Economy
I am Leaving Nigeria Better in 2023 Than in 2015—Buhari
By Adedapo Adesanya
President Muhammadu Buhari has claimed that he is leaving Nigeria better in 2023 than when his administration came into power in 2015.
The outgoing president said this when he addressed the nation in a farewell broadcast on Sunday morning, ahead of his exit from power on Monday, May 29.
President Buhari will on Monday hand over power to the president-elect, Mr Bola Ahmed Tinubu, who was declared the winner of the February 25 election by the Independent National Electoral Commission (INEC).
In his address, the President expressed his gratitude to Nigerians and explained the thinking behind some of his administration’s key decisions.
Read the full text of his broadcast below:
FAREWELL SPEECH BY HIS EXCELLENCY, MUHAMMADU BUHARI, PRESIDENT AND COMMANDER-IN-CHIEF, FEDERAL REPUBLIC OF NIGERIA.
My fellow Nigerian brothers, sisters and friends of Nigeria.
2. I address you today, in my last assignment as a democratically elected President of our great and well endowed nation, with a deep sense of gratitude to God, a great deal of appreciation to the Nigerian people and a modest sense of fulfilment.
3. Today we mark and celebrate another peaceful transition of power from one elected government to another in our steady march to improve and sustain Nigeria’s democracy.
4. This year we witnessed the most keenly contested presidential elections since the First Republic and this demonstrates that our democracy is getting better and more entrenched with each election.
5. We must as a nation improve and sustain gains we make in the electoral process, on an incremental basis for Nigeria to take its rightful place among nations.
6. Our democracy provides for, allows and encourages seeking redress for any perceived injustices, enabling some candidates and political parties that did not agree with the results to go to court.
7. Irrespective of the outcome of the various cases, I urge all parties involved to accept the decision of our courts and join hands to build a better Nigeria.
8. I salute the doggedness and resilience of all the Presidential Candidates and their political parties for believing in our judicial system by taking their grievances with the election results to court.
9. In the course of the campaigns, we had argued and disagreed on how to make Nigeria better but we never disagreed or had any doubts that Nigeria has to be better.
10. As your President, I call on all of us to bring to bear the strength of our individualism, the power of our unity, the convictions of our beliefs to make Nigeria work better and together with one spirit and one purpose.
11. To my brother, friend and fellow worker in the political terrain for the past ten years – Asiwaju Bola Ahmed Tinubu -, I congratulate you on the realisation of your dream, which was propelled by a burning passion to put Nigeria amongst the leading nations of the world.
12. You have indeed worked for this day and God has crowned your efforts. I have no doubt that your passion for excellence, reliance on competence, fairness in relationships, commitment to equity, loyalty to the country and desire for Nigeria to be globally relevant would come through for you, under God’s guidance, as you lead our country to levels higher that I am leaving.
13. You are the best candidate among all the contestants and Nigerians have chosen well.
14. The last eight years have been an exciting experience in my desire and commitment to see a Nigeria in which public goods and services are available, and accessible within a united, peaceful and secure nation.
15. Fellow Nigerians, on the strength of your over-whelming support for me and my political party, I started this journey with a great deal of promise and expectation from you. I never intended to be just politically correct but to do the correct things that will make meaningful impact on the lives of the common Nigerian.
16. This high expectation was not misplaced because, like the ordinary Nigerian, I had grown tired of watching the country progressively moving away from the path of correctness.
17. To ensure that our democracy remains resilient and our elected representatives remain accountable to the people, I am leaving behind an electoral process which guarantees that votes count, results are credible, elections are fair and transparent and the influence of money in politics reduced to the barest minimum. And Nigerians can elect leaders of their choice.
18. We are already seeing the outcome of this process as it provided an even playing field where persons without any political God-Father or access to money defeated other well-resourced candidates.
19. The Nigerian economy has become more resilient due to the various strategies put in place to ensure that our economy remained afloat during cases of global economic downturns.
20. You would all recall the supply chain disruptions and economic downturn that the world witnessed between 2020 and 2022 as a result of the COVID-19 pandemic. The deftness of our response to the pandemic still remains a global best practice.
21. Furthermore, we increased the ability of the poor and rural Nigerians to earn a living, provided more food for millions in our villages and gave our women opportunities to earn a living.
22. Young men and women in urban centres were also supported to put their skills into productive use. Our administration also provided an enabling environment for the private sector to engage in businesses for which their return on investments is guaranteed.
