Feature/OPED
Development Matters At the New Global Financing, its Specific Importance for Africa
By Professor Maurice Okoli
French President Emmanuel Macron called for a global conference held for two days in Paris aimed at taking stock “of all means and ways of increasing financial solidarity with the Global South.” The first credible significance here is that it attracted high-ranking officials from international organizations, global financial institutions and government officials.
In fact, many of the prominent issues are closely interconnected with development, the environment and finance, which confront nations across broad geographical regions over the years. Many developing nations in the southern hemisphere are currently debt-trapped with multilateral development banks in an attempt to transform their untapped resources on the basis of securing financial credit.
As we watched the attentively multifaceted deliberations at this conference, the primary objective was to consolidate collective in drawing up comprehensive programmes to address the growing development needs to eradicate poverty, climate change, and measures in controlling environmental disasters. These are basic but complicated, particularly for Africa.
From above, that could be one key reason why Macron told global leaders that no nation should have to choose between tackling poverty and dealing with climate change at a summit tasked with reimagining the world’s financial system. The Summit for a New Global Financial Pact is aimed at finding the financial solutions to the interlinked global goals of tackling poverty, curbing planet-heating emissions and protecting nature.
In his opening remarks, Macron told delegates that the world needs “public finance shock” to fight these challenges, adding the current system was not well suited to address the world’s challenges. “Policymakers and countries shouldn’t ever have to choose between reducing poverty and protecting the planet,” Macron said.
Leaders attending the summit include Barbados Prime Minister Mia Mottley, who has become a powerful advocate for reimagining the role of the World Bank and International Monetary Fund in an era of the climate crisis. Mottley told global leaders at the summit that the international financial order needs “absolute transformation.” “We come to Paris to identify the common humanity that we share and the absolute moral imperative to save our planet and to make it livable,” she said.
South African President Cyril Ramaphosa simply put, “The financing must be predictable and certain.” Most developing nations have received financial pledges during bilateral negotiations with external partners, mostly in the United States and Europe and now from Asian leaders such as China. Experiences show that the scale of financial support needs to consider the level of sustainability of development and the magnitude of the expected growth.
IMF Managing Director Kristalina Georgieva, on stage together for the first time, the new World Bank President Ajay Banga, have equally emphasized debts, climate and financing for development. In a rapidly changing and unbalanced world, the necessity for partnership has become paramount. Africa’s development has more or less improved compared to 10 or 15 years ago. The African Union’s development agenda under the ‘Africa We Want’ and the creation of a single market are aspects of the Agenda 2063.
This brings to the fore that Africa is steadily and increasingly improving in the world. At the same time, Africa’s population is growing and is expected to reach (double) 2.5 billion by 2050. Resources, both natural and human, are largely untapped. Investing in youth entrepreneurship, women’s empowerment, and transferring technology to agriculture and industry should guide external lending financial institutions.
Arguably there are obvious challenges and obstacles influencing global development, which some experts pointed out as the formulation of policies and approaches and the rapid changes in the geographical environment. International Monetary Fund (IMF), the World Bank and other financial institutions have, at different times, been blamed for exercising full-fledged control of and imposing stringent rules or conditions on their crediting nations. These creditors are trapped in debt. Currently, a number of African nations are debt-trapped in their bilateral relations with China.
“Many vulnerable, lower-income states have been overwhelmed by economic shocks, debts they cannot pay, and the effects of climate change – a crisis to which they contributed very little, but which is costing people in these countries dearly. These are unprecedented challenges that require a rethink of how the world’s financial architecture is set up,” said Agnès Callamard, Amnesty International’s Secretary General.
“Unsustainable levels of debt can have grave implications for economic and social rights. The cost of servicing existing debt can divert essential financing away from crucial social spending. Coordinated international action offering debt relief can transform the ability of governments to invest in economic and social protections, supporting their capacity to protect the rights of their people,” in her views. Therefore, all creditors – states, private creditors, and international financial institutions – should cooperate to ensure timely debt relief for all countries in and at risk of debt distress and consider all options, including debt restructuring and debt cancellation.
As widely discussed, and especially in the eyes of economist strategists and researchers, while Western lenders and policymakers try to preserve the existing rules relating to finance, most of them have seemingly failed to fulfil the pledge to provide $100 billion annually to help states mitigate and adapt to climate change. A separate loss and damage fund has yet to be funded and become operational.
