Edeson Online News: Joe Biden's Presidency Will Attract $700 Billion Investment To Nigeria.

Tuesday, 24 November 2020

Joe Biden's Presidency Will Attract $700 Billion Investment To Nigeria.

A win for former United States (U.S.) Vice President Democratic Party presidential candidate Joe Biden will attract $700 billion investments to Nigeria and other emerging markets, Renaissance Capital (RenCap) analysts have predicted. RenCap Chief Economist Charles Robertson said a Biden victory will, in the long run, shift trillions of dollars to Nigeria and other emerging markets.

The stock of Africa’s Eurobonds only topped $100 billion in 2018, and even if it is only Blackrock’s actively managed part of the business more like $2 trillion in all asset classes (perhaps $700 billion in fixed income), that starts to shift to Emerging Markets this could be very helpful.

For Africa and Nigeria we already know what president Trump is through his

pronouncements, calling African countries ‘shitholes’. Indeed from his negative if not racist disposition and treatment of his own African-American compatriots we are left in no doubt that president Trump regards Africans generally with condescending indifference.

Somehow president Trump seems to have it in for Nigerians. Nigerians have not forgotten that during his campaign in the US state of Alaska in his first coming, he reportedly singled out a lone black person in the crowd and railed against him prejudicially saying he believed he was a Nigerian who would have taken a job meant for Americans.

A win for Biden will certainly result in some positive dispositional changes in regard and behaviour towards Africa and Nigeria. Biden was Vice President to president Obama whose administration was favourably disposed and worked towards bringing president Buhari to power. Biden would definitely not be brash and brusque to Africans in his choice of words and general disposition. He may not change the general policy thrust of America to Africa and Nigeria, but he will take a gentler and more nuanced approach on issues that concern Africa and Nigeria that comes to his attention.

In this regard, he is likely to ease some of the tough immigration measures pursued by Trump even if he will not totally abolish the deportation policy. And unlike Trump depending on how Nigeria makes its presentation, a Biden administration may not turn deaf ears to requests for humanitarian assistance for Covid-19 and internally displaced persons resulting from insurgency, banditry and terrorism among others assistance.

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