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World needs Global Economic Integration, IMF Says

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World needs Global Economic Integration, IMF Says

By: Michael Mike

The International Monetary Fund (IMF) has said that more than ever before the world needs global economic integration to especially ward off the threats on global economy in the last two years as a result of COVID-19 pandemic and the ongoing Ukraine crisis.

The Managing Director of IMF, Ms. Kristalina Georgieva in her remark to the China International Import Expo (CIIE) at the weekend lamented that for over two and a half years the world has faced challenges in the global supply chain due to COVID-19 and the Ukraine crisis, insisting that the world has witnessed economic downturn.

She said due to the crises, “We have witnessed acute food insecurities, inflation. Poverty in many places is on the rise, around the world. We have seen

even big economies become relatively poorer.”

She proffered that: “Integration, not fragmentation, is key to the world’s economic success. We must promote trade openness and China is leading by example in this sense.”

She advised that reforms by China should be emulated, while decrying that: “Today, trade restriction and distortion, and subsidence is on the rise,” lamenting that: “Rather than be a source of growth, trade policies have become a source of fragmentation.”

She also asked governments to bring their disputes for resolution, stressing that: “We need much stronger international cooperation, not less of it.”

On her part, the Director General of the World Trade Organisation, Dr. Ngozi Okonjo-Iweala noted that China contributes 15 per cent of world’s total exports and she is the second largest importer of goods and services, while the third largest service exporter.

Okonjo-Iweala in her goodwill message to the Expo, said: “Trade must be part of the solution to solve inflation, climate change,

global economic slow, etc.”

She disclosed that reforming and revitalization of WTO is about equipping it to be able to find challenges to problems and be able to drive the solutions.

Okonjo-Iweala claimed that the future of trade is in digital solutions and services, going green and green services, and in inclusivity.

She explained that the future of trade means bringing continents together like Africa, Latin America, among others

She revealed that WTO will work with China for stronger, more responsive partnership with common objectives of making the world a better place.

In his opening speech at fifth China International Import Expo (CIIE), the Chinese President, Xi Jinping said the CIIE has become a showcase of China’s new development paradigm, a platform for high-standard opening-up, and a public good for the whole world.

He said: “Openness is a key driving force behind the progress of human civilizations and an intrinsic path toward global prosperity and development. The world today is confronted with accelerated changes unseen in a century as well as a sluggish economic recovery. We should commit ourselves to openness to meet development challenges, foster synergy for cooperation, build the momentum of innovation, and deliver benefits to all. We should steadily advance economic globalization, enhance every country’s dynamism of growth, and provide all nations with greater and fairer access to the fruits of development.”

READ ALSO: https://dailypost.ng/2022/11/02/demand-accountability-improved-healthcare-from-your-leaders-group-tells-borno-community/

He  promised that: “China will work with all countries and all parties to share the opportunities in its vast market. We will step up efforts to cultivate a robust domestic market, upgrade trade in goods, develop new mechanisms for trade in services, and import more quality products. We will establish pilot zones for Silk Road e-commerce cooperation and build national demonstration zones for innovative development of trade in services, so as to encourage innovation in trade and promote high-quality Belt and Road cooperation.”

He added that: “China will work with all countries and all parties to share the opportunities from its institutional opening-up. We will steadily expand institutional opening-up with regard to rules, regulations, management and standards, put into full effect the new Catalogue of Encouraged Industries for Foreign Investment, and further develop the national integrated demonstration zone for greater openness in the service sector. We will implement the strategy to upgrade pilot free trade areas, accelerate the Hainan Free Trade Port development, and tap into their role as pilot platforms for comprehensive reform and opening-up.”

He further assured that: “China will work with all countries and all parties to share the opportunities from deepened international cooperation. We will engage fully and deeply in WTO reform negotiations, promote trade and investment liberalization and facilitation, and enhance international macro-economic policy coordination, with a view to jointly fostering new drivers for global growth. We will endeavor actively to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA) to expand the globally-oriented network of high-standard free trade areas. We will firmly support other developing countries and assist them in growing faster, and promote the building of a community with a shared future for mankind.”

