Tinubu affirms Nigeria’s commitment to tackling global challenges

Nigeria’s President Bola Tinubu has expressed the commitment of the Federal Government to addressing global challenges. President spoke at the ongoing G20 summit in Rio de Janeiro, Brazil. This years summit has been hosted by President Lula da Silva of Brazil. The theme of this year’s summit centers on creating a fair and sustainable world, with the key talking points being economic, social, and environmental development. Tinubu reaffirmed Nigeria’s dedication to tackling hunger and poverty through the Global Alliance Against Hunger and Poverty, a major initiative led by President Lula.  The alliance aims to unite governments, international organizations, and civil societies to combat both the immediate and root causes of poverty. In his address, the Nigerian leader also called for a reform of the UN Security Council to better represent global diversity, positioning Nigeria as a key representative for Africa.  He further highlighted the importance of reforming global taxation systems to promote fairness and reduce the gap between wealthy and developing nations. READ ALSO: N1.3T FRAUD: OKOWA’S DETENTION SPARKS CALLS FOR PROBE OF EX-GOVERNORS

India Hands Over G20 Presidency To Brazil

India formally handed over the G20 presidency to Brazil at the closing ceremony of the annual summit of the grouping, that was held in New Delhi this weekend. India Prime Minister Narendra Modi completed the transition by handing over the ceremonial gavel of the presidency to Brazil President Luiz Inacio Lula da Silva. India has had the presidency of the G20 since Dec. 1, when it took over from Indonesia, and will continue to hold the position until Nov. 30. During the two-day summit, the bloc adopted a consensus declaration that made commitments on several issues, including food and energy security, climate change, and global debt vulnerabilities. Modi, on Sunday, also proposed a “virtual summit” of the grouping at the end of November to assess the status of the suggestions and proposals put forth by members and determine “how their progress can be accelerated”. “In that session, we can review the topics decided during this summit,” Modi said, adding that details would be shared with members.

G20 Summit: Low Expectations on Final Day

As the G20 summit in India enters its final day today (Sunday), there are no major expectations for groundbreaking resolutions. The group of 20 leading developed and emerging economies has been engaged in diplomatic talks throughout the summit, but no significant joint decisions are anticipated. Indian Prime Minister Narendra Modi is scheduled to pay a visit to the memorial site of Mahatma Gandhi, a prominent Indian freedom fighter, in New Delhi in the morning. The concluding day of the two-day summit will feature the third working session of the roundtable, themed “One Future.” The focus of this session will be on discussing practical approaches to address issues such as reforms of development banks and international financial organizations. Following challenging negotiations, G20 leaders reached a compromise on Saturday, culminating in an agreement on a joint summit declaration. The initial difficulty stemmed from a struggle to find sufficient consensus to issue a traditional summit declaration outlining policy concerns and the forum’s direction. Ultimately, the declaration included softer wording regarding Russia’s war in Ukraine, which allowed the document to be finalized. Unlike the previous G20 summit in Bali, Indonesia, where a “complete and unconditional withdrawal” from Ukraine was demanded of Russia, this year’s declaration did not explicitly condemn Russia’s invasion of its neighbour. Instead, the document emphasized the importance of all states refraining from attacks on the territorial integrity or political independence of other nations. It also indirectly criticized Russia’s nuclear weapons threats. While some diplomats view this wording as a compromise on the lowest common denominator, it prevented the summit from collapsing. German Chancellor Olaf Scholz hailed the final wording related to Ukraine in the joint declaration as a success.

Tinubu attending G20 Summit in India to attract FDI – Presidency

President Bola Tinubu is attending the G20 Summit holding from September 9-10 in New Delhi, India to attract private capital for the development of the nation’s critical infrastructure, the Presidency has said. Mr. Ajuri Ngelale, Special Adviser to the President on Media and Publicity, who disclosed this at the weekend, said the summit was predicated on the urgent need to attract Foreign Direct Investment into the country. The Group of Twenty (G20) is the premier forum for international economic cooperation. It plays an important role in shaping and strengthening global architecture and governance on all major international economic issues. Ngelale said that the president would focus attention on meetings with business executives of the world’s most valuable companies to discuss investment in the critical sectors of the economy for the creation of employment. “We are focused on engagements that will be dealing with critical sectors of the national economy, involving steel development, electricity generation, transmission and distribution, shipyard building capacity, and several other industries, which we know to be labour intensive. “Mr President will be hosting a CEO roundtable, which will be made up of more than 20 chief executive officers of major industries across multiple sectors of the Indian economy to ensure that we leverage on their interest in investing in the country. “In addition, there will be at least five meetings with the CEOs of five major industries in India, including Jindal Steel and Power Company, among a few others that would have a very important impact on our ability to develop the steel sector in our country,’’ Ngelale said. He said that Tinubu would also meet with the President of Brazil, President da Silva, German Chancellor Olaf Schultz, Indian Prime Minister Narendra Modi, South Korean President Yoon Suk Yeol, and a few other heads of state on the sidelines of the G20. “The G20 is a major event for our country at this time and we are going to ensure that we take maximum advantage of the opportunities presented to bring value to the country. “To create jobs for our people and ultimately, to generate and expand existing revenues in the country to ensure the government can effectively fund and sponsor its programmes and policies across sectors. “When we arrive in India next week, there will be live updates from India, which I will be providing daily to ensure that Nigerians have full access into what our President is doing on their behalf,’’ he said.