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ODA Cuts: UN tasks Nigeria on embracing domestic, private sector funding

ODA Cuts: UN tasks Nigeria on embracing domestic, private sector funding
…says $17bn annual illicit financial flow loss would have made impact
By: Michael Mike
The United Nations has advised Nigeria to adopt an alternative model of funding to drive its economy, following the Official Development Assistance (ODA) cuts from major donors to poor and developing countries.
The United Nations Resident and Humanitarian Coordinator in Nigeria, Mohamed Fall who gave the advise on Monday at a press briefing organised ahead of the United Nations, Co-convener of the forthcoming 2025 Africa Social Impact Summit (ASIS) holding next month, advised Nigeria to explore domestic resources from the state and the private sector.
He said: “We are entering a new era where ODA, where development financing, where humanitarian financing will never be the way it has been for the past decade.
“This is why we think that it is time for us to focus on what kind of alternative model is the most viable for financing development in context like the one of Nigeria. And today financing development cannot find any other source than the domestic resources.”
As Co- Convener of this year’s ASIS, the UN official noted that, “This summit is taking place at a time where we really need to pull together our effort, our reflection and see which direction we need to take to make sure that private sector comes to the development financing not only as a charity or not only as a corporate social responsibility, but as an investment for development with a shared value and a shared understanding that any investment or any gain you make in development is going to benefit the private sector, to the shared value or the win-win concept of the partnership.”
Fall who made emphasis on the $17 billion Nigeria loses through illicit financial flows annually, noted that it would have made meaningful contribution to the nation’s development.
He said: “If you compare how much Africa get in ODA to how much Africa loses when it comes to illicit financial flow or any other financial flows that take capital out of the continent, you can agree that what we receive in ODA is maybe five, six, seven times less than the money we lose into those kinds of mechanisms.
“If I take the case of illicit financial flow, people say that the African continent will lose up to maybe $90 billion through illicit financial flow.
“Nigeria alone loses 20% of those $90 billion. It means what? It means around $17 billion a year lost through illicit flow. If that one was converted into development, it could represent up to 50% of what the state is spending annually, including for the debt service recovery.
“This is why we want this to be a forum of deliberation, exchanging ideas, identifying opportunity, to go beyond the narrative to an action.
“We want the forum to go beyond the rhetoric to an implementation of plan where we see truly how private sector can help to drive the development agenda, not only based on the charitable spirit that the private sector or the capital of industry can have, but by their own interest that when they develop the sector or when development takes place, it’s first and foremost for the benefit of their own business.”
Managing Director and CEO, Sterling Bank PLC, Abubakar Suleiman while stressing the importance of partnering with the UN on ASIS, said the private sector in Nigeria must engage in activities that would generate both financial and social values to the country.
He said: “And we asked ourselves, who could possibly help us achieve this objective? Who could call and every serious-minded person who is interested in solving Nigeria’s problem would show up? And there’s no better candidate for that than the UN.
“We need to create a culture where those of us that are profitable and make money working in Nigeria do more. Not just for the sake of the media, but do more to change the fabric of the country itself, not through charity, but by developing programmes and products that put money where it can create value.
“There is a crisis that needs to be solved and that this is probably our biggest opportunity to come together towards solving that.
“This is the platform. And I want to commit on behalf of Sterling Bank that we will continue to raise the standard. We will continue to push so that it’s not just a one-man war.”
Suleiman further charged the private sector to step up and bridge the resources gap occasioned by ODA saying, “The days where we can count on resources coming from across the border to solve our problem, they’re over. It may have started slow, but I think it is time now. We’re going to have to face the fact that there will be no international resources that will be sufficient enough to solve our problem. This particular summit, more than ever, should be a very sobering one.
“Nigeria is a country that does not collect a lot of taxes and whatever is not collected in taxes is in the pocket of the private sector so as long as the private sector controls more than 80 percent of the resources of this country, they have an obligation to bring those resources to bear in solving social problems.
“We need to make it a clear obligation until the government of this country can collect 30 percent, 35 percent of the GDP in taxes and have the power to do big stuff, we in the private sector must step up.”
Chief Executive Officer, Sterling One Foundation, Olapeju Ibekwe explained that this year’s Summit themed “Scaling Action: Bold Solutions for Climate Resilience and Policy Innovations” was a reminder everyone must “put their hands on the plow and whatever they have been doing before, now is the time for us to accelerate. 2030 is closer to us than when we first knew about it.
