🔅 What's At Stake in Nigeria's Elections?
Plus: Thomas Sankara’s reburial is not attended by his family, Ivory Coast faces a cocoa crunch, the Horn of Africa's drought threatens 8.3 million people, And much more... ☕
Photo of the day: Ethiopia
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POLITICS
What's At Stake in Nigeria's Presidential Elections?
In our last in-depth look at Nigeria’s elections, we take a look at why the new president will have to face the great challenge of tackling the country's high debt servicing costs and lack of resources, as well as the country's massive population of young people hungry for change.
Who are the leading contenders?
The leading contenders to replace current President Muhammadu Buhari are Bola Tinubu of the ruling All Progressives Congress (APC), Atiku Abubakar of the opposition People’s Democratic Party (PDP), Peter Obi of the Labour Party, and Rabiu Kwankwaso of the New Nigeria People’s Party.
What risks will the new president face?
The new president will inherit a precarious economic situation. The country’s high debt servicing costs suffocate spending on public services and limit the government’s ability to stimulate growth.
The country’s scant fiscal resources are, in part, linked to its oil and gas sector, which accounts for half of the government revenues and 90 per cent of foreign exchange earnings. This leaves state funds vulnerable to changes in the price of fossil fuels, and there is also the risk of theft of up to 20 per cent of its annual oil output.
What are the solutions?
Experts say the government should focus on creating a more reliable domestic revenue system through higher value-added tax and income tax, and tightening punishment for looters to deter theft in the future.
The new president should also prioritize improving power and healthcare supply, getting people to contribute to state services they would benefit from, and phasing out fuel subsidies in favour of more reliable domestic revenues.
On top of that, reviewing the country's opaque multiple exchange rate system and tackling informal economic activity that goes untaxed could help generate more revenue.
Whoever assumes the presidency will have their work cut out for them, and this election has the potential to shape the future of Nigeria and its people, so be sure to pay attention.
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OTHER HEADLINES
Across the Continent
🇧🇫 Sankara Reburial: A National Hero, But a Family Dispute | Thomas Sankara, the pan-Africanist and revolutionary who was assassinated in 1987, was laid to rest this week in the capital of Burkina Faso. But the country's military junta and the late leader's family were at odds over where he should be buried, and his family decided to boycott the ceremony in protest. The junta chose the spot where Sankara was assassinated, saying it was in the “national interest”, while his family wanted the reburial at a “space that allows us to gather and appease hearts”. In the end, Sankara's family was not present at the funeral, but his uncle, Mousbila, thanked the authorities for “writing an important page of our history”. Now, 35 years after his death, people are hoping that he can finally rest in peace.
🇨🇮 Cocoa Crunch in Ivory Coast | Cocoa, the star of the chocolate world, is in short supply in Ivory Coast, and it’s got two of the biggest cocoa buyers—Cargill and Barry Callebaut—reaching for the stars (or at least their limits). The Coffee and Cocoa Council (CCC) has put the kibosh on purchases from the two companies, along with 18 other major traders, after they reached their buying limits. The CCC was activating a limit set up in 2012 to protect smaller exporters from the purchasing power of the big guys. Unfortunately, the measures might not be enough to help everyone—according to one local exporter, “the truth is that there is no longer enough cocoa for everyone.” Crop yields are lower than usual this season due to months of below-average rainfall and poor weather conditions.
🇸🇴 The Horn of Africa's Drought | If you’re keeping up with the news from the Horn of Africa, you’ve probably heard about the drought that’s affecting the region. It’s been going on for almost three years, and it’s only getting worse. The IGAD Climate Prediction and Applications Center recently announced that the next three months would see below-normal rainfall, which could be the 6th consecutive failed rainy season in parts of Ethiopia, Kenya, Somalia, and Uganda. The U.N. Secretary-General estimated that 8.3 million people in the region need humanitarian assistance. The U.N. Resident Coordinator for Somalia warned that excess deaths from the drought would “almost certainly” surpass those of the 2011 famine. To make matters worse, traditional donors in Europe have diverted funding for the crisis closer to home, and 23 million people are thought to be highly food insecure. 11 million livestock have already died, and 80% of the 1.3 million people internally displaced by the drought are women and children.
🇨🇩 Congo's U.N. Crisis: A Record $2.25 Billion Needed | The Democratic Republic of Congo has 5.7 million internally displaced people, the most in Africa. The U.N. says it needs a record $2.25 billion this year to address the mass displacement caused by M23 rebels last year. This is on top of the $1.88 billion that was planned to be spent in 2022. That money will go to food, water, shelter, and medicine. The army is struggling to end the conflict, and security concerns are mounting as the December 20 parliamentary and presidential elections approach. On top of all of that, the Congo is dealing with food insecurity linked to climate change and measles outbreaks.
FOOD FOR THOUGHT
Proverb of the Day
“Everybody loves a fool, but nobody wants him for a son.”
— Ivorian Proverb.