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<p>The Eighth Annual Babacar Ndiaye Lecture, under the theme &#8216;Saving lives today versus saving the planet for the Future: Can the AfCFTA resolve the climate change dilemma?&#8217; will explore how Africa can pioneer the balance between economic advancement and environmental preservation.</p>


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Yemi Osinbajo delivers the 8th Annual Babacar Ndiaye Lecture

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<p>The U.S-Africa Business Summit gathered investors from both regions to improve trade and explore new opportunities. This Focus On unpacks opportunities for entrepreneurs to venture and expand interest in both Africa.</p>


Focus On U.S.-Africa Business Summit 2024: Entrepreneurial opportunities in U.S. & Africa

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<p>The U.S.-Africa Business Summit provides the platform for global corporations and investors from both regions to collaborate and explore opportunities to further enhance trade. This Focus On puts the spotlight on what it&#8217;s like from an investor perspective to do business in Africa.</p>


Focus On U.S.-Africa Business Summit 2024: Business interest in Africa

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<p>As the 16th Edition of the U.S-Africa Business Summit draws to a close, delegates from both regions share their knowledge, expertise and solutions on best practices to strengthen relationships, trade and partnering to accelerate Africa’s industrialization.</p>


U.S.-Africa Business Summit 2024: Partnering to Accelerate Africa’s Industrialization

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<p>Nigeria’s Vice President, Yemi Osinbajo says the African Centre of Excellence for the Genomics of Infectious Disease in Nigeria has developed an efficacious rapid test for coronavirus and is working on a vaccine in collaboration with the UK’s Diosynvax. Elsewhere, Guinea has so far reported 23 cases in the wake of a new Ebola outbreak. Joining CNBC Africa for more is Niniola Williams, Managing Director of Drasa Health Trust.</p>


Nigeria looks inward for locally made vaccines

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<p>Nigeria’s Vice President, Yemi Osinbajo says the tech sector received investments worth $377 million between 2018 and 2019. Osinbajo further noted that the focus of the Nigerian government on its digital sector is vital to its overall socio and economic wellbeing. However, the World Bank says for countries like Nigeria, the digital economy offers opportunities, but also brings risks of being left behind. Tliewa Adebajo, CEO of CFG Advisory joins CNBC Africa for more.</p>


CFG Advisory on how Nigeria can harness its digital economy for growth

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<p>Nigeria’s vice-President, Yemi Osinbajo says Africa&#8217;s largest economy&#8217;s GDP may fall to between minus 4.40 per cent and minus 8.91 per cent this year depending on the length of the COVID-19 induced lock-down period and the strength of Nigeria’s economic response. Femi Oladehin, Partner, Investment Banking at Argentil Capital Partners joins CNBC Africa for more.</p>


Assessing Nigeria’s post-COVID-19 sustainability plan

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<p>Nigeria’s Vice President Yemi Osinbajo says prompt pre-emptive measures need to be taken otherwise Nigeria&#8217;s unemployment rate could rise to about 33.6 per cent, by the end of the year. Osinbajo made this statement while presenting a post-COVID-19 Economic Sustainability Plan to President Muhammadu Buhari. Wilson Erumebor, Senior Economist at the Nigerian Economic Summit Group joins CNBC Africa for more.</p>


How Nigeria plans to tackle unemployment during the COVID-19 crisis

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<p>At the 2019 Nigerian Diaspora Investment Summit, Nigeria’s Vice President, Yemi Osinbajo speaks on how Nigeria can leverage Diaspora resources for economic growth.</p>


Yemi Osinbajo on how Nigeria can leverage diaspora resources for growth

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<p>Nigeria&#8217;s Vice President, Yemi Osinbajo recently said the government is meeting with the stakeholders in the power sector to find ways to restructure and attract investments into the troubled sector. Joy Ogaji, Executive Secretary of the Association of Power Generation Companies joins CNBC Africa for more.</p>


Finding a lasting solution to Nigeria’s power challenges

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<p>Following the launch of a new reform cycle by Nigeria&#8217;s Vice President Yemi Osinbajo, Nigeria&#8217;s Enabling Business Environment Secretariat held a stakeholder meeting with Ministries, Departments and Agencies and the private sector in Lagos to discuss new business reforms. CNBC&#8217;s Africa Christy Cole caught up with Nigeria&#8217;s Minister of Industry, Trade and Investment, Okechukwu Enelamah, who says despite Nigeria&#8217;s drop in World Bank&#8217;s Doing Business Ranking, the country&#8217;s objective to advance into the top 100 by the year 2020, remains on track.</p>


