IN THE EYE OF TRUMP’S STORM

The government should urgently arrest the colossal tragedies that have brought Nigeria to her knees, writes MONDAY PHILIPS EKPE

President Donald Trump of the United States of America, a man not given to conventional international diplomacy, announced last week, toeing the line of Senator Ted Cruz and co., that Nigeria was guilty of genocide against Christians. His administration also promptly tagged Nigeria a Country of Particular Concern (CPC). Trump’s trademark incendiary tweets also didn’t disappoint: “If the Nigerian government continues to allow the killing of Christians, the USA will immediately stop all aid and assistance to Nigeria, and may very well go into that now disgraced country, ‘guns-a-blazing,’ to completely wipe out the Islamic terrorists who are committing these horrible atrocities.

“I am hereby instructing our Department of War to prepare for possible action. If we attack, it will be fast, vicious, and sweet, just like the terrorist thugs attack our cherished Christians! Warning: The Nigerian government better move fast!” Back at home, the Trump government has been shut down for weeks because of the federal lawmakers’ inability to cross party lines to pass the enabling budget but he had the liberty to make declarations that have now significantly triggered and disrupted public discourse in Nigeria.

The official response has, as expected, been that of denial. Other entities have also joined our government to reject the albatross being hung on the neck of this already overburdened country; while some others have hailed the plan of ‘gallant’ Trump to come to the rescue of his beloved brethren. For long, Nigerian political leaders have exploited our fault-lines, notably religion, region and ethnicity, to secure advantages over their rivals. But never in our history has any superpower publicly threatened to directly intervene in the nation’s domestic affairs on any of those counts. All of a sudden, a problem most probably not anticipated has dropped on the laps of the government of President Bola Tinubu and the stressed people of Nigeria at such a difficult time.

We’re clearly unprepared for this period. There are slippery grounds here to worry about. The military hierarchy is being rejigged in the midst of a coup scare that’s unprecedented since the commencement of the current democratic dispensation. The masses now watch helplessly as politicians demonstrate crass opportunism in the form of unconvincing and dubious defections from ‘sinking’ parties to the one that controls the centre and, by implication, every machinery or resource which guarantees access to power and more power, thereby undermining opposition severely. The same disempowered people are aware that they can only hope to survive today’s painful socio-economic realities while facing an uncertain tomorrow.

Most Nigerians are actually staying afloat courtesy of the sheer grit they’re known for. Attempting to grapple with the possibility of a foreign-powered warfare on their soil with all the challenges translates to psychological torture. Now that the Chinese leader, President Xi Jinping, has countered Trump, the picture of the future may have become even foggier. These two elephants mustn’t fight in whatever manner on our fragile soil.

Trust the internet-savvy local population. Tinubu’s own tweet in 2014: “The slaughtering of Christian worshippers is strongly condemnable. It calls to question the competence of (President Goodluck) Jonathan to protect Nigerians” has resurfaced and gone viral as a reminder of yesterday’s missile from a set of political power seekers to a besieged and demonised sitting head of state. Then there was a ‘clueless’ administration to remove by all means. After all, propaganda is always cosy for the person dishing it out. Some commentators have since concluded that the Law of Karma is at work; that, for the treatment he meted out to Jonathan, the combined forces of nature and ill-luck have returned to serve him his own bouquet of troubles in full measure.

But, quite frankly, there’s no time to gloat. Neither is it even sensible to. For, this matter is bigger than Tinubu and his open ambition to clinch another presidential term in 2027. At stake, mainly, are Nigeria’s sovereignty and the reinstatement of the sanctity of human life being constantly and savagely eroded. At least three critical requirements apply here. One, selfless, visionary leadership. Two, the capacity of the statutory institutions to rise above their present underperforming levels and protect lives and property. And, three, the willingness and capability of the citizens to rise above their differences in order to fight a common cause, not to talk of any enemy from within or outside.

Sadly, however, the arguments out there centre mostly around who between Christians and Moslems have suffered more casualties. The complexity of the situation in accentuated by the fact that the key variables which appear conflicting are indeed all true. At no time has the body of Islamic worshippers in Nigeria declared war on their Christian counterparts, thereby making any generalisation or profiling unfair and dangerous. The terrorists and insurgents – spearheaded by Boko Haram – have used their faith as pretext for the bulk of these criminalities. Many of the defenceless people and communities that have been brutalised, traumatised and wiped out have cogent reasons to trace their travails to religion and language. Their cries must, therefore, not be silenced. The calamities that keep befalling the nation have so far been liberalised, having touched Nigerians regardless of their affinities. And more. Ours is truly an unfortunate cocktail of woes.    

