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China To Unveil Financial Plan to Combat Global Economy Downturn

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China To Unveil Financial Plan to Combat Global Economy Downturn

By: Michael Mike

China is planning to come out with a strategy to combat the growing impact of COVID-19 and Russia/Ukraine war on global economy.

Beijing, the capital of China is presently hosting the Financial Street Forum, where  27 activities on 39 topics are being held, with four parallel forums, namely real economy and financial services, global market and financial development, digital economy and financial technology, and governance system and financial stability.

The forum was first held in 2012 and upgraded as a state-level and international industry forum in 2020. A decade later, it has been referred to as the guidepost for China’s financial reform.

Beijing Financial Street, dubbed “China’s Wall Street” and the “brain” of China’s finance, which was officially formed in 1993, celebrates its 30th year anniversary this year. 

The annual Financial Street Forum, which is holding from Monday to Wednesday in Beijing with the focus on economic development and financial cooperation amid unprecedented changes, is expected to proffer solution to the global economy that is experiencing a number of changes, including significant economic growth slowdown in a growing share of economies, high inflation unseen in several decades, tightening financial conditions in most regions and the lingering COVID-19 pandemic.

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Recent reports show that the global GDP growth is forecast to slow from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023 – the weakest growth outlook since 2001 except for the global financial crisis and the acute phase of the COVID-19 pandemic – according to the International Monetary Fund (IMF).

Also, a third of the world economy faces two consecutive quarters of negative growth. The GDP of the United States contrasted in the first half of 2022, while the euro zone contrasted in the second half, said the IMF.

Global inflation is forecast to rise from 4.7 percent in 2021 to 8.8 percent in 2022 before dropping to 6.5 percent in 2023, according to the IMF. Upside inflation surprises have been most widespread among advanced economies, with greater variability in emerging markets and developing economies.

High inflation has prompted rapid monetary policy tightening as fiscal support related to COVID-19 pandemic wanes.

Beijing Financial Street (BFS) hosts Chinese financial and monetary authorities and over 1,900 financial institutions. It is also home to the headquarters of 175 large financial institutions, 16 of which are on the Fortune Global 500 list, as well as 143 foreign financial institutions.

Assets of financial institutions on the BFS have reached 133.6 trillion yuan ($18.8 trillion), while assets of listed companies on the BFS are valued at over 143 trillion yuan ($20.1 trillion) this year, according to data from the BFS.

About 41 percent of the national assets of commercial banks are on the BFS, which also hosts 90 percent of national credit funds and 65 percent of insurance premium funds.

China To Unveil Financial Plan to Combat Global Economy Downturn

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WAHO Pledges Support for Nigeria’s Ebola Response, Donates 20,000 Thermometers

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WAHO Pledges Support for Nigeria’s Ebola Response, Donates 20,000 Thermometers

By: Michael Mike

The West African Health Organisation (WAHO) has reaffirmed its commitment to supporting Nigeria’s health emergency preparedness and response, following confirmation of the country’s first Ebola case.

The organisation also announced the donation of 20,000 non-contact infrared thermometers and 1,200 bottles of alcohol-based hand sanitiser to the Nigeria Centre for Disease Control and Prevention (NCDC) as part of efforts to strengthen the country’s response to the outbreak.

The Director-General of WAHO, Prof. Palokinam Pitche, gave the assurance when he led a delegation to the NCDC headquarters in Abuja on November 2, 2026, to discuss regional support for Nigeria’s health emergency preparedness and response.

The delegation included the Executive Director of the ECOWAS Regional Centre for Surveillance and Disease Control (RSCDC), Dr Mamadou Diarrassouba, and the Acting Director of Public Health and Research at WAHO, Prof. Joseph Olorunda.

The meeting was attended by officials of the NCDC and representatives of the World Health Organisation (WHO) and Africa Centres for Disease Control and Prevention (Africa CDC).
Discussions centred on aligning international and regional assistance with Nigeria’s national priorities, avoiding duplication of interventions and ensuring effective utilisation of available resources.