Nigeria engages stakeholders on doing business reforms

<span><a href="https://theconversation.com/profiles/stephen-onyeiwu-170137">By Stephen Onyeiwu</a>, <em><a href="http://theconversation.com/institutions/allegheny-college-2041">Allegheny College</a></em></span>

<p>Muhammadu Buhari’s election four years ago as Nigerian president was greeted with <a href="https://www.bbc.com/news/world-africa-32141703">great enthusiasm, and expectation</a>. US President Barack Obama invited him to the White House less than two months after his inauguration, an honour rarely accorded to newly elected African leaders. Many Nigerians saw Buhari as a messiah rescuing them from years of economic disempowerment, institutionalised corruption and insecurity.</p>

<p>These high hopes were unsurprising. The Nigerian economy, though growing at a robust rate, <a href="https://www.brookings.edu/research/toward-inclusive-growth-in-nigeria/">wasn’t benefiting most Nigerians</a>. Unemployment, especially among young people, was <a href="https://qz.com/africa/999641/the-unemployment-rate-in-nigeria-has-climbed-for-nine-consecutive-quarters/">widespread and growing</a>. The World Bank estimated Nigeria’s <a href="https://www.mckinsey.com/featured-insights/middle-east-and-africa/nigerias-renewal-delivering-inclusive-growth">poverty rate to be as high as 70%</a>, an embarrassing number given that the country is ranked as the eighth largest oil exporter in the world. </p>

<p>The result of the toxic combination of high joblessness and poverty rates, is a life expectancy of 55 years, one of the <a href="https://www.who.int/countries/nga/en/">lowest in developing countries</a>.</p>

<p>As Buhari prepares to go to the polls, pundits have been analysing his scorecard and asking whether he deserves another four years in office. </p>

<p>What is clear is that, this time around, his re-election campaign has not been greeted with the same level of enthusiasm. Some analysts, including the London-based Economist Intelligence Unit, have gone as far as to <a href="https://www.pulse.ng/news/politics/economist-magazine-says-buhari-will-lose-2019-election/ncm7eg4">predict</a> that he will lose the election. </p>

<p>Why the change of fortunes?  The answer seems to lie in the fact that most of the things Nigerians complained about in 2015 are still unresolved. In particular, unemployment, poverty and economic disempowerment remain firmly in place. </p>

<p>Since Buhari came to power, Nigeria’s unemployment rate has <a href="https://tradingeconomics.com/nigeria/unemployment-rate">more than doubled</a> from 10.4% in January 2016 to 23.1% in July 2018. In June last year CNN <a href="https://www.cnn.com/2018/06/26/africa/nigeria-overtakes-india-extreme-poverty-intl/index.html">reported</a> that Nigeria had overtaken India as the country with the largest number of people living in extreme poverty. About 87 million Nigerians, or half the population, live on less than $1.90 per day.</p>

<p>The big question is: can Buhari win reelection amid his disappointing economic performance? I believe that he will, in fact, win the election. But this will be for reasons to do with the weakness of other candidates, rather than his own strengths.</p>

<h2>Economic performance</h2>

<p>When he came to power in 2015, Buhari promised to tackle three interrelated problems: corruption, insecurity and the economy. Of the three, Nigerians regarded <a href="https://www.bbc.com/news/world-africa-32905067">economic problems as paramount</a>. But the administration appears to have focused on corruption and security issues and paid less attention to the economy. </p>

<p>For example, Buhari failed to prevent an impending <a href="https://www.bbc.com/news/business-37228741">recession</a> that followed the collapse of oil prices in 2015. This was because he didn’t prioritise the economy and took too long to articulate an economic transformation strategy. </p>

<p>Another example of lack of focus on the economy was his meeting with US President Donald Trump in April 2018. Buhari asked for <a href="https://www.iol.co.za/news/world/trump-gives-buhari-banned-military-aircraft-14724854">fighter jets</a>, not economic support. </p>

