NIGERIA SWAPS DOLLAR FOR NAIRA TO STABILISE PETROL PRICES

Nigeria's $20 billion Dangote Refinery, Africa's biggest refinery that opened earlier this year, is now using the national currency, the Naira, instead of the U.S. dollar to buy crude oil from the state oil corporation.

This move follows a July directive approving the Nigerian National Petroleum Corporation (NNPC) to sell oil to refineries using the Naira to reduce foreign exchange demand and help stabilise pump prices for Nigerian motorists. Under the Naira-for-crude policy, Dangote Refinery would reciprocate by selling refined products to the NNPC in Naira. Aliko Dangote, Nigeria's richest man, runs the Dangote Refinery, which can process 650,000 barrels a day.

The refinery was forced to import crude from international markets after international oil companies insisted on a premium rate above the market price.

Continued... Dangote represents a threat to some of Europe's largest refineries, like Shell and TotalEnergies, which have held Nigeria's oil industry in a stranglehold.

Using Naira will cut Nigeria's monthly petroleum bill from $660 million to $50 million, netting $7.32 billion in savings annually. Nigerian authorities expect that the significant reduction in dollar outflows will improve foreign exchange reserves and stabilise the Naira, devalued twice over the last year. For decades, Nigeria's lack of refining capacity has caused chronic fuel shortages, resulting in long queues at the pump.

Let us know what you think in the comments.

Sources:
https://www.reuters.com/business/energy/nigeria-allows-nnpc-sell-oil-directly-dangote-refinery-cabinet-member-says-2024-07-29

https://www.thehabarinetwork.com/nigeria-allows-state-oil-firm-sales-in-local-currency-to-mega-refinery

https://www.zawya.com/en/economy/africa/nigeria-to-start-selling-oil-in-local-currency-to-dangote-refinery-from-october-e06dxted

https://africa.businessinsider.com/local/markets/nigeria-finally-agrees-to-sell-oil-to-dangote-in-local-currency/bylv8rl

https://energycapitalpower.com/nigeria-naira-based-crude-oil-sales-refineries

https://allafrica.com/stories/202410020028.html

https://www.cnbcafrica.com/2024/nigeria-allows-state-oil-firm-sales-in-local-currency-to-mega-refinery

https://www.reuters.com/business/media-telecom/south-africas-mtn-swings-h1-loss-hit-by-nigeria-currency-devaluation-2024-08-19

https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/062424-nigerias-dangote-refinery-blames-iocs-for-crude-supply-shortages

https://nairametrics.com/2024/09/07/nigerias-aliko-dangote-regains-africas-richest-noscript-from-johan-rupert

EMBATTLED KENYAN DEPUTY PREZ FACES IMPEACHMENT

Kenya’s embattled deputy president, Rigathi Gachagua, came out guns blazing ahead of his impeachment hearing on Tuesday - dismissing allegations of corruption as "outrageous propaganda" and branding it all a "political witch hunt" aimed at overturning the will of the people.

Gachagua, whose relations with President William Ruto are strained, is also accused of undermining the government and engaging in ethnically divisive politics. The impeachment process was initiated on 1 October, with 291 members of parliament supporting the motion, well beyond the required minimum of 117.

The motion against the deputy president lists 11 grounds for impeachment, including allegations that he accumulated assets worth $40 million in two years, despite having an annual salary of $93,000. Gachagua argues that his wealth comes from his family's business dealings in real estate, hospitality and construction.

Continued... Gachagua's legal team, consisting of some 25 lawyers, will reportedly rely on electronic evidence, including videos, when defending their client in the National Assembly. Gachagua has been unsuccessful in his attempts to halt the impeachment process through legal means and has warned that his removal from office could lead to discontent among his supporters.

If the motion passes, Gachagua will become the first deputy president to be impeached since the introduction of the revised 2010 constitution.

WANGARI MAATHAI ON AFRICA'S MICRO NATIONS

Today, with a fistful of soil in hand, we remember Wangari Maathai (1940-2011), who was awarded the Nobel Peace Prize on 8 October 2004 for her contribution to sustainable, social, economic and cultural development, as well as democracy, human rights and women's rights in Kenya and Africa.

In 1977, she founded the Green Belt Movement, which revolutionised environmental conservation and the struggle for women's rights. The movement's focus on tree planting contributed to a greener environment and empowered women as tree planting helped preserve soils, water sources and food supplies.

In this powerful clip, Maathai highlights how African communities thrived autonomously before colonisation. Our people were well-organised and control our economic and social affairs.

Continued……In order to justify their actions, European colonisers portrayed Africans as uncivilised and primitive, so they could systematically dismantle our structures to facilitate their 'divide-and-conquer' strategy.

