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Africa needs investment, not development aid— President Ruto

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Kenyan President, William Ruto Thursday at the ongoing Paris climate summit joined his voice to calls for reforms around financial aid and credit structure for African countries.

President Ruto said he attended the summit “not to ask for help” from the rich countries but to contribute his bit to ensuring reform of the global financial architecture that would enable developing countries to “take part in the solution.”

“The current financial architecture is unfair, punitive, and inequitable”, said William Ruto.

“The countries of the South pay up to eight times more interest than developed countries because they are considered risky”, said Ruto.

Ruto’s stand is for Africa to attract private investment rather than development aid.

“We are tired of this narrative” that portrays Africans as “victims of climate change”, “looking for favors” and “lamenting”, explains Mr. Ruto: “We are not asking for help, we want to be part of the solution”.

In Kenya, “we pay around 10 billion dollars every year to honor our debt,” he says. If we were to use it instead for the country’s development, it would be an immediate redirection of immense resources, and it would have an enormous impact” on the energy transition, health, electrification, etc. To achieve this, all we need to do is to “get the international community to take action”.

To achieve this, all we need to do is “convert the money we were supposed to pay to the World Bank, the IMF, and all the other lenders into a 50-year loan facility with a 20-year grace period,” he explains.

The effects of the numerous economic, energy, health, and climatic crises, particularly in the most vulnerable nations, are one of the issues at stake during the summit. The success of the event will also depend heavily on the funding required to address these crises.

Musings From Abroad

Prince Harry, Meghan treated to street-style dances in Nigeria as their trip winds down

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On Sunday, Prince Harry and his wife Meghan were treated to street-style dances in Lagos, Nigeria’s commercial capital, where they announced a partnership between their Archewell Foundation and the non-profit Giants of Africa, which utilizes sports to empower young people.

The Duke and Duchess of Sussex are making their first visit to Nigeria, where they were welcomed by the country’s chief of defence staff. The couple watched basketball practice at Ilupeju Senior Grammar School on Lagos Mainland, where Harry participated in ball-bouncing drills and shot a hoop.

“What you guys are doing here at Giants of Africa is truly amazing,” he said. “The power of sport can change lives. It brings people together and creates community and there are no barriers, which is the most important thing.”

The couple watched basketball practice at Ilupeju Senior Grammar School on Lagos Mainland, and Harry stepped on the court for some ball-bouncing drills and to shoot a hoop.

Former Toronto Raptors star Masai Ujiri, president of Giants of Africa, wished Meghan a happy Mother’s Day and said his organization was uniting communities and uplifting young people through sport, especially. Archewell Foundation and Giants of Africa will construct a basketball court in Nigeria’s capital Abuja.

“Talk about full circle again – never did I think we would be able to be here all those years later supporting the expansion of this incredible organization,” she said.
Harry and Meghan were set to round off their Lagos trip by attending a reception for a local charity. The couple live in the United States with their two children after Harry gave up working as a member of the royal family in 2020.

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Musings From Abroad

Binance accuses Nigeria of setting dangerous precedent with detention of its executives

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After its executives were invited to Nigeria and subsequently arrested as part of a crackdown on cryptocurrencies, the CEO of cryptocurrency exchange, Binance, warned that the African nation was creating a dangerous precedent.

The largest cryptocurrency exchange in the world, Binance, and two of its executives are being tried separately for tax evasion and money laundering, charges that the business is contesting.

CEO Richard Teng declared in a statement that it was time to voice opposition to the imprisonment of a US citizen and head of financial crime compliance at Binance, Tigran Gambaryan.

Former executive, Nadeem Anjarwalla, a British Kenyan who works as a regional manager for Africa, escaped detention in Nigeria last month. While in Nigeria, Anjarwalla and Gambaryan were arrested by the country’s anti-corruption body, the Economic and Financial Crimes Commission (EFCC), after arriving on February 26, after which the country banned several websites that traded cryptocurrencies.

In a follow-up meeting on February 26, he stated that the authorities had declared the Binance concerns to be matters of national security and that they wanted the exchange to remove the naira from its site and disclose “granular-level” information on every Nigerian user. After that, Gambaryan and Anjarwalla were taken into custody.

“To invite a company’s mid-level employees for collaborative policy meetings, only to detain them, has set a dangerous new precedent for all companies worldwide,” Teng said, in his strongest comments yet since the case started in February.

“For spurious reasons,” Teng said that Gambaryan had been detained in Nigeria for almost two months. Early in March, Binance declared that it will no longer be accepting any new naira transactions.

“Our hope when we took this drastic step was that our colleagues would be released and Binance could continue to work with the Nigerian government to resolve any further concerns. Unfortunately, that didn’t happen,” said Ten.

He stated that Gambaryan ought to be permitted to return home while Binance and the Nigerian government work out any kinks. “We will continue engagement with Nigeria’s Federal Inland Revenue Service (FIRS) on resolving potential historic tax liabilities,” he said.

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