G-24 warns Middle East war and global crises undermine economic growth, urges multilateral support
via Punch Nigeria4 min read
The G-24, a coalition of developing countries, has expressed significant concern over multiple global political crises and conflicts, particularly highlighting the escalating war in the Middle East. The group warns that this conflict is worsening global economic fragility and undermining growth prospects, especially for emerging markets and developing countries like Nigeria. The G-24 noted that the war is causing deterioration in the well-being of affected populations and damaging civilian infrastructure, taking a substantial toll on an already weak global economy. They project a decline in global growth by 2026 relative to 2025, with sustained disruptions potentially increasing inflation through higher energy, food, and fertilizer prices. The group emphasized the importance of safeguarding international maritime routes and called for an end to attacks on energy infrastructure. Amid an uncertain medium-term global growth outlook, the G-24 stressed the need for stronger multilateral support and increased development assistance, as traditional policy responses may be insufficient. They called for a stronger Global Financial Safety Net anchored by a well-resourced International Monetary Fund, urging timely completion of quota reviews to enhance the voice of developing economies. The G-24 also pressed the IMF to adapt its lending toolkit and review key frameworks. Regarding development financing, the group urged the World Bank Group to maximize its balance sheet to boost lending
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Punch Nigeria.
Must ReadThe National Drug Law Enforcement Agency NDLEA of Nigeria and its Egyptian counterpart are preparing to sign a Memorandum of Understanding MoU to enhance cooperation in fighting substance abuse and illicit drug trafficking. This agreement aims to strengthen intelligence sharing, joint operations, and training between the two nations. NDLEA Chairman/Chief Executive Officer, Brig. Gen. Mohamed Buba Marwa retd., announced this during a visit from the Egyptian Ambassador to Nigeria, Mohammed Fouad, at the agency's headquarters in Abuja. Marwa emphasized the global nature of the drug problem and the need for international collaboration, citing existing partnerships with various international law enforcement agencies. He noted that drug cartels are seeking alternative routes in Africa due to pressure elsewhere and highlighted NDLEA's success in dismantling drug manufacturing operations, including methamphetamine labs run by Mexican cartels in Nigeria. Ambassador Fouad underscored the importance of stronger bilateral cooperation between Egypt and Nigeria, as prominent African countries, to address narcotics trafficking from a continental perspective. The proposed MoU is expected to bolster intelligence gathering, capacity building, and coordinated enforcement actions to curb the illicit drug trade across Africa.
A coroner's court in the United Kingdom has ruled that Beatrice Solomon, a 27-year-old Nigerian woman, died by suicide. Ms. Solomon, who moved to the UK in November 2023 on a skilled worker visa, was found unresponsive in her Stanfield home. Her husband, Damian Butler, discovered her upon returning home from work. Emergency responders pronounced her dead at the scene. Police investigators ruled out any third-party involvement. During the inquest, Mr. Butler stated that his wife had struggled with her mental health for the past year, attributing it to issues with Stoke-on-Trent City Council. He also revealed that Ms. Solomon had made two previous attempts to take her own life. A post-mortem examination determined the cause of death as oxygen deprivation. Coroner Li Hammond-Naylor concluded that Ms. Solomon died by suicide, noting that she had researched and planned the act. Ms. Solomon, a caregiver, is survived by her husband, a son, and her siblings.
The Nigerian Federal Government is prepared to collaborate with investors to address the nation's housing deficit, offering land nationwide for mass housing projects. This was announced by the Minister of Housing and Urban Development, Engr. Muttaqha Darma, during a meeting with a Chinese delegation. The delegation, led by Chief Engineer Lewis Chima, proposed a partnership to deliver large-scale affordable housing. Darma noted that this proposal aligns with President Bola Tinubu鈥檚 Renewed Hope Agenda, which prioritizes affordable housing through public-private partnerships. The minister affirmed the ministry's commitment to facilitating access to land and providing institutional support for successful project implementation. Chima stated that the company was drawn to Nigeria due to its significant housing demand and economic potential, aiming to complement the Renewed Hope Housing Programme by providing affordable, durable, and rapidly deployable housing solutions across the country鈥檚 six geopolitical zones. The company plans to use advanced prefabricated construction technology under an Engineering, Procurement, Construction, and Financing model to deliver 10,000 housing units within 30 months, reducing costs and improving quality. Darma has directed a committee to review the proposal. Nigeria faces an estimated housing deficit of about 17 million units, which the Renewed Hope Housing Programme aims to tackle through various initiatives, including Renewed Hope Cities, Estate