Pitche reaffirmed WAHO’s readiness to support Nigeria, stressing that health threats confronting the country had implications for the wider West African region and required coordinated regional action.

He recalled the organisation’s ongoing collaboration with Nigeria in disease surveillance, laboratory capacity development and technical assistance, noting that clearly identified needs would guide further support and strengthen collective responses to shared health challenges.
Welcoming the delegation, the Director-General of NCDC, Dr Jide Idris, expressed appreciation for WAHO’s continued support, stressing that effective management of public health emergencies required sustained collaboration among national, regional and international institutions.

Idris highlighted the need for a coordinated response covering surveillance, disease detection, case management, risk communication and logistics, particularly in tackling health threats capable of spreading across national borders.

Representatives of WHO and Africa CDC also pledged to work with WAHO to align their contributions with Nigeria’s government-led response plan.
They emphasised the need for assistance to be guided by clearly established priorities, defined institutional responsibilities and accountability mechanisms, while ensuring that each organisation deployed its technical expertise effectively.

The partners further reaffirmed their commitment to ensuring that emergency interventions translated into sustainable improvements in Nigeria’s preparedness and overall health system capacity.

WAHO’s technical and financial assistance is being channelled towards implementing the incident management plan following confirmation of the first Ebola case in Nigeria.

The donation of the thermometers and hand sanitisers is also expected to support infection prevention and control measures as the country strengthens its preparedness and response capacity.

WAHO Pledges Support for Nigeria’s Ebola Response, Donates 20,000 Thermometers

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Venezuela Solidarity Campaign Demands Release of Maduro, Flores

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Venezuela Solidarity Campaign Demands Release of Maduro, Flores

By: Michael Mike

The Venezuela Solidarity Campaign in Nigeria (VSCN) has demanded the immediate and unconditional release of Venezuelan President Nicolás Maduro and his wife, Cilia Flores, whom it accused the United States government of detaining illegally.

The campaign, in a statement issued on Friday by its Coordinator, Dimeji Macaulay, said the continued detention of the Venezuelan leaders represented an assault on national sovereignty and international law.

It called on Washington to end what it described as political persecution of Venezuela, abandon its interference in the affairs of sovereign nations and respect the right of the Venezuelan people to determine their political future without external pressure.

The group also condemned the reported expansion of criminal charges against Maduro and Flores, alleging that the US administration was using its judicial system to exert political pressure on governments opposed to its interests.

“We reject the use of military power, economic coercion and politically motivated prosecutions as instruments for determining the political future of Venezuela,” the statement said.

The campaign further demanded an end to economic sanctions against Venezuela and the US economic blockade of Cuba, arguing that the measures imposed hardship on ordinary citizens, including workers, children and vulnerable communities.

It described the restrictions as collective punishment for the political and economic choices of the two countries, insisting that their populations should not suffer because of their governments’ preferred systems of social and economic organisation.

The VSCN expressed solidarity with Cuba, citing its achievements in education, healthcare, international solidarity and social development, and urged Washington to end what it called economic strangulation of the Caribbean nation.

Beyond Venezuela and Cuba, the campaign criticised the global capitalist system, arguing that the concentration of wealth in the hands of billionaires had worsened inequality while millions of people continued to face hunger, homelessness, inadequate healthcare and limited educational opportunities.

It cited the wealth accumulated by billionaires, including Elon Musk, as an example of what it described as an unequal economic order in which a small minority controlled resources generated through the collective labour of millions.

The group called on workers, peasants, students, trade unions, socialist organisations and progressive movements worldwide to unite in pursuit of what it described as a socialist system founded on equality, democracy, solidarity and collective ownership of productive resources.

On Western Sahara, the campaign reaffirmed its support for the Sahrawi people’s right to self-determination, rejecting any attempt to impose Morocco’s autonomy proposal as a substitute for a democratic decision on the territory’s political future.

