Connect with us

Feature/OPED

Development Matters At the New Global Financing, its Specific Importance for Africa

Published

on

Maurice Okoli new global financing

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.

1 Comment

Leave a Reply

Feature/OPED

Bridging Theory and Practice: Integrating Measurement Education in Tertiary Curriculums

Published

on

Integrating Measurement Education

By Philip Odiakose

As a public relations measurement and evaluation expert with more than a decade of experience advocating the integration of measurement and evaluation into communications and PR engagements, I have witnessed firsthand the knowledge gaps that exist in the field.

These gaps are particularly evident in how PR professionals and agencies approach measurement and evaluation. The reality is that the acceptance and best practices of PR measurement and evaluation must start from the classroom.

This is why I strongly believe that measurement and evaluation education must be integrated into the curriculum of Mass Communications, Public Relations, and Media departments in tertiary institutions. It is only through this structured education that we can begin to produce PR professionals who are future-ready, and equipped with the technical know-how to design, measure, and evaluate campaigns effectively.

The absence of measurement and evaluation in the traditional curriculum of many institutions has created a disconnect between the theoretical knowledge taught in schools and the practical realities of the PR profession. Most PR graduates enter the field with a strong understanding of communication strategies but little to no knowledge of how to measure the success of those strategies or how to leverage data for impactful decision-making.

Measurement and evaluation are not just add-ons; they are integral to ensuring accountability, transparency, and effectiveness in PR and communication efforts. Without a foundational understanding of how to measure impact, PR practitioners are left to rely on outdated metrics or superficial indicators that do not reflect true campaign performance.

In this regard, I must commend institutions that have made deliberate efforts to bring real-life and practical measurement experiences into the classroom. One standout example is Covenant University in Ota, Ogun State, Nigeria. Over the years, I have had the privilege of working with the Communications and Media Studies Department, thanks to Dr. Kehinde Oyesomi, who has consistently provided opportunities for her students to learn the basics of measurement and evaluation. This hands-on approach equips students with the analytical mindset required to thrive in the PR and communications industry. By exposing students to real-world applications of measurement, institutions like Covenant University are raising a generation of practitioners who will be better prepared to navigate the complexities of the industry.

Another commendable example is the initiative by the NIGERIAN INSTITUTE OF PUBLIC RELATIONS, LAGOS (Lagos NIPR), which integrated measurement and evaluation education into its curriculum in 2017. This forward-thinking move was driven by a partnership between P+ Measurement Services and the NIPR Lagos leadership at the time, under the chairmanship of Segun Mcmedal.

It is encouraging to see that this initiative has been sustained by the current chairperson, Madam Comfort Obot Nwankwo, reflecting a commitment to continuous learning and professional development. However, this effort must go beyond the Lagos chapter; it is my hope that the Nigerian Institute of Public Relations, under the leadership of Dr. Ike Neliaku, will recognize the importance of adopting measurement and evaluation as an integral part of the institute’s curriculum nationwide.

Education is the foundation of knowledge and practice. In the same vein, it is the starting point for the usage, integration, and acceptance of PR measurement and evaluation as a core function within the industry. Without education, we risk perpetuating the cycle of ignorance, where PR professionals fail to understand the value of data-driven insights and fall back on outdated or ineffective practices. To address this, the measurement community must actively champion education as a means to bridge the gap between theory and practice. This is why global initiatives like AMEC Measurement and Evaluation Education Hub under the leadership of Johna Burke are so vital.

As a founding member of #AMECLabInitiative, I am proud to be part of a mission that focuses on skill development, career progression, and knowledge sharing within the global measurement community. AMEC’s efforts to promote education in measurement and evaluation for public relations and communications are critical to ensuring that best practices are not only adopted but also sustained across the industry.

The value of measurement cannot be overstated. It is both the science and the art of public relations, providing a framework for accountability and a pathway to continuous improvement. However, to achieve this, we must first address the root of the problem: the lack of formal education in measurement and evaluation.

By integrating it into the curriculum of universities and professional bodies, we are not only equipping students with the skills they need to succeed but also ensuring that the industry as a whole evolves to meet the demands of a data-driven world. As I often say, “Education is the beginning, the middle, and the end of the acceptance and best practices of measurement.”

In conclusion, I call on tertiary institutions across Nigeria to embrace the integration of measurement and evaluation into their Mass Communications, PR, and Media curriculums. This is not just about equipping students with technical knowledge; it is about shaping the future of the PR profession. Measurement and evaluation are not static; they are dynamic, evolving with trends, tools, and technologies.

By embedding this education into the classroom, we are creating a pipeline of professionals who are not only skilled but also adaptable, innovative, and ready to lead. The future of PR measurement and evaluation lies in education, and it is up to us as practitioners, educators, and industry leaders to ensure that this foundation is built strong and sustained for generations to come.