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UK Reaffirms Commitment Towards Economic Growth, Sustainable Development Across Nigeria

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UK Reaffirms Commitment Towards Economic Growth, Sustainable Development Across Nigeria

By: Michael Mike

The United Kingdom has reaffirmed its commitment to supporting inclusive economic growth and sustainable development across Nigeria as the country
navigates rising energy costs and the growing urgency of the climate crisis,

The British Deputy High Commissioner, Mr. Jonny Baxter made the commitment on Wednesday at his residence in Lagos in a statement at the second edition of W.O.M.A.N by Alitheia, a high-level forum for Women in Manufacturing, Agribusiness, and Nutrition and key stakeholders, hosted by Alitheia Capital, a pioneer in gender-lens impact investing private equity firm, in collaboration with Manufacturing Africa, a UK government programme focused on attracting Foreign Direct Investment into the manufacturing sector.

Themed “Scaling Sustainable Manufacturing & Energy Transition for Women-led SMEs in Africa,” this year’s edition brought together a dynamic mix of industry leaders, women entrepreneurs, investors, policymakers, and energy solution providers to explore the pivotal role of women-led businesses in Africa’s sustainable industrial transformation.

The discussions, according to a statement by the British High Commission in Nigeria. addressed the acute pressures SMEs face amid surging fuel prices and electricity tariffs – conditions that have made sustainable energy adoption both an environmental and economic imperative. Insights from Alitheia’s own portfolio reveals that adopting renewable energy can cut operational costs by as much as 60%, underscoring the financial viability of clean energy for scaling women-led businesses.

Participants examined practical pathways for women entrepreneurs to access clean energy solutions, scale sustainable manufacturing practices, and contribute meaningfully to Africa’s green economy.

In his remarks, the British Deputy High Commissioner in Lagos, Mr. Jonny Baxter stated: “We are proud to collaborate with Alitheia Capital on W.O.M.A.N. (Women in Manufacturing, Agribusiness, and Nutrition) to drive Africa’s green industrial future. We recognise the indispensable role of women in this transition and are committed to expanding access to capital and capability to ensure sustainable growth. This event reflects our shared vision for inclusive and transformative development, and we are committed to supporting this journey through targeted investments and strategic private partnerships.”

Also speaking, Co-Founder and Managing Partner at Alitheia Capital, Tokunboh Ishmael said: “We are no longer just talking about sustainability as a nice-to-have. It’s an economic imperative, especially for women entrepreneurs at the heart of Nigeria’s industrial transformation and through W.O.M.A.N by Alitheia, we’re not only spotlighting solutions—we’re scaling them. In our own portfolio, we’ve seen up to a 60% reduction in energy costs among businesses that have adopted clean energy. This is proof that green transition is not only possible but profitable.”

The event also featured keynote addresses and panel discussions with industry leaders including Yemisi Iranloye (CEO, Psaltry), Affiong Williams (CEO, ReelFruit), Temilola Adepetun (Managing Director, SKLD), James Fabola (CFO, Arnergy Solar), Bukola Badmos (Executive Director & CFO, Starsight Energy), and Sarah Ogbewey, (Head, Strategic Partnerships, Renewable Energy & Mobility, Sterling Bank).

Alitheia Capital also launched Nzinga, its SME capacity-building platform designed to equip entrepreneurs with tools for scaling their businesses sustainably. In parallel, Manufacturing Africa unveiled its Green Business Building (GBB) accelerator, which will drive the growth of green businesses through strategic support on core business problems, leading to the development of an ecosystem for green manufacturing and green jobs in Nigeria.

The day closed with an ESG knowledge session, exhibitions from green energy and manufacturing solution providers, and a resounding call to action: expand access to capital, strengthen ecosystems, and enable policy that supports inclusive green industrialization.

