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UN Calls for Significant Increase of Finance for SDGs

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UN Calls for Significant Increase of Finance for SDGs


… Canvasses $500 billion Annually Be Made Available to Developing Countries

By: Michael Mike

The United Nations has called for the urgent need for a significant increase of finance for sustainable development.

This call, according to a statement on Monday, followed the failure of the global financial system to effectively cushion the impacts of current global crises on the Global South — the COVID-19 pandemic, the war in Ukraine and the ongoing climate emergency.

The statement quoted the UN Secretary-General António Guterres to have warned on the occasion of the launch of the SDG Stimulus released, that: “Today’s poly-crises are compounding shocks on developing countries – in large part because of an unfair global financial system that is short-term, crisis-prone, and that further exacerbates inequalities.”

The UN Secretary-General stressed that:
“We need to massively scale up affordable long-term financing by aligning all financing flows to the SDGs and improving the terms of lending of multilateral development banks,” adding that: “The high cost of debt and increasing risks of debt distress demand decisive action to make at least $500 billion available annually to developing countries and convert short term lending into long term debt at lower interest rates.”

According to the statement; Halfway to the 2030 Agenda deadline, progress on the Sustainable Development Goals (SDGs) – our roadmap out of crises – is not where it needs to be. To reverse course and make steady progress on the Goals, the SDG Stimulus outlines the need for the international community to come together to mobilize investments for the SDGs – but, in so doing, create a new international financial architecture that would ensure that finance is automatically invested to support just, inclusive and equitable transitions for all countries.

It added that the current global financial system – originally created to provide a global safety net during shocks – is one in which most of the world’s poorest countries saw their debt service payments skyrocket by 35% in 2022. The “great finance divide” continues to proliferate, leaving the Global South more susceptible to shocks. Developing countries don’t have the resources they urgently need to invest in recovery, climate action and the SDGs, making them poised to fall even further behind when the next crisis strikes – and even less likely to benefit from future transitions, including the green transition.

As of November 2022, 37 out of 69 of the world’s poorest countries were either at high risk or already in debt distress, while one in four middle-income countries, which host the majority of the extreme poor, were at high risk of fiscal crisis. Accordingly, the number of additional people falling into extreme poverty in countries in or at high risk of entering debt distress is estimated to be 175 million by 2030, including 89 million women and girls.

Even prior to the recent rise in interest rates, least developed countries that borrowed from international capital markets often paid rates of 5 to 8 per cent, compared to 1 per cent for many developed countries.

The statement explained that theSDG Stimulus aims to offset unfavourable market conditions faced by developing countries through investments in renewable energy, universal social protection, decent job creation, healthcare, quality education, sustainable food systems, urban infrastructure and the digital transformation, noting that increasing financing by $500 billion per year is possible through a combination of concessional and non-concessional finance in a mutually reinforcing way.

It pointed out that reforms to the international financial architecture are integral to the SDG Stimulus. As highlighted in the Addis Ababa Action Agenda, financing sustainable development is about more than the availability of financial resources. National and global policy frameworks influence risks, shape incentives, impact financing needs, and affect the cost of financing.

The SDG Stimulus outlines three areas for immediate action:
First, tackle the high cost of debt and rising risks of debt distress, including by converting short-term high interest borrowing into long-term (more than 30 year) debt at lower interest rates.

Second, massively scale up affordable long-term financing for development, especially through strengthening the multilateral development banks (MDB) capital base, improving the terms of their lending, and by aligning all financing flows with the SDGs.

Third, expand contingency financing to countries in need, including by integrating disaster and pandemic clauses into all sovereign lending, and more automatically issue SDRs in times of crisis.

UN Calls for Significant Increase of Finance for SDGs

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EU Declares Nigeria Matters to Us

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EU Declares Nigeria Matters to Us

… Reiterates Commitment to Strengthen Long Standing Partnership

By: Michael Mike

The Chairman of the European Parliament’s Committee on Foreign Affairs, David MacAllister on Monday declared the importance of Nigeria to the bloc, stating that Nigeria “matters” to us.