Philip Odiakose is a leader and advocate of PR measurement, evaluation and media monitoring in Nigeria. He is also the Chief Media Analyst at P+ Measurement Services, a member of AMEC, NIPR and AMCRON

Continue Reading

Feature/OPED

How to Awaken the Conscience of the World?

Published

on

Immigration Quota World Map

By Kingsley Omose

Sharp conflicts have always indicated transformation points to the consciousness of the world and provided pivots. Pivot is a point of articulation, a point at which things balance.

Sharp conflicts, whether it is a world war or (war in) Iraq, has always indicated transformation points to the consciousness of the world and provided pivots to a new design of human actions.

Things change after the world is traumatised or the world has sharp military conflict or collision of the human will in the earth has always provided pivot points or transformation points to the world’s consciousness.

We look at these events, look at the terrible things that are taking place, but behind that we recognise the fact that things are shifting to new positions.” Dr. Noel Woodroffe on Core Imperatives for Successful Nation Development

Gandhi used the principle of embracing personal suffering from your oppressor without retaliation to wake the conscience of your oppressor and make him stop the oppression to free India from British colonial rule.

In doing this, Gandhi had pointed to Jesus Christ as showing the way to embracing the principle of embracing unjust personal suffering visited on him by those he came to save to awaken the conscience of humanity to the path of reconciliation with its Creator, God.

Gandhi set up unarmed Indian protesters to defy unjust British laws and policies and then for these Indians to resort with non-violence when the British Army made up principally of Indians visited them with violence in return.

While Gandhi used the principle from a majority population perspective, Martin Luther King Jr. took the same principle and applied it from a Black minority population perspective to awake the conscience of the dominant white population in the US to the evils of segregation.

He simply organised Black protesters to defy the segregation policy and not to respond with violence when the police in the South came to enforce segregation with brutality and unwarranted violence before the American media who were on hand to record it.

This was what gave birth to the Civil Rights Act in the US ending segregation and legal racial discrimination, amongst others. Hamas deviated substantially from Gandhi and Martin Lutther King Jr. in that its application of the principle was triggered through violence and killing of over 1,200 Israelis during its border invasion on October 7, 2023.

The issue before Hamas was how a minority population brings the attention of the world to Israel’s biggest open air fenced prison in the world with over 2.5 million Palestinians, and by extension, the issue of a Palestinian state.

First, without the knowledge of the 2.5 million Palestinians in Gaza, Hamas dug tens of thousands of kilometres of tunnels deep underneath Gaza.

Then, on October 7, 2023, Hamas and its allies broke through reinforced concrete walls separating Gaza from Israel, invaded some neighbouring communities, killed over 1,200 people, and forcefully took over 200 Israeli captive back with them into the tunnels underneath Gaza.

An enraged Israel with its Western allies reacting to what they regarded as a massacre swallowed the bait, and what the world has witnessed live on all media platforms in the last 13 months has been a morden defining of what constitutes genocide as the full military might of Israel and its Western allies was visited on an unarmed nonviolent Palestinian population in Gaza.

Make no mistake, implementing this strategy came at great cost to Hamas and its leaders, but what has shaken a watching world to its core has been the resulting violence and suffering visited on over 2.5 million unarmed Palestinians, mostly women and children, by the Israeli government and military with the support of its Western allies.

A peace deal has now been brokered between Israel and Hamas facilitated by Donald Trump using a 3-stage peace plan earlier put forward by the Biden administration, starting with the exchange of prisoners between both sides.

But be assured that just as happened in India gaining independence from the British with the help of Gandhi, and with the civil rights movement in the US spearheaded by Martin Luther King Jr., the Palestinian cause is now a global issue thanks to the actions of Israel and its Western allies in the last 13 months.

Continue Reading

Feature/OPED

Reflection on Groups’ Kindness to Alidinma Mixed Secondary and Ute Okpu Grammar Schools

Published

on

Alidinma Mixed Secondary

By Jerome-Mario Utomi

This piece was inspired by two separate but related events; the first has to do with the news report that Dr. Philomena Onoyona Foundation, in line with its vision of giving unwavering commitment to education and community development, recently made a strategic visit to Alidinma Mixed Secondary School in Agbor Alidinma in Ika South Local Government Area of Delta State, where it donated learning materials worth thousands of naira to the students.

The second and closely related to the above centres on the revelation that the Ute Okpu Community in Ika North-East Local Government Area of Delta State recently came alive as the 1990 Set of Ute Okpu Grammar School Old Students Association celebrated its annual reunion with a series of social responsibilities aimed at giving back to the society.

These activities, programmes and initiatives include but are not limited to; deworming of children aged 10 years and below, payment of tribute to the unsung heroes of Ute Okpu Grammar School, presentations of lecture series, bestowing of awards, testimonials, plaques and cash gifts on the school’s outstanding/dedicated teachers, staff, and alumni in recognition of their tireless efforts and unwavering commitment, and unrelenting passion for education.

