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Edun Urges Developing Countries to Adopt Measures to Cushion Global Shocks
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The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on developing countries to adopt proactive measures to mitigate the impact of global economic shocks.
Edun made this appeal during the G24 news conference held on the sidelines of the ongoing International Monetary Fund meeting in Washington, D.C.
He warned that premature or excessive interest rate hikes could undermine ongoing economic reforms, while delayed policy responses risk fuelling inflation.
According to him, Central Banks in developing economies play a critical role in navigating challenges such as energy crises and geopolitical tensions.
The minister noted that policy responses vary across countries, particularly between oil-producing and oil-importing nations. While countries like Nigeria may benefit from increased oil revenues, oil-importing countries face higher costs. However, both groups continue to grapple with inflationary pressures stemming from energy markets.
Edun stressed that even oil-exporting nations are not immune, as rising costs of gas, fertiliser, and food are being felt across economies, underscoring the far-reaching effects of the global energy crisis.
He emphasised the importance of building economic resilience, urging countries to utilise existing fiscal buffers and implement targeted, temporary relief measures for vulnerable populations, rather than reversing key reforms already in place.
Cautioning against a return to subsidy regimes, Edun stated that reforms such as fuel subsidy removal and foreign exchange liberalisation have strengthened Nigeria’s economic framework despite recent external shocks.
He further urged governments to prioritise support for the most vulnerable citizens, ensuring they can cope with rising living costs without jeopardising long-term structural reforms essential for sustainable growth.
Edun observed that positive oil price shocks could strengthen fiscal and external balances for exporting countries, creating room for responsible public investment. However, he stressed the need for disciplined macroeconomic management.
He cited the adoption of hedging strategies by some countries to stabilise oil revenues, noting that such measures enhance predictability and support long-term fiscal planning amid volatile global market conditions.
The minister also pointed out that while developing countries continue to expect support from advanced economies, declining overseas development assistance and rising debt servicing obligations are worsening their fiscal challenges.
According to him, debt servicing costs in many developing countries have now surpassed inflows from aid and investment, significantly limiting fiscal space and constraining efforts toward meaningful economic transformation.
Edun called on multilateral institutions to increase liquidity support and provide policy guidance to help developing nations manage current economic pressures and financial vulnerabilities more effectively.
He identified domestic resource mobilisation as a more sustainable path forward, advocating improved tax systems and stronger private sector participation to boost revenue and reduce dependence on external financing.
The minister also pushed for concessional financing and innovative risk management tools to lower borrowing costs, noting that high debt servicing burdens continue to hinder development and economic transformation across many developing countries.
On technology, Edun acknowledged that while the rise of Artificial Intelligence (AI) may initially widen inequality, it also presents opportunities to enhance revenue mobilisation through automation and digitalisation.
He added that improving tax-to-Gross Domestic Product (GDP) ratios would depend significantly on technology adoption, including AI, to boost efficiency, transparency, and overall revenue generation.
Edun expressed concern over slowing global trade growth, noting that fragmentation and supply chain disruptions are prompting developing economies to focus more on domestic production and regional integration.
Also speaking, the Director of the G-24 Secretariat, Iyabo Masha, highlighted that supply-side constraints, particularly in oil production, respond weakly to monetary policy. She therefore urged Central Banks to adopt a cautious, data-driven approach to decision-making.
Masha further called on multilateral institutions to intensify support, especially in reducing borrowing costs and addressing debt-related challenges. She also reaffirmed the importance of a rules-based global trading system in promoting inclusive economic growth.
Efe Ovuakporie
Head Information and Public Relations Unit
News
BUA Cement distributes N108m farm inputs to 211 Sokoto farmers
BUA Cement Plc has distributed agricultural inputs valued at over N108 million to 211 farmers from its host and resettled communities in Sokoto State under its Resettlement and Sustainable Livelihood Restoration Programme.
The initiative is targeted at farmers affected by the company’s quarry operations and is aimed at restoring livelihoods, improving agricultural productivity and supporting food production.
Speaking at the distribution ceremony, the Managing Director of BUA Cement Plc, Engr. Yusuf Binji, said the programme reflects the company’s commitment to sustainable community development and economic empowerment.
Represented by the Assistant Director of Corporate Services, Alhaji Sada Suleiman, Binji said the intervention was designed to help resettled community members rebuild their livelihoods through agriculture.
“We believe that supporting agriculture is one of the most effective ways of empowering rural households and improving their economic well-being,” he said.
According to him, the company is focused on creating sustainable opportunities for affected communities beyond compensation and resettlement.
He added that the intervention would help improve beneficiaries’ incomes while contributing to increased food production in Sokoto State and across the country.
The company’s Director of Health, Community, Safety and Environment, Engr. Ali Gumel, urged beneficiaries to make effective use of the farm inputs, noting that they had received training on their proper application.
He said the company expects the inputs to translate into higher crop yields, improved household incomes and sustainable agricultural development.
