OP-ED: “A RESCUE PLAN FOR SUSTAINABLE DEVELOPMENT”

By: Michael Mike

This month, leaders will gather in Sevilla, Spain, on a rescue mission: to help fix how the world invests in sustainable development.

The stakes could not be higher. A decade after the adoption of the Sustainable Development Goals and many global commitments to finance them, two-thirds of the targets are lagging. And the world is falling short by over $4 trillion annually in the resources developing countries need to deliver on these promises by 2030.

Meanwhile, the global economy is slowing, trade tensions are rising, aid budgets are being slashed while military spending soars, and international cooperation is under unprecedented strain.

The global development crisis is not abstract. It is measured in families going to bed hungry, children going unvaccinated, girls being forced to drop out of school and entire communities deprived of basic services.

We must correct course. That begins at the Fourth International Conference on Financing for Development in Sevilla, where an ambitious, globally supported plan to invest in the Sustainable Development Goals must be adopted.

That plan should include three essential elements.

First, Sevilla must help accelerate the flow of resources to the countries who need it most. Fast.

Countries must be in the driver’s seat, mobilizing domestic resources by strengthening revenue collection and addressing tax evasion, money laundering and illicit financial flows through international cooperation. This would provide much-needed resources to prioritize spending on areas with the greatest impact such as education, healthcare, jobs, social protection, food security, and renewable energy.

At the same time, national development banks, regional and Multilateral Development Banks need to come together to finance major investments.

To support this, the lending capacity of these banks needs to triple so developing countries can better access capital on affordable terms with longer timelines.

This increased access should include re-channeling of unconditional reserve assets — or Special Drawing Rights — to developing countries, preferably through Multilateral Development Banks to multiply their impact.

Private investment is also essential. Resources can be unlocked by making it easier for private finance to support bankable development projects and by promoting solutions that mitigate currency risks and combine public and private finance more effectively.

Throughout, donors must keep their development promises.

Second, we must fix the global debt system. It is unfair and broken.

The current borrowing system is unsustainable, and developing countries have little confidence in it. It’s easy to see why. Debt service is a steamroller crushing development gains, to the tune of more than $1.4 trillion a year. Many governments are forced to spend more on debt payments than on essentials like health and education combined.

Sevilla must result in concrete steps to reduce borrowing costs, facilitate timely debt restructuring for countries burdened by unsustainable debt, and prevent debt crises from unfolding in the first place.

In advance of the conference, a number of countries put forward proposals to ease the debt burden on developing countries. This includes making it easier to pause debt service in times of emergency; establishing a single debt registry to strengthen transparency; and improving how the IMF, World Bank and credit-ratings agencies assess risks in developing countries.

Finally, Sevilla must raise the voice and influence of developing countries in the international financial system so it better serves their needs.

International financial institutions must reform their governance structures to enable greater voice and participation of developing countries in the management of the institutions they depend on.

The world also needs a fairer global tax system, one shaped by all governments — not just the wealthiest and most powerful.

The creation of a “borrowers club” for countries to coordinate their approaches and learn from one another is another promising step toward addressing power imbalances.

The meeting in Sevilla is not about charity. It’s about justice, and building a future in which countries can thrive, build, trade, and prosper together. In our increasingly interconnected world, a future of haves and have-nots is a recipe for even greater global insecurity that will keep weighing down progress for all.

With renewed global commitment and action, Sevilla can spark new momentum to restore a measure of faith in international cooperation and deliver on sustainable development for people and planet.

In Sevilla, leaders must act together to make this rescue mission a success.

OP-ED: “A RESCUE PLAN FOR SUSTAINABLE DEVELOPMENT”

Nigeria, Russia to deepen military, technical cooperation

By: Zagazola Makama

The Russian Federation has reaffirmed its commitment to strengthening defence and military-technical cooperation with Nigeria as part of efforts to promote peace, sovereignty and stability across the African continent.

Speaking at a bilateral meeting with Nigerian Defense Chief, General Christopher Musa and other officials, a Russian envoy described Nigeria as a strategic and promising partner, noting its position as the most populous country in Africa and a key regional player.

“We consider the Federal Republic of Nigeria a promising partner on the African continent. You are the largest country, and we support the efforts of the Nigerian authorities to strengthen national armed forces to safeguard the country’s sovereignty and ensure regional security,” the envoy said.

He expressed satisfaction with Nigeria’s willingness to pursue constructive cooperation with Russia in the areas of military and defence technology.

“We positively assess your commitment to fruitful cooperation with our country in military and military-technical spheres,” he added.

The Russian official called for an open discussion on current defence priorities, pledging continued support to Nigeria and other African partners.

In his response, Gen Musa, appreciated them for their support and commitment to the Armed Forces of Nigeria and for inviting him and his for the 80th victory parade.

He also appreciated them for the donation of weapons and drones to boost the campaign against terrorism within Nigeria and the Sahel Region

“Today, we discuss the most relevant issues of cooperation between our defence ministries. We value our friendship with Russia and deeply appreciate all the assistance Russia has provided assistance that has often been critical for many countries,” he said.

He praised Russia’s reliability and action-oriented diplomacy, saying, “You don’t just make promises, you fulfil them. Everyone knows Russia works for the good of peace and stability.”said General Musa.

The meeting, attended by top defence officials from both countries, is expected to yield agreements that will boost training, logistics, arms supply and intelligence-sharing in the fight against terrorism.

Nigeria, Russia to deepen military, technical cooperation

Nigeria Congratulates Germany on Election of New Chancellor

By: Michael Mike

Nigeria has extended its warm congratulations to Germany on the successful election of Friedrich Merz as the new Chancellor. The Conservative Leader
won with 325 votes in the 630-Seat Bundestag on Tuesday, 6th May, 2025.

A statement by the spokesperson of the Ministry of Foreign Affairs, Kimiebi Ebienfa read: “Nigeria commends Germany’s strong democratic traditions and values, which have once again been demonstrated through a peaceful and transparent electoral process. We are confident that under Friedrich Merz’s leadership, Germany will continue to play a pivotal role in advancing global peace, stability, and prosperity.

“As longstanding partners, Nigeria looks forward to deepening bilateral relations with Germany in areas of mutual interest, including trade, investment, security, and sustainable development. We also reaffirm our commitment to strengthening multilateral cooperation within the framework of the United Nations and other international fora.

“The Nigerian government and people wish the new Chancellor a successful tenure and express our readiness to work closely with Germany for the benefit of both nations and the global community.”

Nigeria Congratulates Germany on Election of New Chancellor