Category: Foreign

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  • Latin America, Caribbean, Pacific to host CTBTO regional workshop

    The Executive-Secretary of CTBTO Dr Robert Floyd. (NAN)
    Latin America, Caribbean, Pacific to host CTBTO regional workshop
    By Fortune Abang
    Banjul, June 1, 2024 (NAN) The Comprehensive Nuclear-Test-Ban Treaty Organization (CTBTO) on Saturday declared Latin America and the Caribbean or the Pacific as host for its 2025 workshop.
    The Treaty is multilateral agreement opened for signature in September, 1996, signed by 187 nations and ratified by 178 to prohibit nuclear weapon test by anyone anywhere in the world.
    The Executive Secretary of CTBTO, Dr Robert Floyd, disclosed this at the closing of the two-day regional workshop for African States Signatories on Saturday in Banjul, The Gambia.
    The workshop was held from May 31 to June 1.
    Floyd said, “The workshop was experimental: it is the first time we have conducted a workshop like this outside of Vienna, and The Gambia in Africa is the first to host it.
    “The workshop has been a success. It is not a global community that gathered, but a continent that gathered. It is wonderful that we can have focus on Africa.”
    “The next experiment is likely to be in the Latin America, and the Caribbean or the Pacific region.”
    “We have come so far to discover the Treaty has so much to deliver to every Member State, every signatory.”
    “There is benefit for all signatories to the Treaty through capacity building, for those interesting in engaging in dialogue against nuclear weapons testing.”
    The Executive Secretary identified benefits of the Treaty to include ensuring safety and protection of the environment from nuclear weapons tests, disaster management and other civil and scientific purposes.”
    “We must establish a world without nuclear tests, put barriers against further development and proliferation of nuclear weapons.”
    “It is an essential step towards a shared future of eradicating nuclear weapons in our environment,” he added.
    The News Agency of Nigeria (NAN) reports out of 52 States in Africa that signed the Treaty, 50 have so far ratified it. (NAN (www.nannews.ng)
    FEA/AMM
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    Edited by Abiemwense Moru
  • AfDB urges action on Special Drawing Rights

     

    Rights

    By Lucy Ogalue

    Nairobi, June 1, 2024 (NAN) The African Development Bank (AfDB), has urged its shareholders to ensure implementation of the recently increased Special Drawing Rights (SDRs) by the International Monetary Fund (IMF).

    The AfDB President, Akinwumi Adesina, said this at the closing of the bank’s 2024 Annual Meetings in Nairobi.

    The News Agency of Nigeria (NAN) reports that the AfDB’s meeting, which started on May 27, ended on Friday.

    The IMF board approved using SDRs for hybrid capital instruments, allowing countries to channel SDRs through Multilateral Development Banks (MDBs).

    This innovative SDR-based hybrid capital channelling solution will help unlock new lending by MDBs to address rising global challenges, including climate and food security.

    The new instrument offers the opportunity to lend at least four dollars for every one-dollar equivalent of SDRs through the AfDB, the Inter-American Development Bank, and other MDBs to finance development projects.

    “We look to you, our shareholders to help make the rechanneling of the SDRs now a reality for Africans.

    “A reality that will help to transform the lives and livelihood of our people and support us in our quest to create hope for our youth.

    “A reality that will turn them into the biggest economic dividends of our continent.

    “We had from you, our governors, very strong support and endorsement of our drive to mobilise private sector financing for Africa

    “You have our word, and you have our commitment. We will,’’ Adesina said.

    According to Adesina, the SDR will deliver greater financing through rechanneling by the SDR-rich countries to the AfDB, Inter-American Development Bank, the World Development Framework, and other MDBs.

    “This is a very important development, even though we still have to ensure it is properly rechanneled.

    “It was a bigger development because the 20 billion dollars ceiling that the IPAC Board approved will allow us to leverage that as MDB at least four times.

    “And that will deliver at least 80 billion dollars of additional financing to our countries. So this is a very important development.’’

    Adesina said, “we have heard over the past four days about the importance of partnerships, so let us dream together for a better Africa, let us turn our dreams into reality.

