Article

Comment

Development

Politics

25 February 2025

4 min read

Downsizing in DC undercuts the lives of millions in Nigeria

Nigeria’s Christian communities will bear the brunt of USAID’s demise.

Chris Wadibia

Chris Wadibia is an academic advising on faith-based challenges. His research includes political Pentecostalism, global Christianity, and development.

Patient wait in a street clinic beside a sign.

A health project clinic in Lagos, Nigeria.

Christendom, the global community of over 2.5 billion Christians living worldwide, has many geographical capitals. Nigeria, like the United States, is one of them. Upwards of 100 million people living in Nigeria identify as followers of the Christian religion. These Nigerians belong to Christian denominations like Roman Catholicism, Anglicanism, Baptist Christianity, and Pentecostalism. On 6 February the Trump Administration announced plans to downsize USAID, the US government agency that administers foreign aid. In 2023 it managed over $40 billion, and has played a significant role in delivering aid and development support in Nigeria for decades.

Nigeria has one of the world’s lowest levels when it comes to spending on social issues. Its government’s underspending has trapped tens of millions of Nigerians in horrific, inescapable mazes of poverty. The significant challenges Nigeria faces are well-documented -socioeconomic, geopolitical, and religious ones. The protracted and infamously bloodthirsty Boko Haram insurgency (headquartered in the northeastern corner of the country) has led to the deaths of tens of thousands of Nigerians and displaced over two million people, disproportionately affecting vulnerable women and children.

Abandoned by the government, many Nigerians look to their ethnic communities, religious groups, and even other state’s agencies and charities for the support and solutions they require to survive.

In 2021 USAID commemorated 60 years of providing development assistance to Nigeria. Its historical activity has prioritised agriculture and food security, democracy, human rights, and governance, public health, and energy production. In just 2021, USAID provided Nigeria with more than $787 million in development and humanitarian assistance.

Whilst USAID support for Nigeria has historically been blind to religion, the Trump-led downsizing of development and humanitarian assistance for millions of people living in Nigeria will especially impact tens of millions of Christians, They struggle to lead lives in a country rife with Christian suffering that is ignored by powerful global actors with the financial, political, and military resources to intervene in substantive and peace-generating ways.

Southern Nigeria is disproportionately developed compared to the North. Lagos, the economic capital responsible for a third of Nigeria's GDP, sits in the southwestern corner. The south contains a majority of the leading private universities, many of which are owned and funded by Christian churches, and is home to Nigeria's largest international airport. Literacy levels among Christians in Nigeria dwarf literacy levels among Muslims, especially when compared to Muslims living in the religiously archconservative northern states.

The southern region of Nigeria has an appetite for development and the political will needed to implement an inclusive development vision that simply does not exist up north. Downsizing USAID activity in Nigeria will disproportionately affect Christians in Nigeria who for historical and contemporary reasons have been able to benefit from USAID assistance in ways developing themselves to help Nigeria compete in the global economy.

In the current 21st century geopolitical climate US-Nigeria relations are far more likely to become more rather than less relevant.

Muslims in Nigeria, if unbridled by extreme religious dogma, could just as easily undergo the processes of self-development needed to excel in 21st century economic marketplaces. However, as Nigeria's religious landscape stands today, tens of millions of Muslims simply lack access to opportunities to gain the education, training, and work experience that could unleash the full potential of the legendary Nigerian human capital famous globally.

Millions of educationally and professionally ambitious Nigerian Christians view their work in vocational terms. Inspired by scripture and theological resources like Catholic Social Teaching and the Pentecostal Doctrine of Prosperity, these Christians intentionally seek out educational and professional opportunities because they believe their faith in Christ commands them to provide for their households and invest into their communities. They believe contributions to their homes and communities double as offerings to God himself. For over six decades, USAID has administered development and humanitarian assistance in Nigeria in ways hugely benefitting millions of Christians ignored by their government.

Administering USAID aid in Nigeria has never been perfect. Bad actors, many of them government officials exploiting the authority of their offices, have stolen development funds intended for marginalized Nigerians and used it to fund their kleptocratic networks and lavish lifestyles. However, in the current 21st century geopolitical climate US-Nigeria relations are far more likely to become more rather than less relevant. USAID support provides a valuable source of American soft power able to win over the hearts of vulnerable Nigerians whose children might one day seize the reins of state power. It also continues the postcolonial project of assisting in the sociopolitical and economic development of the Giant of Africa.

Downsizing USAID assistance to Nigeria undercuts investment in the lives of millions of Nigerian Christians disproportionately positioned to drive the country in the direction of evolving into just the kind of capable ally in Africa the US wants to work with long term.

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Article

Culture

Economics

Ethics

1 May 2025

6 min read

The rights and wrongs of making money with meme coins

When does investing become speculating, or even addictive gambling?

Laurence Fletcher

Laurence is a journalist at the Financial Times.

A montage shows Trump with a raised fist against other images of him and the phrase 'fight fight fight'.

$Trump coin marketing image.

gettrumpmemes.com,

Donald Trump’s “liberation day” tariffs may have driven sharp swings in global financial markets, but his actions in markets a few months earlier were in some ways even more peculiar.

On the Friday before his inauguration as the 47th US President in January, the Republican surprised many with the launch of the $TRUMP memecoin, described by its website as “the only official Trump meme”. The cryptocurrency token, in which Trump’s family business owned a stake, initially soared in value to more than $14bn over that following weekend.

Then, on the Sunday, Trump’s wife Melania launched her own memecoin, $MELANIA, which reached a value of $8.5bn. Even the pastor who spoke at the president’s inauguration subsequently launched his own memecoin.