Researches indicate the financial capacity to cope with a fast-changing, more shock-prone world. Financial resources are much larger in some places than in others. But it still has huge imbalances. Georgieva and Ajay Banga shared similar views, as they underlined these development disparities at the conference, that the youth in some places and capital in different places. Unless we build a bridge for capital to flow where young people are (to create jobs and prosperity), not only would it undermine prospects for growth, but it would also undermine global stability.
For the International Monetary Fund and for the World Bank, this translates into the imperative of a change in mindset. Therefore, the requirements are that these institutions address macroeconomic and financial stability, growth and employment in the global south, including the majority of the nations in Africa.
What does that mean in practice? It means a more comprehensive view of the resilience of people – to ensure they are educated, healthy and have good social protection. It means a more comprehensive view of the resilience of society – not just in the banking sector – because when society is unfair and unjust, the economy cannot deliver the best fruit for all people.
It is highly appreciable that both the Bank and the Fund have itemized mobilizing for more concessional and grant financing as a first-step priority to close this financing gap, showing greater commitment to offering support for the most vulnerable borrowers. During the next joint meeting slated for October 2023 in Morocco in the African continent, there is already a plan to start with the Poverty Reduction and Growth Trust (PRGT).
An indication and a clear signal that Africa is receiving greater attention in its development endeavours, the promised to help rechannel Special Drawing Rights (SDRs). The target for such rechanneling was set at $100 billion. In addition, the $60 billion in pledges are also to be channelled through the Resilience and Sustainability Trust (RST) and through the PRGT.
China, a major global creditor, has come under scrutiny for its lack of participation in multilateral efforts to ease the debt burden on developing countries. The summit comes amid growing recognition of the scale of the financial challenges ahead. Last year, a UN expert group said developing and emerging economies, excluding China, would need to spend around $2.4 trillion a year on climate and development by 2030.
Strong global personalities follow similarly-motivated and confidence-building statements very indispensable for developing nations. For instance, Secretary-General António Guterres renewed his appeal for ambitious reforms to the international financial architecture and presented his proposals – including an SDG stimulus – to support better developing and emerging economies and put them back on track to achieve the Sustainable Development Goals (SDGs).
Professor Maurice Okoli is a fellow at the Institute for African Studies and the Institute of World Economy and International Relations, Russian Academy of Sciences. He is also a fellow at the North-Eastern Federal University of Russia.
By Isah Kamisu Madachi
The news that the Nigerian businessman, Aliko Dangote, plans to expand his business interest into steel production, electricity generation, and port development as part of his broader ambition to accelerate industrialisation in Africa deserves a quick reflection on the promises it carries for Nigeria. It is coming from Dangote at a time when many African countries, including Nigeria, are still struggling with below-average industrial capacity. This move speaks to something important about how prosperity is actually built.
In their Influential book ‘The Prosperity Paradox: How Innovation Can Lift Nations Out of Poverty,’ Clayton Christensen, Efosa Ojomo, and Karen Dillon argue that countries rarely overcome poverty through aid, policy declarations or resource endowments alone. According to them, the effective engine of prosperity has always been market-creating innovations by private and public enterprises that build new industries, generate jobs, and expand economic opportunities for ordinary people.
Even though their theory focuses largely on creating something new or producing it exceptionally, Dangote’s new industrial ambition seems closer to the latter. It is about producing essential things at a scale and efficiency that the existing system has failed to achieve.
Take, for example, the electricity sector in Nigeria. Since the beginning of the current Fourth Republic, billions of dollars have been allocated to power sector reforms, yet electricity supply remains unstable, and many Nigerians still depend heavily on generators to power their homes and businesses. The situation has continued to deteriorate despite the enormous resources committed to the sector by the coming of every new administration.
This is not surprising. In The Prosperity Paradox, the authors explain how nations and even international organisations sometimes keep investing huge resources in certain activities only to realise much later that they were simply hitting the wrong target. The problem is not always the lack of funding; sometimes it is the absence of a functioning market system capable of producing and distributing essential services efficiently.
