Economy
Marrakech Declaration: Africa Calls for Fairer Global Financial Architecture
The African continent has advanced reasons for a global financial architecture that is fairer and more conducive to the continent’s development
The position was canvassed at the high-level ministerial meeting on accelerating the financing of Africa’s emergence, on the sidelines of the WB-IMF Annual Meeting which resulted in the adoption of the “Marrakech Declaration’’.
The forum was organised at the initiative of the Kingdom of Morocco and called for the realisation of the continent’s growth priorities, which respect the sovereignty and territorial integrity of African states and contribute to the development of its populations.
It further called for the strengthening of bilateral and multi-lateral cooperation, to support Africa’s infrastructure deficit, through increased financing, provision and transfer of technical and technological expertise, and capacity building.
Addressing donors, partners and friendly countries, the continent also called for support for the emergence of a dynamic, wealth-creating private sector, capable of supporting the development of structuring infrastructure projects and bridging the infrastructure financing gap.
The Kingdom of Morocco’s Minister of Economy and Finance, Nadia Fettah, was consequently mandated to follow up the implementation of the Declaration, and urged to inaugurate an Inter-African taskforce to share best practices and experiences in the fields of infrastructure development and financing in Africa.
This move, it was argued would assist in the development of structure and bankable infrastructure projects as well as Africa’s infrastructure projects at roadshows to raise funds from potential investors.
They also agreed to support the establishment and operationalisation of the Inter-African Taskforce as part of an open dialogue aimed at promoting infrastructure development activities in Africa.
Equally, they reaffirmed their commitment to working toward sustainable African co-emergence, where infrastructure investment would play a key role as a development driver, within the framework of joint continental and regional initiatives; to capitalise on international infrastructure initiatives for the benefit of the African continent’s emergence.
In addition, it would intensify their joint efforts to strengthen the business climate by improving structural conditions for investment, mobilising financing to stimulate economic recovery, and creating a favourable environment for entrepreneurship and innovation.
The participating countries also reiterated their commitment to encouraging the establishment of a distinct climate governance model.
This, they said is based on a spirit of partnership and African ownership, and to working to mobilise diverse sources of financing, particularly private, to meet Africa’s infrastructure challenge more effectively and reduce the pressure on their public resources.
They also stressed that, despite their efforts, they still face major challenges in terms of infrastructure, which plays a crucial role in developing their industries and value chains, creating jobs, improving the standard of living of their populations, and contributing to achieving the objectives of Agendas 2030 and 2063.
The Marrakech Declaration asserted that the question of financing remains a crucial issue to be addressed for the development of ambitious infrastructure programmes, capable of bridging the infrastructure gap from which African countries suffer, and that this financing effort cannot be ensured by public resources alone.
The Declaration points out that the lack of active, long-term international solidarity is considerably slowing down the momentum of climate action in Africa, penalising the continent, which until 2020 has received only 12 per cent of the annual flows of climate financing it needs.
The participants also agreed that the progress made by the continent at various levels, in terms of infrastructure, has resulted in the implementation of large-scale projects, that bears witness to the continent’s determination to make good Africa’s infrastructure deficit and achieve sustainable development and solid growth.
Equally, they noted that “the consolidation of intra-continental economic relations, in line with the objectives and commitments of our countries to develop South-South cooperation, is a key condition for the future development of our continent, and requires the establishment of quality infrastructures to support these ambitions”.
The African stakeholders thanked King Mohammed VI for his leadership and commitment to strengthening inter-African cooperation, as well as the government and people of Morocco for hosting the Annual Meetings of the World Bank Group and the International Monetary Fund, and for the warm hospitality extended to all participants.
They also congratulated the Kingdom of Morocco on its designation as host country for the 2030 World Cup, which represents a unique opportunity to catalyse growth and infrastructure modernisation in the Kingdom, and demonstrates confidence in Africa’s ability to meet the greatest challenges.(NAN)
To end the week, the stock market rebounded from previous losses, gaining N74 billion.
Investor interest in MTN Nigeria, FBN Holdings, Guaranty Trust Holding Company (GTCO) and other equities lifted the market.
Notably, the market capitalisation opened at N56.014 trillion, adding N74 billion or 0.
13 per cent to close at N56.088 trillion.The All-Share Index also advanced by 0.
13 per cent, or 129.44 points, closing at 97,606.63, compared to 97,477.19 recorded on Thursday.As a result, the Year-To-Date (YTD) return increased by 30.54 per cent.
The market breadth closed positive, with 31 gainers and 19 losers on the floor of the Exchange.
On the gainers’ chart, Consolidated Hallmark Plc and Sterling Nigeria led by 9.
45 per cent each to close at N1.39 and N4.98 per share respectively.Mecure followed by 9.19 per cent to close at N10.10, Regency Alliance Insurance gained 9.09 per cent to close at 72k, while Fidson Healthcare Plc increased by 8.24 per cent to close at N15.10 per share.
Conversely, Deap Capital Management and Trust led the losers’ chart by 9.93 per cent to close at N1.36, NEM Insurance trailed by 9.71 per cent to close at N7.90 per share.
Daar Communications also lost 9.52 per cent to close at 57k, Tantalizers shed 9.09 per cent to close at 60k, while Dangote Sugar declined by 3.31 per cent to close at N31 per share.
Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 20.33 per cent.
A total of 304.43 million shares valued at N5.60 billion were exchanged in 6,950 deals, compared with 277.75 million shares valued at N4.65 billon in 7,091 deals traded in the previous session.
Meanwhile, Access Corporation led the activity chart in volume and value with 68.26 million shares valued at N1.34 billon.(NAN)
By David Torough, Abuja
The Nigerian Economic Society (NES) has decried Nigeria’s socioeconomic dilemmas, including; low personal incomes, dysfunctional education, healthcare systems, unemployment, rising inflation, poverty, amidst other critical issues.
This was part of the communique at the end of the association’s 65th annual conference held recently in Abuja with the theme: Socioeconomic Development in Nigeria: Imperatives, Implications, and Impacts.
It emphasised that the factors greatly contribute to insecurity, food scarcity, energy poverty, widening social inequality as macroeconomic instability and called on relevant stakeholders to urgently address the challenges.
President Bola Tinubu who was represented by the Vice President, Kashim Shettima through
Dr. Tope Fasua, underscored the
pivotal role of economists in shaping national development.
Tinubu reiterated the importance of their role to make the citizens feel integral and empowered, knowing that their contributions were crucial to the country’s development.
He urged them to approach the economy optimistically, stressing that their work was crucial, and that improvement was
always possible.
In his remarks, Minister of Budget and National Planning, Atiku Bagudu underscored the importance of socioeconomic resilience amidst global economic challenges.
He acknowledged the relevance of the conference theme, stating its timeliness in addressing Nigeria’s development needs.
On his part, Minister of Finance and Coordinating Minister of the Economy, Olawale Edun who delivered the keynote address on “Leveraging Economic Reforms to Leapfrog Nigeria’s Socioeconomic Development,” underscored the potential benefits of these reforms and stressed the need to better utilise Nigeria’s human and natural resources to spur socio-economic development.
He predicted that while structural reforms might cause short-term economic shocks, they would stabilise the economy in the long run, bringing hope for a brighter future.
In his presentation, the NES President, Professor Adeola Adenikinju who presented “Nigeria’s Socioeconomic Challenges: Lessons from the Structural Adjustment Programmes,” recommended:
Instituting an economic governance structure for the country, designating
some Ministries as economic ministries that qualified economists and allied professionals
must staff, adopting macroeconomic models to analyse the impacts of policies and assess
alternative scenarios.
Adenikinju also recommended; implementing export-led growth strategies by promoting value-
added exports and incentives for export-oriented industries and infrastructure, prioritising agro-allied industries to boost socioeconomic outcomes, implementing targeted subsidies or social safety nets to cushion vulnerable populations against the immediate impacts of reforms, amongst others.
The 65th NES Conference provided significant insights into Nigeria’s socioeconomic
development challenges and proposed actionable recommendations.
Participants emphasised the need for visionary leadership, policy synergy, and a commitment to long-term economic transformation to ensure sustainable development for Nigeria.
By Tony Obiechina, Abuja
The Infrastructure Concession Regulatory Commission (ICRC) says it will henceforth issue Outline Business Case (OBC) Certificate of Compliance and the Full Business Case (FBC) Certificate of Compliance within seven days.This follows the charge by President Bola Ahmed Tinubu to the Director General of the Commission, Dr Jobson Oseodion Ewalefoh “to accelerate investment in National Infrastructure through innovative mobilization of private-sector funding”.
President Tinubu also charged him to work assiduously to boost infrastructure development in Nigeria as part of the renewed hope agenda of the current administration.In view of the above, Dr Ewalefoh-led management team of the ICRC has streamlined the approval processes of the commission to issue its certificates of compliance within seven days. This will accelerate the turnaround time for approvals by the Commission.“In line with the charge of His Excellency, President Bola Ahmed Tinubu, GCFR, and following his Renewed Hope Agenda, we have streamlined and updated our approval processes to issue either of the Outline Business Case Certificate of Compliance (OBC) and the Full Business Case Certificate of Compliance (FBC) to Ministries, Departments and Agencies (MDAs) that meet the requirements within seven days.“This is part of efforts by the current administration to accelerate infrastructure development, bridge the infrastructure gaps and stimulate the economy through investment of private sector funds in Public Private Partnership endeavours.“By streamlining our processes, the Commission is in no way foregoing any of its stringent approval steps or key requirements, therefore, only business cases that are viable, bankable, offer value for money and meet all other requirements will be approved.“The ICRC cannot do it alone, therefore I implore all chief executives of MDAs to match our momentum and align with this charge of Mr. President to accelerate Infrastructure development and ensure that PPP projects are not stalled at any point but delivered within record time.“The Commission is ready to partner and collaborate with all MDAs to actualize this,” he said.In a statement by Ifeanyi NwokoActing Head, Media and Publicity on Monday the ICRC DG in August rolled out a six-point policy direction which among others, focused on accelerating PPP processes, boosting inter-agency collaboration and ensuring innovative financing.The ICRC was established to regulate Public Private Partnership (PPP) endeavours of the Federal government aimed at addressing Nigeria’s physical infrastructure deficit which hampers economic development.
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