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Okonjo-Iweala will drive global trade, says World Bank

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The international financial architecture is ‘skewed in favour of rich and creditor countries’, the World Bank has said.

President of the bank, David Malpass exposed the partial state of the architecture at the close of the World Bank/IMF Spring Meetings 2021 Development Committee meeting, in Washington D.C. yesterday.

He said the disturbing state of the global financial system was exposed last year by the COVID-19 pandemic, which made challenges and staggering needs of every country’s economy even clearer.

Malpass said, “One major challenge is that the current international financial architecture is heavily skewed in favor of the rich and creditor countries. It is ever important that all voices are heard. I urge all of us to consider how we can restore growth in developing countries and help reverse the growing inequality, in terms of access to vaccinations, unsustainable debt, and adverse climate impacts.”

According to him, the bank is developing a better line of sight forward, and the collective efforts to poverty, climate change, and inequality will be the defining choices of this age.

“Now is the time to move urgently toward opportunities and solutions that achieve sustainable and broad-based economic growth without harming climate, degrading the environment, or leaving hundreds of millions of families in poverty,” Malpass said.

He also expressed the hope that World Trade Organisation (WTO) will facilitate effective global trade deals under the watch of Dr. Ngozi Okonjo-Iweala  The is its Director-General,

He said: “I would also like to acknowledge our former World Bank colleague, now Director-General of the WTO, Mrs. Ngozi Okonjo-Iweala, who is joining us today. It is a point of pride that we have IMF Managing Director Kristalina Georgieva and Ngozi – two good friends and women who have previously been members of the World Bank team – leading our sister institutions and playing critical global roles in the development agenda today.”

“I had the privilege of hearing strong presentations by both these women leaders at the IMFC meeting. With Ngozi as a champion, we’re looking forward to having a strong focus on trade facilitation and development in future Development Committee meetings.”

Malpass said the Development Committee plays an essential and unique role in the international cooperation architecture.

“I have said this before – it is the only forum in which the governments of developed countries and developing countries, creditor countries and borrower countries, come together with a primary focus development and resource needs for developing countries.”

He said the World Bank goal on COVID-19 was to act quickly and to help as many countries as possible to respond to the pandemic.

“These actions include new COVID-related emergency health programs in 112 countries, vaccination operations that we expect will reach $4 billion of commitments available in 50 countries by mid-year, and a quick doubling of our trade and working capital finance to help fill the banking vacuum that hit private sectors. In 2020, the World Bank achieved a record 65 per cent growth in commitments, Group-wide commitments topped $100 billion for the first time, and we expect this elevated level of delivery to continue in 2021.”

He said the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) maintained strong levels of investment in 2020, filling critical gaps in private sector financing, including short-term liquidity and trade, caused by the global recession.

Malpass said the International Centre for Settlement of Investment Disputes has continued to ensure that international disputes under investment contracts, laws, and treaties are resolved effectively and impartially, which is key to mitigating risks that may otherwise deter much needed private investment for economic recovery.

On debt, he said he strongly welcome the G20’s decision on April 7 to extend the DSSI to end-2021.

He said: “We are working closely with the IMF to support the implementation of the G20 Common Framework, as detailed in this joint paper. I welcome the clear statement in the G20’s communique that ‘the need for debt treatment, and the restructuring envelope that is required, will be based on an IMF/World Bank Debt Sustainability Analysis’ as an input to the creditor committee deliberations.

“In both these debt efforts, greater transparency and participation are important elements. I urge all of you to disclose the terms of your financing contracts, including re-schedulings, and to support the World Bank’s efforts to reconcile borrower’s debt data more fully with that of creditors”.

On vaccines, he said the World Bank have been pleased to see the rapid development of safe vaccines and their deployment in some poor countries, but we are deeply concerned about the limited access around the world.

“The IFC is making investments to help manufacturers expand vaccine production, as well as increase the availability of medical equipment and critical supplies. We’re working closely with the international community, including WHO, Gavi, and UNICEF, and have conducted over 140 vaccine readiness assessments and we are working with countries to address challenges from cold chain and logistics to community outreach.”

“We’re also supporting countries to access vaccines both through COVAX and directly from manufacturers. We remain focused on the goal of vaccinating as broad a group of countries as possible.