“This is an execution platform for people to work together. We seek to achieve three major objectives: effective partnerships; impact investments into scalable, viable solutions; and policy advocacy. We are proud to confirm that we have started all of this. And this year, we are looking to scale action,” she said.
ODA Cuts: UN tasks Nigeria on embracing domestic, private sector funding
News
Don’t Stereotype an Ethnic Group as Cause of Fallout with Citizens of Foreign Country, Dabiri-Erewa Warns

Don’t Stereotype an Ethnic Group as Cause of Fallout with Citizens of Foreign Country, Dabiri-Erewa Warns
By: Michael Mike
Chairman/CEO, Nigerians in Diaspora Commission (NIDCOM), Hon. Abike Dabiri-Erewa has warned against stereotyping a particular ethnic group activities as the reason for recent fallout with citizens of a particular country.
She noted that crime has no federal character, insisting that Nigerians should not stereotype anyone based on their ethnic group.
Answering questions on Arise Newsday on Sunday morning, she said just as NIDCOM appeals to countries not to judge Nigerians based on the activities of a few people who may commit one crime or the other , Nigerians should also not judge any ethnic group based on the activities of a few bad elements
She said any one who commits a crime should be held accountable and punished for that crime , adding that “ the few bad ones should not spoil the numerous good.”
She also stressed that Nigeria will continue to ensure that no Nigerian is punished for an offence they did not commit, while appealing to Nigerians to obey the laws of other countries
She also stated that President Bola Ahmed Tinubu has instructed that the Nigerians stranded in CAR who were rescued and are now in the safe hands of the Embassy be brought back home safely
On the issue of Libya , she appealed to Nigerians to stop falling victims of agents and trafickers.and called on the media to project positive stories about Nigeria and Nigerians , adding that “bad news travels fast . Nobody will celebrate us but ourselves.”
Don’t Stereotype an Ethnic Group as Cause of Fallout with Citizens of Foreign Country, Dabiri-Erewa Warns
News
Nigeria, Algeria Deepen Diplomatic Ties as New Embassy Chancery Project Commences in Algiers

Nigeria, Algeria Deepen Diplomatic Ties as New Embassy Chancery Project Commences in Algiers
By: Michael Mike
Nigeria and Algeria have reaffirmed their commitment to strengthening bilateral relations following a high-level diplomatic engagement between the Ministers of Foreign Affairs of both countries, Yusuf Tuggar (Nigeria), and Ahmed Attaf (Algeria).
According to a statement on Sunday by the spokesman of Nigeria’s Minister of Foreign Affairs, Alkasim AbdulKadir, during the meeting, both Ministers exchanged views on shared strategic interests and pledged to deepen cooperation across political, economic, and multilateral platforms.
He disclosed that emphasis was placed on revitalizing the Nigeria-Algeria Binational Commission, enhancing regional coordination, and promoting African priorities on the global stage.
He said in a related development, Tuggar also performed the groundbreaking ceremony for the construction of a new Chancery building for the Embassy of Nigeria in Algiers.
He said the event, which held at Dely Ibrahim—the diplomatic enclave in the Algerian capital—was attended by senior officials, Embassy staff, and members of the Nigerian community.
Speaking at the ceremony, the Minister noted that the project marks a significant step in modernizing Nigeria’s diplomatic infrastructure. The new Chancery is designed with eco-friendly architecture, enhanced security features, and upgraded facilities to improve consular service delivery and working conditions for Foreign Service personnel.
He said the construction is scheduled to begin immediately and is expected to be completed within 18 months, in line with the Ministry’s broader reform agenda aimed at projecting Nigeria’s image abroad and fostering international cooperation
.Nigeria, Algeria Deepen Diplomatic Ties as New Embassy Chancery Project Commences in Algiers
News
Nigeria, Benin Fine-Tune Framework for Economic Cooperation

Nigeria, Benin Fine-Tune Framework for Economic Cooperation
By: Michael Mike
Nigeria and the Republic of Benin have commenced the process of operationalizing the economic cooperation agreement they signed during the recently held West Africa Economic Summit (WAES).