It called for a free, fair and internationally supervised referendum that would allow the Sahrawi people to choose their future, including independence.

The group noted that Western Sahara remained on the United Nations list of Non-Self-Governing Territories and argued that its people should not be denied the right to determine their political status.

It maintained that self-determination should apply equally to the peoples of Palestine, Western Sahara and Venezuela, as well as other nations facing occupation, domination or foreign interference.

Venezuela Solidarity Campaign Demands Release of Maduro, Flores

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Nigeria, Japan Move to Set Up Industrial Hub to Unlock Investment

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Nigeria, Japan Move to Set Up Industrial Hub to Unlock Investment

…Abuja seeks Japanese capital, technology transfer as Tokyo promises faster visa processing

By: Michael Mike

Nigeria is seeking to establish a joint industrial and investment hub with Japan to attract foreign capital, accelerate technology transfer and position local businesses to tap into Japanese supply chains and the wider African market.

The proposal, put forward by the Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, signals Nigeria’s push to turn 66 years of diplomatic relations with Japan into a stronger economic partnership driven by investment, industrialisation and job creation.

Odumegwu-Ojukwu made the proposal during a bilateral meeting with Japan’s Ambassador to Nigeria, Suzuki Hideo, urging Tokyo to work with Nigeria on a practical roadmap for the proposed Nigeria–Japan Industrial and Investment Hub.

The initiative is expected to facilitate joint ventures, connect investors with credible Nigerian businesses, promote skills development and encourage Japanese companies to establish stronger industrial links with Africa’s largest economy.

The minister stressed that existing bilateral agreements must translate into concrete investment commitments and measurable development outcomes, rather than remain diplomatic declarations.

“The outcomes of the Forum must be translated into concrete programmes, investment commitments and measurable development outcomes,” she said.

She urged both countries to implement the agreements reached at the 10th Nigeria–Japan Special Partnership Forum, held in Abuja on August 27, through practical programmes and regular consultations between their foreign ministries.

To strengthen private-sector participation, Odumegwu-Ojukwu called for more partnerships between Nigerian and Japanese companies through joint ventures, local content development, skills transfer and the integration of Nigerian businesses into Japanese supply chains.

She also sought greater engagement by the Japan External Trade Organization (JETRO) to link Japanese investors with Nigerian enterprises and public-sector partners.

Beyond manufacturing and trade, Nigeria is seeking Japanese investment in solid minerals, gas development, cleaner energy technologies and industrial decarbonisation, with the minister highlighting the strategic importance of resilient energy and critical-mineral supply chains.

The proposed investment push comes alongside Japan’s development cooperation in infrastructure, healthcare, agriculture, education and technical training through the Japan International Cooperation Agency (JICA).

Odumegwu-Ojukwu welcomed a $10 million JICA-supported initiative to strengthen Nigeria’s startup ecosystem through catalytic capital and institutional development, in partnership with the Nigeria Sovereign Investment Authority.

She also called for sustained Japanese support for peacebuilding, humanitarian assistance and stabilisation in Nigeria and West Africa, reaffirming Nigeria’s commitment to regional stability through the African Union and the Economic Community of West African States.

On mobility and business exchanges, the minister urged continued dialogue to resolve visa-related challenges affecting businesspeople, students, researchers, government officials and tourists.

Responding, Suzuki said Japan was desirous of deepening cooperation with Nigeria, which he described as a strategic African giant.

He also assured that visa-related issues would be handled expeditiously, an undertaking that could help facilitate business and people-to-people exchanges between the two countries.

Odumegwu-Ojukwu said the existing cordial relations between Nigeria and Japan offered an opportunity to build a more dynamic partnership anchored on investment, industrialisation, technology transfer and shared prosperity.

The renewed engagement comes as both countries seek to move beyond decades of diplomatic relations towards stronger commercial ties, with the proposed industrial hub emerging as a potential platform for converting bilateral goodwill into investments and economic opportunities.

Nigeria, Japan Move to Set Up Industrial Hub to Unlock Investment

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