World
Ukraine war could increase shocks for developing countries, UN warns
Ukraine war could increase shocks for developing countries, UN warns
UN on Tuesday warned that the fallout from the war in Ukraine could dramatically worsen the economic outlook for developing countries already grappling with debt financing related to the COVID-19 pandemic.
UN, in a report published on Tuesday, stated that while rich nations were able to support their pandemic recovery with record sums borrowed at ultra-low interest rates, the poorest countries spent billions servicing debt, thus preventing them from investing in sustainable development.
COVID-19 pushed 77 million more people into extreme poverty in 2021 while many economies remained below pre-2019 levels, according to the” Financing for Sustainable Development Report: Bridging the Finance Divide.” report.
Furthermore, it is estimated that one in five developing countries will not see their Gross Domestic Product (GDP) return to 2019 levels by the end of 2023, even before absorbing the impacts of the Ukraine conflict, which is already affecting food, energy, and finance across the globe.
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The report was produced by the UN Department of Economic and Social Affairs (DESA) together with more than 60 international agencies, including within the UN system, and international financial institutions.
UN Deputy Secretary-General Amina Mohammed described the findings as “alarming”, given that the world is at the halfway mark for financing the Sustainable Development Goals (SDGs).
“There is no excuse for inaction at this defining moment of collective responsibility, to ensure hundreds of millions of people are lifted out of hunger and poverty.
“We must invest in access for decent and green jobs, social protection, healthcare and education leaving no one behind,” she said.
The report reveals that on average, the poorest developing countries pay around 14 per cent of revenue for interest on their debt, while the figure is 3.5 per cent for richer nations.
The pandemic forced governments to cut budgets for education, infrastructure and another capital spending.
Fallouts from the war in Ukraine – such as higher energy and commodity prices, as well as renewed supply chain disruptions – will only exacerbate these challenges and spark new ones.
The war is also likely to result in further increases in debt distress and increased hunger, further widening “pandemic recovery gaps” that existed before the conflict.
Liu Zhenmin, the DESA chief, pointed to a potential silver lining for the way forward.
“The developed world proved in the last two years that millions can be lifted out of poverty by the right kind of investment – in resilient and clean infrastructure, social protection or public services.
“The international community must build on that progress, and ensure developing countries can invest at similar levels while reducing inequality and securing a sustainable energy transition,” he said.
The past year was also marked by some advances in poverty reduction, social protection and investment in sustainable development, driven by actions in developed countries and some large developing nations, including some 17 trillion dollars in COVID-19 emergency spending.
Additionally, Official Development Assistance (ODA) reached 161.2 billion dollars in 2020, the highest level ever.
However, 13 governments also cut this support to developing countries, and the record sum is still insufficient to meet the vast needs.
The UN fears that increased spending on refugees in Europe, another fallout of the war in Ukraine, could lead to cuts in aid to the world’s poorest countries.
To bridge the “great finance divide”, the report calls for countries to urgently address financing gaps and rising debt.
This can occur through several measures, such as speeding up debt relief and expanding eligibility to highly indebted middle-income countries.
“It would be a tragedy if donors increased their military expenditure at the expense of Official Development Assistance and climate action.
“It would be a tragedy if developing countries continue to default, at the expense of investments in social services and climate resilience,” Mohammed said.
World
UK Reaffirms Commitment to Building Strong Partnerships with Nigerian Universities
UK Reaffirms Commitment to Building Strong Partnerships with Nigerian Universities
By: Michael Mike
The United Kingdom Government has reaffirmed its commitment to supporting international education in Nigeria by building strong partnerships with Nigerian universities.
This commitment was made at the Going Global Conference in Abuja themed, “Building sustainable and relevant tertiary education institutions and systems in Africa”.
The three-day conference, which is being hosted by the British Council, holds from the 26th to 28th of November 2024, and provides a platform for tertiary education senior leaders, policymakers and industry experts to debate the future of further and higher education.
The UK Government’s International Education Champion, Sir Steve Smith, in his opening remarks at the conference announced the commencement of three projects between UK and Nigeria universities.
