INDEPENDENCE DAY ADDRESS BY HIS EXCELLENCY, MUHAMMADU BUHARI, PRESIDENT OF THE FEDERAL REPUBLIC OF NIGERIA ON THE OCCASION OF NIGERIA’S SIXTIETH INDEPENDENCE ANNIVERSARY, THURSDAY

1ST OCTOBER 2020

Fellow Nigerians,

I speak to you today as your President and fellow citizen on this epoch occasion of our country’s 60th independence Anniversary. As President, I wish to renew my appreciation to Nigerians for entrusting me with your hopes and aspirations for a better and greater Nigeria.

1. Today, it is my unique privilege to re-commit myself to the service of this great country of great people with profound diversities and opportunities. We are bound by destiny to be the largest and greatest black nation on earth.

2. At this stage in our nationhood it is important that we reflect how we got here to enable us work TOGETHER to get to where we aspire to be as a strong indivisible nation, united in hope and equal in opportunity.

3. On October 1st 1960 when Prime Minister Alhaji Abubakar Tafawa Balewa received the constitutional instruments symbolizing Nigeria’s independence, he expressed his wish that having acquired our rightful status as an independent sovereign nation, history would record that the building of our nation proceeded at the wisest pace.

4. This optimism was anchored on the peaceful planning, full and open consultation and harmonious cooperation with the different groups which culminated in Nigeria emerging as a country without bitterness and bloodshed.

5. Our founding fathers understood the imperative of structuring a National identity using the power of the state and worked towards unification of Nigerians in a politically stable and viable entity.

6. That philosophy guided the foundation that was laid for our young nation of 45 million people with an urban population of approximately 7million occupying an area of 910,768 square kilometers. These demographics led to development challenges for which major efforts were made to overcome.

7. Today, we grapple with multiple challenges with a population exceeding 200million occupying the same land mass but 52% residing in urban areas.

8. Sixty years of nationhood provides an opportunity to ask ourselves questions on the extent to which we have sustained the aspirations of our founding fathers. Where did we do the right things? Are we on course? If not where did we stray and how can we remedy and retrace our steps?

9. Upon attaining independence, Nigeria’s growth trajectory was anchored on policies and programmes that positively impacted on all sectors of the economy. However, this journey was cut short by the 30-months of civil war.

10. We came out of the civil war with a focus on reconstruction, rehabilitation and reconciliation that enabled the country to put in place world class development structures and a strengthened public service that well served the government. This positive trajectory continued with a return to democratic government which was truncated by another round of military rule.

11. For a cumulative 29 of our 60 years existence as a nation, we have been under military rule.

12. My summary of our journey so far as a nation is necessary to appropriately chart where we need to go and how to get there TOGETHER.

13. Today, I am aware that our economy along with every single economy in the world is in crisis. We still face security challenges in parts of the country, while our society suffers from a high loss of moral rectitude which is driven by unbridled craving for political control.

14. An underlying cause of most of the problems we have faced as a nation is our consistent harping on artificially contrived fault-lines that we have harboured and allowed unnecessarily to fester.

15. In addition, institutions such as civil service, police, the judiciary, the military all suffered from a general decline.

16. We need to begin a sincere process of national healing and this anniversary presents a genuine opportunity to eliminate old and outworn perceptions that are always put to test in the lie they always are.

17. The stereotype of thinking of ourselves as coming from one part of the country before seeing ourselves as Nigerians is a key starting point to project us on the road to our deserved nation’s evolution and integration.

18. To start this healing process, we are already blessed with the most important asset any nation requires for such – OUR PEOPLE – and this has manifested globally in the exploits of Nigerians in many fields.

19. It has been demonstrated time and time again that Nigerians in the diaspora frequently excel in science, technology, medicine, sports, arts and many other fields.

20. Similarly, the creativity, ingenuity and resourcefulness of the Nigerian at home have resulted in globally recognized endeavours.

21. I am convinced that if we pursue our aspirations TOGETHER we would be able to achieve whatever we desire. That informed our adopting the theme TOGETHER to mark this epochal event.

22. Together we can change our condition for the better and more importantly, together we can do much more for ourselves and for our country.