Genocide, slaughter or massacre? The Convention on Genocide adopted by the United Nations General Assembly (UNGA) in December 1948 defines genocide as “acts committed with intent to destroy, in whole or in part, a national, ethnic, racial or religious group”. Hair-splitting over the semantics, theatrics and politics of the evils that confront us at this point is self-sabotaging. Must the barbaric treatments experienced by some Nigerians first fit into the moulds of those perpetrated by the Nazis during the Holocaust, Janjaweed in Darfur, Sudan and Tutsis and Hutus against each other in Rwanda to qualify for heinous crimes against humanity? And why should it take a Trump moment to jolt us into action?

President Tinubu has now seen the need to appoint individuals to head our diplomatic missions abroad. He has also declared a state of emergency on our security, whatever that means. In God’s name, let’s get help if our own strength has failed us. Nigerian citizens are tired of meetings and pronouncements that produce little or nothing. The silly debates about the religion that has lost more people must stop. It’s time to halt abruptly ending precious lives like flies.

Dr Ekpe is a member of THISDAY Editorial Board     

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    •Wale Edun: This successful market access demonstrates the international community’s continued confidence in reform

    Nume Ekeghe

    Nigeria’s return to the international capital market defied political headwinds yesterday, as its $2.35 billion Eurobond issuance attracted orders worth $13 billion, representing an oversubscription by 453 percent or $10.65 billion.

    This comes despite United States President Donald Trump’s designation of the West African country as a “Country of Particular Concern” over alleged widespread killings of Christians, rising religious intolerance, and his further threat of military action if the government fails to curb the violence. The strong investor appetite signals renewed global confidence in Nigeria’s economic reforms trajectory and resilience amid rising geopolitical tension.

    According to a statement from the Debt Management Office (DMO), the Federal Republic of Nigeria successfully priced $2.35 billion Eurobonds maturing in 2036 (Long 10-year) and 2046 (Long 20-year) in the international capital markets, with US$ 1.25 billion and US$ 1.10 billion placed in the 2036 and 2046 maturities, respectively.

    The Long 10-year bond and the Long 20-year Notes were priced at Coupons / Yields of 8.625 per cent and 9.125 per cent, respectively, the statement added.

    “Nigeria is pleased to have attracted a wide range of investors from multiple jurisdictions including the United Kingdom, North America, Europe, Asia, Middle East and participation from Nigerian investors, which it views as an expression of continued investor confidence in the country’s sound macro-economic policy framework and prudent fiscal and monetary management.

    “The transaction attracted a peak orderbook of over US$13 billion, marking the largest ever orderbook achieved by the Republic. This significant milestone underscores the strong support for the transaction across geography and investor class.

    “With respect to investor class, demand came from a combination of Fund Managers, Insurance and Pension Funds, Hedge Funds, Banks and other Financial Institutions,” the statement added.

    In his remarks on the transaction, President Bola Ahmed Tinubu, stated that: “We are delighted by the strong investor confidence demonstrated in our country and our reform agenda. This development reaffirms Nigeria’s position as a recognised and credible participant in the global capital market.”.

    According to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, “This successful market access demonstrates the international community’s continued confidence in Nigeria’s reform trajectory and our commitment to sustainable, inclusive growth.”

    In her remarks, the Director-General of the DMO, Patience Oniha stated: “Nigeria’s ability to access the Eurobond Market to raise long term funding needed to support the growth agenda of President Bola Ahmed Tinubu is a major achievement for Nigeria and is consistent with the DMO’s objectives of supporting development and diversifying funding sources.”

    The Notes would be admitted to the official list of the UK Listing Authority and available to trade on the London Stock Exchange’s regulated market, the FMDQ Securities Exchange Limited and the Nigerian Exchange Limited.

    The proceeds from this Eurobond issuance will be used to finance the 2025 fiscal deficit and support the government’s other financing needs.

    Nigeria mandated Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan and Standard Chartered Bank as Joint Bookrunners. FSDH Merchant Bank Limited acted as Financial Adviser on the issuance.