<p>Critics also point to the fact that Buhari ceded the management of the economy to his vice president Yemi Osinbajo. Though a brilliant lawyer, Osinbajo had no background or experience in economics. To make matters worse, Osinbajo surrounded himself with incompetent and inexperienced advisers.</p>

<p>Buhari claimed he was unable to jump-start the economy because of falling oil prices and dwindling government revenue. Before he came to power the oil price was <a href="https://eneken.ieej.or.jp/data/6188.pdf">as high as $108 per barrel</a>. It <a href="https://eneken.ieej.or.jp/data/6188.pdf">plummeted precipitously to $63</a> the month he was sworn in as president. The oil price continued to slide during the early stages of his administration, reaching an all-time low of $35 per barrel in February 2016.</p>

<p>The collapse affected Buhari’s ability to put together a coherent budget. For instance, his 2016 budget had a <a href="https://www.reuters.com/article/nigeria-budget-idUSL5N16V360">deficit of over 2.2 trillion Naira</a>. His attempt to borrow $30 billion to finance the deficit was <a href="https://www.reuters.com/article/nigeria-budget/update-1-nigerian-senate-rejects-buharis-plan-to-borrow-30-billion-abroad-idUSL8N1D2450">vehemently opposed by the country’s lawmakers</a>. Nor was public opinion favourable about an external loan. This forced the administration to pare down the number of projects it intended to undertake. </p>

<p>Because of the administration’s inability to implement an expansionary fiscal policy, the economy has been grappling with anaemic growth since Buhari’s election. The country went into recession in 2016 followed by a rebound to about 2% in 2018. But the IMF <a href="https://www.imf.org/external/pubs/ft/weo/2018/01/weodata/weorept.aspx?sy=2015&amp;ey=2023&amp;scsm=1&amp;ssd=1&amp;sort=country&amp;ds=.&amp;br=1&amp;pr1.x=19&amp;pr1.y=10&amp;c=694&amp;s=NGDP_RPCH&amp;grp=0&amp;a">projects</a> that growth will remain weak at an annual average of about 1.9% from 2019 to 2023.</p>

<h2>Anti-corruption scorecard</h2>

<p>Buhari’s scorecard in fighting corruption has been mixed. On the one hand, he has prosecuted high-profile politicians, civil servants and retired military officers for corruption and secured convictions in a handful of cases. His administration has also recovered billions of Naira in stolen assets from corrupt Nigerians. </p>

<p>Scores of corrupt politicians and government officials, including the Chief Justice of the country’s Supreme Court, are currently undergoing trials for various forms of financial impropriety. </p>

<p>But Buhari’s anti-corruption efforts have been marred by the perception that they have been selective and targeted mostly at members of the main opposition party, the People’s Democratic party. </p>

<p>And his failure to prosecute a prominent state governor who is one of his close political allies, after the governor was shown on video collecting several thousand dollars in bribes, has accentuated the perception that he is only interested in prosecuting his political enemies. </p>

<p>Another political ally, a former Secretary to the Government of the Federation, also got a pass from Buhari after being credibly accused of corrupt practices.</p>

<p>Despite these shortcomings, Buhari’s campaign against corruption is regarded by many Nigerians as the most intense the country has ever seen.</p>

<h2>Hobbesian choice</h2>

<p>Buhari is likely to win not because he has fulfilled the expectations of Nigerians, but because his main opponent, former Vice President Atiku Abubakar, is a weak candidate who carries a lot of baggage. </p>

<p>Abubakar is a very prominent and wealthy businessman. But his business credentials and <a href="https://www.news24.com/Africa/News/atiku-abubakar-nigerias-perennial-presidential-hopeful-20181008">the source of his wealth are controversial</a>. Many believe he made his money through cronyism and questionable activities rather than through genuine entrepreneurship. </p>

<p>Nigerians will be faced with a Hobbesian choice between two problematic candidates. In that choice, Buhari seems to have an edge over Abubakar.<img loading="lazy" decoding="async" src="https://counter.theconversation.com/content/110196/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important" /></p>

<p><span><a href="https://theconversation.com/profiles/stephen-onyeiwu-170137">Stephen Onyeiwu</a>, Professor and Chair of the Economics Department, <em><a href="http://theconversation.com/institutions/allegheny-college-2041">Allegheny College</a></em></span></p>

