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ANALYSIS: What does a Joe Biden Presidency offer Nigeria?

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The just concluded Presidential election of the United States saw to the election of Joe Biden as the 46th President of the country. The Pennsylvania-born politician blew the re-election bid of the incumbent President Donald Trump.

The Democrat party member polled 290 electoral college’s votes against the 214 votes garnered by his Republican counterpart. “I am humbled by the trust and confidence you have placed in me. I pledge to be a president who seeks not to divide, but to unify. Who doesn’t see red and blue states, but a United States. And who will work with all my heart to win the confidence of the whole people,” Mr Biden said in his acceptance speech, reiterating his commitment to the country’s service.

Although Mr Trump has not conceded defeat and has vowed to challenge the result in the Supreme Court, world leaders have begun to congratulate Mr Biden.

The 4-year rule of Mr Trump is one of a hell for African countries including Nigeria with many policies and restrictions aimed at curbing migration. He never stopped at every chance given to rub the ‘America first’ stance on people’s faces.

Asides that, the reelection bid of Akinwumi Adesina as the head of the African Development Bank (AfDB) almost suffered a setback with the Trump-led US government’s opposition. The US wanted an investigation conducted after receiving an indicting report from a whistleblower. Mr Adesina was later exonerated after an independent probe.

Also, the nomination of Okonjo-Iweala for the World Trade Organisation’s Director-General was countered by the US government who has thrown its weight behind South Korea’s Trade Minister, Yoo Myung-hee.

In what appears to be the end of a trump reign, Nigerians are curious about what a presidency with Joe Biden holds for Nigerians.

Economy

A recent report from Renaissance Capital (RenCap), a leading emerging and frontier markets investment bank, predicted that a Biden’s victory will attract $700 billion investments to Nigeria and other emerging markets. Its Chief Economist, Charles Robertson, noted that his emergence will move trillions of dollars to Nigeria and other emerging markets.

In the oil market, experts have predicted that since America is Nigeria’s top oil buyer, under Biden, this will affect investments in the Nigerian oil and gas industry. It should be noted that oil prices are crashing globally, and coupled with the COVID-19 pandemic, America is reducing imports from Nigeria.

Recently, the US authorities disclosed that its imports of Nigerian crude oil in 2020 is lower than what it bought in the same period of 2019. In fact, the highest monthly volume of Nigerian crude purchased by the North American country so far this year was 2.12 million barrels, compared to 11.78 million barrels in 2019.

Mr Biden, also noted that his plan will restrict fossil fuel investment on federal land, rejoin the Paris Climate talks and expand renewable energy use in the US. Biden victory will see massive deficit spending, and a refocus on green policies and healthcare. The positive is that the trade environment in the US will be more open to imports and outsourcing from Nigeria.

Also, experts have predicted that the dollar will be weaker under Biden because the crude oil price will stay up. Consequently, emerging market security with higher yields will be attractive.

Foreign relations

Mr. Biden’s experience as head of the Senate Foreign Relations Committee and as vice president in the Obama administration have given him a familiarity with international affairs that could work to his advantage, foreign policy experts have posited. One of Nigeria’s biggest investors is China, an arch-enemy of the US.

Meanwhile, just like Mr Trump, Mr Biden seeks to crack down on Chinese imports, which in a way appears to be an opportunity for Chinese and American companies to offshore to Nigeria and avoid Chinese import tariffs.

However, for Solomon Ayegba Usman, a lecturer in Obafemi Awolowo University who specialises in International Relations, Comparative Politics and Development Studies, foreign policies under Mr Biden may not be different from it was under Trump save for the touch of diplomacy.

Speaking with POLITICS NIGERIA on Monday, he said; “It won’t be different from what other Presidents have been doing in terms of America-Nigeria relations.”

“Just like this man from South Africa, Julius Malema, has said, Whether you are from the Democrat or Republican both of them are the same. If you look at the history of the two parties, they were once together before they splitted. There is this American first sentiment.

Trump may have heightened his own but every American president the country’s interest comes first.

In the pursuit of vital interest or core interest of any nation, the interest of the country comes first. The only thing is that Trump did not apply diplomacy in his own pursuit. He does not have the finesse of diplomacy”

Biden’s narrative is not different from Trump only that he will be diplomatic in his approach, the lecturer stated.

He further noted that there are laid down policies that the US President is bound to follow because the American government is institution-driven.

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One Comment

  1. “In the oil market, experts have predicted that since America is Nigeria’s top oil buyer, under Biden, this will affect investments in the Nigerian oil and gas industry. It should be noted that oil prices are crashing globally, and coupled with the COVID-19 pandemic, America is reducing imports from Nigeria.”.