    “He thanked the government of Kenya for its support and for making the 2024 AfDB Annual Meetings a reality.

    “He also thanked the various stakeholders, partners, AfDB staff, and everyone else who ensured the success of the meeting.

    “We leave Kenya with hope and excitement—hope for a brighter future for Africa and for a brighter 60 years ahead for the AfDB. We leave with such fun memories.”

    Also, Prof Njuguna Ndung’u, the Cabinet Secretary, National Treasury and Economic Planning of Kenya and Chair, AfDB Board of Governors, reiterated the importance of rechanneling the SDRs.

    “We all acknowledge the critical and urgent need to reform the global financial architecture.

    “The reforms explain the role of the multilateral development banks and build capacity to enable fit-for-purpose financial instruments that can adopt the changing circumstances.

    “Our strong support goes to the rechanneling of the SDRs to Africa through AfDB, and this will signal the capacity of the bank,’’ he said,

    Ndung’u commended all stakeholders for their support, presence, and role in making the meeting successful.

    While reiterating the various challenges on the continent, Ndung’u urged for a stronger AfDB that could work and address the various challenges of Africa for a brighter future.

    According to him, the theme of the meeting has been well executed, with ideas and action points to implement the road map.t

    “The meeting clearly outlines the pressing development imperatives of Africa’s transformative progress.

    “The recommendations by the governors that AfDB should seek an independent route for the continents rating is quite encouraging

    “I, therefore, convey my appreciation for all your efforts in achieving this meeting, which hosted more than 8,300 participants in Nairobi, Kenya.”

    Ndung’u, who is currently Chair of the board of governors, thanked all the various stakeholders for their support, which he said helped strengthen the bank’s affairs.

    “I humbly exit the role of chairperson on the board of governance of the AfDB.

    “t+The honourable Governor for Cote d’Ivoire is ready to take the baton, which I am ready to pass on, and I will avail myself of consultation when required,’’ he said. (NAN) (www.nannews.ng)

    LCN/EEE

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    Edited by Ese E. Eniola Williams

  • AfDB approves increased capital of $117bn to support Nigeria, others

     

    Increase

    By Lucy Ogalue

    Nairobi, June 1, 2024 (NAN) The Board of Governors of the African Development Bank (AfDB) Group, has approved a capital increase of 117 billion dollars to further support Nigeria and other countries on the continent.

    The AfDB President, Dr Akinwumi Adesina, said this at the closing of the 2024 Annual Meetings of the bank in Nairobi.

    “So the Board of Governors of the AfDB approved a general callable capital increase for the bank for 117 billion dollars.

    “This is a major demonstration of the faith of our shareholders’ confidence in us. They have confidence in our ability to use resources well.

    “They have confidence in our ability to mobilise more capital with what we have.  And it will give us more liquidity as a bank and enable us to do more.

    “And that means that the authorised general capital of the AfDB will increase from 201 billion dollars to 318 billion dollars,’’ he said.

    According to Adesina, the resources will enable the bank to preserve its triple-A rating under any circumstance.

    He said: “as president of the bank, I am grateful to our shareholders.  I am humbled by the level of confidence they have in us.

    “This is because the boat we are in has to carry Africa to the destination of its transformation. That boat cannot leave and must have all the resources it needs to get there.

    “And I think what we found today is the confidence of the bank’s shareholders to ensure there will be no delay in that boat to carry Africa to its destination for transformation.

    The AfDB president said during the meeting with its board that the bank was charged with doing more on the private sector, corridors, infrastructure, climate change, and concessional financing for countries.

    “We have been asked to support the economic structural transformation of Africa’s economy, renewable energy and women and youth, among others,

    “All of that requires a significant increase in resources. But they are mindful that we operate against different kinds of shocks.

    “We get significant resources from our countries, donor countries, that if there are shocks and they are not mitigated, it could become quite challenging for us in those kinds of situations,’’ he said.

    The bank president then commended the media for their partnership and for ensuring that the bank’s good works were spread throughout the continent.

    “Thank you for showing interest in Africa and in the issues we are discussing.

