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IMF, World Bank, Morocco calls for international cooperation to defeat global crisis

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2 years ago

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World Bank President Ajay Banga; IMF Managing Director Kristalina Georgieva; Kingdom of Morocco Minister of Economy and Finance Nadia Fettah; and Bank Al‑Maghrib Governor Abdellatif Jouahri, have called on the international community to stand together, united in the goal of protecting our future prosperity and ending extreme poverty. In a joint statement at the ongoing Annual Meetings they said “Prospects for global growth in the medium-term are at their lowest level in decades. The scarring effects of successive crises are increasingly apparent, just as many countries are struggling to overcome high inflation, high debt, and significant financing shortfalls to provide basic services, support infrastructure and climate action, and address rising poverty, inequality, and fragility.

“The world has become more shock-prone, with increased risks to growth, development, jobs, and living standards that widen inequalities within and across countries. Emerging market and developing economies have been especially hard hit. Income divergence with advanced economies has deepened further, and the world is not on a path to eliminate extreme poverty by 2030. Our understanding of the major risks and disruptive forces facing the global economy has evolved: the existential threat posed by climate change, growing disparities in income and opportunity, and geopolitical tensions are intensifying. Rapid digitalisation and technological transformations create new challenges, but also opportunities, and no country should be left behind. Marrakech 2023 is a call for enhanced global collaborative action on common challenges, so we can build resilience and expand opportunities for a better future.

“These 4 Marrakech Principles for Global Cooperation provide a broad framework to help harness the power of multilateralism to the benefit of all.

Reinvigorating Inclusive and Sustainable Growth

  • Promoting growth-enhancing structural reforms aimed at strengthening governance, the rule of law, trade, and the business environment to attract new investment and generate jobs.
  • Expanding financing sources by boosting domestic resource mobilisation, upscaling the provision and effective use of concessional resources, leveraging donor resources, fostering foreign direct investment, and catalysing private sector finance, while improving public expenditure efficiency.
  • Addressing fragility by effectively utilising mechanisms for supporting fragile and conflict-affected states and jointly addressing global sources of food and energy insecurity.

Building Resilience

  • Strengthening institutional capacity by building stronger institutions and policy frameworks with support from international organisations.
  • Maintaining external stability by pursuing sound macroeconomic policies and avoiding disruptive spillovers to other countries.
  • Strengthening public debt management and resolution frame works by enhancing external and domestic debt management and improving the efficiency and timeliness of debt restructuring processes.
  • Enhancing global crisis preparedness and mitigation by increasing the resilience of supply chains, strengthening pandemic preparedness, strengthening financial sectors, undertaking timely macroeconomic adjustments, building adaptive social protection, and reinforcing the Global Financial Safety Net.
  • Decoupling growth from climate risk by developing capacities to manage and implement cost-effective strategies for disaster risk reduction and planning, enabling construction and maintenance of climate and disaster shock resilient infrastructure, strengthening regional efforts against ecological challenges that might lead to forced migration, including by preserving biodiversity, and promoting sustainable land and water management practices.

Supporting Transformational Reforms

  • Accelerating the green transition through determined efforts by all countries to advance decarbonisation of their economies based on the principles the Paris Agreement, while ensuring energy security throughout the transition.
  • Managing technological transformations to avoid digital fragmentation, narrow the digital divide, facilitate creation of modernised, efficient domestic and cross-border payment systems and foster financial inclusion. Internationally harmonised rules and regulations must also be developed in tandem on crypto assets, data protection, cyber security, and artificial intelligence.
  • Enhancing health systems and preparedness through collaborative work towards enhancing global health security by improving universal health coverage, strengthening health systems, and establishing global mechanisms to ensure equitable access to vaccines and medications.
  • Promoting equitable and quality education to advance global efforts toward inclusive and equitable quality education, broadening access to early childhood, primary, and secondary education, and boosting quality to ensure learning in the classroom.
  • Building gender equality to expand and enable economic opportunities, empower, and engage women as leaders.”

Strengthening and Modernising Global Cooperation

  • Strengthening the international monetary system and its rules, conventions, and institutions to respond to countries’ needs and to facilitate cross-border trade, payments, and investment flows.
  • Strengthening the multilateral trading system to support global economic cooperation and growth by ensuring that it is rules-based, non-discriminatory, fair, open, inclusive, sustainable, and transparent with effective dispute resolution mechanisms.
  • Enhancing collaboration, as the IMF and the World Bank are committed to working closely together and with partners to help member countries address challenges and leverage opportunities.
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Economy

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

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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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2 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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2 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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