Two years ahead of national elections in Nigeria, and its two main parties are in disarray. Activists in the ruling All Progressives Congress ... (APC) are spending time attacking their fellow party loyalists, rather than those in the opposition People’s Democratic Party (PDP).
Prince Uche Secondus returned at the helm of affairs as the national chairman of the Peoples Democratic Party (PDP), Nigeria’s main opposition ... party, after a leadership tussle that nearly caused the party to implode. He was replaced in August after a court removed him as chairman, and returned after another ruled in his favour. But the court rulings are only one manifestation of the power play behind the scenes in the capital Abuja, as he claims some powerful individuals want him out of the way. Infighting is set to increase as the party organises new leadership elections in October.
As part of the IMF's $650bn SDR reserve allocation to member states to boost Covid-19-battered global economy, Nigeria is to receive $3.3bn later ... this month. The country is also to issue a $3-5bn Eurobond later this year. Analysts say these would give the Central Bank of Nigeria (CBN) the capacity to temporarily ensure FX liquidity and defend the Naira, considering the recent FX supply halt to moneychangers.
But is this the best use of the money?
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A retired commodore’s accusations against the Nigerian government has stirred fresh outrage in the country which has lost over 350,000 people ... and has more than 2.9 million in refugee camps due to an 11-year war with the terrorist group Boko Haram. Military sources tell The Africa Report that there are those within the army who still sympathise and cooperate with Islamist groups. Blunt questions are being asked about delays in prosecuting 400 charged with financing terrorism.
Nigeria’s economic outlook, released on 26 August by the National Bureau of Statistics (NBS), had been projected to return to pre-pandemic ... levels due to an oil market rebound. But it now faces risks from new coronavirus threats and a slow rollout of vaccines.