    “And I do not doubt that you will properly report the good news of Africa and the news of a resilient Africa. (NAN) (www.nannews.ng)

    LCN/EEE

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    Edited by Ese E. Eniola Williams

  • ECOWAS investment promotion facilitation‘ll drive economic growth —Experts

     

    A cross section of participants at the event facilitated by ECOWAS in Abuja.

    Growth

    By Mark Longyen

    Abuja, June 1, 2024(NAN) The Association of Investment Promotion Agencies of West African States (IPAWAS) says ECOWAS’ facilitation of the resuscitation of its hitherto moribund statute will engender sub-regional investment promotion and drive economic growth.

    Members of the technical committee of the association made this known in separate interviews with the News Agency of Nigeria (NAN) at the end of a collaborative meeting on Saturday in Abuja.

    Abayomi Salami, Chairman of the Technical Committee and Deputy Director, Nigerian Investment Promotion Commission (NIPC), explained that the meeting was essentially for the  member states to align their efforts, streamline regulations, and promote cross-border investments.

    He said that the event was basically informed by the need for member states to be united to maximize their potentials and opportunities to promote and facilitate foreign direct investment into the West African region.

    “That was the main objective of setting up these  high powers, having realized that it was actually set up in the year 2008, and for one reason or the other, it could no longer function.

    “So, for this, we had the mandate of ECOWAS because the ECOWAS Commission mandated IPAWAS and the Nigerian Investment Promotion Commission to resuscitate and institutionalize the body,” he said.

    Also speaking, Liberia’s Margaret Kawala, described the outcome of the deliberations as a win-win situation for the association and participants, who had spent days toiling to craft out something that they could call their own.

    “It is like a win for all of us, who have participated in this process, because all the past few days, we have been engaging, networking in crafting something that we can take ownership of.

    “So it’s a sense of pride. It comes to a sense of ownership for us. So it’s a win for us,” she said.

    Mr Bruno Jauad, Director of Investments, Republic of Guinea-Bissau, said: “This is a very important process because we are trying to attract more investments to our region.”

    Edward Ashong-Lartey and Eugenia Okyere, Director, Ghana Investor Services, and Head of Research, respectively, were upbeat about the positive outcome of the meeting and its recommendations.

    “You know, we’ve just concluded the AfCTA protocol on investments, and as investment promotion agencies, we’ve taken note of the provisions and aligned it to our investment promotion efforts, as well as our regulatory regime for high powers.

    “I’m very happy because I was there in the beginning and then somehow it became dormant. So this meeting which has revived it is very heartwarming.

    “And I can confirm that whatever we are going to do as an association, and as independent investment promotion agencies, are totally aligned with the provisions of the AfCFTA protocol,” Ashong-Lartey said.

    On her part, Okyere said: “Where we are now, I think that combining it with what AfCFTA holds, we would make great impact if the high powers come to stay.”

    Gambia’s investment and export promotion agency boss, Ousainou Senghore, said that the activation of the high powers was in sync with the AfCFTA protocol, adding that when members promoted their individual countries, they would take ECOWAS as a market.

    “We really need to thank ECOWAS for taking the initiative and bringing us together.

    “This will definitely harmonize our laws, including creating a conducive business environment and also build an informal bond among ourselves,” he said.

    Also speaking, ECOWAS Head of Investment Promotion, Peter Oluonye, explained that by this development, each member state was preparing its own environment to participate in the AfCFTA.

    “For us, our focus in this segment is on investment attraction, preparing the ECOWAS community to work together as a bloc and to leverage the common market to achieve scale and synergy in AfCFTA and in the global market.

    “So it is very much in sync with the goals of the AfCFTA. We are to prepare our people, we are to strengthen our integration and we are also to align our member states together,” he said.

    ECOWAS Director, Private Sector, Anthony Elumelu, said the work had just started, adding that as a young region, ECOWAS was looking at the future, where it would like to be, for instance, by 2050.

    “We are looking at the continental free trade, which is also to attract investment to the region and, whether we like it or not, the better you keep your region in terms of enabling the environment for others to invest, to bring in foreign direct investments, the better for you,” he said.

