 


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