At a glance, the above show of love by the Foundation and the Old Students Association portrays a bunch that recognizes Social Responsibility as an ethical framework in which individuals or corporations must act in the best interests of their environment and society as a whole, fulfilling their civil duty and taking actions that are beneficial to both the present and upcoming generations.

Beyond the donations, worthy of mention are their messages of hope and resolve to continually support both the present and future students within the state and beyond.

Take as an illustration, Dr. Onoyona underlined that the latest visit and donation of learning materials to the students of Alidinma Mixed Secondary School is the foundation’s way of raising from our community, academically strong and well-informed youths that will provide the future leadership needs of our nation as well as compete favourably with their counterparts abroad’’.

The Nigerian-born and U.S.-based social worker and advocate while calling on other well-meaning and quietly influential Nigerians to team up in her current quest to uplift less privileged and vulnerable youths out of poverty and illiteracy, added that this benevolent outreach which focuses on empowering students through provisions of essential educational materials such as school bags, relevant books, pens, and pencils, among others will continue and be extended to other schools within Delta state and beyond to equip the students with the tools needed to excel academically and inspire a brighter future.

In a related development, Speaking via a statement signed by one of the leading members, Chukwuka Justus Iwegbu and titled; The Spirit of Giving Back to Our Community and Alma Mater: A Tribute to the Unsung Heroes of Ute Okpu Grammar School 1990 Set Old Students Association, the Ute Okpu Old Students Association explained that the event which took place at Ute Okpu Unity Town Hall was a testament to the enduring spirit of the alumni association and its commitment to recognizing the contributions of its esteemed members.

“One thing that brought us together after so many years of leaving our alma mater is unity and love. We may not bother ourselves with the sung and unsung stories because we have a whole lot of members who believe in an unsung story of positive contribution and impact on the lives of others. Remembering our roots remains our major mandate and a call to duty.

“The Ute Okpu Grammar School Alumni Association, 1990 set, is committed to giving back to our alma mater and the Ute Okpu community. We believe that education is the key to unlocking the potential of individuals and communities, and we are dedicated to supporting initiatives that promote educational excellence and intergenerational change,” the statement concluded.

Without a doubt, it will be convenient for many to argue that there is nothing philanthropic to attract media coverage of such a low-profiled donation of learning material, particularly as the value of the donation in question is not measured in billions of Naira.

For me, there are lessons to learn from these groups and every reason to celebrate their actions.

First and very fundamental is the hidden truth that members of these groups are not in absolute terms wealthy, particularly going by Nigerians’ context and definition of riches but were predominantly fired by the burning desire to uplift the life chances of the poor and vulnerable in their environment through educational support.

Regardless of what others may say, this piece holds the opinion that these morally eminent men and women made donations to schools not only as a positive behavioural culture but largely in recognition of the time-honoured aphorism which considers education as the bedrock of development; that with sound educational institutions, a country is as good as made -as the institutions will turn out all rounded manpower to continue with the development of the society driven by well thought out ideas, policies, programmes, and projects.

Their action equally symbolises a bunch in consonance with the fact that it is our collective responsibility to ensure that our schools work and our children are properly educated at the right time.

With their culture of donating to the students’ welfare and comfort, the group, in my view,  amplified the notion that children enjoy the right to education as recognized by a number of international conventions, including the International Covenant on Economic, Social and Cultural Rights which recognizes a compulsory primary education for all, an obligation to develop secondary education accessible to all, as well as the progressive introduction of free higher education/obligation to develop equitable access to higher education.

We must also not fail to remember that a few years ago, the National Human Rights Commission (NHRC), in line with its mandate to promote and protect human rights, established the right to education as a thematic area of focus to drive its vision of having all children enrolled in school as well as to ensure that the culture of human rights is promoted and maintained in schools.

One common fact we must not shy away from as a people is that the crushing weight arising from education funding in Nigeria and globally has become too heavy for only the government to shoulder and that is another reason why the intervention/donation by these groups is most profound.

As we celebrate these uncommon efforts, the lesson we must all draw from the example of these groups is that it is time for all to collectively find creative and sustainable solutions to educational provision for all in Nigeria, especially for the children of the poor and lowly as these children deserve the right to hold all of us accountable.

If we fail to provide this traditional but universal responsibility to these children, their future will hang in the balance as a result of such failures. And chances are that most of them will run to the streets. And, as we know, the streets are known for breeding all sorts of criminals and other social misfits who constitute the real threat such as armed robbers, thugs, drug abusers, drunkards, prostitutes and all other social ills that give a bad name to society.

Utomi, a media specialist, writes from Lagos, Nigeria. He can be reached via [email protected]/08032725374

Continue Reading

Trending