UK Announces Partnership to Address Climate Crisis, Boost Growth

By: Michael Mike

Efforts to address the climate crisis and boost growth in the Global South and at home will be enhanced under a partnership approach between the government and the UK financial sector, the UK’s Minister for Development Anneliese Dodds announced Monday

The Minister announced up to £100 million for the UK’s flagship public markets programme MOBILIST which will provide businesses focused on delivering the SDGs with the anchor funding and expert advice they need to list on stock exchanges around the world, allowing them to attract significant sums of additional private investment.

She also celebrated the issuance of the first Climate Investment Fund (CIF) Capital Markets Mechanism (CCMM) bond last month, which raised $500 million (approximately £400 million) for energy and clean technology projects in low- and middle-income countries. The CCMM, launched by the Prime Minister at COP29, is a new financial mechanism to leverage future loan repayments by issuing bonds on capital markets.

Speaking at the London Stock Exchange, Minister Dodds praised the “expertise, experience and dynamism” of the UK’s financial services sector, and pledged to put this expertise “at the heart of how we meet the opportunities and challenges of our time”, including accelerating delivery of the UN’s Sustainable Development Goals (SDGs). These seek to address global challenges, including poverty, inequality, and climate change, to achieve a better and more sustainable future for all, by 2030.

Minister Dodds set out how investment in the Global South is an opportunity for UK financial services “to marry investment in the economies and technologies of the future, with the experience and expertise of the City of London”, adding that the government will hold up its end of the bargain by working internationally to reform the global financial system to provide greater opportunity and stability.

Minister for Development Anneliese Dodds said: “With businesses and the government working hand in hand to drive investment in the Global South, we can unlock growth, jobs, trade, investment, and pride in our economy overseas and here at home.

“This government is enabling the financial services sector to flourish and use its expertise and depth of capital to invest in the markets and technologies of the future.
“Through partnerships like this, we will deliver on the Plan for Change, drive domestic growth, and create a world free from poverty on a liveable planet.”

The MOBILIST funding is expected to generate between £400 million and £600 million of new investments in businesses across emerging markets in Asia, Africa, and Latin America. These investments will support economic growth, sustainable development, and climate action in local markets.

As today’s announcements demonstrate, this government’s modern approach to development focuses on harnessing the power of the private sector in mobilising the finance emerging markets need to grow.

This will create future export markets for the UK and new overseas investment opportunities, supporting domestic growth and delivering on the government’s Plan for Change. It will also make the UK safer and more stable by tackling the drivers of conflict, climate crises and economic decline in partner countries.

UK Climate Minister Kerry McCarthy said:
“This is a historic moment for tackling the climate crisis, with the first bond raising $500 million to accelerate the global clean energy transition and support the flow of climate finance to developing countries.
“Public finance alone cannot tackle the scale of this challenge, and this mechanism will help leverage the private finance needed to support those on the frontline of a changing climate.

“Its listing in the UK positions London as a green finance capital. By working with partners such as the World Bank the UK can drive the action needed to grow the economy and reap the rewards of net zero.”
Minister Dodds made the announcements during a speech to the UK financial sector, including pension funds, insurers, banks, and development finance organisations, after joining a market opening ceremony at the London Stock Exchange.

Julia Hoggett, CEO of the London Stock Exchange, added: “Flows of investment are vital to generating sustainable growth both in the UK and around the world. London’s capital markets have long played a leading role in driving flows of capital to where they need to go, and we welcome the focus on fuelling growth and supporting the just transition to net zero.

“As part of these efforts, we are proud to celebrate the listing of the Climate Investment Funds’ Capital Markets Mechanism on the London Stock Exchange. This pioneering bond issuance programme not only brings a new financing tool to our market but is facilitating critical investment in sustainable and clean assets.”

UK Announces Partnership to Address Climate Crisis, Boost Growth

Saudi Arabia Sponsors 20 Nigerian on Pilgrimage

By: Michael Mike

Twenty Nigerians are being sponsored by the Kingdom of Saudi Arabia for the Custodian of the Two Holy Mosques’ Guests Programme for Umrah 2025.

They are expected to perform the lesser hajj (Umrah) in Saudi Arabia fully sponsored by the Kingdom of Saudi Arabia.

A press statement on Tuesday in Abuja by the Embassy of Kingdom of Saudi Arabia in Abuja read: “As part of its dedication to promoting Islamic unity and facilitating access to Islam’s most sacred sites for Muslims around the world, the Kingdom of Saudi Arabia’s Embassy in Abuja hosted a grand farewell ceremony for 20 Nigerian pilgrims selected for the Custodian of the Two Holy Mosques’ Guests Programme for Umrah 2025.

“The ceremony held under the leadership of His Excellency Faisal bin Ibrahim Al-Ghamdi, Saudi Ambassador to Nigeria, highlighted the Kingdom’s unwavering commitment to supporting Muslims and fostering spiritual connections through pilgrimage.

“The programme, initiated by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, provides Muslims from diverse backgrounds the opportunity to perform Umrah with full sponsorship, symbolising Saudi Arabia’s role as the spiritual heart of the Islamic world.”

In his keynote address, Ambassador Al-Ghamdi expressed profound gratitude to King Salman bin Abdulaziz Al Saud and His Royal Highness Crown Prince Mohammed bin Salman for their steadfast dedication to Islam’s holy sites.

He praised their exceptional leadership in enhancing the services provided to pilgrims and ensuring that their journey to the sacred sites is both spiritually fulfilling and logistically seamless.

He said: “The Custodian of the Two Holy Mosques and the Crown Prince have prioritised the well-being of pilgrims, viewing it as a sacred duty and an immense honor. Through this programme and other initiatives, Saudi Arabia continues to strengthen bonds of brotherhood among Muslims while ensuring their comfort and safety during their spiritual journey.”

