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Saturday 25 July 2015
Friday 24 July 2015
IT was not the first time a Nigerian president will be visiting the United States. Late Prime Minister Tafawa Balewa undertook a similar voyage to the US shortly after Nigeria freed itself from the shackles of British colonialism in 1960. Others Nigerian leaders like former President Olusegun Obasanjo and immediate past President Goodluck Jonathan paid similar official visits to the US during their tenures. Those occasions also had all the trappings of grandeur and statesmanship. But the glitz and blitz that characterised the just concluded four-day official visit by incumbent President Muhammadu Buhari to the US upped the ante. The visit was a climax to the high-level consultations the president has held with world leaders and international organisations in his quest for assistance to Nigeria, as the country grapples with tough socio-economic and security challenges. The importance attached to the visit by both President Buhari and his host, President Barack Obama was evident throughout all the consultations held. Critical issues of mutual benefits to both countries, as well as the international community dominated the meetings, all of which were designed to take Nigeria-US relations to the next level. Beyond the conviviality that pervaded the venues of each of such meetings and consultations were fundamental issues of security, war against corruption, economy, infrastructure and human rights. Even though Buhari and Obama came with individual’s wish list, there was synergy in the way the two countries harmonised the positions of their countries. But, there are a number of teasers on the whole historic event. What are the gains for the individual countries? Are the overall benefits skewed in favour of either of the countries? What are the prospects for Nigeria in its desperate bid for self-discovery? Do the gains actually surpass the volume of resources that may have gone into the planning and execution of the visit by Nigeria? Has the country in any way compromised an inch of its sovereign status in during the bilateral talks? What are the likely challenges that might arise at the stage of implementing a number of the key decisions arrived at by Nigeria with US? In particular, what are the implications of the US assisting Nigeria to trace and recover looted funds in foreign banks for the economies of those countries where the funds are? The seeming general consensus is that the visit has opened a new vista in Nigeria-US relations. It provided an opportunity for Nigeria to build on the camaraderie established when Obama and Buhari met at the Group of Seven (G-7) developed countries held in Germany in June, shortly after the latter took the oath of office. The Berlin meeting prepared ground for the Washington DC visit, which enabled Buhari to reinforce his assistance from western nations and US in particular in the fight against the terrorist sect, Boko Haram that has created human tragedies in North-East Nigeria and neighbouring countries. There is optimism among some Nigerians that the war against the terrorists would be stepped up with the renewed promise by Obama of the US readiness to support Nigeria and the Joint Task Force set up by Nigeria and other countries under vicious attacks by Boko Haram insurgents. While Buhari believes the battle might not be won so soon, the US Vice President, Joe Baden said military offensives needed to be combined with other approaches in order to make the current operation effective. Some of the major prospects in the outcome of the meetings and consultations Buhari and his team held with Obama and other top functionaries of his administration are in the war against corruption and the promise by the us investors to explore the vast opportunities in Nigeria. The claim by the president that a whopping US$150 billion were looted from the country by public officials in the last 10 years did not startle many. This is because of the reign of impunity in the country, especially by public officials in collaboration with other influential members of the elite in managing the abundant resources of the largest Black nation. What is eliciting curiousity among the populace is how the country could recover those looted funds. They are also concerned that such funds become another subject of controversies given similar recovered funds that were looted during the era of military rule in the country. The fogginess that surround the recovered funds from advanced countries could have serious implication for the quest and enthusiasm of new foreign investors. At their meeting with the Nigerian delegation, members of the US corporate world indicated their wish to invest in Nigeria, just as a major financial institution declared its intention to drive the rebuilding of the North-East of the country that has been hugely destroyed by the Boko Haram terrorist. This overture and other economic and financial packages are imperative to address the frightening malaise of youth unemployment, low industrial base and production, as well as weak national economy and free fall of the national currency against