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ECA Advises African Countries On Rising Indebtedness
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The Economic Commission for Africa (ECA) has called on countries to explore reforms on the common debt relief framework to better address rising indebtedness in Africa.
The Executive Secretary, ECA, Mr Claver Gatete, in a statement presented this at a joint press briefing on the margins of the recently concluded 2024 High Level Political Forum (HLPF).
Gatete highlighted the challenges of accessing financing for the continent’s priorities, especially the concessional funds that are long term and cheaper.
He said the reform of global financing system was urgent, as it could mitigate access to critical resources needed for the implementation of the Sustainable Development Goals (SDGs).
The Tide’s source reports that the African Development Bank (AfDB) said that from 2010 to 2023, Africa’s debt increased by 192 per cent.
The AfDB data also showed that African countries paid 163 billion dollars annually with an external debt stock of 1.1 trillion dollars, the highest ever seen,
According to Gatete, this means that by paying the debt, countries would have very little room to implement the SDGs and the next 10-year programme of the African Union (AU).
Gatete highlighted the need for domestic resource mobilisation in Africa to tackle illicit financial flows and improve taxation.
He also emphasised the importance of developing capital markets to provide long-term resources as part of private sector engagement in Africa.
He said: “There are opportunities in restructured green, blue and sustainability linked bonds that can attract more investors to fund climate-related solutions.
“ECA is working with countries to strengthen domestic resource mobilisation through capital markets to improve self-financing and financial sustainability in Africa.”
He said it was crucial to increase fiscal space and address interrelated issues, including peace building and conflict prevention.
“Also the involvement of the youth in sustainable development processes to ensure long term progress, “ he said.
Ms Christina Duarte, Head of the United Nations Headquarters based Office of the Special Adviser on Africa (OSAA), SDG implementation said only 12 per cent of the 140 targets of the SDG have been delivered.
She said to understand the root causes of the financing challenges faced on the continent, the focus should be on sustainable financing and institutional strengthening in Africa to build resilience.
“So, long-term solutions such as tackling economic and financial flows to address Africa’s debt distress and deliver on the sustainable development goals is very critical,’’ she said.
The HLPF Africa Day aims at highlighting key issues stemming from the Africa Regional Forum on Sustainable Development (ARFSD) and other major consultations.
The joint briefing displays how the AU, the UN Office of OSAA and ECA work together to support African member states in implementing the SDGs and the AU’s Agenda 2063.
The HLPF pulls together member states from around the world to forge pathways to accelerate the implementation of the SDGs.
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Fubara, Canadian Envoy Synergise On Health Sector Growth, Investment Relations
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Rivers State Governor, Sir Siminalayi Fubara, has further canvassed the strengthening of the relationship between the State and the Canadian Government in order to attract more investments, promote economic growth while delivering quality healthcare services in the State.
These were part of the focus of the discussion that took place between Governor Fubara and the Canadian High Commissioner to Nigeria, Mr James Christoff, when they met behind closed doors at Government House in Port Harcourt on Monday.
Speaking to newsmen after the meeting, Mr Christoff expressed satisfaction with the issues discussed and mutually endorsed, and expressed willingness to ensure their actualisation, separately and collectively to their benefit.
Particularly, Mr Christoff said: “First of all, let me say what an honour and pleasure it is for me to be here in Rivers State. I had a couple of very good meetings here over the last day, including with His Excellency, the Governor.
“We talked about areas where we know there are some rooms for us to, I think, further entrench our relationship. One of the things I’ll be doing while I’m here in Rivers State is to visit the Medical Oxygen facility that Canada provided significant support to, overseen by UNICEF.
“And, just knowing that health is a priority for His Excellency, I want to see for myself the Medical Oxygen Plant at Eleme General Hospital, to better understand how that’s making a tremendous difference here in the State.”
Mr Christoff also said that the discussion extended to the abundant natural resources in Rivers State, which are evidence of how blessed it is as a State much like Canada.
The envoy pointed to how expressively he divulged the determination of his country to explore areas “where we can always look to take a very good situation and raise the bar in terms of how we benefit.
“In our case, as Canada, from natural resources and what it brings to a community. And so, we shared some insights on that particular issue, and of course, there are the people-to-people ties that are growing between Nigeria and Canada that are very important.
“And we look for ways to, maybe, tap into the many Nigerians who have a foot in both countries, to the benefit of both countries. So, it was a very good discussion. I’m very happy to be here.”
Mr Christoff further said: “Well, I would say that in terms of business development, that’s a two-way street. Of course, it’s part of our job, part of my job as Canada’s High Commissioner to Nigeria to try and unpack the opportunities that reside here for our companies, and I think we’re making great strides in that.
“And so, wherever I go, when I visit, pay visits on governors across the great country of Nigeria, I always look to find the areas where we might bring our companies and the host government to collaborate.
“As I mentioned, the natural resource sector is one such area, and I look forward to further discussions with state governments, and how we might benefit collectively,” he added.
He noted the peaceful and hospitable ambience in the State, stressing that the Canadian government and companies were satisfied with the opportunities that exist in the State, and were tapping into existing policies to further boost mutual collaborations.
