The Vacuum Widens As Nigeria Highlights Global Inequality’s Threat To Sustainable Future

Nigeria has recently decried the visible escalation of global inequality, raising grave concerns about the growing inability of many countries to meet the Sustainable Development Goals (SDGs) set for 2030. This stark reality reflects a growing divide between developed and developing countries, exacerbating socioeconomic disparities and impeding progress towards a more equitable and sustainable future. Nigeria’s clarion call serves as a stark reminder of the critical need for concerted international efforts to address systemic injustices and promote inclusive global development. ROLAND OGBONNAYA writes

Nigeria has continued to express concern that global inequality is increasing, leaving many countries, particularly in Sub-Saharan Africa, unable to meet the Sustainable Development Goals (SDG) by 2030.

Nigeria’s concerns about rising global inequality affecting the achievement of the Sustainable Development Goals (SDGs) by 2030 stem from several factors common to many developing countries.
According to foreign relations experts, some of these factors include, but are not limited to, economic disparities, which argue that economic inequality both within and between countries continues to widen, with a significant portion of global wealth concentrated in the hands of a few individuals and countries. This disparity makes it difficult for many countries, including Nigeria, to invest in infrastructure, health, education, and other critical areas for long-term development.

Developing countries frequently lack the resources required to effectively address the multifaceted challenges outlined in the SDGs. Insufficient funding and limited access to technology, knowledge, and expertise are also known to impede progress towards these objectives.

Dr. Akasie Ilozue, an international egghead, added that events like the COVID-19 pandemic have exacerbated existing inequalities, disproportionately affecting vulnerable populations and pushing many countries further away from achieving the SDGs. The pandemic has highlighted disparities in access to healthcare, education, and social protection services.

According to Dr. Ilozuo, climate change poses a significant threat to global sustainable development efforts. Developing countries, such as Nigeria, are especially vulnerable to the effects of climate change, but they frequently lack the resources to mitigate those effects or adapt to a changing climate.

“Corruption, poor governance, conflict, and a lack of political will can all impede progress towards the SDGs. These challenges impede effective policy implementation and resource allocation.

“In light of these factors, Nigeria’s concerns about rising global inequality are justified, as they highlight the interconnected nature of development challenges and the need for coordinated international efforts to address systemic issues impeding progress towards the SDGs.

“By focussing on these issues, Nigeria hopes to emphasise the importance of addressing inequality for all countries to have a fair chance of meeting the SDGs by 2030.

Speaking on Thursday at the ongoing Nordic-African Business Summit in Oslo, Minister of Foreign Affairs, Ambassador Yusuf Tuggar, while noting that the Summit is potentially an epoch-making event in the history of the relationship between Nordic Countries and Africa, said: “We gather at a time of weakening global economic performance, even if the Inflation Reduction Act has had a salutary effect on the world’s largest economy, the United States. Inequality is rising, as it becomes clear that we are unlikely to meet our Sustainable Development Goals by 2030.

Tuggar stated, “More unsettling is the state of geopolitical affairs, as we made the transition after the Cold War from a bipolar order to a unipolar moment and then a multipolar system. Protectionism and trade barriers have resurfaced in what we thought was an interconnected, globalised world. We should not be concerned about whether this is due to the transition to a less stable multipolar system.

“What is clear is that the world has become less safe and scarier, and the businessmen and women in this room should be especially concerned. Conflicts rage in Ukraine, Sudan, and the Levant, each with the potential to escalate into a larger global conflict. That of the Levant has already become one, with Israel’s preemptive strikes against Iran eliciting a response two days ago. In my region, the expanding Sahel has become a stage for unconstitutional government changes, organised criminal gangs, and banditry.

“Migration has been weaponised, with eco-fascists calling for border closures and the far-right gaining traction in some countries. The gratuitous use of migrant fear has forgotten Adam Smith’s admonition that the free circulation of labour is the foundation of any free trade system. When the COVID-19 pandemic hit the world in 2020, we saw the beginning of vaccine apartheid, as wealthier countries closed their borders, depriving others of the intellectual property needed to reproduce vaccines, even if they had the capacity.”