international currencies. Towards the tail end of the Jonathan administration, it became obvious that the relationship between Nigeria and the US had gone sour, owing to US disposition to various challenges the administration faced, top of which was the Boko Haram insurgence. The American government, though promised to send military help, what made the help ineffective was its stance that it would not share intelligence with Nigerian military. It is believed the US support contributed to Jonathan’s emergence at his first coming but the strained relationship with the administration is also believed to have contributed to the success of the opposition at the polls. Now, with the renewed relationship, one of the benefits of Nigeria with Buhari’s visit to US is the renewed commitment of Obama administration to support in defeating Boko Haram. If this becomes a reality, it will open doors for foreign investors to patronise the country. America had been a big patron of Nigeria’s oil, but stopped its patronage having shown interest in shale oil, but it is expected that with the renewed interest in Nigeria, US will refocus its attention and reconsider buying Nigerian oil. Another reason to justify this is the fact that Saudi Arabia which is one of the biggest suppliers of oil to Nigeria, produces a product believed to be substandard to Nigeria’s because of the heavy presence of sulphur in the product. Not only that, it costs more to transport it to the US, both being major reasons the US had earlier consider buying from Nigeria. The Buhari visit will also help further in economic diplomacy and trade relations with Nigeria, which is now the biggest economy in Africa. Most especially, the looted funds in foreign banks, which Buhari administration has summed up to $150 billion if reinvested in Nigeria’s economy, will undoubtedly boost internal earnings. President Obama had promised to help the country trace the funds in foreign banks and return them to Nigeria. Obama, testifying of the integrity of Buhari’s administration and his ingenuity in tackling corruption, will not only help the country, it is a good public relations for Nigeria, as it will force most of US allies, who currently have a strained with the country to reconsider their stand. The bi-lateral military relationship with Nigeria will also boost the surveillance of its porous borders, especially at the Gulf of Guinea, which will thereby help in reducing or stopping of trans-border bunkering of Nigeria’s oil. Public perception Nigeria’s delegation was admixture of seasoned technocrats and representatives of industrialists. The latter were to accentuate the message of the government that Nigeria was beginning to witness the wind of positive change by creating a sustainable conducive environment for investment. However, the Director General of the Lagos Chamber of Commerce and Industry (LCCI), Dr Muda Yusuf observed that most of the issues raised by US concerning the economic situation in Nigeria were not really new. For example, he said stakeholders had always advocated diversification of the national economy, rather than the country operating a mono-economic structure. He stated that no country can compel an investor to come and invest in a country suffocating under poor infrastructure. “We must go back to the basics,” he said. He asserted that the Asian tigers were able to record a breakthrough because they fixed their infrastructure. Many other observers said Nigeria should tread softly in reinvigorating its bilateral tie with the US because there is no longer free lunch in international politics. Fred Agbaje The visit is timely and welcome, particularly coming at a time when Nigeria’s image has seemingly nosedived and caused by negative attitude of Boko Haram and the inability of the previous government to tackle the issue of corruption. But this has been put into serious perspective now with the visit of the president and the implication is already rubbing on Nigeria. President Obama said Buhari is a good man and well-loved and liked by Americans. In effect, American business will want to do business with him. Also, Obama alluded to the personal integrity of Buhari, which is the basis of all human relationships. It is therefore not surprising that unlike before, Americans have extended an olive branch to Nigeria in terms of internally displaced people in the North. But there is no free lunch anywhere in the world Why did the Americans not give that free lunch last year to Nigeria when the PDP was in government? If they choose to do that now, it is indicative that the there is hope in current leadership of the country. Furthermore, it means that such a lunch will not end in private pockets. It will be utilised for the purpose it is designed for. The issue of migrant visas which Nigeria has always been denied, the US has promised to give a favourable consideration. That means that Nigeria wiil become a member of the league of beneficiaries of visa lottery. The US has promised to help our country in the fight against insurgency. After all this, American companies can patronise the energy sector as part of the package arising from Buhari’s visit to US.