23. I chose the path of self-reflection because this is what I do on a daily basis and I must confess that at most times, I always felt the need for a collective reflection as I know that the foundation for a solid future which this administration is laying can only be sustainable if there is a collective commitment by Nigerians.

24. Nigeria is not a country for Mr. President, any ruling or opposition party but a country for all of us and we must play our part, irrespective of challenges we face, to make this country what we desire.

25. To achieve this, we must focus our minds, TOGETHER as a people, on ways of resolving the identified critical challenges that underlie our present state. These include:
    a. Evolving and sustaining a democratic culture that leaves power in the hands of the people;
    b. Supporting the enthronement of the rule of law, demanding accountability of elected representatives and contributing to good governance;
    c. Increasing our commitment to peaceful co-existence in a peaceful, secure and united Nigeria;
    d. Harnessing and Optimizing our tremendous human and natural resources to attain our goal of being in the top twenty economies of the world and in the process;
    e. Lifting 100 million Nigerians out of poverty in 10 years;
    f. Strengthening institutions to make them stronger in protecting National Interests; and
    g. Imbibing tolerance in diversity.

26. I am a firm believer in transparent, free, fair and credible elections as has been demonstrated during my period as a democratically elected President.

27. The recent build-up and eventual outcome of the Edo State elections should encourage Nigerians that it is my commitment to bequeath to this country processes and procedures that would guarantee that the people’s votes count.

28. The problems with our electoral process are mainly human induced as desperate desire for power leads to desperate attempts to gain power and office.

29. Democracy, the world over and as I am pursuing in Nigeria, recognizes the power of the people. However, if some constituencies choose to bargain off their power, they should be prepared for denial of their rights.

30. This call is made more urgent if we realise that even after a transparent, free, fair and credible election, desperation leads to compromising the judiciary to upturn legitimate decisions of the people.

31. It is necessary to, therefore support the enthronement of the rule of law by avoiding actions which compromise the judiciary.

32. Fellow Nigerians, our history has shown that we are a people that have the capacity to live peacefully with one another.

33. As a government, we remain committed to our constitutional oath of securing the lives and properties of the citizenry. I, however, call on the citizenry to also support government by providing the necessary community level intelligence in addressing these challenges.

34. In moving forward together, it is important to strengthen our economy to provide sustainable means of livelihood for as many Nigerians as possible so as to eradicate absolute poverty from our midst.

35. I want to re-emphasize my dedication and commitment, a dedication and commitment that propelled my public service career and informed my quest to continually seek for an opportunity to improve the lives of Nigerians, set the country on the path of prosperity and lead the country to a better future.

36. This administration has been focused on rebuilding and laying the foundations for a sustainable Nigeria. Of course, we have met and are still meeting the challenges inherent in any rebuilding initiative – more so that of a nation like Nigeria that has undergone avoidable levels of deprivation – but can be surmounted if we all work together.

37. I wish to re-iterate that our people and our spirit of excellence remains our most important asset.

38. In this wise, the need to return to our age-old ethical and high moral values would be necessary and this informed my launching of the National Ethics and Integrity Policy on Monday 28th September, 2020.

39. The policy would not implement itself and the first contact of the visibility of its implementation is the Public Service whose on-going reforms would be expected to be sustainable and give a radical re-direction in providing services to all Nigerians.

40. Fellow Nigerians, in addition to public health challenges of working to contain the spread of the Coronavirus, we have suffered a significant drop in our foreign exchange earnings and internal revenues due to 40 per cent drop in oil prices and steep drop in economic activities, leading to a 60 per cent drop in government revenue.

41. Our government is grappling with the dual challenge of saving lives and livelihoods in face of drastically reduced resources.

42. In this regard, sustaining the level of petroleum prices is no longer possible. The government, since coming into office has recognized the economic argument for adjusting the price of petroleum. But the social argument about the knock-on effect of any adjustment weighed heavily with the government.