Seen from this perspective, Dangote’s move into electricity generation may mean more than just an investment. It could be an attempt to tackle one of the most critically lingering bottlenecks in Nigeria’s economic development. If I were to be asked to decide which sector Dangote should begin with in this new industrial plan, I would unhesitatingly choose electricity. It is the most embattled, deeply corrupted and seemingly jeopardised beyond repair, yet the most important sector for the everyday life of citizens.
Stable electricity has the power to transform productivity across every sector. When power supply becomes reliable, small businesses are created, productivity is boosted across all sectors, and households enjoy a better quality of life. Nigeria’s long-standing energy poverty has been strangulating the productive potential of millions of people for decades. Fixing that problem alone would unlock enormous economic possibilities more than expected.
Beyond the issue of productivity, Dangote’s entry into these sectors could also stimulate competition. Healthy competition is one of the most effective drivers of efficiency in any economy. The example of the refinery project already shows how a large-scale private investment can disrupt long-standing structural weaknesses within a sector. A similar dynamic in the proposed sectors could encourage other investors to participate and expand industrial capacity.
Nigeria, by 2030, is projected to need 30 to 40 million new jobs to absorb its rapidly growing population. The scale of this challenge means that the government alone, especially in the Nigerian context, cannot create the necessary opportunities to fill this gap. Private enterprises will have to play a major role in expanding productive sectors of the economy. If supported by the right policy environment, they could contribute significantly to narrowing Nigeria’s widening job gap.
Of course, no single business initiative can solve all structural challenges in the economy. But bold investments of this nature often serve as catalysts for broader economic transformation. With the right support and healthy competition from other investors, initiatives like these could help push Nigeria closer to the kind of industrial foundation that many developed economies built decades ago.
In the end, the lesson is simple: prosperity rarely emerges from policy debates alone. It often begins with large-scale productive ventures that reshape markets, unlock productivity at both small-scale and large-scale businesses, and create direct and indirect economic opportunities for millions of common men and women.
Isah Kamisu Madachi is a policy analyst and development practitioner. He writes via is***************@***il.com
Weddings have always held a special place in African culture. They are more than ceremonies; they are declarations of love, family, identity, and tradition. From the vibrant colours of aso-ebi to the rhythmic sounds of live bands and the emotional exchange of vows, weddings represent a moment of cultural heritage.
In recent years, weddings have gone beyond physical venues. What was once an exclusive gathering for family and friends has transformed into a shared experience for wider audiences. Social media first opened the door, allowing guests and admirers to witness love stories in real time through Instagram posts, TikTok highlights, and YouTube recaps.
And now, television platforms are taking this even further, giving weddings a new kind of permanence and reach.
High-profile weddings, like the widely celebrated union of Adeyemi Idowu, popularly known as Yhemolee (Olowo Eko) and his wife Oyindamola, fondly known as ThayourB, captured massive public attention. Moments from their wedding became a live shared experience on television (GOtv & DStv).
From the high fashion statements to the emotional highlights, viewers were able to feel part of something bigger, a reminder that weddings inspire not just both families but entire communities.
This shift reflects a broader reality: weddings today are content. They inspire conversations about fashion, relationships, lifestyle, and aspiration. They preserve memories in ways previous generations could only imagine. For Gen Z couples, their wedding is no longer just a day; it becomes a story that can be revisited, celebrated, and even inspire others planning their own journey to forever.
Broadcast platforms like GOtv are playing a meaningful role in this transformation. By bringing wedding-related content directly into homes, GOtv is helping audiences experience these moments not just through social media snippets but in real time.
One of the most notable offerings is Channel 105, The Wedding Channel, Africa’s first 24-hour wedding channel, available on GOtv. The channel is fully dedicated to African weddings, lifestyle, and bridal fashion, showcasing everything from dream ceremonies to the realities of married life. Programs like Wedding Police and Wedding on a Budget, and shows like 5 Years Later, offer a deeper look into marriage itself, reminding viewers that weddings are just the beginning of a lifelong journey.
GOtv is preserving culture, celebrating love, and inspiring future couples with this channel. It allows viewers to witness traditions from different regions, discover new ideas, and feel connected to moments that might otherwise remain private.
With platforms like GOtv, stories continue to live on screens across Africa, where love, culture, and celebration can be experienced by all.