The Nigerian Foreign Affairs Minister insisted that: “Much of what is wrong today has been exacerbated by the frightening notion that we are living in a post-factual era that feeds on the pursuit of identity politics. Social media is making it more difficult for us to connect with people who are not like us, and it has become a platform for performing contempt. “Being louder equals being right.”
He did, however, add, “Having painted that gloomy picture, I am happy to say that we have an opportunity to do something very special here today between the Nordic and African private and public sectors.” Alfred Nobel, a businessman like you, decided to award the Peace Prize to a Norwegian Committee.

Even though he is not Norwegian, he is aware of what he witnessed in Norway and among Norwegians. Entrepreneurs here have a unique opportunity to use their agency to capitalise on the enormous opportunities that exist on the African continent.

“Yes, Africa’s share of global trade is small, but the growth opportunities for those who get in early are enormous. The African Continental Free Trade Area is becoming a reality; currently, only 17% of Africa’s exports stay on the continent, compared to 69% in Europe and 59% in Asia. The AFCFTA will change this by removing tariffs worth $50-70 billion. We want Norwegian vessels powered by clean energy to transport goods from Lagos’ Lekki deep-sea port to Zanzibar. Norway’s total trade with Africa is currently valued at only $8.5 billion. “It is not enough.”
He argued that: “The mere fact that 70% of Nigeria’s 220 million people are under the age of 30 and that the majority have mobile phones and access fast-speed internet, is proof that it will be critical to future global economic growth.” For additional proof that Nigeria will succeed in the future, I encourage you to meet with a successful Nigerian entrepreneur and engage in a discussion.

“They are African Vikings of the modern era, capable of succeeding anywhere. This is not a fluke. “They are resilient problem solvers with an indefatigable can-do spirit,” Tuggar stated, emphasising the significance of the Oslo summit.

The Nordic-African Business Summit is a significant event aimed at strengthening economic ties and fostering partnerships between Nordic and African nations. The significance of this summit for Nigeria, one of Africa’s key economies, can be analysed in a variety of ways.

Nigeria, Africa’s largest economy, has a diverse range of sectors including oil and gas, agriculture, telecommunications, and finance. The summit provides a platform for businesses to explore partnerships with Nordic companies and leverage their expertise in renewable energy, technology, healthcare, and sustainability.

Nigeria has attractive investment opportunities in a variety of sectors, and the summit can help highlight these opportunities to Nordic investors looking to expand their presence in Africa. Increased investment from Nordic countries has the potential to boost Nigeria’s economy, create jobs, and transfer valuable knowledge and technology.

The Nordic countries are well-known for their expertise in clean technology, innovation, and sustainable development. Nigerian businesses can benefit from knowledge transfer, skill development, and technology transfer through partnerships and collaborations formed at the summit, all of which can contribute to the country’s economic growth and competitiveness.

The summit’s emphasis on sustainable development is consistent with Nigeria’s efforts to achieve sustained economic growth, environmental protection, and social development. Collaboration with Nordic countries can assist Nigeria in addressing environmental challenges, implementing green technologies, and promoting sustainable business practices that align with global standards.

The summit, like others, serves as an excellent networking platform for Nigerian businesses, policymakers, and industry leaders to connect with their Nordic counterparts, exchange ideas, explore partnership opportunities, and form strategic alliances that can drive economic growth and development in Nigeria.

Overall, the Nordic-African Business Summit in Oslo is extremely important to Nigeria because it provides an opportunity for the country to attract investment, foster partnerships, promote sustainable development, and facilitate knowledge exchange with Nordic countries.
Participating in the summit can help Nigeria strengthen its global position, drive innovation, and achieve long-term economic growth.
*Saturday Independent