    The federal government had last month approved plans to raise as much as $2.3 billion, along with a proposal to refinance $1.1 billion of dollar debt that matures later this month.

    The offering is the first since the country accessed the market in December. Yesterday’s sale was briefly delayed after Trump’s threat against Islamist militants in the country. Trump had also threatened to cut off US aid.

    Oniha recently explained that the federal government’s proposed $2.35 billion external borrowing plan was a strategic mix of new financing for the 2025 budget and a proactive measure to refinance maturing Eurobonds.

    “In terms of what we need, it’s $2.3 billion,” she said.

    She explained that “The 2025 budget has new N1.8 trillion in new external borrowing. That’s $1.2 billion. Then there’s $1.118 billion, maturing by end of November. So we want to issue Eurobond to redeem that one.”

    According to her, the refinancing of maturing Eurobonds through fresh borrowing was standard practice in international debt markets and helps Nigeria avoid default while maintaining investor confidence.

    “It happens, it’s not unusual. These countries that have done it include: Kenya – $1.5 billion in Feb 2024 to refinance a $2 billion, Cameroon – $550 million in July 2024, Gabon – $570 million in Feb 2025, Angola – $1.75 billion in Oct 2025. And we have disclosed that upfront. There’s no hiding it.”

    Minister of Foreign Affairs, Yusuf Tuggar, said on Wednesday that the Nigerian government was “engaging” with the Trump administration to explain its constitutional protection of religious freedoms and its efforts to combat Islamist attacks.

    ​  

    •Strong investor confidence excites Tinubu •Wale Edun: This successful market access demonstrates the international community’s continued confidence in reform Nume Ekeghe Nigeria’s return to the international capital market defied political

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    MAN Declares Support for 15% Import Tariff on Petrol, Diesel

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    •Says it’s a step towards strengthening local content, patronage of made-in-Nigeria

    •In meeting with German manufacturers, Bagudu courts support towards $1tn economy, harps on role of private sector

    James Emejo in Abuja and Dike Onwuamaeze in Lagos

    Manufacturers Association of Nigeria (MAN) yesterday declared its support for the federal government’s recent approval of a 15 per cent import tariff on petrol and diesel.

    MAN said it viewed the tariff as a strategic step and patriotic policy that aligned with the Nigeria First agenda and its long-standing advocacy for local content development and patronage of Made-in-Nigeria.

    Director General of MAN, Mr. Segun Ajayi-Kadir, expressed those views in a press statement.

    Ajayi-Kadir said MAN acknowledged the major step in the implementation of Nigeria First policy of government.

    That came as Minister of Budget and Economic Planning, Senator Abubakar Bagudu, yesterday urged German companies to support the federal government’s ambitious drive towards achieving a $1 trillion economy by 2030.

    Speaking in Abuja, while hosting a delegation from the Giessen-Friedberg Chambers of Commerce from Germany, Bagudu stated that President Bola Tinubu had outlined a bold plan to accelerate the country’s economic growth to realise the target.

    He said, “Our president has challenged all of us in his team that he wants us to generate a $1 trillion economy by the year 2030. It’s a very big ambition and most of the growth is to come from the private sector.

    “Nigeria has a huge absorptive capacity, especially in technologies that Germany and German companies and skilled German workers have in abundance, which we believe can help in generating this growth in a mutually beneficial manner.

    “We want German companies – small, medium and big – to play a bigger role in Nigeria. We want our entrepreneurs to link up with the German ecosystem, technology, skilled manpower and know-how, so that we can generate more trade growth, we can generate more value from our relationship, which can even absorb some of the skilled manpower we are targeting.”

    The MAN president said the petrol-diesel tariff would accelerate the country’s journey toward energy sovereignty, industrial competitiveness, and sustainable economic growth – all anchored on the strength of Made-in-Nigeria.

    He said, “This strategic policy has reassured domestic manufacturers that government is attentive to the imperatives of growing indigenous manufacturing.

    “It exemplifies governments commitment to halting the perennial bleeding of our patrimony; asserting the sovereignty of the great country; guaranteeing energy sufficiency and security, and improving the overall wellbeing of Nigerians in these regards.

    “This is a sure step in the promotion of local value addition, strengthening domestic refining capacity, conserving foreign exchange, and advancing Nigeria’s long-term industrialisation objectives.”

