President Bola Ahmed Tinubu on Thursday joined world leaders in Paris, France, on the consensus for redesigning the global financial architecture, which will favour poverty reduction, debt restructuring or cancellation, and more consideration for vulnerable countries affected by climate change and Covid-19.
Naija News reports that this was made known in a statement on Thursday by the Special Adviser to the President Special Duties, Communication and Strategy, Dele Alake.
Tinubu arrived at the venue of the event, Palais Brongniart, at 8.59 am (Local Time), for the opening ceremony of the High Level Summit for New Global Financing Pact and he was received by the French Minister of Europe and Foreign Affairs, Catherine Colonna.
Welcoming the world leaders to Paris, French President Emmanuel Macron, said the Summit would focus on drawing up a new financial order that will scale up finances and support developing countries for energy transition, poverty reduction, while respecting the sovereignty of each nation.
The French President noted that African countries had been at the receiving end of the major global challenges, with debt hangovers that hamper growth and development.
“Covid-19 pandemic brought lots of difficulties and now we are faced with the war in Ukraine that has been draining resources that should be channeled into human development,” he said.
Macron told the leaders from 50 countries, multilateral institutions and the private sector that justice and fairness must be imperative in redesigning the new world financial architecture, with more focus on the most vulnerable.
The French President listed four elements for consideration by the leaders, starting with an acknowledgement that reducing poverty would require collective efforts, with a more diverse and comprehensive framework.
“We must admit that no country can succeed alone in reducing poverty and protecting the planet,” he added.
Macron said the framework should be relevant to each country, and subregional roles included, with clear responsibilities and benefits, while multilateral institutions like the International Monetary Fund and World Bank must be re-engineered to be more people and solutions driven.
The French President noted that the private sector must be carried along in the new pact that seeks to harmonise growth, as they control most of the financial instruments that need to be liquified for more even development, especially on health, education and food security.
On behalf of the African countries, the President of Niger Republic, Mohammed Bazoum, said the new pact must be “urgent” and “essential” to Africa, and the framework should be “just” and “robust” in reflecting the reality of developing countries as partners.
Bazoum said the challenges of impoverishment and desertification had stimulated unrest in most countries, affecting peace and stability in sub-regions and the continent.
“In Africa, we need support for infrastructure, health, food security and education,” he stated.
On his part, UN Secretary General, Antonio Guterres, told the gathering of leaders that the high level summit would need more mobilisation and political will for redesign and implementation.
The UN scribe said many countries were still struggling from effects of Covid-19 and climate change, and the war in Ukraine had heightened sufferings.
Guterres said some African countries had been unable to service their debts, with indications that generations might be affected.
“African countries,” he said, “were not properly captured in the global order.”
He said the new global financial pact must address fragmentations and frustrations, and enable the kind of change that encourages debt relief, suspension of repayments, change of business models and more commitment from development banks, with guarantees.
The UN scribe said leaders must look beyond reforms, and accept the need for transformation.
“We are at a moment of truth and reckoning, and we can make it a moment of hope,” Guterres said.
Climate Activist, Vanessa Nakate, from Uganda, who called for a moment of silence for the helpless and hopeless across the world, said broken promises cost the lives of many in developing nations.
The Presidents and leaders of multilateral institutions and the private sector at the Summit went into syndicate sessions to discuss the new financial architecture.
President Tinubu will on Friday participate at the summit, which will unveil a New Global Financing Pact and mechanism for implementation
Just In: Olayemi Cardoso Resumes As Acting CBN Governor
The acting Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso on Friday formally resumed duties at the headquarters of the apex bank in Abuja.
This follows the resignation of Mr. Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN),
Similarly, the Deputy-Governors-Designate have also assumed duty, in acting capacities, sequel to the formal resignation of Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora as Deputy Governors of the CBN.
This development was confirmed in a press statement by the CBN on Friday which was signed by the bank’s Director of Corporate Communications, Isa AbdulMumin.
Naija News recalls President Bola Tinubu on September 15, 2023, appointed Cardoso and the Deputy Governors in acting capacity pending the confirmation by the Nigerian Senate.
Cardoso and the Deputies took the oaths of office at a brief ceremony held at the Bank’s Head Office in Abuja, on Friday.