To upgrade, subscribe, or reconnect, download the MyGOtv App or dial *288#. For catch-up and on-the-go viewing, download the GOtv Stream App and enjoy your favourite shows anytime, anywhere.
Nigeria is entering a timing-sensitive macro set-up as the oil complex reprices disruption risk and the US dollar firms. Brent moved violently this week, settling at $77.74 on 02 March, up 6.68% on the day, after trading as high as $82.37 before settling around $78.07 on 3 March. For Nigeria, the immediate hook is the overlap with domestic policy: the Central Bank of Nigeria (CBN) has just cut its Monetary Policy Rate (MPR) by 50 basis points to 26.50%, whilst headline inflation is still 15.10% year on year in January.
“Investors often talk about Nigeria as an oil story, but the market response is frequently a timing story,” said David Barrett, Chief Executive Officer, EBC Financial Group (UK) Ltd. “When the pass-through clock runs ahead of the policy clock, inflation risk, and United States Dollar (USD) demand can show up before any oil benefit is felt in day-to-day liquidity.”
Policy and Pricing Regime Shift: One Shock, Different Clocks
EBC Financial Group (“EBC”) frames Nigeria’s current set-up as “policy-lag arbitrage”: the same external energy shock can hit domestic costs, FX liquidity, and monetary transmission on different timelines. A risk premium that begins in crude can quickly show up in delivered costs through freight and insurance, and EBC notes that downstream pressure has been visible in refined markets, with jet fuel and diesel cash premiums hitting multi-year highs.
Market Impact: Oil Support is Conditional, Pass-through is Not
EBC points out that higher crude is not automatically supportive of the naira in the short run because “oil buffer” depends on how quickly external receipts translate into market-clearing USD liquidity. Recent price action illustrates the sensitivity: the naira was quoted at 1,344 per dollar on the official market on 19 February, compared with 1,357 a week earlier, whilst street trading was cited around 1,385.
At the same time, Nigeria’s inflation channel can move quickly even during disinflation: headline inflation eased to 15.10% in January from 15.15% in December, and food inflation slowed to 8.89% from 10.84%, but energy-led transport and logistics costs can reintroduce pressure if the risk premium persists. EBC also points to a broader Nigeria-specific reality: the economy grew 4.07% year on year in 4Q25, with the oil sector expanding 6.79% and non-oil 3.99%, whilst average daily oil production slipped to 1.58 million bpd from 1.64 million bpd in 3Q25. That mix supports external-balance potential, but it also underscores why the domestic liquidity benefit can arrive with a lag.
Nigeria’s Buffer Looks Stronger, but It Does Not Eliminate Sequencing Risk
EBC sees that near-term external resilience is improving. The CBN Governor said gross external reserves rose to USD 50.45 billion as of 16 February 2026, equivalent to 9.68 months of import cover for goods and services. Even so, EBC views the market’s focus as pragmatic: in a risk-off tape, investors tend to price the order of transmission, not the eventual balance-of-payments benefit.
In the near term, EBC expects attention to rotate to scheduled energy and policy signposts that can confirm whether the current repricing is a short, violent adjustment or a more durable regime shift, including the U.S. Energy Information Administration (EIA) Short-Term Energy Outlook (10 March 2026), OPEC’s Monthly Oil Market Report (11 March 2026), and the U.S. Federal Reserve meeting (17 to 18 March 2026). On the domestic calendar, the CBN’s published schedule points to the next Monetary Policy Committee meeting on 19 to 20 May 2026.
Risk Frame: The Market Prices the Lag, Not the Headline
EBC cautions that outcomes are asymmetric. A rapid de-escalation could compress the crude risk premium quickly, but once freight, insurance, and hedging behaviour adjust, second-round effects can linger through inflation uncertainty and a more persistent USD bid.
“Oil can act as a shock absorber for Nigeria, but only when the liquidity channel is working,” Barrett added. “If USD conditions tighten first and domestic pass-through accelerates, the market prices the lag, not the headline oil price.”
Brent remains an anchor instrument for tracking this timing risk because it links energy-led inflation expectations, USD liquidity, and emerging-market risk appetite in one market. EBC Commodities offering provides access to Brent Crude Spot (XBRUSD) via its trading platform for following energy-driven macro volatility through a single instrument.
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