Okonjo-Iweala will drive global trade, says World Bank – Newstrends
Connect with us

News

Okonjo-Iweala will drive global trade, says World Bank

Published

on

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.”

News

JUST IN: Release files on Tinubu, US judge orders FBI, DEA

Published

on

President Bola Ahmed Tinubu

JUST IN: Release files on Tinubu, US judge orders FBI, DEA

United States District Court in Washington, D.C., has directed the Federal Bureau of Investigation (FBI) and the Drug Enforcement Administration (DEA) to make public records concerning President Bola Tinubu.

Judge Beryl Howell issued the order on Tuesday in response to a motion filed by Aaron Greenspan, an American citizen seeking a review of a previous ruling.

In her decision, Howell dismissed the agencies’ justification for withholding the information, stating that shielding such documents from the public “is neither logical nor plausible.”

Greenspan alleged that the agencies violated the Freedom of Information Act (FOIA) by failing to produce documents regarding alleged federal probes into both President Tinubu and Abiodun Agbele within the legally mandated timeframe.

In 1993, Tinubu forfeited $460,000 to the U.S. government after officials linked the funds to proceeds from narcotics-related activities.

The issue resurfaced during proceedings at Nigeria’s Presidential Election Petition Court, where opposition candidates Atiku Abubakar and Peter Obi cited the forfeiture in challenging Tinubu’s eligibility for office. The court ultimately dismissed the petitions and upheld his election.

READ ALSO:

Judge Howell’s latest ruling partially supports Greenspan’s claims, particularly concerning the agencies’ reliance on what’s known as a “Glomar response”—a refusal to confirm or deny the existence of records.

According to the judge, the FBI and DEA failed to demonstrate that their use of the Glomar principle was appropriate in this case.

She wrote, “the claim that the Glomar responses were necessary to protect this information from public disclosure is at this point neither logical nor plausible,” noting that Tinubu had already been publicly identified as a subject in investigations by both agencies.

Further explaining the legal framework, Howell stated that a FOIA requester can challenge a Glomar response either by disputing the claim that disclosure would cause identifiable harm, or by proving that the agency has already officially acknowledged the information in question.

In this instance, Greenspan made both arguments. He contended that: “The plaintiffs’ argument that (1) DEA has officially confirmed investigations of Agbele’s involvement in the drug trafficking ring, (2) the FBI and DEA have both officially confirmed investigations of Tinubu relating to the drug trafficking ring, (3) any privacy interests implicated by the FOIA requests to the FBI and DEA for records about Tinubu are overcome by the public interest in release of such information, and (4) the CIA has officially acknowledged records responsive to plaintiff’s FOIA request about Tinubu.”

JUST IN: Release files on Tinubu, US judge orders FBI, DEA

Continue Reading

News

US envoy meets Tinubu in Paris over economic war

Published

on

U.S. envoy meets Tinubu in Paris

US envoy meets Tinubu in Paris over economic war

The United States has opened discussions with President Bola Tinubu on expanding economic cooperation across Africa as part of efforts to deepen trade, investment, and development ties on the continent.

This was disclosed following a meeting on Thursday between President Tinubu and U.S. State Department Senior Advisor for Africa, Massad Boulos, in Paris, where the Nigerian leader is currently on a short working visit.

According to a statement posted Friday on the official X (formerly Twitter) handle of the U.S. Mission in Nigeria, and shared by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, the talks also touched on key security concerns in the region.

“State Department Senior Advisor for Africa Massad Boulos met with President Tinubu on Thursday to discuss regional security, including working together with partners to build a durable peace in eastern DRC,” the U.S. Mission stated.

“They also discussed expanding opportunities for economic cooperation throughout Africa,” it added.

The meeting comes at a time when Nigeria is working to reposition itself as a hub for investment and economic growth on the continent.

READ ALSO:

President Tinubu has consistently called for stronger global partnerships to drive industrialization, job creation, and infrastructure development in Africa.