    Elumelu had earlier in his opening address, explained that the meeting was organized to enable the stakeholders to deliberate on the draft statute that would govern IPAWAS, shape the framework for cooperation, and engender sustainable subregional development.

    He stressed that the continuous collaboration of the member states’ investment promotion agencies with the ECOWAS Commission would enable investors to accept the subregion as the most favored destination for investment drive.(NAN)(www.nannews.ng)

    YEN/BRM

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    Edited by Bashir rabe Mani 

  • CTBTO urges African countries to adhere to nuclear-testing ban agreement

    The Executive-Secretary of CTBTO, Dr Robert Floyd

     

    Ban

    By Fortune Abang

    Banjul, June 1, 2024 (NAN)The Comprehensive Nuclear-Test Ban Treaty Organisation (CTBTO) has urged African countries to adhere to the agreement on the nuclear weapon testing ban to ensure safety and security in the continent.

    The Comprehensive Nuclear-Test-Ban Treaty (CTBT) is a multilateral agreement which opened for signature in September 1996 and has since been signed by 187 nations and ratified by 178 to prohibit any nuclear weapon test anywhere in the world by anyone.

    The Executive Secretary of CTBTO, Dr Robert Floyd, spoke at the opening of the two-day regional workshop organised by CTBTO for African States Signatories in Banjul, The Gambia.

    The workshop held from May 31 to June 1.

    He said although 52 States in Africa signed the Treaty and enjoy CTBTO membership, 50 ratified it.

    Floyd, therefore, implored countries yet to ratify the CTBT to do so in order to achieve desired goals.

    “Two of them, Somalia and South Sudan are very close.’’

    He said that prior to 1996, there were more than 2,000 confirmed nuclear tests; some were conducted in Africa but none was conducted by an African country.

    “Radioactive traces shown from all nuclear tests, particularly atmospheric tests, carried out some decades ago impacted the world negatively and are still traced in African elephants’ tusks.

    “Right now, Africa’s 35 International Monitoring System (IMS) stations are listening to the earth’s crust rumbling and groaning, as well as streaming their data to Vienna.

    “The signing of the CTBT just under 28 years ago has yielded landmark achievement: Africa played vital role to build consensus and get the Treaty adopted by the UN General Assembly in New York.

    “Therefore, the complete adherence by African countries to the CTBT will ensure the full realisation of a nuclear- weapon-free zone in Africa,” he said.

    Mr Dawda Jallow,  Attorney-General and Minister for Justice of The Gambia, commended CTBTO for the organisation of the workshop at a time of global tension and conflicts.

    According to him, the meeting brings together CTBTO stakeholders from Africa to discuss and advance the nuclear testing ban policy objective within the region.

    “The challenges we face today require collective efforts through dialogue and diplomacy with relevant support to the CTBT.

    “The CTBT’s primarily aim is not just to prevent nuclear testing, but to benefit civil and scientific applications as well.

    “The verification regime established by the CTBT offers valuable data and tools that can be utilised for purposes, such as climate change research, disaster prevention, including Tsunami warning.

    “These capabilities provide additional benefits to countries like The Gambia and also have the potential of generating positive outcomes across various sectors of economy,” he said.

    Dr Oumar Touray, President of the Economic Community of West African States (ECOWAS), described the workshop as apt, coming at a time Africans needed to partner to tackle the security situation.

    Touray, represented by Mr Claude Kondor, Political Advisor to the Resident Representative of the ECOWAS Commission in The Gambia, said the workshop had become important to unite African countries towards achieving a shared future.

    “This is to advance the CTBT and reinforce our collective resolve; to prevent nuclear proliferation and promote global security.

    “Today, we are gathered to contribute to a cause that not only affects our continents, but the entire world.

    “This workshop is a testament to our shared dedication towards achieving sustainable peace and cooperation in Africa and beyond,”  he said.(NAN) (www.nannews.ng)

    FEA/CJ/

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    Edited by Chijioke Okoronkwo

     

     

     

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