He said: “I am pleased to confirm that starting in January 2025 three new projects with a focus on expanding partnerships between institutions in Nigeria and the UK will be supported through the British Council Transnational education (TNE) exploratory grants scheme.
“Such partnerships not only contribute to transforming local systems and strengthening institutional capabilities, but they also create pathways for cross-sector innovation, bringing academia and industry closer together.”
British High Commissioner, Dr. Richard Montgomery, in his speech at the conference said: “With over 60% of Africa’s population under 25, and projections that population will reach 2.5 billion by 2050, the continent needs to harness a demographic dividend. To do that, more and better-quality higher education is needed.
“Education partnerships in the continent need to evolve. And the focus must be on strengthening Africa’s domestic higher education systems.”
In attendance at the conference were the Minister of Education, Tunji Alausa, Acting Executive Secretary of the National Universities Commission (NUC), Mr. Chris Maiyaki, and other notable education stakeholders.
According to a statement signed on Wednesday by the Senior Communications & Public Diplomacy Officer, Foreign Commonwealth and Development Office, British High Commission, Atinuke Akande-Alegbe, Following the conference, Sir Steve Smith will lead a delegation of 11 UK universities to engage with their Nigerian counterparts. This will include a visit to Lagos to explore opportunities for sustainable, mutually beneficial TNE partnerships.
UK Reaffirms Commitment to Building Strong Partnerships with Nigerian Universities
News
Israeli Envoy Alleges Iran Behind Global
Israeli Envoy Alleges Iran Behind Global
By: Michael Mike
Israeli Ambassador to Nigeria, Michael Freeman has alleged that Iran is at the centre of global terrorism and political unrest, insisting that without a change in the present Iranian political leadership there may be no peace in Middle East and part of Africa.
Speaking in Abuja during the screening of the documentary “We Will Dance Again” directed by Yariv Mozer, shown to commemorate the first anniversary of the Oct. 7 attack, noted that: “The source of this war and the source of the instability is Iran. Iran is responsible and Iran is the backer of Hamas.. Iran is the backer of Hezbollah, Hutus and all the instability in the Middle East.”
He further alleged that: “They are pumping millions of dollars, billions of dollars, expertise, weapons in order to disabilise the entire region. They know what they are doing,. Iran has also made attempt to disabilize Africa and West Africa and they are beginning their action also in Nigeria.
“Iran under a radical leader is a regime that is sponsoring terror, destruction and mysteries for millions not least for the Iranian people, and the quicker that the world takes action against Iran to remove the leadership and change the leadership the quicker the world will be a better place.
He said: “The world needs to stand together against terrorism . Terrorism in Israel will not stop in Israel. We have seen radical terrorism here in Nigeria like in Israel.
“We have learnt that when it starts in Israel it never finishes there. Countries that face terrorism needs to work together, United to stop it, because I promise you the terrorists are all working together, terrorists do not recognize borders, they do not recognize the states or any other thing.
“So we all need to come together, share our expertise and work together to stop terrorism.
“Israel is ready to share and work togehwr with anybody who wants to tackle and stop trrrorism.”
Freeman said: “Israel’s demand is very clear that the world understands terrorism, Nigeria has been the victim of terrorism, the particularly extremist terrorism and we will need to stand together, side by side all those countries who are fighting against terrorism to ensure that the world is a better place.
“We need to ensure that Hamas can never carry attack like we just saw again. I will say that what we just saw was one place that was attacked, we hadn’t looked at the villages and communities, we didn’t look at the other 900 people who were murdered and their children in their bedroom, killed and burnt alive, and raped.”
He noted that the ideology of Hamas has shown that there won’t be peace in the Middle East unless they are wiped off.
“Hamas is dedicated to the destruction of Israel and want the death of every Jew, that is the words of Hamas.
Anybody wants to see peace in the Middle East, Hamas must be destroyed.
There cannot be peace while Hamas is still existing.”