Though specific details of the economic discussions were not disclosed, analysts say the meeting reflects growing American interest in engaging with African leaders on development-focused diplomacy, with Nigeria seen as a critical anchor in West Africa.

President Tinubu has been in Paris since Wednesday, April 2, undertaking a short working visit aimed at reviewing his administration’s midterm performance and setting strategic priorities for the next phase of his tenure.

While abroad, the President has remained actively engaged in state matters, and Thursday’s high-level engagement with the U.S. State Department underscores Nigeria’s central role in regional affairs and global economic conversations.

Tinubu is expected to return to the country shortly, with public attention focused on the outcome of his consultations and the anticipated direction of new policies in the coming months.

US envoy meets Tinubu in Paris over economic war

Continue Reading

News

US honours Soyinka, Okundaye at African Cultural Festival 2025 Pennsylvania

Published

on

US honours Soyinka, Okundaye at African Cultural Festival 2025 Pennsylvania

The United States government through the Pennsylvania House of Representatives and the Pennsylvania Senate has honoured the Nobel Laureate Wole Soyinka and the renowned African art icon, Chief Nike Okundaye of Nike Art Gallery, Lagos for their contributions to art in Nigeria and globally.

While Soyinka was conferred with “Distinguished Honors” for his extraordinary contributions to literature, culture, human rights, and global discourse, Nike Okundaye was honored for her revolutionary impact on contemporary African art.

She was recognized for being the pioneer of the Adire resist-dyeing technique, which has seamlessly blended ancestral motifs with modern aesthetics, earning global acclaim, thereby solidifying her legacy as a custodian of African heritage.

The honor was bestowed on them on March 26 at the unveiling of African Cultural Festival 2025 held at the Pennsylvania State Capitol . The festival will take place from September 19 to 20, 2025, in Pennsylvania.

The Senate of Pennsylvania lauded Professor Soyinka for his pioneering role in modern African literature and his relentless advocacy for free speech, social justice, and democracy.

The Pennsylvania House of Representatives, led by Speaker Joanna E. McClinton, also commended him for his unparalleled literary achievements and for inspiring critical thoughts across generations.’

For Okundaye, she was honoured for giving hope to marginalised women, training and equipping over 5,000 women with Adire-making, weaving, and traditional craft skills.

READ ALSO:

“Her mission to foster economic independence and cultural continuity has empowered communities across Nigeria and beyond, ensuring that African artistry thrives in future generations,” the House and the Senate stated.

Speaking about the upcoming festival, Wole Adeniyi, the Chief Executive Officer, CEO of ACI234, said the festival was designed to celebrate African heritage, foster international collaboration, and stimulate trade and cultural exchange between Africa, the United States, and the world.

Adeniyi emphasised that the festival will solidify Africa’s cultural influence while creating pathways for sustainable growth and artistic innovation.

He thanked the Pennsylvania House of Representatives, the Senate, and the State of Pennsylvania for honouring the two Nigerian icons of art.

Part of activities lined up for the festival includes the launching of Duduplugs, an innovative digital platform by ACI234 Entertainment LLC, designed to connect creative industries across continents, and elevate Africa’s creative economy.

Commenting on the upcoming event, Festival Director Foluke Michael described the African Cultural Festival as a celebration of tradition and innovation — a vibrant fusion of Africa’s timeless heritage with contemporary expression.

She acknowledged the pivotal role of the Lagos State Government in laying the foundation for this global movement through the Lagos Black Heritage Festival, which was steered by Professor Wole Soyinka during his tenure as Festival Consultant.

“That era gave birth to a cultural renaissance,” Michael noted. “It was during that time that the iconic Rhumble in Lagos — featuring President Bola Ahmed Tinubu and boxing legend Evander Holyfield — became a symbolic moment that planted the seed for what we now know as the African Cultural Festival.”

She further revealed that the official countdown to the 2025 edition will begin in Lagos at the end of April, setting the stage for a global celebration of African excellence.

 

US honours Soyinka, Okundaye at African Cultural Festival 2025 Pennsylvania

Continue Reading

Trending