President Buhari makes his support to Akinwumi Adesina, African Development Bank (AfDB) president, evidently public. Ideally, that should do it for the AfDB President on the allegations leveled against him. Yet, it is hard these days to understand what President Trump wants.
President Muhammadu Buhari says Nigeria will stand solidly behind Akinwumi Adesina in his bid to get re-elected as President of the African Development Bank (AfDB). The president spoke at the State House, Abuja, Tuesday, while hosting Mr Adesina.
“In 2015, when you were to be elected for the first term, I wrote to all African leaders, recommending you for the position. I didn’t say because you were a People’s Democratic Party (PDP) Minister, and I belonged to the All Progressives Congress (APC), so I would withhold my support. I’ll remain consistent with you, because no one has faulted the step I took on behalf of Nigeria,” said Mr Buhari.
Many here have written that African Union and AfDB should just ignore the U.S. and carry on. That would be a momentous stupidity because if the U.S. treasury classifies AfDB as a “corrupt institution”, rightly or wrongly, the bank will crash. Banks thrive on the trust score more than the amount of cash in the vault.
Case in point: Venezuela was pumping oil, but was getting poorer because a layer was placed on its banking system. We’re living in a unipolar financial system and the U.S. runs the show. You just need to find a way to be in the good books. Sure, you may wish China. Unfortunately, China buys U.S. debts as though there is a cookie bonanza: as of December 2019, China owns $1.07 trillion of the $23 trillion U.S. national debt.
China has steadily accumulated U.S. Treasury securities over the last few decades. As of December 2019, the Asian nation owns $1.07 trillion, or about 5%, of the $23 trillion U.S. national debt, which is more than any other foreign country