IT was not the first time a Nigerian president will be visiting the United States. Late Prime Minister Tafawa Balewa undertook a similar voyage to the US shortly after Nigeria freed itself from the shackles of British colonialism in 1960. Others Nigerian leaders like former President Olusegun Obasanjo and immediate past President Goodluck Jonathan paid similar official visits to the US during their tenures. Those occasions also had all the trappings of grandeur and statesmanship. But the glitz and blitz that characterised the just concluded four-day official visit by incumbent President Muhammadu Buhari to the US upped the ante. The visit was a climax to the high-level consultations the president has held with world leaders and international organisations in his quest for assistance to Nigeria, as the country grapples with tough socio-economic and security challenges. The importance attached to the visit by both President Buhari and his host, President Barack Obama was evident throughout all the consultations held. Critical issues of mutual benefits to both countries, as well as the international community dominated the meetings, all of which were designed to take Nigeria-US relations to the next level. Beyond the conviviality that pervaded the venues of each of such meetings and consultations were fundamental issues of security, war against corruption, economy, infrastructure and human rights. Even though Buhari and Obama came with individual’s wish list, there was synergy in the way the two countries harmonised the positions of their countries. But, there are a number of teasers on the whole historic event. What are the gains for the individual countries? Are the overall benefits skewed in favour of either of the countries? What are the prospects for Nigeria in its desperate bid for self-discovery? Do the gains actually surpass the volume of resources that may have gone into the planning and execution of the visit by Nigeria? Has the country in any way compromised an inch of its sovereign status in during the bilateral talks? What are the likely challenges that might arise at the stage of implementing a number of the key decisions arrived at by Nigeria with US? In particular, what are the implications of the US assisting Nigeria to trace and recover looted funds in foreign banks for the economies of those countries where the funds are? The seeming general consensus is that the visit has opened a new vista in Nigeria-US relations. It provided an opportunity for Nigeria to build on the camaraderie established when Obama and Buhari met at the Group of Seven (G-7) developed countries held in Germany in June, shortly after the latter took the oath of office. The Berlin meeting prepared ground for the Washington DC visit, which enabled Buhari to reinforce his assistance from western nations and US in particular in the fight against the terrorist sect, Boko Haram that has created human tragedies in North-East Nigeria and neighbouring countries. There is optimism among some Nigerians that the war against the terrorists would be stepped up with the renewed promise by Obama of the US readiness to support Nigeria and the Joint Task Force set up by Nigeria and other countries under vicious attacks by Boko Haram insurgents. While Buhari believes the battle might not be won so soon, the US Vice President, Joe Baden said military offensives needed to be combined with other approaches in order to make the current operation effective. Some of the major prospects in the outcome of the meetings and consultations Buhari and his team held with Obama and other top functionaries of his administration are in the war against corruption and the promise by the us investors to explore the vast opportunities in Nigeria. The claim by the president that a whopping US$150 billion were looted from the country by public officials in the last 10 years did not startle many. This is because of the reign of impunity in the country, especially by public officials in collaboration with other influential members of the elite in managing the abundant resources of the largest Black nation. What is eliciting curiousity among the populace is how the country could recover those looted funds. They are also concerned that such funds become another subject of controversies given similar recovered funds that were looted during the era of military rule in the country. The fogginess that surround the recovered funds from advanced countries could have serious implication for the quest and enthusiasm of new foreign investors. At their meeting with the Nigerian delegation, members of the US corporate world indicated their wish to invest in Nigeria, just as a major financial institution declared its intention to drive the rebuilding of the North-East of the country that has been hugely destroyed by the Boko Haram terrorist. This overture and other economic and financial packages are imperative to address the frightening malaise of youth unemployment, low industrial base and production, as well as weak national economy and free fall of the national currency against international currencies. Towards the tail end of the Jonathan administration, it became obvious that the relationship between Nigeria and the US had gone sour, owing to