He also reiterated the bloc’s commitment to strengthening its long-standing partnership with Africa’s largest democracy, Nigeria.

MacAllister, who led a six-member European Parliament delegation on an official visit to Nigeria on Monday, after a meeting with the Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar disclosed that their mission to Nigeria was designed to deepen mutual understanding, explore new areas of collaboration, and reinforce political and economic ties between both sides.

He said: “We are a delegation of the European Parliament’s Foreign Affairs Committee, We are six members in total from five different countries, from three different political groups in the European Parliament. And this shows a cross-party interest in further deepening and strengthening the relations between the European Union and Nigeria.”

MacAllister while describing Nigeria as a strategic partner whose influence on the continent and beyond makes it an indispensable ally in shaping Africa–EU relations, said: “Nigeria is considered as a strategic partner for the European Union. “We have a long-lasting, good and close relationship based on shared values and also on joint interests.”

He noted that the visit was part of the Parliament’s tradition of engaging directly with partner nations to better understand their challenges and opportunities.

He said: “The European Parliament’s Foreign Affairs Committee travels with smaller delegations a few times a year to other parts of the world,” adding that: “We mainly travel to get to know better the countries, to understand better the challenges these countries are facing, and also the opportunities these countries have. And we are also there to very carefully listen.”

MacAllister while expressing appreciation to Nigeria’s Minister of Foreign Affairs for hosting the delegation, noted that their discussion was insightful and covered a broad range of regional and global issues.

He said: “It was a great honour for us to be received by the Honourable Minister. His Excellency took more than one and a half hours of his precious time to really go into detail with many, many questions we had as regards the further development of the African Union, the further development of ECOWAS, and the developments in all neighbouring countries of Nigeria.”

He said the dialogue also reflected a shared interest in understanding the trajectories of both regions, stating that: “The Minister was also very interested in finding out how the further developments of the European Union will look like.”

He said: “Because just like Nigeria, just like ECOWAS, we in the European Union, of course, are also facing enormous challenges.”

He reaffirmed that Nigeria remains a vital partner in Europe’s engagement with Africa, stating that: “To sum up in one sentence — Nigeria matters. Nigeria matters for us in the European Union, and we in the European

Parliament are very keen to deepen the strategic partnership with Nigeria. And this will be our message when we go back home to Brussels.”

Responding, Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, welcomed the lawmakers to the Ministry of Foreign Affairs, describing the European Union as a critical partner in trade, security, and development.

He said: “Any visit from the European Union has to be considered very important because Europe still remains our largest trading partner,” adding that: “Figures may vary, but it is not less than 31.8 billion euros.”

He described Europe and Africa as “natural neighbours,” emphasizing that geography should unite rather than separate the two continents.

He said: “For those who understand a bit of Latin, ‘Mediterranean’ means ‘water in the middle of land. So where Europe is concerned in its relations to Africa, what we have is water in the middle of land—we are closer than we imagine.”

He noted that Nigeria’s partnership with the EU extends beyond trade, touching on regional stability, food security, and job creation.

Tuggar said: “President Bola Ahmed Tinubu emphasizes food security as his number one priority because we are a nation of 230 million people, expected to become 400 million by 2050. We are in a race against time to create jobs, feed our people, and ensure our population is healthy.”

He added that Nigeria’s recent inclusion as the 77th shareholder of the European Bank for Reconstruction and Development reflects its commitment to global economic cooperation.

He saud: “We have a lot of lessons to learn from the European Union, which itself is still integrating. It gives us hope and serves as a model that we seek to emulate. We will continue to strengthen our collaboration with the EU in all areas.”

Other members of the European Parliament delegation included Christophe Thomas (France), Jaliana Lefebvre (Croatia), Marta Emigo (Portugal), and Tim Kenan (Finland).

EU Declares Nigeria Matters to Us

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PRESIDENT TINUBU CHANGES SERVICE CHIEFS

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PRESIDENT TINUBU CHANGES SERVICE CHIEFS

By: Our Reporter

President Bola Tinubu has made changes in the hierarchy of the Service Chiefs in furtherance of the efforts of the Federal Government of Nigeria to strengthen the national security architecture.