23. The private sector proved a strong partner in our drive to build a resilient and sustainable economy as evidenced by the growing number of turn-key projects in various sectors of the economy.
24. In the course of revamping the economy, we made some difficult choices, most of which yielded the desired results. Some of the measures led to temporary pain and suffering for which I sincerely apologised to my fellow countrymen, but the measures were taken for the overall good of the country.
25. Mindful of the need to ensure adequate infrastructure to drive economic growth, we completed age-long projects and processes notably amongst which are the Petroleum Industry Act, completion of some power projects, completion of the second Niger bridge and various important roads linking cities and states.
26. Our battle to ensure that all Nigerians live in a safe and secure environment has achieved considerable results. As I complete my term in office, we have been able to reduce the incidences of banditry, terrorism, armed robbery and other criminal activities considerably.
27. To sustain the gains made so far, I call on all Nigerians to be more vigilant and support the security agencies by ensuring that our values defined by being your brothers’ keeper govern our actions.
28. Up-till now, I still grieve for our children still in captivity, mourn with parents, friends and relatives of all those that lost loved ones in the days of the senseless brigandage and carnage. For all those under unlawful captivity, our security agencies are working round the clock to secure their release unharmed.
29. Fellow Nigerians, you know how dear the desire in my heart to rid the country of corrupt practices that had consistently diminished our efforts to be a great country.
30. I did pursue this commitment relentlessly, in spite of the expected pushback. I am happy that considerable progress had been made in repatriating huge sums of money back to the country and also taking over properties illegally acquired from our commonwealth.
31. To improve service delivery, we began the implementation of a number of reforms aimed at producing an Efficient, Productive, Incorruptible and Citizen-oriented (EPIC) Federal Civil Service and the results are beginning to show.
32. On the international scene, Nigeria’s influence continues to grow as exemplified by notable Nigerians occupying headship and leadership positions in renowned global bodies.
33. Our democracy is built on and continues to thrive on the principles of separation of powers. The leadership and members of the National Assembly deserve my appreciation for their patriotism which did not detract from their roles as a check to the executive arm.
34. I also want to use this opportunity to express my appreciation to a good number of Nigerians who provided their support and encouragement to help me navigate the exciting journey in moving Nigeria forward.
35. I cannot and will not forget the millions who prayed for me during my illness in my first term of office. I am constantly praying for you and for Nigeria to thrive in peace.
36. As I retire home to Daura, Katsina State, I feel fulfilled that we have started the Nigeria Re-Birth by taking the initial critical steps and I am convinced the in-coming administration will quicken the pace of this walk to see a Nigeria that fulfills its destiny to be a great nation.
37. I am confident that I am leaving office with Nigeria better in 2023 than in 2015.
38. I thank you all. And may God Bless the Federal Republic of Nigeria.
By Adedapo Adesanya
President Donald Trump on Wednesday imposed reciprocal tariffs on imports from all countries of the world. This has been regarded as the biggest shake-up in the international trading system in decades and has the propensity to significantly affect trade.
According to the US government, there will be a baseline levy of 10 per cent on all imports and far higher tariffs on many key trading partners.
The Trump administration said, “For years, hard working American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense.”
Nigeria, a key trade partner of imports and exports, faces 27 per cent in US tariffs and a 14 per cent reciprocal tariff.
Giving a breakdown of how this may impact countries particularly on the continent, African Export and Import Bank (Afreximbank) in a research published on Thursday noted that these tariffs could reduce export revenues, increase production costs, and disrupt investment flows, particularly for nations heavily reliant on US trade.
For Nigeria, it could affect some key exports like crude oil, cocoa, and rubber as well as impact imports like wheat, refined petroleum, and vehicles.
In the fourth quarter of 2024, the US was Nigeria’s fourth top trading partner by import as it carried out 6.4 per cent of its total imports from the US, according to the National Bureau of Statistics (NBS) valued at N1.055 trillion.
As a result of this relationship, this development could lead to challenges such as reduced oil demand which could lower the country’s foreign exchange earnings.
It could also lead to higher tariffs on wheat, which translates to Nigerians facing higher cost of food particularly bread, noodles, and pastries.
Imported vehicles are not exempt, as the cost of buying cars will increase as importers look to cover their profit margins.
