Algeria is considering joining the BRICS Economic Group with the belief that the country stands to gain much by becoming a member of the group.
President Abdelmadjid Tebboune who made the suggestion on Wednesday, said the country has met a “good part” of the BRICS’ membership criteria and is exploring a potential admission to the BRICS economic group.
The BRICS bloc which has gradually gathered worldwide momentum has influential world economic powers like Brazil, Russia, India, China, India and South Africa which make up the BRICS acronym, is meant to counter the influence of the United States and its allies in the West.
According to Tebboune in a televised interview, Algeria is interested in joining the increasingly powerful bloc as they “constitute an economic and political force” capable of accelerating its interest in the North African region.
Tebboune who touted his country’s potential to be a BRICS member, said it meets a “good part” bloc’s membership criteria.
Algeria which is a close ally of Russia, was among several Global South countries that abstained from voting on a UN General Assembly resolution in March that sought to sanction Russia’s invasion of Ukraine.
Algeria is also one of the largest buyers of Russian-manufactured military equipment, accounting for 80 percent of trade between the two countries from 2017-2021.
Nigeria: President Buhari makes U-turn on approval of Exxon unit acquisition by Seplat
Nigeria’s President Muhammadu Buhari has made a U-turn in his earlier position that grant approval of Exxon Mobil’s sale of local offshore shallow water assets to Seplat.
President Buhari had on Monday approved the $1.28 billion transaction, only for the Nigerian Upstream Petroleum Regulatory Commission to say it opposed the deal, although it did not give a reason.
Presidential spokesman Garba Shehu, told newsmen that “the president has decided to allow the regulator to do their work. He is withholding his earlier given approval, for now, to allow the process to be completed, that is basically it.”
In February, Seplat Energy Plc, unveiled plans to acquire the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) from Exxon Mobil Corporation Delaware (USA Incorporated). That includes all of Exxon’s entire shallow water assets in the Niger Delta.
Seplat on its side said it is yet to received no official notification of President Buhari’s U-turn and is seeking clarification from authorities.
Nigeria climbs to fourth position on World Bank’s list of most indebted nations
Nigeria has moved into the fourth position of World Bank’s list of countries with the highest debts, according to the Bank’s financisl report released on Monday.
Going by the World Bank Fiscal Year 2022 audited financial statements for International Development Association (IDA), Nigeria now owes a debt stock of $13bn as at June 30, 2022.
The country also moved up one spot from the fifth position it was rated as of June 30, 2021, with an IDA debt stock of $11.7bn.
The global bank also revealed in its audited financial statements that Nigeria has accumulated about $1.3bn IDA debt within a fiscal year, adding that the debt is different from the outstanding loan of $486m from the World Bank’s International Bank for Reconstruction and Development.
What this means is that Nigeria now has the highest IDA debt in Africa, and is only bettered by the likes India with $19.7bn debt, Bangladesh, $18bn
and Pakistan, $15.8bn, all from the Asian bloc.
The Washington-based international Financial Institution also disclosed that Nigeria’s debt which may be considered sustainable for now, is fast growing into a state of vulnerability and could become costly.
“Nigeria’s debt remains sustainable, albeit vulnerable and costly, especially due to large and growing financing from the Central Bank of Nigeria,” it said.
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