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How China’s ‘opaque’ loan deals triggers Sri Lanka crisis -USAID

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***Lauds India for economic assistance to Sri Lanka

Visiting US Agency for International Development (USAID) administrator Samantha Power has applauded India’s economic assistance to Sri Lanka.
He however faulted China’s “opaque” loan deals with the island nation at very high rates of interest as having triggered the country’s current financial predicament.

Power also called upon all countries including India to ensure that Russia doesn’t renege on the UN-supported grain deal it signed with Ukraine to mitigate the global food crisis.

Power discussed the situation in Sri Lanka with her Indian interlocutors and, addressing a gathering later in the day, identified economic mismanagement and corruption, unwise agricultural policies, self-inflicted debt burdens, and a tourism sector crushed by Covid-19 as sources of the financial crisis.
“When the process of receiving loans carries with it a profound infringement on sovereignty and independence and very high interest rates, then things will get problematic,” said Power, responding to a query by ToI about her remark that opaque loan agreements had contributed to the crisis.

On Tuesday, Power also met civil society representatives to discuss freedom of expression, speech, identity, and “the importance of protecting the rights of minority groups”. She was said to have underscored the US’ “continued commitment” to work with civil society organisations around the globe to advance human rights and fundamental freedoms.
According to Power, the debt challenge was not unique to Sri Lanka and that many “debt distressed” countries in Africa and Asia were hoping that their calls will be answered. It is really essential that Beijing participate in debt relief transparently and on equitable terms with all other creditors, she said.

“Indeed, over the past two decades, China became one of Sri Lanka’s biggest creditors, offering often opaque loan deals at higher interest rates than other lenders, and financing a raft of headline-grabbing infrastructure projects with often questionable practical use for Sri Lankans,” said Power.

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2023 general election

Labour Party Denies Alliance with Tinubu, Challenges Defamation Claims

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The Labour Party has dismissed allegations of a partnership with President Bola Tinubu and the All Progressives Congress (APC) ahead of the 2027 elections.
The accusations were made by lawyer Deji Adeyanju, who claimed that the party’s leadership, including its National Chairman, Barrister Julius Abure, is collaborating with the ruling party.

In a statement issued by the Labour Party’s National Publicity Secretary, Obiora Ifoh, the party described Adeyanju’s remarks as defamatory, baseless, and harmful to its reputation.
The party affirmed its commitment to its role as the leading opposition, citing its continuous critique of government policies and its push for reforms in Nigeria’s political system.

“The Labour Party has remained visible and vocal in interrogating system failures and proposing solutions. Our National Chairman, Barrister Abure, has been at the forefront of this effort,” the statement read.

The Labour Party highlighted key initiatives, including the formation of an Electoral Reform Committee to advocate for transparent elections and the introduction of e-membership registration to promote participatory democracy.

The party called on Adeyanju to provide evidence to substantiate his claims or withdraw his statement and issue a public apology.
It also warned against actions that could harm the party’s reputation and undermine its efforts to strengthen Nigeria’s democracy.

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Africa

Senator Natasha Urges African Leaders to Invest in Energy Innovation for Continent’s Growth