    Ajayi-Kadir also highlighted the need for unfettered implementation of the Naira for crude arrangement that would ensure effective and reliable supply of crude to the local refineries and reduce the pressure on our scarce foreign exchange.

    He said the new tariff would attract more investors, including the holders of the 30 refinery licenses, to commit resources in the sector.

    He stated, “There is no better path to fixing Nigeria’s economy than protecting local industries, encouraging local patronage, fostering value addition, and promoting industrial development anchored on local content.

    “MAN recognises the importance, significance, and necessity of the approval of the 15 per cent import tariff on petroleum products – petrol and diesel.

    “It acknowledges that the tariff is a rightful, deliberately designed policy instrument intended to protect and encourage domestic producers, curb dumping, and create a stable environment for local refiners to thrive.

    “It noted that the tariff will accelerate operational readiness of domestic refineries, thereby reducing disruptions and stabilising energy supply to industries.”

    Ajayi-Kadir said MAN “supports the 15 per cent import tariff as an industrial policy instrument that will encourage the utilisation of local refining capacity and promote backward integration across the energy value chain.

    “Conserve foreign exchange by reducing the nation’s dependence on imported refined petroleum products.

    “Strengthen the manufacturing base through a more stable and predictable fuel supply.”

    He added, “MAN views this policy as a vital step in achieving energy independence and industrial sustainability, both of which are prerequisites for Nigeria’s economic transformation.”

    MAN, however, called for transparent and balanced implementation of the tariff.

    Ajayi-Kadir said, “While supporting the 15.per cent tariff imposition, MAN calls for transparent, efficient, and well-coordinated implementation to ensure its benefits reach both industry and consumers, safeguard competitiveness, and prevent unintended cost burdens.”

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    It also called for stable transition period during which government should support local refiners to ensure adequate fuel availability and prevent supply shocks or speculative hoarding, particularly with the festive period approaching.

    Ajayi-Kadir said, “Proceeds from the import duty should be reinvested into energy infrastructure, refinery efficiency, and power support schemes for industries, including credit facilities for industrial energy transition and renewable adoption.”

    He enjoined government to create an enabling environment and provide targeted incentives to attract investment in additional modular and conventional refineries, thereby strengthening domestic refining capacity, promoting competition, and ensuring long-term energy security.

    Bagudu, during his meeting, stated that Germany had recorded remarkable successes, while its government continued to support Nigeria in mobilising the youth to focus on sectors where the country held a comparative advantage.

    He stated that his ministry was leading efforts to identify and map out the unique opportunities across the 8,809 wards in the country, with a view to harnessing their potential to drive economic growth and promote shared prosperity.

    The minister stated, “Nigeria is a federation like Germany, maybe with a little bit of difference. We have state governments, we have local governments and at the bottom of our local governments we have wards. We have 8,809 of those wards.

    “So, now this ministry is leading the efforts to understand the unique opportunities that are in each of those wards and see how we can use them to generate more growth and prosperity. Of course, at the root of it will be know-how innovation, creative disruption and technology, which we believe this partnership can help us with.”

    Bagudu reaffirmed the federal government’s commitment to curbing illegal migration, emphasising that the Tinubu administration is creating vast opportunities for young Nigerians, thereby making migration a matter of choice, not necessity.

    In his remarks, Chief Executive Officer of Giessen-Friedberg Chambers of Commerce of Germany, Dr. Matthias Leder, extended an invitation to the minister to serve as the keynote speaker at its annual B2B Conference, tagged, “The World Meets in Giessen.”

    The conference offers opportunities to small and medium businesses to attract Foreign Direct Investments (FDIs).

    Leder said this year’s event attracted 160 participants from 14 countries, where companies were paired with larger counterparts through the use of Artificial Intelligence.

    He stated that the dual vocational training programme in Germany had commenced with the selection of 18 Nigerians, who will first undergo German language training before being deployed to factories in Germany for a three-year theoretical and practical training programme.

    Other members of the delegation from the IHK Giessen-Friedberg Chambers of Commerce were Marina França Leder, wife of the CEO; Tim Müller (Deputy Director, Foreign Trade); Norbert Noisser (Senior Advisor Africa/China); and Dr. Kristen Albrecht (Head of Competence Centre Africa).

    ​  

    •Says it’s a step towards strengthening local content, patronage of made-in-Nigeria •In meeting with German manufacturers, Bagudu courts support towards $1tn economy, harps on role of private sector James Emejo

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