Also speaking, the Programme Manager of the Sokoto State Agricultural Development Programme (SADP), Alhaji Abubakar Danmaliki, described the initiative as an example of effective collaboration between the private and public sectors in promoting rural development.
He said the programme would support farmers in recovering from the challenges associated with resettlement while boosting agricultural output.
Danmaliki added that beneficiaries would continue to receive extension services and technical support to encourage the adoption of improved farming practices.
The company’s Social Performance Specialist, Alhaji Rabiu Maska, said the package included NPK, urea and liquid fertilisers, improved maize, sorghum, cowpea and groundnut seeds, as well as pesticides, herbicides and other farm inputs.
According to him, the intervention was tailored to meet the farming needs of the beneficiaries and improve their harvests.
Some of the beneficiaries commended BUA Cement for the support, describing it as timely in view of rising production costs.
They pledged to utilise the inputs for the intended agricultural purposes to maximise the benefits of the programme.
News
Gombe LG Polls: APC Sweeps All Seats
The All Progressives Congress (APC) has emerged victorious in all the 24 chairmanship seats and 240 councillorship positions contested in Saturday’s local government elections in Gombe State.
Chairman of the Gombe State Independent Electoral Commission (GOSIEC), Abdullahi Garba Talasse, who announced the results on Saturday in Gombe, declared that the ruling party won in all the local government councils and Local Council Development Areas (LCDAs) where elections were conducted.
Talasse described the successful conduct of elections in the newly created LCDAs as a milestone in the state’s democratic development, noting that Gombe had expanded from 11 local government councils with 114 councillors to 24 councils and LCDAs with 240 councillors.
He said the commission worked closely with the State House of Assembly to secure the legal backing required for elections to be held in the LCDAs.
“We did not struggle for the enabling law in vain. Today, we have successfully conducted elections across the 24 councils and LCDAs, which is a significant achievement for the state,” he said.
The GOSIEC chairman attributed the poor showing of opposition parties to their limited participation in the polls.
According to him, the African Congress (AC) fielded candidates in only three chairmanship contests, while the Democratic Liberation Alliance (DLA) contested in six councils.
He added that the New Nigeria People’s Movement (NRM), Youth Party (YP) and Zenith Labour Party (ZLP) each sponsored candidates in three chairmanship elections.
For councillorship positions, Talasse said AC contested in eight wards, while DLA, NRM, YP and ZLP each fielded candidates in 11 wards.
“That explains why some parties recorded zero votes in several areas because they did not participate across all the councils and wards,” he said.
Talasse explained that although chairmanship results were declared at the various local government collation centres, the commission considered it necessary to present a statewide summary to journalists, observers and the public.
“From the results before the commission, APC has won all the 24 chairmanship seats and all the 240 councillorship positions,” he declared.
He commended political parties, election observers, civil society organisations, security agencies and other stakeholders for contributing to the peaceful conduct of the elections.
The GOSIEC chairman also appreciated party leaders, government officials, non-governmental organisations and other guests from across the country who monitored the exercise, describing their participation as crucial to the success of the electoral process.
News
Ex-President Obasanjo Blames Greed, Carelessness For Global Warming
Former President of Nigeria, Olusegun Obasanjo, has attributed global warming to human greed, selfishness, and reckless exploitation of the environment, warning that such actions continue to disrupt the natural balance of the ecosystem.
Obasanjo made the remarks in Kano during an event organised in honour of former President of the Nigerian Bar Association, Abubakar Mahmoud, and his Environment and Sustainability Initiative and Trust Fund.
Speaking at the event, Obasanjo acknowledged the reality and growing impact of climate change, stressing that human activities remain a major driver of global warming.
“God created our world in balance, but we, as human beings, out of selfishness and carelessness, have done more harm than good to our environment, and we need to do more in the safekeeping of our environment,” the former president said.
Obasanjo also revealed that he has personally planted more than 3.5 million trees as part of efforts to combat climate change, stressing that protecting the environment is a collective responsibility and a global public good.
The Kano State Government commended the initiative and pledged its support to ensure its sustainability.
The Commissioner for Environment and Water Resources, Dahiru Hashim, described the initiative as a significant step towards environmental protection and sustainable development.
“In recognition of this laudable initiative, the Kano State Government has approved the donation of 10,000 seedlings for the Mahmoud Environmental and Sustainable Trust,” Hashim said.
In his remarks, Abubakar Mahmoud said the initiative seeks to promote environmental sustainability and preserve the ecosystem for the benefit of both present and future generations.
“I started a small project that has grown into something quite formidable, providing protection to villages around and to preserving various species of plants,so what we are trying to do is to continue with this legacy,” he said.
The event attracted several dignitaries, including the vice presidential candidate of the Nigeria Democratic Congress (NDC), Rabiu Kwankwaso, former chairman of the Independent National Electoral Commission (INEC), Attahiru Jega, officials of the Kano State Government, and other stakeholders.
Participants at the event called for deliberate and collective action to address climate change and environmental degradation.
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