“Once again, transparency is key. To accelerate progress, the world needs much more information sharing regarding export and supply commitments and requirements.

“Finally, to recover from COVID-19, we will need integrated, long-run strategies that emphasize green, resilient, and inclusive development (GRID). This must be aligned with the need for policies that help countries increase literacy, reduce stunting and malnutrition, ensure clean water and energy access, and provide better healthcare.

“We must help countries improve their readiness for future pandemics. We need to help them accelerate the development and adoption of digital technologies. We need to work to improve and expand local supply chains and strengthen biodiversity and ecosystems. In our efforts to rebuild, we can generate a recovery that ensures a broad and lasting rise in prosperity, especially for the poorest and most vulnerable.”

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VIDEO: Resident Raises Alarm Over Sighting of Armed Street Boys in Lekki

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Lekki

VIDEO: Resident Raises Alarm Over Sighting of Armed Street Boys in Lekki

A resident of Lekki has expressed concern after spotting a group of suspected street boys moving around with machetes in the area, raising fresh fears over public safety in Lagos.

The incident, which was shared online, showed the individuals allegedly carrying cutlasses while walking through parts of the Lekki axis, a development that has sparked anxiety among residents and commuters.

According to the resident, the sighting occurred in broad daylight, prompting worries about the increasing presence of armed street gangs in Lagos communities. The individual called on authorities to urgently intervene and ensure the safety of lives and property in the area.

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The development has triggered reactions on social media, with many users expressing concern over the rising cases of youth violence, street gang activity, and insecurity in Lagos State. Some residents said such sightings have become more frequent, especially in rapidly developing urban areas.

As of the time of reporting, there has been no official statement from the Lagos State Police Command regarding the incident. However, security experts say visible patrols and rapid response measures are critical to preventing escalation.

Residents have been advised to remain vigilant, avoid confrontations, and report suspicious movements to security agencies.

The incident adds to ongoing concerns about urban safety and the need for stronger enforcement against illegal weapons possession and street violence in Lagos.

 

VIDEO: Resident Raises Alarm Over Sighting of Armed Street Boys in Lekki

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Boko Haram Ultimatum Expires as 404 Abducted Residents Remain Missing

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Minister of Defence, General Christopher Musa (rtd)
Minister of Defence, General Christopher Musa (rtd)

Boko Haram Ultimatum Expires as 404 Abducted Residents Remain Missing 

The 72-hour ultimatum reportedly issued by Boko Haram-linked insurgents to the Nigerian government over the abduction of 416 residents in Borno State has expired without any official response, heightening fears over the fate of hundreds still in captivity.

The incident is linked to the March attack on Ngoshe community in Gwoza Local Government Area, where armed fighters stormed villages and a nearby military position, abducting civilians and displacing several others in one of the latest mass kidnapping incidents in the North-East.

Security sources and local community representatives confirmed that 12 abducted residents have escaped captivity, with reports indicating that the breakthrough occurred during a military operation in the area. According to accounts from one of the freed victims, Nigerian troops launched an offensive that forced the insurgents to flee, creating confusion that allowed some captives to escape while others were moved deeper into the forest.

404 Abducted Residents

404 Abducted Residents

Community groups, including the Borno South Youth Alliance, confirmed that the escapees consist of 10 women and two men, who are now receiving support in a safer location. Despite this development, at least 404 abducted persons remain missing, with growing concern among families over their safety and condition.

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Sources say the insurgents had demanded a ₦5 billion ransom, warning that failure to comply would lead to the permanent disappearance of the captives. The group also reportedly threatened to scatter victims across multiple hideouts if any military rescue attempt was launched, complicating ongoing security operations.

While efforts continue to trace the missing persons, insecurity in the region has worsened. At least 18 farmers and firewood collectors were killed in a separate ambush on the outskirts of Gwoza, with attackers targeting civilians working on their farms ahead of the rainy season. Senator Mohammed Ali Ndume confirmed the killings, describing the attack as deeply disturbing and calling for stronger protection of rural communities. Local officials warned that additional victims may still be unaccounted for.

