$50 Billion to Recharge Lake Chad; Pres Trump Should be at China’s Belt-Road Forum

April 25, 2019

Nigerian President, Muhammadu Buhari-left and UN General Secretary  Antonio Guterres-right  (courtesy LEADERSHIP)

UN Promises To Help Raise $50 Billion for Lake Chad Water Transfer

Nigerian President Muhammadu Buhari enrolled UN Secretary-General Antonio Guterres in the effort to raise the $50 billion needed to finance the construction of the Transaqua project to refill Lake Chad, Nigerian media report. That figure was proposed at the International Conference on Lake Chad in February 2018. Here is one such report from the Nigerian daily {Leadership}. Transaqua is an “inter-basin water transfer” project that I have advocated for over 20 years and discussed with President Buhari shortly after he was elected in March 2015. True to his word, President Buhari has remained committed to this inter-basin water transfer project, which would transform the living conditions for over 30 million Africans trying to survive in Lake chad Basin.

“There is a glimmer of hope for the revival of the shrinking Lake Chad after the United Nations yesterday agreed to help in efforts to raise $50 billion for its recharge.” President Muhammadu Buhari revealed yesterday that  UN Secretary-General, Antonio Guterres, had accepted to co-chair a special fundraising session to raise $50 billion (or £38.65 billion) for a project to help revive the drought stricken Lake Chad.”

{Leadership} reports that President Buhari had written to the UN scribe to co-chair the fundraising session with him, which the UN chief accepted. The response of the UN Secretary-General was presented to President Buhari by Dr. Akinwumi Adesina, president of the African Development Bank-(AfDB), at the State House, Abuja yesterday.

In a statement by his press spokes person, Garba Shehu, Buhari  said such a special forum was necessary in view of the size of capital required for the project, which was unavailable to the Lake Chad Basin countries. “President Muhammadu Buhari has welcomed the acceptance of the United Nations Secretary-General, Antonio Guterres to co-chair a Special Session to raise $50 billion to fund the inter-basin water transfer from Central Africa to revive Lake Chad,” Buhari said in the statement.

{Leadership} reports that the Lake, which borders Nigeria, Niger, Chad and Cameroon, has lost 90% of its size due mainly to climate change, leading to fear of famine and throwing the economic life of the 30 million population around it into jeopardy. The shrinking Lake is part of the reason why insurgency and terrorist activities thrive in the region, with militant groups including Islamic State in West Africa (ISWA) and Boko Haram having their strongholds there….”

Read the full article

China Ambassador: `Why U.S. Shouldn’t Sit Out the Belt and Road’

Under the headline above, China’s Ambassador in Washington Cui Tiankai wrote a column in {Fortune} magazine on the eve of the Second Belt and Road Forum in Beijing. “Don’t miss all the winning” involved in the Belt and Road, Cui admonishes, perhaps referring to one of President Donald Trump’s favorite phrases.

The ambassador starts with a very direct challenge: “Imagine the potential of China and the United States, the world’s two largest, most vibrant economies, collaborating on the most ambitious development project in history. The scenario is no fantasy: China’s Belt and Road Initiative (BRI), which kicked off almost six years ago, will eventually connect a vast swath of the world, creating huge yields in economic activity, and wiring the world together as never before. However, the United States remains on the sidelines, and this has implications not only in terms of missed opportunities for growth in the U.S., but for the cause of global development, which needs the ingenuity of US industry.”

Cui gives many arguments for the BRI which reflect those of Xi Jinping. He cites total benefits to the 126 countries now in relationship to it: $6 trillion in total trade, $80 billion in direct investment by China; 300,000 new “local jobs” in those countries; Kazakhstan’s first-ever access to the Pacific Ocean; 6,000 new jobs in Europe’s largest inland port, Duisburg; Kenya’s beginning of economic development and industrial-ization; and so on, with citations from national leaders.

“So where is the U.S. amid all of this winning?” he concludes. “There are countless opportunities to U.S. corporations available through BRI projects. Honeywell International is already working with partners to further oil and gas development along the Belt and Road. General Electric has signed a number of deals with partners of the BRI which will help to provide reliable power and energy to critical regions throughout the world. Caterpillar is working with China’s initiative to help solve Pakistan’s severe power shortages. Meanwhile, Citibank is actively providing financing for projects through the markets along the Belt and Road. We certainly welcome more taking part…. My suggestion is that the U.S. embrace this opportunity.”

Nigeria to Expand Manufacturing; UN Praises China’s Belt and Road

APRIL 11, 2019

Nigeria plans special economic zones to double manufacturing by 2025

(courtesy thisdaylive.com)

Nigeria is Africa’s biggest economy but it lacks a strong manufacturing base, which contributes less than 10 percent to its total gross domestic product (GDP). The country has maintained a strong currency to ensure it can keep imports pouring in, with a growing proportion coming from China.

