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G20 agreement reflects sharp differences over Ukraine and the rising clout of the Global South

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The Group of 20 top world economies added the African Union as a member at their annual summit Saturday, and host India was able to get the disparate group to sign off on a final statement, but only after softening language on the contentious issue of Russia’s war in Ukraine. In the months leading up to the leaders’ summit in New Delhi, India had been unable to find agreement on the wording about Ukraine, with Russia and China objecting even to language that they had agreed to last year at the G20 summit in Bali. The final statement, released a day before the formal close of the summit, highlighted the “human suffering and negative added impacts of the war in Ukraine,” but did not mention Russia’s invasion. It cited the U.N. charter, saying “all states must refrain from the threat or use of force to seek territorial acquisition against the territorial integrity and sovereignty or political independence of any state. The use or threat of use of nuclear weapons is inadmissible.”

By contrast, the Bali declaration had cited a U.N. resolution condemning “the aggression by the Russian Federation against Ukraine,” and said “most members strongly condemned the war in Ukraine.” Nazia Hussain, an associate research fellow at Singapore’s S. Rajaratnam School of International Studies, said the statement showed a “softening of the language on the war in Ukraine. However, for New Delhi, getting out a joint statement with some reference to Ukraine, or a joint statement at all especially with both the United States and its western allies as well as China and Russia toughening their stance on the war, is a win.” Many had been skeptical that there would be a final communique, which would have been the first time one was not released and have been a blow to the prestige of the G20. Western delegations applauded the agreement, with German Chancellor Olaf Scholz calling it a “success of Indian diplomacy.” He told reporters it was significant that in the end Russia had “given up its resistance” and signed on to the agreement that mentioned the sovereignty and territorial integrity of Ukraine.

A senior European Union official, speaking on condition of anonymity in order to be candid about the discussions, said the EU had not given up any of its position, and the fact that Russia had signed on to the agreement was important. “The option we have is text or no text, and I think it’s better text,” he said. “At least if they don’t implement, we know once more that we cannot rely on them.” Russian negotiator Svetlana Lukash described the discussions on the Ukraine-related part of the final statement as “very difficult,” adding that the agreed text had a “balanced view” of the situation., Russian media reported. She said Ukraine wasn’t the only point of contention in reaching a statement, and charged that Western powers had tried to enforce the idea that “it’s the Ukrainian conflict that provokes all the crises in the world now.” By contrast, there was widespread support for adding the AU to the G20, making it the second regional bloc to become a permanent member after the EU and adding momentum to Indian Prime Minister Narendra Modi’s drive to give a greater voice to the Global South.

The continent was thrust into the spotlight as well by the earthquake in Morocco, which happened while most of the delegates gathered in New Delhi were asleep. Modi offered condolences and support in his opening remarks. “The entire world community is with Morocco in this difficult time and we are ready to provide them all possible assistance,” he said. He told leaders they must find “concrete solutions” to the widespread challenges that he said stemmed from the “ups and downs in the global economy, the north and the south divide, the chasm between the east and the west,” and other issues like terrorism, cybersecurity, health and water security. Modi addressed the delegates from behind a nameplate that listed his country not as India but as “Bharat” an ancient Sanskrit name championed by his Hindu nationalist supporters.

India had made directing more attention to addressing the needs of the developing world a focus of the summit. at the summit — though it proved impossible to decouple many issues, such as food and energy security, from the war in Ukraine. The summit came just days after Russian President Vladimir Putin said a landmark deal brokered by the U.N. and Turkey allowing Ukraine to export grain safely through the Black Sea will not be restored until Western nations meet his demands on Russia’s own agricultural exports. The G20 urged the resumption of grain, foodstuffs and fertiliser shipments from Russia and Ukraine, saying it was necessary to feed people in Africa and other parts of the developing world. Russia has been attacking Ukrainian port facilities, and the G20 in its final statement also called for an end to attacks on infrastructure related to the grain exports, and expressed “deep concern” about the effect of conflicts on civilians.

The G20 includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union. Spain holds a permanent guest seat. Russian President Vladimir Putin and China’s leader Xi Jinping opted not to come this year, ensuring no tough face-to-face conversations with their American and European counterparts. Participants arriving in the Indian capital were greeted by streets cleared of traffic, and graced with fresh flowers and seemingly endless posters featuring slogans and Modi’s face. Security was intensely tight, with most journalists and the public kept far from the summit venue. Hundreds of Tibetan exiles held a protest far from the summit venue to condemn Chinese participation in the event and urge leaders to discuss Sino-Tibetan relations.

The G20 agenda featured issues critical to developing nations, including alternative fuels like hydrogen, resource efficiency, food security and developing a common framework for digital public infrastructure. Human Rights Watch urged the G20 leaders not to let international disunity over Ukraine distract them at the summit from the other issues. In addition, Meenakshi Ganguly, deputy director of the organisation’s Asia division, said members should not “shy away from openly discussing challenges like gender discrimination, racism and other entrenched barriers to equality, including with host India, where civil and political rights have sharply deteriorated under the Modi administration.” On Friday evening, before the meeting got formally underway, Modi met with U. S. President Joe Biden. White House aide Kurt Campbell told reporters afterward that there was an “undeniable warmth and confidence between the two leaders.” As India’s regional rival China has become growingly assertive in the Asia-Pacific region, the U.S. has been seeking to strengthen ties with India and others. The U.S., India, the EU and others unveiled ambitious plans Saturday to build a rail and shipping corridor linking India with the Middle East and Europe that aims to strengthen economic growth and political cooperation. “This is a really big deal,” Biden said. AP

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Economy

Nigeria champions African-Arab trade to boost agribusiness, industrial growth

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2 days ago

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December 5, 2025

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The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.

The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.

He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.

“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”

Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”

The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.

With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.

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Economy

FEC approves 2026–2028 MTEF, projects N34.33trn revenue 

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3 days ago

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December 4, 2025

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Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.

The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.

He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.

Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.

The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.

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Economy

CBN hikes interest on treasury Bills above inflation rate

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3 days ago

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December 4, 2025

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The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%. 

The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.

Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.

The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.

Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.

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