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The senator representing Kogi Central in the National Assembly, Senator Natasha Akpoti-Uduaghan, has called on African leaders to make financing energy innovation a top priority in order to secure the continent’s long-term growth and self-sufficiency in the energy sector.
Speaking at the ongoing African Energy Week conference in Cape Town, the Senator emphasized the importance of increasing local investment in energy technologies, which she sees as key to breaking Africa’s dependence on foreign imports and expertise. Her comments align with the International Energy Agency’s goal of doubling Africa’s energy investment to $200 billion annually by 2030—an investment that will help meet the continent’s climate targets while addressing its growing energy needs.
“Africa must take charge of its own energy destiny. The only way we can transform from being a continent that is exploited to one that leads in energy production is by driving innovation from within,” said Senator Akpoti-Uduaghan. “We need to prioritize research and development that produces technologies made on African soil. That way, we can keep the money that would have been spent on importing foreign equipment and experts within our own economies.”
The Senator’s remarks came during a panel discussion at the high-profile event, which is bringing together energy leaders, policymakers, and investors from across the continent to discuss the future of Africa’s energy sector. This year’s theme, “Financing Technical Innovation for Africa’s Energy Future,” highlights the need for investment in sustainable energy solutions, local manufacturing, and infrastructure development to support the continent’s rapid population growth and rising energy demand.
The call for greater local innovation in the energy sector is closely tied to the formation of the **Africa Energy Bank**, an initiative spearheaded by the African Petroleum Producers Organisation (APPO). The bank, which is set to launch in mid-2025, is designed to help reduce Africa’s reliance on foreign financing for energy projects, promote regional energy integration, and empower local economies by supporting homegrown energy businesses.
Senator Akpoti-Uduaghan applauded the establishment of the Africa Energy Bank, which she believes will play a critical role in financing African energy projects and encouraging the development of local technologies and expertise.
“This is a huge step in the right direction for Africa,” she said. “The Africa Energy Bank will help us take control of our resources and our energy future. By investing in energy innovation within the continent, we can create jobs, foster economic growth, and reduce our reliance on external funds and expertise.”
As part of her broader advocacy for energy independence, Senator Akpoti-Uduaghan has long pushed for policies that promote local content in Nigeria’s oil and gas industry. She reiterated the importance of strengthening African economies by focusing on local capacity building, technology development, and reducing the continent’s dependency on foreign investors.
“The future of Africa’s energy industry lies in local production and innovation,” she said. “We must stop seeing ourselves as merely consumers of technology, and instead, become the producers. Our research and development must focus on creating technologies tailored to the African context, ensuring we meet our energy needs sustainably.”
The African Energy Week conference has brought together policymakers, energy companies, and investors to address the continent’s energy challenges and explore solutions for transitioning to cleaner, more sustainable energy sources. One of the key goals of this year’s event is to increase investment in renewable energy technologies, as well as in oil and gas projects that can meet both Africa’s energy needs and its climate goals.
With global attention on Africa’s energy sector, Senator Akpoti-Uduaghan’s call for increased investment in local innovation resonates strongly, especially as the continent faces the dual challenges of expanding energy access while also addressing climate change. The proposed Africa Energy Bank is seen as a critical part of this strategy, helping Africa to finance its own energy future while empowering its communities and industries.
As discussions continue at the African Energy Week, the focus remains on how Africa can unlock its full energy potential, reduce reliance on foreign funding, and create an energy infrastructure that benefits all Africans. With the establishment of the Africa Energy Bank and a growing commitment to energy innovation, the continent is poised for a transformative shift in its energy landscape.

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Africa

Africa awaits investiture of Prof. Zamani as President Pan African Psychology Union

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Prof. Andrew E. Zamani

By Friday Idachaba, Lokoja.

AFRICA is set to celebrate the investiture of Prof. Andrew Ezadueyan Zamani, a Nigerian, as new President of the Pan African Psychology Union as the body celebrates its 10th anniversary slated for next week in Johannesburg, South Africa.

Zamani is succeeding the Union’s founding President, Prof. Saths Cooper of South Africa and will be entering the exalted office with a wealth of experience from the academia and professional practice.

A statement from the Chairman, Nigerian Psychological Association FCT chapter, Mr Victor Adejoh, and made available to newsmen, eulogised the versatility of the expert in the practice of Psychology.

Adejoh, enthused by the elevation of his compatriot, Prof. Zamani, to the exalted office noted that the experience of the erudite Professor in related learned societies made him “nicely fit for this role.”

Prof. Zamani, he revealed, rejuvenated the once comatose Nigerian Psychological Association, led it for more than six years and emplaced its structure of growth and progress.

Adejoh hinted that this was after the Professor had served at various times as Treasurer and Assistant Secretary General of the Association adding that he served the association in different capacities.

“He has served the Association in several capacities, including Chairman, NPA League of Fellows; Chairman President – Elect, Search Committee; Chairman, NPA Fellowship Award Committee.

“In 2002, he convened the Association of Practicing Psychologists of Nigeria and used it as a platform to canvass for the gazetting of Psychology as a civil service profession in Nigeria, a feat that was finally clinched by the Nigerian Psychological Association.

“Today, Nigerian Psychologists have a scheme of service and career path in the polity”, Adejoh explained.

As the Pan African Psychology Union is set to celebrate its 10th anniversary in Johannesburg, South Africa between the 8-11th October, 2024, the body is set to roll out its drums to welcome the new President, Prof. Andrew Zamani.

Like his predecessor, Saths Cooper, Zamani is highly respected and recommended as a team player and transformational leader. He hopes to leverage his contacts all over Africa to lead the Union to the next level. (Ends)

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