“Impact: Reduced oil demand could lower forex earnings, while higher tariffs on wheat and vehicles could raise local prices,” it said in a post published on X (formerly Twitter).
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange fell by 0.23 per cent on Wednesday, April 2, after the market resumed from a two-day holiday observed on Monday and Tuesday.
There were three price gainers and three price losers at the first trading session of the new week and month.
FrieslandCampina Wamco Nigeria Plc lost 23 Kobo during the trading day to close at N36.50 per unit compared with last Friday’s N36.73 per share, Geo-Fluids Plc went down by 22 Kobo to sell at N2.48 per share versus N2.70 per share, and Food Concepts Plc slipped by 13 Kobo to end at N1.17 per unit, in contrast to last Friday’s closing price of N1.30 per unit.
On the flip side, Lagos Building Investment Company (LBIC) Plc grew by 23 Kobo yesterday to end at N2.63 per share compared with the preceding day’s N2.40 per share, IPWA Plc appreciated by 5 Kobo to 55 Kobo per unit from N50 Kobo per unit, and Industrial and General Insurance (IGI) Plc marginally increased by 1 Kobo to close at 36 Kobo per share versus 35 Kobo per share.
When trading activities ended for the day, the market capitalisation lost N4.45 billion to settle at N1.910 trillion compared with the preceding session’s N1.915 trillion and the NASD Unlisted Security Index (NSI) shed 7.71 points to 3,308.46 points from 3,316.17 points.
During the session, the volume of securities transacted by investors increased by 625.8 per cent to 9.1 million units from the 1.3 million units, but the value of transactions went down by 17.5 per cent to N7.2 million from N8.8 million, and the number of deals rose by 100 per cent to 22 deals from 11 deals.
Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units worth N520.9 million, followed by Industrial and General Insurance (IGI) Plc with 70.2 million units sold for N23.8 million, and Geo Fluids Plc with 44.2 million units valued at N89.4 million.
FrieslandCampina Wamco Nigeria Plc, with the sale of 13.7 million units valued at N529.1 million, was the most traded stock by value (year-to-date), trailed by Impresit Bakolori Plc with a turnover of 533.9 million units worth N520.9 million, and Afriland Properties Plc with 17.8 million units sold for N364.2 million.
Crypto presales have become a fundamental pillar within the blockchain fundraising landscape, providing a vantage point to investors for outstanding buying opportunities even before public and secondary markets. Due to these presales, the investor can avail discounted prices for tokens and acquire significant returns on the investment in case the project takes off afterward. For those with an eye on presale crypto, it’s believed that getting to either an illegal or an unreliable presale is pretty hard; thus every avenue must be exploited. Consequently, then, in the world of cryptocurrencies, presale has turned out to be a crucial modality for both developers and investors to somehow pave the way for seeding even better alternatives.
What Do You Mean By Crypto Presale?
Presales are the early fundraising events conducted by blockchain projects that let them sell their native tokens to a limited class of investors before they make an official public offer at retail or before listing on the exchanges. Here, the ones who are privileged to participate are on a whitelisting that mostly consists of very early supporters, venture capitalists, or community representatives. Through participation in a presale, investors get the chance to obtain tokens at lower price points, often including some additional bonuses or incentives. For the projects, presales present their funding opportunity and build a loyal community before going public.
Why Do Crypto Presales Matter to Stakeholders?
It is imperative for a project intending to develop a blockchain project to put on a crypto presale to assist in bridging the gap of capital necessary for the build-up and scaling of the platform; allowing early stakeholders the opportunity to benefit by truly supporting the project in its off-the-ground stages. For the stature investor, the presale is a particular investment opportunity in itself, developing a guarantee that projects of substantial promise might potentially reward high returns. Furthermore, presale tokens are based on either added governance rights, staking returns, or perquisites from the platform in a constrained fashion, vanishing all but one or two.
Participating in Crypto Presales
Becoming a spectator in a crypto presale must be well-earned; the investor must display a satisfactory level of underweight. Firstly, the probable investor should know any right projects-that is, to research the whitepapers, the team, and the roadmap. In many projects, one must be on a whitelist, which generally requires performing small tasks such as tracking social media accounts. Often following retweets, sharing posts, or joining other channels of this community will hide a whitelist. Once he/she is whitelisted, an investor will have to send various cryptocurrencies to the required address (mostly Ethereum or BINANCE) in exchange for presale tokens. It is important to check the legitimacy and be secure while scouting a presale.
