Category: Foreign

Global foreign investment declines as geopolitical tensions rise – UNCTAD

Investment

By Cecilia Ologunagba

New York, June 21, 2024 (NAN) The UN Trade and Development Organisation (UNCTAD) has said that Foreign Direct Investment (FDI) fell by two per cent to 1.3 trillion dollars in 2023 amid global economic slowdown and rising geopolitical tensions.

UNCTAD said this in a statement released on Thursday.

The organisation’s 2024 World Investment Report highlighted that insufficient funding is hindering efforts to achieve its 2030 for Sustainable Development agenda, underscoring the urgent need for policies to bolster finance.

“Investment is not just about capital flows; it is about human potential, environmental stewardship and the enduring pursuit of a more equitable and sustainable world,” Rebeca Grynspan, Secretary-General of UNCTAD, said.

The report notes that the decline in FDI exceeds 10 per cent, when excluding the large swings in investment flows in a few European conduit economies, with developing countries the most affected.

According  to UNCTAD, the decrease was primarily due to rising geopolitical tensions and concerns over “greenwashing,” a marketing practice to make things seem more environmentally friendly than they actually are.

“Foreign direct investment is crucial for funding infrastructure and public services such as power and renewable energy. However, tight financing conditions in 2023 led to a 26 per cent drop in the number of FDI deals.

“This drop triggered a ten per cent decrease in investment in sectors linked to Sustainable Development Goals (SDGs), most notably in agrifood systems, water and sanitation.

“These sectors registered fewer internationally financed projects in 2023 than in 2015, when all countries signed up to the Goals to be achieved by 2030,” said the report.

The report further revealed that developing countries were hit the hardest.

It said these countries registered only marginal growth in sustainable bonds last year and a 60 per cent drop in financing for funds to support them.

“FDI flows to developing countries fell by seven per cent to 867 billion dollars last year, but the decrease varied across regions.

“Developing economies in Asia, home to 60 per cent of the world’s megaprojects, recorded a significant increase in greenfield FDIs – investments where a company establishes new operations or expands its existing facilities in a foreign country.

“These investments registered a 44 per cent rise in the overall value, and a 22 per cent increase in the number of such announcements,” it said.

However, the report stated that overall foreign investment flow to Asia receded, falling from about 678 billion dollars in 2022 to 621 billion dollars in 2023.

“Nevertheless, the continent, led by East and Southeast Asia, continued to be the world’s largest recipient of FDI, accounting for nearly half of global inflows.

“China and its Hong Kong Special Administrative Region (SAR) continue to be the largest investors in the region by total FDI stock, followed by the United States, Japan and Singapore,” said the report. (NAN) (www.nannews.ng)

CIA/SA

Edited by Salif Atojoko

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WHO announces global resurgence of cholera

Cholera
By Cecilia Ologunagba

New York, June 20, 2024 (NAN) The UN World Health Organisation (WHO) has announced a spike in cholera in several regions of the world, with almost 195,000 cases and over 1,900 deaths reported in 24 countries since the start of this year.

The agency’s Eastern Mediterranean Region reported the highest number of cases, followed by the African Region, the Region of the Americas, the Southeast Asia Region, and the European Region.

WHO, in a statement on Thursday, stated that there are no reported cases in the Western Region, according to its bulletin released on Wednesday.

The UN health agency said it exhausted its global stockpile of Oral Cholera Vaccines (OCV) by March but was able to exceed “the emergency target of five million doses in early June for the first time in 2024.”

Yet, the supply of the vaccine does not equate to its demand.

WHO reported that since January last year, 16 countries requested 92 million doses of OCV – almost double the 49 million produced during that time.

WHO, the UN Children’s Fund (UNICEF) and other partners are working together to use resources to find long-term solutions for cholera.

On the positive side of health news, WHO announced on Thursday that Chad successfully eradicated “sleeping sickness” as a public health problem.

The agency applauded the Government and people of Chad for eradicating the gambiense form of human African trypanosomiasis, (also known as sleeping sickness).

“I congratulate the government and the people of Chad for this achievement.

“It is great to see Chad join the growing group of countries that have eliminated at least one neglected tropical disease (NTD),” Tedros Ghebreyesus, WHO Director-General, said.

In eliminating the disease, Chad joining some 50 others globally that have succeeded in this endeavour.

“The 100-country target is nearer and within reach,” Ghebreyesus, added, referring to the target set out in the road map for address neglected tropical diseases by 2030.

Sleeping sickness can cause flu-like symptoms initially but eventually causing behaviour change, confusion, sleep cycle disturbances or even coma, often leading to death.

Improved access to early diagnosis and treatment, as well as surveillance and response has proven that countries can control and eventually eliminate transmission. (NAN) (www.nannews.ng)
CIA/SH

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edited by Sadiya Hamza

UN chief underscores transformative power of digital technologies

Cyberspace

By Cecilia Ologunagba

New York, June 21, 2024 (NAN) UN Secretary-General Antonio Guterres on Thursday highlighted the dual-edged nature of cyberspace, stressing its potential for both immense benefits and significant risks when misused.

Guterres underscored the transformative power of digital technologies at a Security Council high-level debate on evolving threats in cyberspace, convened by the Republic of Korea, Council President for June.

“Breakthroughs in digital technologies are happening at warp speed; digital advances are revolutionising economies and societies

“They are bringing people together, providing citizens with access to government services and institutions and supercharging economies, trade and financial inclusion,” he said.

He, however, cautioned that the seamless and instant connectivity that fuels these benefits also makes people, institutions and countries vulnerable.

“The perils of weaponising digital technologies are growing by the year,” he warned.