43. Accordingly, in the last three years, we have introduced unprecedented measures in support of the economy and to the weakest members of our society in the shape of:
    a. Tradermoni
    b. Farmermoni
    c. School Feeding Programme
    d. Job creation efforts
    e. Agricultural intervention programmes

44. No government in the past did what we are doing with such scarce resources. We have managed to keep things going in spite of the disproportionate spending on security. Those in the previous Governments from 1999 – 2015 who presided over the near destruction of the country have now the impudence to attempt to criticize our efforts.

45. In the circumstances, a responsible government must face realities and take tough decisions.

46. Petroleum prices in Nigeria are to be adjusted. We sell now at N161 per litre. A comparison with our neighbours will illustrate the point;

a. Chad which is an oil producing country charges N362 per litre
b. Niger, also an oil producing country sells 1 litre at N346.
c. In Ghana, another oil producing country, petroleum pump price is N326 per litre.

1. Further afield, Egypt charges N211 per litre. Saudi Arabia charges N168 per litre. It makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia.

2. Fellow Nigerians, to achieve the great country we desire, we need to solidify our strength, increase our commitment and encourage ourselves to do that which is right and proper even when no one is watching.

3. Fellow Nigerians, let us collectively resolve to continue our journey beyond the sixty years on the clear understanding that as a nation we are greater together than being smaller units of nationalities. By the special grace of God we shall come through any transient challenges.

4. It is my sincere hope that by the end of this anniversary on September 30th 2021, we will all be proud of taking this individual and collective self-assessment for the progress of our great Nation.

Long Live the Federal Republic of Nigeria.

God Bless us all. Thank you.

Nokia announced Tuesday that it has signed a major 5G equipment deal with BT, which is the biggest telecoms group in Britain, CNBC reported.

The announcement comes after the U.K. said in July that it would ban Huawei equipment from its 5G network rollout, and it suggests Nokia is replacing Huawei’s remaining share of infrastructure in BT’s 5G network.

Philip Jansen, CEO of BT Group, said in a statement: “In a fast-moving and competitive market, it’s critical we make the right technology choices.”

Under the deal, Nokia will provide 5G equipment and services at BT radio sites across the U.K. Specifically, BT will use Nokia’s AirScale Single Ran (S-RAN) equipment to provide indoor and outdoor coverage to its customers. That equipment includes base stations and radio access products.

The Finnish telecoms firm said it will become BT’s largest infrastructure partner as a result of the deal, with industry sources telling that it will account for 63% of BT’s entire network. The financial terms of the deal were not disclosed. Nokia currently powers BT’s network in London, the English Midlands and some rural locations – but that footprint is now set to expand.

Pekka Lundmark, president and CEO of Nokia, said in a statement that the company’s collaborative relationship over the years will spur the best connectivity service delivery.

“Our two companies have collaborated for over a quarter of a century in order to deliver best-in-class connectivity to people across the United Kingdom. We are proud to support BT’s 5G network evolution and look forward to working even more closely together in the years to come,” he said.

In July, U.K. Culture Secretary Oliver Dowden said mobile network operators in the country would be forced to stop buying equipment from Huawei by the end of the year. They are also required to strip out Huawei gear from their infrastructure by 2027.

It’s a major reversal for the U.K., which in January gave Huawei restricted access to the country’s next-generation mobile networks. Under previous guidelines, mobile network operators were required to reduce the share of Huawei kit in non core parts of their infrastructure to 35% by 2023.

The development underscores a win for the United States government, who has in the past few years, mounted pressure on its allies to part ways with Huawei. For the UK, the decision to oust Huawei comes with a high cost. Replacing the Chinese company’s existing 5G infrastructure will cost Britain over $3.1 billion.

National security has been at the center of the controversy between Huawei and Western governments, and Britain is willing to pay more to keep its relationship with the United States and save itself the concern of being spied on by China, through Huawei’s 5G equipment.

Huawei’s 5G fallout with the US has inadvertently paved the way for its European counterparts. Finish Nokia and Swedish Ericsson thus have less contested corridors to get into the 5G market, especially in Europe.

But Huawei said it welcomes the development as part of competition that will deliver innovation and diversified supply chains.

“We embrace fair competition as it delivers innovation for the consumer and the more diversified a supply chain, the more competitive it becomes. U.K. networks face being dependent on just two vendors for 5G from 2027, delaying the 5G roll-out and undermining diversity of supply so essential to network security,” Huawei’s spokesperson said.