US disposition to various challenges the administration faced, top of which was the Boko Haram insurgence. The American government, though promised to send military help, what made the help ineffective was its stance that it would not share intelligence with Nigerian military. It is believed the US support contributed to Jonathan’s emergence at his first coming but the strained relationship with the administration is also believed to have contributed to the success of the opposition at the polls. Now, with the renewed relationship, one of the benefits of Nigeria with Buhari’s visit to US is the renewed commitment of Obama administration to support in defeating Boko Haram. If this becomes a reality, it will open doors for foreign investors to patronise the country. America had been a big patron of Nigeria’s oil, but stopped its patronage having shown interest in shale oil, but it is expected that with the renewed interest in Nigeria, US will refocus its attention and reconsider buying Nigerian oil. Another reason to justify this is the fact that Saudi Arabia which is one of the biggest suppliers of oil to Nigeria, produces a product believed to be substandard to Nigeria’s because of the heavy presence of sulphur in the product. Not only that, it costs more to transport it to the US, both being major reasons the US had earlier consider buying from Nigeria. The Buhari visit will also help further in economic diplomacy and trade relations with Nigeria, which is now the biggest economy in Africa. Most especially, the looted funds in foreign banks, which Buhari administration has summed up to $150 billion if reinvested in Nigeria’s economy, will undoubtedly boost internal earnings. President Obama had promised to help the country trace the funds in foreign banks and return them to Nigeria. Obama, testifying of the integrity of Buhari’s administration and his ingenuity in tackling corruption, will not only help the country, it is a good public relations for Nigeria, as it will force most of US allies, who currently have a strained with the country to reconsider their stand. The bi-lateral military relationship with Nigeria will also boost the surveillance of its porous borders, especially at the Gulf of Guinea, which will thereby help in reducing or stopping of trans-border bunkering of Nigeria’s oil. Public perception Nigeria’s delegation was admixture of seasoned technocrats and representatives of industrialists. The latter were to accentuate the message of the government that Nigeria was beginning to witness the wind of positive change by creating a sustainable conducive environment for investment. However, the Director General of the Lagos Chamber of Commerce and Industry (LCCI), Dr Muda Yusuf observed that most of the issues raised by US concerning the economic situation in Nigeria were not really new. For example, he said stakeholders had always advocated diversification of the national economy, rather than the country operating a mono-economic structure. He stated that no country can compel an investor to come and invest in a country suffocating under poor infrastructure. “We must go back to the basics,” he said. He asserted that the Asian tigers were able to record a breakthrough because they fixed their infrastructure. Many other observers said Nigeria should tread softly in reinvigorating its bilateral tie with the US because there is no longer free lunch in international politics. Fred Agbaje The visit is timely and welcome, particularly coming at a time when Nigeria’s image has seemingly nosedived and caused by negative attitude of Boko Haram and the inability of the previous government to tackle the issue of corruption. But this has been put into serious perspective now with the visit of the president and the implication is already rubbing on Nigeria. President Obama said Buhari is a good man and well-loved and liked by Americans. In effect, American business will want to do business with him. Also, Obama alluded to the personal integrity of Buhari, which is the basis of all human relationships. It is therefore not surprising that unlike before, Americans have extended an olive branch to Nigeria in terms of internally displaced people in the North. But there is no free lunch anywhere in the world Why did the Americans not give that free lunch last year to Nigeria when the PDP was in government? If they choose to do that now, it is indicative that the there is hope in current leadership of the country. Furthermore, it means that such a lunch will not end in private pockets. It will be utilised for the purpose it is designed for. The issue of migrant visas which Nigeria has always been denied, the US has promised to give a favourable consideration. That means that Nigeria wiil become a member of the league of beneficiaries of visa lottery. The US has promised to help our country in the fight against insurgency. After all this, American companies can patronise the energy sector as part of the package arising from Buhari’s visit to US.

12:38
IT was not the first time a Nigerian president will be visiting the United States. Late Prime Minister Tafawa  Balewa undertook a si...
Posted by at 12:38 0 comments
Saturday 18 July 2015
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