Risks Associated with Crypto Presales
Well, crypto presales might offer fantastic opportunities, yet none are without risks. Due to the very little regulation in the crypto space, an investor has very minimal protection when it comes to scam projects. Most of the presale projects are in their very initial stages, which in turn makes it difficult to judge the long-term viability of the project. Moreover, the sphere is so great because the presale tokens can see very abrupt spikes or dips once the project is operational. Scams and marauding projects are no joke, thus it falls most urgently on you to research a bunch of these and stake only what you can afford to lose.
Key Factors to Evaluate in a Crypto Presale
There are a few criteria that shall be essential for making a positive effect on the project. The problem that is supposed to be solved must find proper rationale or should not better still just be significant and observable. This means a useful case here, which will only help to justify its chance of adoption. These experienced engineers and advisors are supposed to make the roles in the success of their projects and are commonly rewarded within the scope of project tokens. Tokenomics comes into the equation when fairly transparent with how tokens are used and distributed. A community that stands with a weak amount of support is not in the best interest, though partnerships and community support are in place to partner the project with success and enhance its reputation.
The Role of Community in Crypto Presales
The credibility of the community is very important for crypto presales. If the community is active and supportive, it can push for mass adoption, create network effects, and increase the value of presale tokens. Many projects actively engage their communities by providing forums for discussion using social media pages, forums, and Telegram groups, thus fostering a sense of ownership and loyalty among early supporters. An active community can be taken as a good indicator by investors, showing genuine interest and support towards the forward motion of the project.
Notable Examples of Successful Crypto Presales
Numerous great crypto presales have been able to change the lives of early investors, turning millionaires overnight. For instance, in 2014, holding its presale, Ethereum went on to make over $18 million, which eventually opened up the road for the subsequently occurring DeFi paradigm. Binance Coin (BNB) is the other excellent token that did a presale before launch and has grown to become one of the leading cryptocurrencies by market capitalization. The above few examples represent what crypto presales are capable of doing in the name of innovation and value for early contributors.
The Future of Crypto Presales
The future of presales will be engineered by the evolution of regulations, technological advances, and market trends. With maturity, one would expect to see relatively standardized administrative processes, in the hope of attracting society’s most unfathomable level of belief in us through due diligence by misaligned objectives in governance and scrutinization processes of the presales. Additionally, with the progression of artificial intelligence and IoT into blockchain integration, it is almost certain that there are other horizons to reach for presales. As the noise of presales dissipates, they may subside into more elaborate, more reliable tools of exploitation in the crypto life.
Spotting Scams in Crypto Presales
The increasing popularity of crypto presales has led to a corresponding increase in scam cases that investors need to guard against. Some triggers are extremely risky: especially those offering returns that seem unreasonable or lack transparency. Some of the worst offenders come with anonymous teams, greatly marked-up whitepapers and careful yet chaotic marketing campaigns. One has to complete thorough due diligence to check for such key things as audits, public opinion, and a proven track record by their team. Platforms that provide information on where to buy presale crypto also add insights and ratings from actual users to help in testing authentic projects.
The Relevance of Regulation in Crypto Presales
The regulation has become a key part of influencing the direction of crypto presales. Countries differ from one another; some nations have given in to pre-sales and accepted them as a way to raise revenue, while others have put forth stringent rules about pre-sales. Regulation can save investors by providing transparency and making people accountable, although it does come at the risk of stifling innovation. The harmony between investor protection and the evolution of innovation would be a key factor, using the increasing age of crypto to propel presales in the years to come. Websites that display information on the regulation of presale platforms, where investors can look up the rules governing it, make it easier for investors to navigate.
In Conclusion
Crypto Presales have become vital to the blockchain ecosystem, giving willing investors early access to potentially worthwhile projects with huge returns. For anyone still wondering where to buy presale crypto, the critical point for them is to engage in deep research and due diligence. While they have their risks, presales bestow their support in favor of breakthroughs while nurturing the possibilities of reaping the healthy fruits upon them. In the long run, presales are destined to play a crucial role in fundraising and innovation, and whoever can put in effort into the dynamic and malleable space will surely find the chance circulating it. Understanding the future of crypto assets in a changing world, hence, requires comprehensive realities on presales, be you an investor, developer, or just an enthusiast of the crypto sector.
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