Ambassador Al-Ghamdi revealed that the Kingdom had invested over $100 billion in the recent expansion and modernisation of the Two Holy Mosques. According to him, these ambitious projects, encompassing state-of-the-art infrastructure, advanced crowd management systems, and cutting-edge technology, reflect Saudi Arabia’s commitment to accommodating the increasing number of pilgrims visiting Mecca and Medina each year.

He added that the Kingdom spares no effort in mobilising resources to improve the pilgrimage experience for all Muslims.
He also emphasized the importance of adhering to the Kingdom’s laws and regulations, designed to maintain order and ensure the safety and comfort of all pilgrims.

“The leadership of Saudi Arabia remains fully committed to serving the guests of God. This is a responsibility we hold dear, and we continuously strive to enhance the spiritual and logistical aspects of the pilgrimage experience,” he said.

The Custodian of the Two Holy Mosques’ Guests Programme has become a symbol of the Kingdom’s efforts to unite Muslims worldwide and facilitate access to the holiest sites in Islam. Each year, the initiative provides thousands of pilgrims with the opportunity to perform Umrah, covering all costs, including travel, accommodation, and other logistics.

The guests expressed their sincere thanks and appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, may God protect him, for this generous hospitality provided by the Kingdom’s leadership in serving Islam and Muslims and serving the House of God and the Holy Land.

Saudi Arabia Sponsors 20 Nigerian on Pilgrimage

Aftermath of Modi’s Visit: Nigeria Should Expect Rise in Already Existing Over 200 Indian Companies, Growth in $27 billion Indian investment, Indian Government Promises

By: Michael Mike

Nigeria should expect more Indian investment in Nigeria with the growth in over 200 companies presently operating in the country and increase in the present investment of over $27 billion in the nation’s economy by Indian interest, the Indian government has assured.

Addressing the media on Sunday in Abuja on the fallout from the visit of Indian Prime Minister, Narendra Modi to the country, the Secretary of Economic Relations at India’s Ministry of External Affairs, Dammu Ravi, said: “While Indian companies are very strong in the traditional areas of manufacturing in Nigeria, with more than 200 companies having invested $27 billion in the economy here, there are new areas that are being identified, which include, as we discussed, the agriculture part of it, particularly lentils and other things which are being considered as a possibility. Then irrigation services, seed, hybrid seed development, research and development on good seeds, climate-resistant seeds and other things are being considered so that that area can also come into focus between the two countries.

“So we talked about mining, we talked about various issues pertaining to small and medium enterprises, the skill development part of it.

“Already we have some experts who have been training for more than six months in SMEDAN over here, entrepreneurial development skills. And also through the Indian Technical and Economic Cooperation where we have been sending people to India for skill development, that also came into focus. So we would be considering all these things too, we are diversify the areas of our cooperation in trade and economic relations, as well as to strengthen our trade cooperation.”

He also revealed that India is interested in further investment in Nigeria’s oil and gas industry, stating that: “There was a very good concentration of topic on oil and gas investment. Some Indian companies are already working on the CNG areas, which is the focus area of the President also. There are companies which are working in CNG city-wide network as well as setting up the outlets for CNG over here. CNG kits are being also sent over here so that it can be put in the cars and vehicles to use the CNG.”

He noted that on pharmaceuticals and medicine, there are nearly $4 billion of investment by Indian companies in the pharmaceutical sector here in Nigeria, and there is already existing eye hospitals of India in Abuja and Lagos, as well as another multi-speciality hospital.

He said: “I can also tell you that there is going to be a bigger hospital, a 300-bed hospital that has come up in Abuja, which will be open very shortly with expert doctors and technicians and others from India with modern technology. So that hospital chain would also be expanding itself into other geopolitical areas too.”

He said India, in agreement with Nigeria, looks forward to the reform of the United Nations Security Council, stating that there is urgent need to update the global governance structure to reflect current realities.

He noted that the existing structure, established in 1945, no longer meets the needs of the modern world and that significant changes are required.

Ravi highlighted the shared stance of India and Nigeria in advocating for a more inclusive Security Council, pointing out that both nations represent the interests of the Global South, which remains underrepresented in international decision-making.

He insisted that: “The world has changed significantly since the establishment of the UN, but the Security Council’s structure has not evolved accordingly.

“Nigeria and India are on the same page on the need for reform. We have to keep working on that in different forums to sensitise the countries on the need for our positions.”

The call for reform came as part of a broader effort by developing nations to secure a greater voice in global governance.

Ravi underscored the importance of unity among countries in the Global South, including major players like India and Nigeria, to advocate effectively for changes in the UNSC’s composition.

The UNSC currently has 15 members, including five permanent members with veto power: the United States, Russia, China, the United Kingdom, and France.

However, despite having 54 member states in the UN, Africa lacks permanent representation.

The US recently proposed expanding the council to include two permanent seats for African countries, with Nigeria, South Africa, and Egypt emerging as leading contenders due to their economic and political influence.

According to Ravi, the key to successful reform lies in collective action.

He noted that countries from the Global South, which have experienced significant political and economic growth over the past few decades, should have a more substantial role in international decision-making.

He said, “We need to build this understanding that there is a need for the UN reform and that is the fundamental. The reform is necessary and it has to be done quickly.”

Addressing the question of African representation, Ravi acknowledged that Africa has its own consensus on the need for reform.

However, he pointed out the complexity of aligning the positions of various African nations with those of other countries advocating for change, such as India.

Aftermath of Modi’s Visit: Nigeria Should Expect Rise in Already Existing Over 200 Indian Companies, Growth in $27 billion Indian investment, Indian Government Promises