The President appointed General Olufemi Oluyede to replace General Christopher Musa as the new Chief of Defence Staff. The new Chief of Army Staff is Major-General W. Shaibu. Air Vice Marshall S.K Aneke is Chief of Air Staff while Rear Admiral I. Abbas is the new Chief of Naval Staff.

Chief of Defence Intelligence Major-General E.A.P Undiendeye retains his position.

The President, Commander-in-Chief of the Armed Forces, expresses most profound appreciation to the outgoing Chief of Defence Staff, General Christopher Musa and the other Service Chiefs for their patriotic service, and dedicated leadership.

The President charges the newly appointed Service Chiefs to justify the confidence reposed in them to further enhance the professionalism, vigilance and comradeship that define the Armed Forces of Nigeria.

All appointments take immediate effect.

PRESIDENT TINUBU CHANGES SERVICE CHIEFS

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Nigeria-Germany Trade Volume Hits €3 billion – Envoy

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Nigeria-Germany Trade Volume Hits €3 billion – Envoy

By: Michael Mike

Nigeria-Germany trade volume has hit an all-time high of €3 billion, the German Ambassador to Nigeria, Annett Gunther said on Thursday

The envoy who addressed a press conference in Abuja said the 30% increase could be attributed to Nigeria’s economic recovery.

Gunther who called the press conference ahead of the joint Nigerian-German binational commission scheduled for Berlin, in German, noted that Nigeria remains “Germany’s second biggest trading partner in Sub-Saharan Africa with a total trade volume of 3 billion Euros,” adding that: “Trade volumes have increased this year by 30% due to Nigeria’s economic recovery.”

The envoy equally revealed that more than 90 German companies are active in the country, “indirectly creating about 17.000 jobs in Nigeria.”

Gunther also told journalists that good times between both countries were not over, promising Nigerians that more investments are on the way, especially in the energy and the pharmaceutical sectors.

She revealed that in the energy sector, the Presidential Power initiative is now in the second phase.

She said: “This cooperation with the German energy giant Siemens will add about 7 Gigawatts to Nigeria’s Energy Grid. Secondly, the German –Nigerian cooperation in the Gas sector, eliminating gas flaring and improving Nigeria´s CO2 footprint.”

The envoy revealed that the relationship has also improved in the area of Visa and Migration as no fewer than 7,600 visas were issued to both students and short term stay, adding that plans were already in place to increase the number.

Gunther said: “All the common goals and projects would not work if they were not supported by travels on all levels between our two countries, plus legal migration. Last year alone, the German Embassy here in Abuja and the German Consulate General in Lagos granted around 1400 long-term visas for purposes such as study in Germany, family reunion and employment as well as around 6200 visas for short-term stays such as business and tourism.

She revealed that: “This year, we are well on track to raise those numbers,” stating that:
“The German missions remain committed to furthering the bilateral relations by granting visas to properly documented applications.”

She also assured that in the area of military cooperation, Germany will continue to stand by Nigeria.

She said: “This year marked a new chapter: the launch of our first Bilateral Annual Programme, bringing military experts from both countries together for in-depth exchanges and joint planning.

“Through the Bundeswehr Advisory Group, Germany has been a reliable partner — supporting Nigeria with field medical expertise and counter-IED operations, car mechanical training and other interventions.

“And we’re not stopping here. Germany will continue to stand with Nigeria in the fight against terrorism.

“Next month, we’ll take this cooperation to the next level: for the first time, high-level military staff talks will take place in Abuja, opening the door to even closer collaboration in the future.”

She also revealed other areas of cooperation which includes support for the Nigeria police force and the drug enforcement agency amongst others.

In the area of stabilization efforts at containing impacts of terrorism and climate change, the envoy said: “Germany is supporting the development of resilient state institutions and the strengthening of local communities.”

She said focus are on the North East (Borno, Adamawa, Yobe) and the North West (Zamfara, Sokoto, Katsina), “where initiatives such as the reconstruction of schools, health centres, markets, housing, and police stations are improving both security and daily life for local people.”

Nigeria-Germany Trade Volume Hits €3 billion – Envoy

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