For those wondering what exactly a memecoin is, you are not alone. In short, they are a form of cryptocurrency - an asset class that itself has attracted plenty of questions about its substance and purpose - representing online viral moments. They have no fundamental value or business model and, according to the US securities regulator, “typically have limited or no use or functionality”.

Donald and Melania Trump’s coins subsequently plunged in price, but still have a value of around $2.5bn and $214mn respectively, according to website CoinMarketCap.

There are plenty of others in existence. PEPE, based on a comic frog, has a value of around $3.6bn; BONK, a cartoon dog, has a market cap of $1.5bn; and PNUT, a reference to a squirrel euthanised by authorities in New York and about which Trump was allegedly “fired up” (although doubt has since been cast on the president’s involvement in the matter), is still valued at around $174mn, despite having fallen sharply in price.

Dogecoin, seen as the world’s first memecoin and originally created as a joke, boasts a market value of around $25bn. (There are other memecoins which may not be suitable for these pages).

Some people’s willingness to buy an “asset” with no use or fundamental value may seem strange to more traditional investors. But it can be viewed as just one manifestation of the speculative investor behaviour evident since the onset of the coronavirus pandemic and, indeed, at times throughout history.

The price of Bitcoin recently rose above $100,000, despite many investors still viewing it as having little or no value (in 2023 the UK’s Treasury select committee described cryptocurrencies as having “no intrinsic value, huge price volatility and no discernible social good”). In early 2021, shares in GameStop - a loss-making US video games retailer that some hedge funds were betting against - rocketed as much as 2,400 per cent, as retail investors piled in, many with the aim of inflicting pain on the hedge fund short sellers (in that respect at least, a highly successful strategy that became the subject of the film Dumb Money). The huge rise in AI and other tech stocks in recent years - until the recent tariff-driven volatility - has also been described as a bubble by some commentators.

Whether or not such episodes can be compared to infamous bouts of speculative mania in history depends on your point of view (and often can only be judged with the benefit of hindsight) - be it the 17th century Dutch tulip bulb mania, shares in the South Sea Company in the 18th century or the dotcom boom and bust of the late 1990s and early 2000s.

But it does give rise to the question of when investment should start to be described as speculation or even as gambling? And what are the rights and wrongs of any of those activities?

There can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources...

Gambling can be thought of as risking a stake on, for instance, the result of a game of chance or sport in the hope of a bigger payout. While often the result is purely down to chance, in some cases a strategy or an element of research (for instance of a horse or football team’s form) can be used. Investment, in contrast, tends to involve purported economic utility and assets believed to have some sort of underlying value, and holds the hope of future profit (although there are also plenty of bad investments or those that have gone to zero). While an investor must be prepared to lose their entire stake, in some cases such an event is relatively unlikely (for instance, if they buy a fund tracking the performance of a major stock exchange). Speculation is harder to define, but is generally seen as shorter term than investment, with more chance of a bigger gain or loss, and dependent on price fluctuations. Rightly or wrongly, the term has a more negative connotation than investment.

One writer who explored the ethics of these activities was Oswald von Nell-Breuning, a Jesuit theologian and economist who served as an adviser to the Pope and who was banned from publishing under the Nazis.

While he found that “one general definition cannot capture all the nuances” of speculation, he identified two different types of speculative activity - one that was purely trying to make a profit from financial market trading, and one based on trying to create a viable business. (See this article in the Catholic Social Science Review for a fuller explanation of Nell-Breuning’s views on speculation).

As the CSSR article shows, Nell-Breuning found that there can be positive effects from speculation - one might think of better liquidity and price discovery in a market, while, in commodity futures markets, speculators allow producers to hedge risk.

But he also argued that there can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources away from production.

And whereas gambling typically takes place within a circle of players who have chosen to take part, speculation, he wrote, can affect a greater portion of society - for instance, if it affects the price of shares or bonds they hold.

The Bible - on which Nell-Breuning’s faith and analysis was based - does not take a prescriptive approach to such activities. But it does provide some interesting guidance.

An entrepreneurial approach to business and investment is applauded, for instance when the writer of the book of Proverbs (traditionally believed to be King Solomon) praises the virtues of “an excellent wife”. These include investing in a field and using her earnings from business to plant a vineyard, and feeding her family from her gains.

Jesus tells a story of a master who, before going on a journey, gives his property to his servants, each according to their ability. To one he gives five “talents” (a large unit of money), to a second two and to a third servant he gives one.

The first servant trades with his talents and makes five more talents - a 100 per cent profit - and is applauded by the master on his return. The second servant also trades and similarly makes two more talents and is again applauded.

But the third servant, being afraid and believing the master to be “a hard man”, hides the money in a hole in the ground. He is condemned as “wicked and slothful”, and told that he should at least have put the money in the bank.

While Jesus’s story may primarily be about how we view God’s nature, how we use our God-given abilities and whether or not we can take risks in faith for Him, it is also hard not to see investment and indeed wise speculation as being virtuous activities here. Putting the money into a bank account is, in this story anyway, more of a fallback option.

But the Bible also warns us against putting money above all else in our lives. The love of money is, famously, a root of all sorts of evil, while we are also told to be content with what we have, and that “wealth gained hastily will dwindle”.

Nell-Breuning similarly warns that a “get-rich-quick” mindset, when this is placed above all else, can be harmful, and advises caution in situations where the lure of big profits can lead the speculator into market manipulation or fraud.

After all, both gambling and crypto trading have the potential to become dangerous and damaging addictions needing treatment.

Ultimately, Nell-Breuning struggled to come to a simple conclusion on the question of whether speculation, in and of itself, is morally wrong. It is, he wrote, a judgment call for those involved.

When making such decisions ourselves, his - and the Bible’s - warnings may be worth bearing in mind.