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Bill Gates Foundation Highlights Nigeria’s Potential To Transform Agriculture, Health
Bill & Melinda Gates Foundation (BMGF) has highlighted Nigeria’s potential to significantly increase its agricultural output, which the foundation described as a transformative opportunity for the country.
Mr Bill Gates, Philanthropist and co-chair of the Foundation, said this in Abuja, yesterday, at the 2024 NutriVision, a Pan African dialogue to discuss innovative solutions to combating malnutrition in Africa.
Gates said that with the right investments in agricultural productivity and healthcare, Nigeria could achieve food security and also become a net food exporter, contributing to economic growth and improved public health.
He pointed out the immense potential for Nigeria to more than double its food output, which would be a game-changer for the nation.
He noted that such a shift would alleviate the need to use scarce foreign currency reserves to import food, particularly given the current exchange rate challenges.
“There is the opportunity for Nigeria to more than double its food output, which would be pretty transformative because it would mean that you would be a net food exporter.
“Nigeria could bring in revenue by exporting food, boosting the economy and improving the livelihoods of those in rural and Northern areas,” he said.
The philanthropist emphasised the importance of embracing digital approach and utilising better seeds to spark what he termed “agricultural miracles.”
He explained that improving agricultural productivity was crucial for addressing equity, empowering women, and tackling nutrition issues in Nigeria.
He called for a concerted effort to implement these solutions, which would not only enhance food security but also contribute to broader social and economic development.
Gates also discussed the crucial role of healthcare in Nigeria’s development, noting that the government must prioritise health as part of its broader strategy.
He highlighted the need for Nigeria to increase government funding for health and education, supported by improved tax collection.
“The actual tax collection in Nigeria is pretty low. As citizens develop confidence in well-run programmes, they will support increased funding for essential services, “he said.
He underscored the importance of efficient primary healthcare systems, where resources are allocated wisely, and services are delivered effectively.
“Our foundation’s involved with a lot of the exemplars that are showing the way in terms of making sure the money is spent well.
“We are running a very efficient primary health care system where the employees are doing great work, the centres are where they should be, you do not have underloaded centres or overloaded centres,” he said.
He expressed optimism that these efforts would enhance the credibility of health programmes, encouraging citizens to prioritise and advocate for better funding of primary healthcare.
He stressed the potential for Nigeria to learn from best practices around the world and adapt them to local contexts, thereby driving progress in both agriculture and healthcare.
He painted a hopeful picture of a future where Nigeria could feed itself and also nourish the world by making the right choices and placing people at the centre of these efforts.
The Tide source reports that the BMGF advocates that solutions to Africa’s greatest challenges can come from within Africa.
The foundation, thus, supports African partners whose bold ideas and creative approaches have the potential to save lives, improve health and help families across the continent.
Since the foundation’s inception in 2000, it has supported partnerships with African regional institutions, national governments, and local communities in 49 countries.
It contributes funding and scientific expertise in support of their agenda for change.
These partnerships have driven the success of numerous health, agriculture, equality, and anti-poverty initiatives.
The foundation has committed more than seven billion dollars through 2026, to support African countries and institutions working to develop and implement innovative approaches to confront hunger, disease, gender inequality, and poverty.
It works with African governments, the private sector, non-profit organisations and civil society.
The efforts are geared towards improving health outcomes, boosting agricultural productivity, expanding access to digital financial services, and empowering women and other marginalised populations with greater economic opportunities.
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No Directive Was Issued To NNPCL To Increase Petrol Price To N1,000, Says Lokpobiri
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The Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has said that no directive was issued to the Nigerian National Petroleum Company Limited (NNPC Ltd.) to increase petroleum prices to N1,000.
Lokpobiri, in a statement issued, yesterday, by his Special Adviser, Media and Communication, Nnemaka Okafor, said he did not direct the NNPC Ltd. or any other entity within the sector to manipulate prices.
“The Federal Government has been compelled to address the outright falsehood and malicious claims currently circulating on social media.
“We categorically condemn these claims as baseless, malicious, and a deliberate attempt to incite public discontent.
“We challenge anyone in possession of any evidence-be it written documents, audio, or video recordings-that supports these fabrications to make it public.
“Such a claim is entirely devoid of truth and should be recognised as an intentional effort to mislead the public,” he said.
He explained that the NNPC Ltd. operates as an independent entity under the Companies and Allied Matters Act (CAMA), with a fully empowered Board of Directors and the Ministry of Petroleum Resources does not, and will not interfere in NNPC Ltd.’s internal decisions, including pricing matters.
“Any suggestion otherwise is not only incorrect but also reveals a profound misunderstanding of the deregulated nature of Nigeria’s petroleum sector,” he said.
He advised the public to dismiss these malicious rumors.
“Any claim to the contrary is nothing more than an ill- conceived attempt to sow discord and confusion.
“We urge all Nigerians to remain vigilant and rely solely on information from verified and official channels,” he said.
The Tide source reports that as at Tuesday, the NNPC Ltd. Retail Stations adjusted their pump price, selling at N897 as against N617 per litre.
Independent marketers are selling between N930 to N1,000.
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