    ABSOLUTELY NOT. NIGERIA OIL WILL CONTINUE TO BE PATRONIZED BY AMERICA UNDER A CLUELESS REGIME HEADED BY A LIFE FAILURE WHO LIED ALL HIS LIFE ABOUT HIS PERSONALITY. Joe Nothing CLAIMED TO BE THE BEAST IN HIS CLASS IN HIS STUDENT DAYS HAS BEEN EXPOSED AS THE LIE OF THE CENTURY WHEN IN FACT HE WAS SECOND TO THE LAST IN SCHOOL WITH JUST A PASS IN ENGLISH AND HISTORY. 2 OUT OF 10 SUBJECTS.

    Nigeria will continue to be a source of oil supply to the USA with a pathological Liar in the oval office. For these reasons and fast coming to past with 7% inflation in America and still rising. The last time the country witnessed such astronomical economic impacted oil was in the 60s with Jimmy Carter in charge. As a matter of fact, of the reasons he did not get a second term. The average price of a gallon of oil in the US currently is $4.36 in California and the reverse under President Trump under who America became ENERGY INDEPENDENT in 2019. The first the crass head Joe did was to employ the privilege of the office of the president to sign away such FEAT via a presidential, thereby killing the KEYSTONE line that made America forever INDEPENDENT and still have more for export. Including killing 46,000+ jobs in the process with a single stroke of pen.

    THE IDIOT BEHIND THE RESOLUTE DESK LATER TURNED AROUND TO BEG OPEC TO RESCUE AMERICA FROM INCREASE IN FUEL PUMP PRICE. ONLY A FOOL WILL CLOSE UP AND SHUTDOWN THE WELL AND SOURCE OF BOUNTY IN HIS BACKYARD AND TURN TOWARDS HIS NEIGHBOUR FOR WATER AND ASSITSNCE FOR WHAT HE HAS IN ABUNDANCE. ONLY A SENSELESS THOUGHTLESS BORNE FAILURE WILL DO SUCH.

    The Putin incursion into Ukraine overnight will further make global oil go up and higher than it did immediately with the Putin exercise in the Baltic. To that extent Nigeria should expect both festive and Christmas seasons before the Yuletide. A barrel of oil now costs $100, a near 50% jump. Nigeria is in moment of joy and enjoy this providence because it only translates to the fact that the USA will coming for more oil than usual which also means more empty shelves for the average American.

    “Mr. Biden’s experience as head of the Senate Foreign Relations Committee and as vice president in the Obama administration have given him a familiarity with international affairs that could work to his advantage, foreign policy experts have posited. One of Nigeria’s biggest investors is China, an arch-enemy of the US.

    Meanwhile, just like Mr Trump, Mr Biden seeks to crack down on Chinese imports, which in a way appears to be an opportunity for Chinese and American companies to offshore to Nigeria and avoid Chinese import tariffs.

    However, for Solomon Ayegba Usman, a lecturer in Obafemi Awolowo University who specialises in International Relations, Comparative Politics and Development Studies, foreign policies under Mr Biden may not be different from it was under Trump save for the touch of diplomacy.”

    Solomon Ayegba Usman WAS RIGHT ABSOLUTELY, WITH THE ABOVE SUMMATION. RIGHT ON POINT AND SPOT ON. Joe EMPTY and Nothing has transited from one MESS to another since he was RIGGED into office by both LOCAL and INTERNATIONAL conspiracies. The BORDER crises, Afghanistan pull out Debacco coupled with a humiliating fiasco. His domestic record is an ABSOLUTE ZERO. America has never witnessed empty grocery shelves in a very long time, in the pre-world wars, perhaps.

    THE MOST HUMILATING ONE FOR Joe Dumbass happens when the supreme court of the US ordered that he revert back to the Trump immigration policy he cancelled SENSELESSLY with a presidential order.

    VARIOUS STATES IN THE US LIKE Pennsylvania WHERE THE SUPREME COURT OF THE STATE DECLARED ILLEGAL, ALL MAILING BALLOTS IN THE ELECTION. Arizona HAS A BILL IN THE HOUSE UNDER DEBATE TO RECALL ALL ELECTORS FOR Biden FOR FRAUDULENT ELECTION EXERCISE IN THE STATE and Wisconsin IS ALSO NOW LOOKING INTO THE ELECTIONS OF 2020 THAT WAS MASSIVELY RIGGED IN FAVOUR OF A CANDIDATE THAT NEVER CAMPAIGHNED AND WITH NOTHING TO SHOW FOR BEING IN CORRIDORS OF US POWERS FOR OVER FIVE DECADES.

    Very sorry for Ukraine. America under Joe Nothing and the FECKLESS TOOTHLESS bulldog NATO will do nothing to help her case. Something that would not happen under President Trump. As a matter of fact. Putin and or any other TYRANT anywhere on planet would not have dared.

    THERE IS A GOAT IN CHARGE IN THE US. MOST UNFORTUNATE FOR THE WORLD AND MANKIND.

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