Latest news with #MacDonaldDzirutwe
Yahoo
14-07-2025
- Politics
- Yahoo
Nigeria's former leader Buhari to be buried on Tuesday, official says
By MacDonald Dzirutwe LAGOS (Reuters) -Nigeria's late former President Muhammadu Buhari, who died in a London clinic on Sunday aged 82, will be buried in his northern home state of Katsina on Tuesday, the state governor said. Buhari, a former military ruler after a coup in the 1980s, returned to frontline politics to become the first Nigerian president to oust an incumbent through the ballot box in 2015. He was re-elected for a second term four years later. Nigeria's Vice President Kashim Shettima and government officials were in London on Monday to organise the repatriation of the former president's remains. Katsina state governor Dikko Umaru Radda said after consultation with Buhari's family it was agreed the body would arrive in Nigeria on Tuesday for burial the same day in his home town of Daura. Among those who paid tribute to Buhari was Indian Prime Minister Narendra Modi, who posted on X platform that "his wisdom, warmth and unwavering commitment to India–Nigeria friendship stood out." Buhari earned a devoted following for his brand of anti-corruption conviction politics, especially in Nigeria's largely Muslim north. He referred to himself as a "converted democrat" and swapped his military uniform for kaftans and prayer caps. Ibrahim Babangida, another former military ruler who toppled Buhari in a coup in 1985, said he knew Buhari as a deeply spiritual and humble man. "We may not have agreed on everything — as brothers often don't — but I never once doubted his sincerity or his patriotism," Babangida said in a statement. After leaving office in 2023, Buhari spent most of his time in Daura, away from the public eye. His successor Bola Tinubu inherited a country grappling with double digit inflation, foreign exchange shortages, economic hardship, low oil production and insecurity that had spread to most parts of Nigeria. Buhari's supporters, however, viewed him as Nigeria's conscience because he had a reputation for shunning the corruption and ostentatious lifestyles often associated with the country's political elites. To his critics, Buhari was "an absentee landlord — a leader who governed by delegation, who disappeared for long stretches (often to London for medical treatment), and whose aloofness felt like abandonment," the local BusinessDay newspaper said.
Yahoo
14-05-2025
- Business
- Yahoo
Nigeria talks with Petrobras on deep water acreage, minister says
By MacDonald Dzirutwe LAGOS (Reuters) -Nigeria is discussing exploration of its deep water oil acreage with Petrobras, years after the Brazilian oil giant exited the west African nation, Nigeria's Foreign Minister Yusuf Tuggar said. "Petrobras is no longer active in Nigeria, but they are very keen on coming back to Nigeria. They said they want frontier acreage in deep waters," Tuggar was quoted in a statement from the vice president's office as saying. Brazil is due to host the BRIC summit, G20 and COP30 this year. Nigeria plans to promote investment at these summits as the African nation seeks to deepen ties with Brazil in areas such as energy, health, culture, and agriculture. The Brazilian state energy firm said in February it was in talks with companies including existing partners ExxonMobil, Shell, and TotalEnergies, to buy a share of their African assets. Petrobras began operations in Nigeria in 1998 in the deep waters off the coast of the Niger Delta. But it sold off its stakes more than 10 years ago to raise cash for domestic projects. (Writing by Chijioke Ohuocha; Editing by Cynthia Osterman)
Yahoo
15-04-2025
- Business
- Yahoo
Analysis-Oil price drop turns up heat on emerging market crude exporters
By Duncan Miriri and MacDonald Dzirutwe NAIROBI/LAGOS (Reuters) -A steep drop in crude oil prices largely due to U.S. President Donald Trump's tariffs will squeeze budgets of emerging market oil exporters, analysts said, while the potential economic slowdown could also curb any benefits for importers. Concerns about the impact of a tit-for-tat trade war on global growth and demand for oil sent Brent crude prices plummeting by more than 20% within a week to a four-year low after Trump announced his sweeping tariffs on April 2. Prices have since recovered some ground to around $66 per barrel from below $60. Turkey, India, Pakistan, Morocco and much of emerging Europe relying on oil imports are set to see some benefits from lower prices of crude. But oil exporting states including Gulf countries, Nigeria, Angola, Venezuela and to some degree Brazil, Colombia and Mexico will feel the pain of losing a chunk of hard-currency revenues, investors said. "Losers will be hit relatively harder than the upside seen in importing countries," said Thomas Haugaard, portfolio manager for emerging market debt at Janus Henderson Investors. "Oil exports often contribute considerably to public finances which will spill over into credit risk premiums." Current oil prices are well below the average budget assumptions of $69 across main oil exporters' year-ahead projections, as calculated by Morgan Stanley, flagging Angola and Bahrain as the countries most sensitive. Angola is already feeling the pinch. It had to pay $200 million last week after JPMorgan issued a margin call on the southern African nation's $1 billion total return swap, the finance ministry said. The total return swap is a loan issued by the lender last December, backed by Angola's dollar bonds. "The current context has affected the commodities market and emerging market Eurobonds, including the trading level of Angolan Eurobonds, and has triggered a margin call. Angola fulfilled its obligation on time and in cash," the ministry told Reuters on Monday. Angola opted for the collateralised loan to manage liabilities at a time when its Eurobond market access faced uncertainties due to high external debts to a range of foreign creditors including China and other commercial lenders. Like other so-called frontier issuers, average yields on Angola's dollar bonds have surged to double digits in the selloff of risky assets following the U.S. tariffs. The International Monetary Fund classifies Angola's debt as being at risk of high debt distress, but the Angolan government said the country's debt trajectory remains solid and on a stable path. SOME DEBT TRADES UNRAVEL The drop in the price of crude is also undoing frontier markets debt trades that had held up for at least a year, JPMorgan said in a research note. It cited the Nigerian carry trade, which involved investing in the oil exporter's Treasury bills on bets the naira currency will not depreciate quickly against the dollar. Investors now risk incurring losses if the lower crude price hits the naira. "The central bank has had to increase its dollar sales interventions in order to avoid convertibility risks and limit a disorderly move," JPMorgan said in a note to investors. A sustained drop in the price of oil could undermine recent progress on economic reforms, and even reverse progress, said analysts. Oil accounts for about 90% of Nigeria's exports and crude earnings were set to fund 56% of this year's budget. The government forecast oil at $75 a barrel in the 2024 budget but has been forced to change its plan. "We are going back to the drawing board to look at our budget all over again," Finance Minister Wale Edun told reporters last week. Gulf oil producers like Saudi Arabia and the United Arab Emirates could weather the storm better given higher reserve levels, relatively low debt and some strides in economic diversification, economists said. Still, a drop in revenue could complicate their ability to spend on new projects, including de facto OPEC leader Saudi Arabia. On paper, emerging market oil importers should enjoy benefits from lower import bills, improved current account deficits and a positive impact on inflation pressures - but they also face risks. "The lower oil price outlook is positive for oil importers, albeit unlikely to counterbalance the significant headwinds from the trade war and the significant downside risks," said Monica Malik, chief economist at Abu Dhabi Commercial Bank. Sign in to access your portfolio
