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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
Nigeria@65: FG’s programmes improving welfare of Nigerians- NOA
The National Orientation Agency (NOA), on Wednesday said that the Federal Government’s programmes and policies under President Bola Tinubu-led administration were improving the welfare of Nigerians.
Mrs Adaline Patari, the State Director of NOA, Gombe State office, stated this shortly after a road show to mark Nigeria’s 65th Independence Day anniversary in Gombe.
Patari said that programmes and policies of Tinubu-led administration had supported many Nigerians from the student’s loan to conditional cash transfer to support to small businesses amongst others.
She stated that the initiatives by the present administration had restored hope and put the country amongst serious countries pursuing better reforms to improve their economy while revamping infrastructure.
According to her, many undergraduates benefitting from the student’s loan scheme which has removed all financial hindrances impeding access to tertiary education now feel a sense of belonging.
She said that the programmes and policies of the Federal Government have benefitted many households and improved their welfare in line with the Renewed Hope Agenda of President Tinubu.
“The reforms of the Federal Government are working and many persons are proud to be Nigerians and more persons are now trying to do the right things as Nigerians.
“People are beginning to see themselves as proud Nigerians and that confidence of being a Nigerian is being restored.
“Today, many Nigerians are benefitting from the programmes of the current administration, this means that the country is now working for them,” she said.
While acknowledging that there were still challenges that needed to be addressed, Patari said, at 65, we have made tremendous progress especially working together in peace and unity.
She urged Nigerians to continue to support Tinubu administration’s programmes towards building a better country that works for all Nigerians.
The state director said that with the necessary reforms being carried out and already yielding results in the economic, agriculture, security and other sectors, more Nigerians would be prouder to be Nigerians in the future.
“Today, the country is progressing and we are united; we are now prouder to be Nigerians and I can tell you that the labour of our heroes past, indeed is never in vain,” she added.
Commending the contributions of youths to national development, Patari urged them to have a positive mind-set towards Nigeria and to always express optimism of a better Nigeria for everyone.
Patari also lauded the renewed strength with which NOA under the Director General of the agency, Malam Lanre Issa-Onilu was being driven.
She said that government’s policies and programmes were getting more supports from Nigerians because of the constant engagements of Nigerians by the NOA nationwide.
The event also featured sensitisation of residents on Federal Government’s policies, programmes and the need for the people to support the current administration’s Renewed Hope Agenda
Nigeria@65: FG’s programmes improving welfare of Nigerians- NOA
Nigeria, European Union hold inaugural Trade and Investment Dialogue
By: Michael Mike
Senior Government officials of the Federal Republic of Nigeria and the European Union (EU) have today met in Abuja to assess the vibrant economic partnership between the two parties and chart a way forward.
The inaugural Nigeria-EU Senior Officials Trade and investment Dialogue (TID) was anchored by the Permanent Secretary, Federal Ministry of Industry, Trade and Investment (FMITI), Ambassador Nura Abba Rimi, and Director of the European Commission’s Directorate-General for Trade and Economic Security (DG TRADE), Ms Dora Correia,
The Minister of Industry, Trade and Investments, Dr. Jumoke Oduwole, and the EU Ambassador to Nigeria and ECOWAS, Gautier Mignot,, welcomed the launch of the Dialogue, which they said underscored the growing importance attached to trade and investment in the EU-Nigeria partnership.
This Senior Officials’ meeting marks an important step in strengthening the trade and investment partnership between the EU and Nigeria, and provided opportunity for the officials to exchange views on areas of mutual interest; address potential challenges and explore opportunities for further collaboration.
Discussions focused on a range of issues, including trade and investment policy, cooperation on market access barriers and requirements, preferential trade and investment arrangements, investment, collaboration within the World Trade Organization (WTO), regulatory measures that could impact trade and investment, and the identification of trade and investment-related development cooperation areas.
Both sides expressed their interest to continue the Dialogue, with the second TID billed to take place in Brussels, Belgium, in 2026, on a date to be jointly decided.
Nigeria, European Union hold inaugural Trade and Investment Dialogue
FG Declares Wednesday, Oct. 1 Public Holiday to Marks 65th Independence Anniversary
By: Michael Mike
The Federal Government has declared Wednesday, 1st of October as a public holiday to commemorate Nigeria’s 65th Independence Anniversary.
The Honourable Minister of Interior, Hon. Olubunmi Tunji-Ojo, who made the declaration on behalf of the Federal Government, congratulated all Nigerians both at home and in the diaspora on this historic occasion.
Tunji-Ojo, in a statement by the Permanent Secretary, Ministry of Interior, Dr. Magdalene Ajani, enjoined citizens to continue to uphold the patriotic spirit, unity, and resilience that have sustained the nation since independence in 1960.
He urged Nigerians to further keep faith in the Renewed Hope Agenda of President Bola Tinubu, which is anchored on national rebirth, economic transformation, and collective prosperity.
The Minister expressed confidence that, with the cooperation of all Nigerians, the country will continue to grow stronger in peace, progress, and development.
He wished Nigerians a happy and memorable 2025 Independence Day celebration.
FG Declares Wednesday, Oct. 1 Public Holiday to Marks 65th Independence Anniversary
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