Troops under Operation Hadin Kai have intensified counter-terrorism operations across the North-East, killing 24 insurgents in Kukareta during a separate encounter. Military authorities said the latest operations bring the total number of insurgents killed in recent days to 54, following earlier engagements around the Lake Chad region. Recovered weapons include rifles, machine guns, rocket-propelled launchers, and ammunition, while two soldiers were injured and an armoured vehicle sustained damage.

The worsening security situation has drawn political reactions from lawmakers and public officials. Senator Abdul Ahmed Ningi blamed the ongoing insecurity on governance failures, calling for urgent national measures focused solely on restoring peace. He warned that Nigeria risks deeper instability if security is not prioritised above political activities.

In Adamawa State, Governor Ahmadu Umaru Fintiri visited communities affected by a separate attack in Hong Local Government Area, where at least nine people were killed. He pledged continued government support and security reinforcement for affected communities.

At the federal level, the House of Representatives has called for the deployment of additional security personnel to Borno and Kaduna States, warning that continued attacks could escalate into a wider humanitarian crisis in the North-East.

Humanitarian organisations say repeated attacks, mass abductions, and ongoing military operations are worsening displacement and food insecurity across the region. They warn that rural communities remain highly vulnerable as farming activities are disrupted and access to affected areas remains limited due to insecurity.

Boko Haram Ultimatum Expires as 404 Abducted Residents Remain Missing

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BREAKING : President Tinubu Seeks Fresh $516m Loan

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President Bola Ahmed Tinubu
President Bola Ahmed Tinubu

BREAKING : President Tinubu Seeks Fresh $516m Loan

President Bola Ahmed Tinubu has formally requested Senate approval for a $516,333,007 external loan to finance key sections of the ambitious Sokoto–Badagry Superhighway project, a flagship infrastructure initiative aimed at boosting national connectivity.

The request was conveyed in a letter addressed to Senate President Godswill Akpabio and read during Thursday’s plenary session.

According to the President, the proposed funding will support the execution of Section 1, Phase 1a and 1b, covering about 120 kilometres of the planned 1,000km highway corridor linking Nigeria’s Northwest to the Southwest.

Tinubu explained that the highway will originate from Illela in Sokoto State and pass through Kebbi, Niger, Kwara, Oyo, and Ogun states before terminating in Badagry, Lagos State—creating a strategic economic route connecting inland production zones to coastal trade hubs.

The financing arrangement, the President noted, is structured as a syndicated loan from Deutsche Bank, backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit, an arm of the Islamic Development Bank Group.

He added that the Federal Government will provide counterpart funding of ₦265.54 billion to cover land acquisition, compensation, and other ancillary infrastructure tied to the project.

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Details of the loan show a nine-year tenor, including a grace period of up to three years, with an interest rate capped at the Chicago Mercantile Exchange (CME) SOFR plus 5.3 percent annually.

Tinubu informed lawmakers that the Federal Executive Council (FEC) has already approved the financing structure and urged the Senate to incorporate the loan into Nigeria’s rolling borrowing plan.

The President emphasized that the Sokoto–Badagry Superhighway is expected to significantly enhance North-South connectivity, improve road safety, and reduce logistics and transportation costs across the country. He added that the project would strengthen trade, boost food security, and promote national cohesion by linking agricultural production zones to markets and ports.

The design also includes provisions for future development, with the central median reserved for rail integration and utility corridors, positioning the route as a multi-modal transport backbone.

Following the presentation, Akpabio referred the request to the Senate Committee on Foreign and Local Debts for further legislative scrutiny, with a report expected within one week.

Speaking in support of the project, Senator Mohammed Adamu Aliero (Kebbi Central) described the highway as a long-awaited development, noting that it had been under consideration for over five decades.

Aliero said he had personally inspected ongoing work and expressed satisfaction with the progress, revealing that sections of the road are being constructed using both concrete and asphalt, alongside modern features such as solar-powered streetlights.

He projected that upon completion, travel time between Sokoto and Lagos could be reduced by more than 70 percent, cutting a typical 13-hour journey to about six hours.

The proposed loan forms part of the Tinubu administration’s broader strategy to leverage external financing for large-scale infrastructure projects considered critical to Nigeria’s economic growth and regional integration.

BREAKING : President Tinubu Seeks Fresh $516m Loan

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