Both countries had at the maiden regional economic summit in June 2025, in Abuja, signed the memorandum of understanding.
At a two-day meeting of officials of both countries to work out the framework for the implementation of the economic cooperation agreement held August 1-2, in Cotonou, Republic of Benin, Nigeria’s Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, said the move was in line with the objectives of the Economic Community of West African States (ECOWAS).
The Minister praised President Bola Ahmed Tinubu for his foresight in conceptualizing the summit as catalyst for the economic growth of the region.
She described the bilateral engagement as timely emphasizing that the two countries were bound not only by geography, but by centuries of shared history, familial ties, culture, commerce and vibrant commercial activity.
The Minister on behalf of the Government and people of Nigeria, also congratulated the Republic of Benin on her 65th Independence anniversary noting that it was fitting the important dialogue took place at a moment of national pride and reflection for the country.
She stated that over the years, the bilateral relations between the two West African neighbours had grown from informal interactions to a structured, strategic partnership, but not without challenges—ranging from trafficking and smuggling to wider trans-border crimes.
She noted that both countries had always found solutions whenever they came together with sincerity and determination.
“Our shared successes affirm a truth we must never lose sight of: that cooperation, not conflict; dialogue, not suspicion, remain our best tools for overcoming obstacles,” the Minister said.
Odumegwu-Ojukwu declared that the visit of the Nigerian delegation was not merely a technical conversation but a symbolic and political commitment.
According to the Minister, it was a commitment to Nigerian people and to the ideals of economic development, peace, and stability.
Therefore, both countries must be driven by a shared vision and mutual trust as they seek to build a resilient and sustainable trade corridor between their nations.
She added that: “The frequency and depth of our engagements at the highest political levels underscore the strategic nature of our relationship. The recent efforts of Presidents Bola Ahmed Tinubu and Patrice Talon to recalibrate our bilateral cooperation, particularly in the areas of trade and border management, demonstrate a shared political will to resolve longstanding issues and usher in a new era of mutual prosperity. Both Presidents have shown remarkable leadership in guiding this partnership forward. Their engagements, particularly at the West Africa Economic Summit have reaffirmed the mutual desire to build a future anchored in trade, security, and economic transformation. You would recall the words of President Bola Ahmed Tinubu who at the Summit said, “Nigeria and Benin are more than twins. We are the same people. Let us show the region that integration is possible.” I can boldly affirm that the discussions we’ve had from the 31st of July are an extension of that statement and vision.
“The bilateral meetings held in the course of this visit and the ones we will continue to have, offer yet another opportunity for us to deepen our dialogue and build on the gains made through various mechanisms; be it the Trade Facilitation Committee, the Joint Customs Working Groups, or the recent strides made in cross-border trade harmonization. We must seize this momentum to find practical and forward-looking solutions to the challenges that continue to constrain our trade and economic cooperation.
“It is important that we work together to ensure that policies and procedures on both sides of the border promote legitimate trade, encourage investment, and empower our business communities. Let us continue to align our customs and transit frameworks, streamline bottlenecks, and reinforce our joint commitment to regional integration under ECOWAS and the African Continental Free Trade Area (AfCFTA).
On her part, Nigeria’s Minister of Industry, Trade and Investment, Jumoke Oduwole, who presented the resolutions at the meeting noted that the economic cooperation would cover four thematic areas including trading services and private sector engagements, market access, customs procedures and trade facilitation, transport infrastructure and storage. Technical working groups are expected to deliberate of these areas and submit reports in Abuja in the coming weeks.
Minister of Foreign Affairs of the Republic of Benin, Mr. Olushegun Adjadi Bakari, said his country was committed to sustaining excellent mutually beneficial relations with Nigeria.
The Minister of Industry and Trade of the Republic of Benin, Mrs. Shadiya Alimatou Assouman, the Director General of Customs, the Comptroller General of Nigeria Customs Service, Adewale Adeniyi, Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Amb. Nura Abba Rimi, the Director, Africa Affairs Department in Nigeria’s Ministry of Foreign Affairs, Amb. Regina Ocheni, Director, Office of the Minister of State for Foreign Affairs, Amb. Innocent Iwejuo and members of the technical committee as well as members of both delegations, participated in the meetings.
Nigeria, Benin Fine-Tune Framework for Economic Cooperation
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