National News
UN Calls for Significant Increase of Finance for SDGs
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
NAN, AWALCO Partners to Promote ECOWAS Parliament
By: Michael Mike
The News Agency of Nigeria (NAN) has pledged to partner the Association of West African Legislative Correspondents (AWALCO) to publicise the activities of the ECOWAS Parliament, particularly its 25th anniversary celebrations.
The Managing Director of the agency, Malam Ali Muhammad Ali,, made the pledge when the leadership of the association paid him a courtesy visit in his office in Abuja on Thursday.
Ali while expressing appreciation to the association’s officials for deeming it worthy to pay him a courtesy visit, said as Africa’s biggest news content provider, NAN was home to all.
He said: “For deeming it worthy to come and pay us this courtesy call, the agency is appreciative.
“We hope that it will help the Parliament achieve its goals, and raise awareness, like you said, about its activities.
“On our part, the News Agency of Nigeria, like you know, is Africa’s biggest news content provider.”
He noted that the agency is the most authentic and biggest news hub in Africa, with a domineering influence and reach within the West African subregion.
Ali said: “So, with an association like this, certainly in the News Agency of Nigeria, you find a soulmate, a fellow traveler. You are welcome. We look forward to partnering and doing more, and the News Agency of Nigeria is your home.”
Speaking earlier, AWALCO President, Mr Innocent Odoh, explained that the purpose of the visit was to seek the collaboration and support of NAN, as the indisputable leader in terms of news credibility reportage, and viability.
He said that ECOWAS Parliament would be marking its 25th anniversary on November 16 and a series of activities had been lined up for it.
Odoh said that AWALCO, being the association of the parliament’s press corps, was fully involved in it by way of planning to give the occasion a media and publicity glitz.
He said this would help to propagate the ideals of ECOWAS in general, and ECOWAS Parliament in particular, and make the objectives of ECOWAS Commission and Parliament known globally, starting from the subregion.
He said: “In terms of viability, if we talk about the repository of news in all ramifications, in all dimensions, I think the News Agency of Nigeria comes first before any other one.
“So, what we are doing is in line with the media advocacy that we are projecting for the ECOWAS Parliament at 25.
“We can see that if the collaboration with NAN takes off as we planned it, I think it will go a long way in expanding the vision of the association.”
The AWALCO president further said that the partnership would determine how the regional bloc is run, especially at a time that so many things about ECOWAS needed to be interrogated.
“That is why we’re here, to seek that collaboration, to seek that support, how we can deepen that collaboration to ensure that the citizens of the Parliament understand what is happening around them.
“ECOWAS has a vision of 2050 but many people may not be aware of it, but collaborations like this can open up an opportunity for people to understand the vision of ECOWAS,” he added
on her part, Chief Communication Officer, ECOWAS Parliament, Mrs Uche Duru,, who was part of the delegation, in a remark, extended greetings from ECOWAS Parliament Speaker and Secretary-General to Ali and NAN’s management.
The spokesperson for the parliament said the association was beyond Nigeria, as its membership encompassed the entire West Africa, including even from member states that were threatening to exit or had already exited.
NAN, AWALCO Partners to Promote ECOWAS Parliament
National News
Nigeria, China May Head for Diplomatic Row Over Shooting of Immigration Officer at Chinese Firm
Nigeria, China May Head for Diplomatic Row Over Shooting of Immigration Officer at Chinese Firm
By: Michael Mike
Nigeria is not taking lightly the shooting of an immigration officer at a Chinese firm in Jos, Plateau State.
The Minister of Interior, Hon. Olubunmi Tunji-Ojo who narrated the story,
The federal government has threatened a serious diplomatic row with the Republic of China over maltreatment of a Nigerian Immigration Service officer shot by a Chinese company in Nigeria for asking for the company’s expatriate list.
Minister of Interior, Hon. Olubunmi Tunji-Ojo, who narrated the story on Thursday in Abuja at a stakeholders sensitisation workshop on the implementation of the Nigeria Visa policy 2025, said Nigeria is not handling the matter with kid gloves as it would be taken up as a diplomatic issue.
Tunji-Ojo lamented that the development alone is an attack on Nigeria. It will never be condoned.
He said the Immigration officer, who was on official duty, had visited the Chinese company in Jos, Plateau state, to check the list of the company’s expatriates, but the owner of the company ordered a security officer in the premises to shoot the government official.
Tunji-Ojo said: “I won’t go to China as a Nigerian, open a company and tell my security to shoot a government official in uniform. It’s never done anywhere in the world.
“These officers put their lives on the line. These officers serve this country with their all. And you will not come from anywhere and ask them to shoot them in their fatherland.
“It will no longer happen. We will take it up with you. Because that company, we (Nigerian government) have the power to withdraw their business permit Nigeria and declare them illegal.”
He wondered how it had become an offence for an Immigration officer to visit a foreign company and demand to see their expatriate list.
He said: “It will not happen again. So we’re going to be very hard. We will not stop your business. We will not overburden your business. But don’t make us inferior in our own land. No, please.
“And we’re going to be very tough on this. Because talking to you, I’m not just talking with passion on this topic, I’m talking with a lot of anger, because that guy that was shot is a Nigeria that we all swore to protect by virtue of the laws of Nigeria, by the constitution. That Immigration guy was not shot by a terrorist, is a father, he is a son to somebody. He is a husband to somebody. That cannot happen anywhere in the world.
“We will not tolerate it. Please, no agent, no company is above the law,” the Minister declared
Nigeria, China May Head for Diplomatic Row Over Shooting of Immigration Officer at Chinese Firm
Nigeria Explores CNG Technology to Power Defence, Industrial Vehicle Fleets
By: Michael Mike
The Minister of Foreign Affairs, Amb. Yusuf Tuggar has led a high-level delegation on a tour of UROVESA—a renowned Spanish manufacturer of military and industrial vehicles.
The visit focused on exploring potential collaboration in Compressed Natural Gas (CNG) technology for powering Nigeria’s defence and industrial vehicle fleets.
The minister was accompanied on the visit by key figures including the Minister of State for Petroleum Resources, Ekperikpe Ekpo; Presidential CNG Initiative representative, Engr. Michael Oluwagbemi; Engr. Henry Oki; and the Special Assistant for Gas Business and Investment to the Minister of State for Petroleum Resources (Gas), where they all engaged in detailed discussions with UROVESA executives.
During the visit, Tuggar emphasized the longstanding trade ties between Nigeria and Spain, noting that Spain remains one of Nigeria’s top trading partners, with Nigerian crude oil exports reaching $3.64 billion in 2023.
He lauded UROVESA’s innovative approach to producing all-terrain, armoured, tactical, and logistical vehicles, and expressed Nigeria’s growing interest in and implementation of CNG-powered solutions.
Tuggar also highlighted Nigeria’s business-friendly economic reforms under President Bola Ahmed Tinubu’s administration, which have positioned the country as a prime destination for investment in clean energy technologies. The discussions provided a valuable platform for further exploration of future collaborations between UROVESA and Nigeria’s Ministry of State for Petroleum Resources (Gas) in CNG-powered vehicle production and supply.
According to a statement by the foreign affairs minister spokesman, Alkasim AbdulKadir, the engagement not only reinforced Nigeria’s commitment to a green energy future but also laid the groundwork for modernizing the nation’s defence and industrial fleets with environmentally friendly and cost-effective energy solutions.
He said the promising outcome of the discussions sets the stage for a strategic partnership that is expected to foster sustainable innovation and drive economic growth for both Nigeria and UROVESA.
Nigeria Explores CNG Technology to Power Defence, Industrial Vehicle Fleets
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