The envoy added that: “In 2005, Israel left the Gaza Strip, we withdrew all of our soldiers, all of our Jewish citizens, all of the communities, settlement. Since 2005 there haven’t been single Israeli inside the Gaza Strip, when we left there, we left communities, buildings, agriculture settlements, opportunities for people and for Palestinians in Gaza, to build a better future.
“But in 2007, when they elected Hamas and Hamas came into power, since then they have ran a brutal dictatorship and taken all international aids and used it to build terrorism, tunnels and build weapons, if the aids is going to the people, they have impoverished their own people, they created a dynamics where they cannot live, they cannot have decent lifestyle. So if anybody is responsible for what happens it is Hamas.
“Israel has stated clearly we want to have peace with our neighbours. The Palestinians say if you withdraw you will have peace. We withdrew and we received rockets and terrorism. So it is not a reality, the death of any innocent is an absolute tragedy.
“The death of an Israeli or Palestinian child is the same tragedy, the mother mourns, the father mourns, it doesn’t matter. The question is who would we put the blame on for those deaths.
“The Israeli death is clear Hamas murdered in cold bold. In Gaza Israel is doing all it can to avoid civilian casualties.
“Civilian casualties resulted in the fact that Hamas has imbedded itself inside civilian infrastructure, in Gaza. Hamas are inside the hospitals, they are inside the schools, the mosque. They use everything that they can as a structure.
“Hamas unfortunately comes from a wicked ideology that none of us can understand. Every death in Gaza is the fault of Hamas.
“On Oct. 6, there was a cease fire. We weren’t near. Hamas were the ones who started this, and launched this and we will make sure that jHamas will never be able to do that again.”
Israeli Envoy Alleges Iran Behind Global
News
UK Foreign Secretary Arrives Nigeria in First Trip to Africa
UK Foreign Secretary Arrives Nigeria in First Trip to Africa
By: Michael Mike
United Kingdom’s Foreign Secretary, David Lammy has arrived Nigeria in what is his first trip to the African continent
A statement signed on Sunday by the Senior Press & Public Affairs Officer | Comms Lead, Prosperity and Economic Development, Ndidiamaka Eze disclosed that: “Committing to a fresh approach to Africa that works productively from Morocco to Madagascar, the Foreign Secretary will announce the start of a five-month consultation process, to ensure African voices inform and sit at the very heart of the UK’s new approach to the continent.
“Accommodating the diverse needs and ambitions of 54 countries, the consultation will guarantee the UK’s relationships across Africa are based on mutual respect and partnership.”
Foreign Secretary David Lammy said on his visit, that: “Africa has huge growth potential, with the continent on track to make up 25% of the world’s population by 2050.
“Our new approach will deliver respectful partnerships that listen rather than tell, deliver long term growth rather than short term solutions and build a freer, safer, more prosperous continent. I want to hear what our African partners need and foster relationships so that the UK and our friends and partners in Africa can grow together.
“Growth is the core mission of this government and will underpin our relationships in Nigeria and beyond. This will mean more jobs, more prosperity and more opportunities for Brits and Africans alike.”
The Foreign Secretary is expected to advocate for further collaboration on mutual growth via the UK-Nigeria Enhanced Trade and Investment Partnership, signed earlier this year. This partnership is the key vehicle for driving trade and market access between the UK and Nigeria and plays a vital role in the UK’s growth mission.
He will also advocate for further trade and climate collaboration between Nigeria and the UK in high level meetings with President Tinubu, Foreign Affairs Minister, Ambassador. Yusuf Tuggar and Lagos State, Governor Babajide Sanwo-Olu.
The statement said: “Building on President Tinubu’s macro-economic reforms, the Foreign Secretary will announce a diverse Technical Assistance package to the Nigerian Ministry of Finance, offering British expertise from the Bank of England, HMRC and others to help continue to modernise and diversify the Nigerian economy.”
The statement added that: “Catalysing reform across Nigeria will create further opportunities within the flourishing Nigerian economy for British businesses – generating growth, jobs and incomes for Brits and Nigerians.”
UK Foreign Secretary Arrives Nigeria in First Trip to Africa
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