Following GTBank and Sterling Bank’s announcement of going holdco, Access Bank announced on Tuesday that it has gotten approval-in-principle from the Central Bank of Nigeria (CBN), to restructure to a holding company.

The bank said the details of the structure will be announced later, but the holdco structure will help it to expedite its objectives around business diversification, improved operational efficiencies, talent retention as well as robust governance.

A holding company is a corporation that owns a controlling interest in one or more banks but does not itself offer banking services. Holding companies do not run day-to-day operations of the banks they own. But they exercise control over management and company policies.

Access Bank used the opportunity to announce also, its expansion plan to other African countries. The bank said it has secured definitive agreement to bolster its market position in Mozambique and enter the South African market. The move follows the recent transaction with Cavmont Bank in Zambia and further embeds the bank’s presence in the SADC region, one of Africa’s most important trading blocs.

According to the bank’s management, these transactions would result in a more connected African banking network that builds on Access Bank’s existing foundation and enhances its value proposition to stakeholders, including customers and employees.

It added that shareholders would benefit from the economies of scale of a larger banking network, including the associated cost efficiencies arising from the bank’s federated IT system and replication of investments in innovative products across a wider range of markets.

The bank’s management explained that a broader and connected Africa network remains a core strategic focus for geographic earnings growth and diversification, which will further enhance profitability and risk metrics.

“Through these transactions, Access Bank will be well placed to promote regional trade finance and other cross-border banking services, further leveraging its presence in key global trade corridors in the UAE, the UK, China, Lebanon and India,” Access Bank said in a statement.

Using the medium, the bank also announced that it has received regulatory approvals to begin operations in Mozambique, using the name, Access Bank Mozambique, S.A. (Access Bank Mozambique). It said its subsidiary, Access Bank Mozambique, has entered into a definitive agreement with ABC Holdings Limited (“ABC Holdings”), a subsidiary of Atlas Mara Limited (Atlas Mara) to acquire African Banking Corporation (Moçambique), S.A, (“BancABC Mozambique”) for cash, in a combination of definitive and contingent consideration.

“This transaction will be funded from the capital invested by the Bank in Access Bank Mozambique and will result in the Access Bank Mozambique becoming the 7th largest bank in the country, up from the 20th.

“As an enlarged business, Access Bank Mozambique will have an enhanced capacity to play a more impactful role in the growth of the Mozambican economy, particularly in the emerging oil and gas sector, an industry that Access Bank has deep experience in. The transaction is subject to regulatory approvals and customary conditions precedent,” the bank said.

Regarding its presence in South Africa, Access Bank explained that it is building a strategy to deliver a robust banking operation that connects key African markets; the bank said it has also entered into a definitive agreement with GroCapital Holdings (“GroCapital”) to invest in Grobank Limited over two tranches.

It said the first is an initial cash consideration for a 49 percent shareholding, increasing to a majority stake in the second tranche.

“Both tranches are subject to various regulatory approvals and the overall transaction subject to Grobank’s shareholder approvals.

“GroCapital, whose shareholders include the Public Investment Corporation – Africa’s largest investment manager, and Fairfax Africa Holdings – a leading global investor, will retain an existing but diluted shareholding in Grobank.

“A presence in South Africa will serve as a cornerstone for further momentum in delivering on Access Bank’s mission to be Africa’s Gateway to the world. The proposed transaction is expected to provide access to the largest banking market in Africa and enable Access Bank to consolidate its Southern Africa and broader African footprint with enhanced capabilities to fulfill the needs of multinational clients,” the bank said.

Speaking on the development, Access Bank CEO, Herbert Wigwe said the bank is focused on building the scale needed to become a leading African bank; one that leverages our experienced and growing talent base and key stakeholder partnerships towards driving sustainable impact and profitability.

“These transactions will significantly strengthen our presence in Southern Africa and further our footprint for growth in the SADC region. With a broader presence across the continent, Access Bank will be better placed to support our customers who are increasingly looking towards intra Africa growth,” he said.