UK Reaffirms Commitment Towards Economic Growth, Sustainable Development Across Nigeria

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French Government Calls for Collaboration to Protect Oceans for Plastic Threat

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French Government Calls for Collaboration to Protect Oceans for Plastic Threat

By: Michael Mike

The French government wants Nigeria, the rest of Africa and the global community to mobilise resources, policies and collaboration to protect the oceans from the dangers of plastic waste.

The French Deputy Ambassador to Nigeria,
Jean-François Hasperue, made the call on Wednesday in Abuja during a plastic waste awareness programme at the French Institute.

Hasperue said the call for a united front to tackle the challenge became necessary because plastic waste has become one of the most pressing environmental crises facing the globe, with oceans bearing the brunt of the escalating threat.

The envoy explained that from floating debris to microplastics embedded in marine organisms, the evidence of damage on the oceans has been overwhelming.

He said: ‘’Our panellists were explaining that the microplastics that are eaten by fish in the lagoon of Lagos might be eaten by people in Asia because fish have been taken by foreign boats and sold everywhere in the world. So yes, it’s a global issue that we need to address. And there is one specific issue, of course, we decided to address within the UN conference in Nice, is the one of biodiversity beyond national jurisdictions.

“Because it has been for too many years, a gap in which we have not been able to raise cooperation among countries to save these biggest parts of the oceans. And I expect that we will announce that we have reached the 60 signatories for ratification by the end of this week. So the BBNG will be able to be implemented starting the 1st of January 2026.”

According to Mr Hasperue, the French government is raising awareness in Nigeria particularly in Nigerian universities as part of global strategy to build capacity of students and also to rally support for empowering global local communities.

He said: “We are part of a global strategy of France, because of course we would like to act at different level. We act first globally, and that’s why we decided to welcome the UN Conference on Ocean, which is actually happening in Nice from the June 9th to the 13th this very week. And that’s why in the wake of this global conference, we wanted here in Nigeria and in Abuja to organise at our level a debate, but not only a debate here, but activities all over the month of June.

“And we had not less than 11 activities happening in six different states in Nigeria, first of all to raise awareness in Nigeria, but also to rally support for empowering global local communities.”

Hasperue underscored the importance of the UN Ocean Conference to addressing the dangers of plastic waste on oceans, noting that awareness creation remains very critical to ending the menace.

He added that: “We have to take into consideration that plastic, although it has been a solution at some point of history, that it has been now so massive, so huge, that it has become a problem. So now we have to better think how to better produce plastic, how to make sure that plastic is better recycled, and how we make sure that it will less affect all life all over the world.
They are part of a global strategy by France to not only act at the global level, but also at the level of the communities. So we have a double approach, top down, but also a bottom up, to make sure that we create the link between what we are doing on the global stage to raise awareness, but that it has a translation down to the local communities. In every country we are working with the governments and civil society organisations.”

The Deputy French Ambassor to Nigeria stressed that the French government is helping Nigerian universities with recycling plastic and micro plants as well as funding of projects in the universities.

He said: “We have a fund of 750,000, 100,000 euros now, which is about helping universities in recycling plastic. So within this project, we have two micro plants that will be given to Nile University and UNILAG to recycle plastic within the universities. We are also funding a project in five different universities.”

Similarly, Sebastien Bede, the Attaché for Scientific and Higher Education Cooperation at the French Embassy, pointed out that the French government has been cooperating with Nigerian partners to develop projects and implement solutions to plastic waste.
‘’So we have this project we call the French Embassy Fund to actually develop and implement solutions to tackle plastic pollution in Nigerian university campuses. And the idea is threefold. First, as previously the Deputy Ambassador said, to equip two universities here in Nigeria, UNILAG, Nile University in Abuja, with microplants to recycle plastic.

This comes with capacity building, with Plastic Odyssey, to train the staff and develop integrated solutions, which goes from collecting the plastic on the campus, sort it out, clean it, grind it, and then the final product. So we have the input and the output. So there’s been a collective reflection on what is the need here in Nigeria on the campuses.

About 17 Nigerian university students were awarded for their efforts in turning plastic waste to viable economic ventures.

French Government Calls for Collaboration to Protect Oceans for Plastic Threat

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

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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”

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