The new Deputy Governors are:
(1) Mrs. Emem Nnana Usoro
(2) Mr. Muhammad Sani Abdullahi Dattijo
(3) Mr. Philip Ikeazor
(4) Dr. Bala M. Bello
Cardoso is an Economic and Development Policy Advisor, Financial Sector Leader, former Chairman Citi Nigeria and Commissioner for Economic Planning and Budget in Lagos State. He brings over three decades of managerial experience on board.
The acting CBN Governor is an alumnus of Aston University, Birmingham, United Kingdom, where he studied managerial and administrative studies. He also holds a Master’s degree in Public Administration from the Harvard Kennedy School, United States of America
JUST-IN: Tinubu nominates new Ministers for federal ministry of Youth
President Bola Tinubu has approved the nomination of Dr. Jamila Bio Ibrahim to serve as the Minister of Youth, pending her confirmation by the Senate of the Federal Republic of Nigeria.
The President has further approved the nomination of Mr. Ayodele Olawande to serve as the Minister of State for Youth, pending his confirmation by the Senate of the Federal Republic of Nigeria.
Dr. Jamila Bio Ibrahim is a young medical doctor and most recently served as the President of the Progressive Young Women Forum (PYWF). She has also served as the Senior Special Assistant to the Kwara State Governor on Sustainable Development Goals (SDGs).
Mr. Ayodele Olawande is a community development expert and youth leader in the governing All Progressives’ Congress (APC). He most recently served in the Office of the Special Adviser to the President on Innovation from 2019 to 2023.
President Tinubu charges the above-mentioned nominees to ensure that they consistently reflect the dynamism, innovative zeal, and unyielding productivity that are synonymous with the young people of Nigeria as they discharge their duties.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
September 17, 2023
Who is the new CBN Governor? Unveiling Yemi Cardoso: The Citibank Prodigy And Financial Genius Behind Lagos’ Tax Revolution!
In the buzzing financial district of Lagos, Yemi Cardoso’s name is whispered with a mix of respect, admiration, and perhaps a dash of envy. Today, as the entire country turns its eyes towards the Central Bank of Nigeria (CBN), the question on everyone’s lips is, “Who is the new CBN Governor?” We delve into the life and legacy of Yemi Cardoso, the man now at the helm of Nigeria’s financial future.
Born to a modest family, Yemi’s early life gave little indication of the powerhouse he would become. However, a relentless pursuit of education and an intrinsic passion for finance would set him on a meteoric rise. Starting his illustrious banking career with Citibank, Cardoso swiftly climbed the corporate ladder. His innate understanding of banking intricacies and a knack for strategic planning saw him rise to the esteemed position of Vice President. But the ambitious Cardoso didn’t stop there. He took a bold leap, co-founding Citizens International Bank, and for eight defining years, played a pivotal role as an Executive Director.
Yet, banking wasn’t the only domain where Cardoso left an indelible mark. He answered the call of public service, becoming the first Commissioner for Economic Planning and Budget for Lagos State. It was under his visionary leadership that Lagos underwent a pivotal financial reform, developing its own robust independent tax revenues. This wasn’t just a bureaucratic change – it was a revolution that altered the fiscal landscape of Lagos forever.
But who is Yemi Cardoso, the man behind the accolades and achievements? Beyond the corporate meetings and policy discussions, Cardoso has been a vital consultant and policy expert, aligning with major global development giants like the World Bank, UN Habitat, and even the Bill and Melinda Gates foundation. His expertise has shaped policies and development strategies, making him a revered name on global platforms.
Yet, for all his achievements, Cardoso remains grounded. A recipient of several awards, including a coveted honorary Doctorate Degree from Aston University, his alma mater, and the Global Distinguished Alumni award from Citi, he remains deeply connected to his roots. His Masters in Public Administration from the prestigious Harvard Kennedy School, where he was a celebrated Mason Fellow, is a testament to his commitment to public service and excellence.
As Nigeria stands on the cusp of a new financial era, the appointment of Yemi Cardoso as the CBN Governor isn’t just a political move; it’s a statement. A statement that Nigeria is ready to merge global financial strategies with homegrown expertise. With Cardoso steering the ship, the future of Nigeria’s financial landscape certainly seems promising
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