<p>This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/buhari-failed-to-fix-nigerias-economy-but-he-may-still-have-the-edge-110196">original article</a>.</p>

Op-Ed: Buhari failed to fix Nigeria’s economy. This is why it might not be enough to unseat him

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<p>Nigeria&#8217;s Vice President Yemi Osinbajo will deliver a special lecture today, at Oxford University to highlight investment efforts and government&#8217;s plans for human capital development. Nonso Obikili, Policy Associate at Economic Research South Africa joins CNBC Africa from Abuja to discuss Nigeria’s strides in human capital development.</p>


Nigeria’s human capital development investments

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<p>Nigeria&#8217;s Minister of Defence, Mansur Dan-Ali, disclosed that President Muhammadu Buhari has given his approval for the release of the one billion dollars. This has been received with mixed reactions across the country.</p>


Mixed reactions trail Buhari’s release of $1bn to fight insecurity

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<p>Anthony Eke, Acting Divisional Head, Infrastructure and Transport at Diamond Bank joins CNBC Africa to discuss Nigeria&#8217;s infrastructure plans for industrial growth.</p>


Analysing Nigeria’s infrastructure plan

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<p>Nigeria&#8217;s Vice President Yemi Osinbajo told CNBC Africa that the country&#8217;s economy is performing better than expected, and also disclosed that President Muhammadu Buhari is focused on his term in office and not on the 2019 elections. CNBC Africa&#8217;s Chris bishop spoke to him about this and more on the side-lines of the World Economic Forum in Davos.</p>


Nigerian VP Osinbajo speaks on incentives to lure investors, gives outlook for 2018

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<p>The African Development Bank, on Thursday, officially opened its country department complex in Abuja, Nigeria&#8217;s Federal Capital Territory. The bank also says it is set to embark on priority projects in Nigeria.</p>


Yemi Osinbajo

Yemi Osinbajo delivers the 8th Annual Babacar Ndiaye Lecture

Focus On U.S.-Africa Business Summit 2024: Entrepreneurial opportunities in U.S. & Africa

Focus On U.S.-Africa Business Summit 2024: Business interest in Africa

U.S.-Africa Business Summit 2024: Partnering to Accelerate Africa’s Industrialization

Nigeria looks inward for locally made vaccines

CFG Advisory on how Nigeria can harness its digital economy for growth

Assessing Nigeria’s post-COVID-19 sustainability plan

How Nigeria plans to tackle unemployment during the COVID-19 crisis

Yemi Osinbajo on how Nigeria can leverage diaspora resources for growth

Finding a lasting solution to Nigeria’s power challenges

Nigeria engages stakeholders on doing business reforms

Op-Ed: Buhari failed to fix Nigeria’s economy. This is why it might not be enough to unseat him

Nigeria’s human capital development investments

Mixed reactions trail Buhari’s release of $1bn to fight insecurity

Analysing Nigeria’s infrastructure plan

Nigerian VP Osinbajo speaks on incentives to lure investors, gives outlook for 2018

AfDB opens its first regional office in Nigeria

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Yemi Osinbajo

Yemi Osinbajo delivers the 8th Annual Babacar Ndiaye Lecture

Focus On U.S.-Africa Business Summit 2024: Entrepreneurial opportunities in U.S. & Africa

Focus On U.S.-Africa Business Summit 2024: Business interest in Africa

U.S.-Africa Business Summit 2024: Partnering to Accelerate Africa’s Industrialization

Nigeria looks inward for locally made vaccines

CFG Advisory on how Nigeria can harness its digital economy for growth

Assessing Nigeria’s post-COVID-19 sustainability plan

How Nigeria plans to tackle unemployment during the COVID-19 crisis

Yemi Osinbajo on how Nigeria can leverage diaspora resources for growth

Finding a lasting solution to Nigeria’s power challenges

Nigeria engages stakeholders on doing business reforms

Op-Ed: Buhari failed to fix Nigeria’s economy. This is why it might not be enough to unseat him

Nigeria’s human capital development investments

Mixed reactions trail Buhari’s release of $1bn to fight insecurity

Analysing Nigeria’s infrastructure plan

Nigerian VP Osinbajo speaks on incentives to lure investors, gives outlook for 2018

AfDB opens its first regional office in Nigeria

News Tips

Advertise With Us

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