“Malicious activity in cyberspace is on the rise by both State and non-State actors and by outright criminals.”

The UN chief warned that malicious cyber activities are on the rise, with serious cybersecurity incidents becoming “disturbingly common”.

Essential public services such as healthcare, banking and telecommunications are frequently breached, and criminal organizations and “cyber mercenaries” engage in relentless illicit activities.

Additionally, a “legion of hate merchants” is spreading fear and division online.

“So called civilian ‘hacktivists’ are entering the fray, and in many cases are blurring the line between combatants and civilians,” he said.

The integration of digital tools with weapon systems, including autonomous systems, presents new vulnerabilities, Guterres said.

The misuse of digital technology is becoming more sophisticated and stealthier, with proliferation of malware software. The threat is further amplified by artificial intelligence (AI)-enabled cyber operations.

“Ransomware is one grievous example,” the UN chief underscored, “a huge threat to public and private institutions and the critical infrastructure people depend on.”

In 2023, total ransomware payments reached $1.1 billion.

Beyond financial costs, malicious cyber activities undermine public institutions, electoral processes and online integrity, eroding trust, fuelling tensions and sowing the seeds of violence and conflict, he added.

Despite the threats, Guterres emphasised the “incredible opportunity” digital technology offers to create a more just, equal, sustainable and peaceful future.

He called for breakthroughs to be oriented toward the common good, highlighting his proposed New Agenda for Peace that places prevention at the core of all peace efforts.

“It calls for developing strong frameworks in line with international law, human rights and the UN Charter and focused efforts by all States to prevent the extension and escalation of conflicts within and through cyberspace,” he said.

“As reflected in the New Vision for the Rule of Law, the rule of law must exist in the digital sphere as it does in the physical world.”

The secretary-general, however, welcomed the General Assembly’s commitment to action, including its dedicated working group on information and communication technologies (ICT) security.

He also urged the Security Council to integrate cyber-related considerations into its workstreams and resolutions, underscoring that many issues it addresses, such as the protection of civilians, peace operations, counterterrorism and humanitarian operations, are affected by cyberspace.

“Integrating this issue into your deliberations would be a useful way to lay the groundwork for more effective responses to this important question,” he said.

Guterres further stressed the importance of the upcoming Summit of the Future, in September.

“The pact that will emerge from the summit represents a pivotal chance to support the maintenance of international peace and security in cyberspace,” he said.

Among other actions, it aims to safeguard critical infrastructure against harmful ICT practices and create enhanced accountability for data-driven technology, including AI.

“I look forward to working with this Council, the General Assembly and all Member States to ensure that technology is focused where it belongs: on the progress and security of all people and the planet we share,” he said. (NAN) (www.nannews.ng)
CIA/SH

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edited by Sadiya Hamza

Luggage

By Muhammad Lawal

Makkah, June 20, 2024 (NAN) The Kebbi Pilgrims Welfare Board, has cautioned returning pilgrims from Saudi Arabia against carrying excessive luggage above the recommended 40 kilogrammes (kg) limit.

The Executive Chairman, Alhaji Faruku Aliyu-Enabo, stated this in Makkah, Kingdom of Saudi Arabia, while handing over Sallah packages donated to the pilgrims by stakeholders to Local Government Hajj Guides.

Aliyu-Enabo recalled past experiences where pilgrims were forced to abandoned some valuable items that they bought for flouting the recommended luggage weights limit.

Addressing journalists on preparation of the board towards airlifting of pilgrims back to Nigeria, the executive chairman said that the big bag given to pilgrims was expected to carry 32kg luggage.

He added that the small handbag would equally contain eight kilogrammes, making a total of 40kg.

“Therefore, we are appealing to pilgrims to ensure compliance with the standing rules by not exceeding the luggage limit of 32kg and 8kg for big and handbags respectively.

“I have instructed all the LG Guides to make sure that they guide their pilgrims in the process of weighing their luggage; it is a duty upon them to stand for their pilgrims,” he said.

Aliyu-Enabo thanked God for the opportunity given to the state to be the first to land in Saudi Arabia for 2024 Hajj and the first to be transported back to Nigeria.

“First plane, God’s willing, will leave Saudi Arabia Friday night to arrive in Nigeria Saturday morning.

“In view of this, we want to use this medium to appreciate the gigantic efforts of Gov. Nasir Idris and other stakeholders which culminated into a huge success,” he said.

On the Sallah package, Aliyu-Enabo said: “All promises made by the stakeholders from different LGAs are hereby fulfilled and I have handed over the money to each Hajj Guide for onward distribution to the pilgrims.

“We have instructed all the Hajj Guides in the 21 LGAs to make sure that what is due to each pilgrim is given to him or her today.”

The executive chairman also said that the pilgrims that were under Kebbi Government Officials would also receive their Sallah package.

One of the Hajj Guides from Jega local government area, Alhaji Sani Hali-Jega, popularly known as Malam Arzika confirmed receipt of the Sallah package, an undisclosed cash for onward disbursement to the pilgrims.

Malam Arzika identified the stakeholders who contributed the money for the wellbeing of pilgrims from their respective LGAs as commissioners, members of State and National Assemblies and other prominent politicians.

He told the News Agency of Nigerian (NAN) that Aliyu-Enabo was highly transparent because he itemised each LG with its officials and how much each official donated to assist his people.

“Aliyu-Enabo also calculated how much each pilgrim will collect, depending on how much his/her stakeholders contributed.

“This is a new development. We have never witnessed this kind of excellent arrangement before. This will go a long way in assisting the pilgrims,” he said. (NAN) (www.nannews.ng)

KLM/FDY

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Edited by Philip Yatai