Maathai goes on to replace the word 'tribe' with 'micro-nations' to describe Africa's ethnic groups. For instance, in her country, Kenya, 42 distinct 'micro-nations' exist, each with their own customs and structures.

Maathai's legacy lives on after her death, with many honouring her great works. Continue to rest in peace, Maathai.

SOURCES:

https://www.nobelprize.org/prizes/peace/2004/maathai/biographical

https://www.nobelprize.org/prizes/peace/2004/maathai/facts

https://www.nobelprize.org/prizes/peace/2004/ceremony-speech

https://www.greenbeltmovement.org/who-we-are

https://www.zinnedproject.org/news/tdih/wangari-maathai

https://www.greenbeltmovement.org/wangari-maathai/the-nobel-peace-prize

https://meacard.go.ke/people-and-culture

Continued….. Sources
Win
https://www.lemonde.fr/en/le-monde-africa/article/2024/10/07/tunisian-president-kais-saied-wins-second-term-in-landslide-victory_6728532_124.html

Electoral malpractice
https://archive.ph/G6VV5#selection-5155.12-5155.65

Tunisia still has crises
https://carnegieendowment.org/sada/2021/10/tunisia-facing-increasing-poverty-and-regional-inequalities?lang=en

Great Replacement Theory
https://edition.cnn.com/2023/03/15/middleeast/tunisia-president-racism-africa-mime-intl/index.html

African migrants left in the desert
https://www.aljazeera.com/news/2024/9/12/in-tunisia-refugees-and-migrants-are-expelled-to-the-desert-left-helpless

https://www.cnn.com/2023/03/04/world/tunisia-president-sub-saharan-african-countries/index.html

https://apnews.com/article/tunisia-election-saied-opposition-11a1ba0d77ec1459928bb2266792551f

Tunisia debt
https://www.ceicdata.com/en/indicator/tunisia/external-debt

This week's dash of Wednesday Wisdom comes from Assata Shakur, a prominent Black Liberation Army (BLA) figure living in exile in Cuba. This revolutionary elder reminds us that oppressors do not simply free the oppressed because it's right. It turns out the benefits of oppressing a population outweigh moral appeals. 

While some have vilified African freedom fighters because they won't sing 'kumbaya' and try to get along with their oppressors, history has proven that we must fight for our freedom instead of asking for it.

If the oppressors had any moral sense, they would not have enslaved Africans in the Americas for over 400 years. Yet, our people have resisted their shackles since the advent of the European slave trade. Additionally, upon slavery's abolition, enslavers would have paid reparations, but instead, governments compensated slavemasters in places like the United Kingdom and France.

Continued......SOURCES

https://www.goodreads.com/book/show/100322.Assata

https://www.un.org/en/observances/decade-people-african-descent/slave-trade#:~:text=For%20over%20400%20years%2C%20more,darkest%20chapters%20in%20human%20history.

https://www.theguardian.com/news/2019/aug/15/400-years-since-slavery-timeline

https://www.zinnedproject.org/news/tdih/compensated-emancipation-act/#:~:text=The%20federal%20government%20compensated%20the,the%20transition%20to%20their%20freedom.

https://www.gilderlehrman.org/history-resources/teacher-resources/historical-context-facts-about-slave-trade-and-slavery#:~:text=Over%20the%20period%20of%20the,all%20long%2Ddistance%20global%20migrations.

Léopold Sédar Senghor, Senegal's first president and a prominent poet, was born on 9th October, 1906. Under his leadership, the country cozied up to ex-coloniser France after flag independence. As a politician, he promoted and maintained close relationships with Paris. He became a French citizen in 1933 and served as a minister in France before becoming president of Senegal. He was the first African elected into the Académie Française, a French institution that serves as the global authority on preserving the French language. He also served as the dean of the National School of Overseas France, an establishment designed to prepare the future generation of African leaders to serve French interests.

Continued.......By the time he came to political prominence in the 1940s, he advocated for further integration with the French empire rather than independence. Back then, he said his people must "assimilate the spirit of French civilisation" so that it "fertilises indigenous civilisations and brings them out of their stagnation." As others began calling for independence, Senghor called for a federation that would have maintained Senegal's status as an overseas territory of France.

As the president of Senegal, Senghor was often criticised for promoting and maintaining neo-colonial policies, turning Senegal into a bastion of la Françafrique (as the French neo-colonial sphere of influence came to be known). France maintained a military presence and deep cultural and financial ties with its 'former' colony, which kept the exploitative CFA franc.

Revolutionaries fiercely opposed Senghor. Among them was Omar Blondin Diop, who became a political prisoner and died in prison.

After more than 20 years in power, Senghor quit to dedicate himself entirely to his passion for writing poetry. He died at the age of 95 on 20 December 2001.

SOURCE:

https://africasacountry.com/2020/06/the-senghor-myth