 

“Project MINE’s (Made in Nigeria for Export) strategic objectives are to increase (the) manufacturing sector’s contribution to GDP to 20 percent … and generate over $30 billion annually by 2025,” the ministry of industry, trade and investment said in a statement.

The government has set up Nigeria SEZ Investment Company, which will finance industrial parks in special economic zones in the commercial capital of Lagos, southeastern state of Abia and northern state of Katsina.

The government is currently raising capital of $250 million for Nigeria SEZ Investment Company. It plans to double its equity to $500 million over four years, the ministry said.

The West African country’s manufacturing and agricultural sectors have been neglected since the 1970s oil boom, when Nigeria began making easy money from crude oil sales.

Nigeria, where the vast majority of the population lives on less than $2 a day, recently emerged from a recession but growth is fragile and the government is trying to diversify its revenue away from its reliance on oil.

President Muhammadu Buhari, who is due to start a second four-year term next month, has pledged to revive the economy and is focused on building roads and expanding the railway network to lower production costs…

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UN Africa Official Vera Songwe Calls BRI ‘Probably One of the Biggest Growth and Development Initiatives in the World’

In an interview with the Xinhua that appeared on April 10, Vera Songwe, executive secretary of the UN Economic Commission for Africa (UNECA), hailed the role that the China-proposed Belt and Road Initiative (BRI) would play in addressing Africa’s problems in infrastructure and job creation. She told Xinhua that the BRI will positively affect hundreds of millions of people in different countries, while it helps Africa develop infrastructure connectivity of varied types and creates job opportunities that are pressing issues on the continent.

“This (BRI) is probably one of the biggest growth and development initiatives that we have in the world,” the UN official said, adding that the BRI is essential to the continent. She believes that the initiative, in which many African countries “infrastructure today is one of the necessary requirements for Africa’s growth,” Xinhua reported.

Despite Claims From the West: Report Reveals That China’s Africa Infrastructure Projects are Reducing Economic Inequalities

 

China’s New Silk Road/Belt Road Initiative is developing many parts of the world with infrastructure that are yielding positive economic results .

Chinese Investments in Developing Sector Decrease Inequality

December 12, 2018

A study done by the AidData institute at William and Mary College in Virginia showed that China’s investments in the developing sector between 2000 and 2014, unlike many western investments, reduce economic inequality in the targeted countries.

Financed by the UN, the Singapore Ministry of Education, the German Research Foundation, USAID, and several other foundations, the study collected data on Chinese projects in 138 countries, concluding: “We find that Chinese development projects in general, and Chinese transportation projects in particular, reduce economic inequality within and between sub-national localities,” and “produce positive economic spillover that leads to a more equal distribution of economic activity.”

“Beijing has demonstrated that it is  both willing and able to address the unmet infrastructure financing needs of developing countries. These development projects—in particular, investments in highways, railways, roads, bridges, tunnels, and ports—could strengthen economic ties between rural and urban areas and thereby help to spread the benefits of economic growth to more remote and traditionally disadvantaged areas.”

“The findings from the study are encouraging: Chinese development projects—in particular, “connective infrastructure” projects like roads and bridges—are found to create a more equal distribution of economic activity within the provinces and districts where they were located.”

Read the article with a link to the report

 

 

China’s Progress and ‘Belt and Road’: New Global Dynamic

“When China Eliminates Poverty in 2020, Beijing Will Have Proved That the Developing World Doesn’t Need US “Aid”

June 3, 2018

“No country in history has lifted as large a number of people out of poverty as China has done, beginning in the late 20th century. At the turn of the 1980s, over 88% of all Chinese were living in poverty according to the international definition of having an average daily income of $1.90 or less. Today, China’s poverty rate hovers around 2% of the entire population or 30 million people. This poverty is now entirely confined to rural areas. By contrast, in the United States, poverty while mostly in rural areas, is also spread among impoverished inner-cities…

“While some remain skeptical about China’s ability to eliminate poverty by the end of 2020, the record clearly shows that when it comes to tackling issues of extreme poverty in an extremely short period of time, China is not only able to achieve its goals but is able to do so in ways that put other countries to shame. While the poverty rate in the US has stagnated for decades, with the rate being 12.4% at the end of the 1970s with a slight increase to 13.7% at the end of the 1980s, China has dramatically gone from a state of near total poverty to the brink of eliminating all poverty in that same period.

“With China lifting an average of 13 million people out of poverty each year in the last five years, President Xi’s goal of progressively eliminating poverty for 10 million rural poor each year until poverty is fully eliminated at the turn of 2021, is ultimately a realistic goal, albeit one with seismic implications.”

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African Countries Meet On Using Yuan as Reserve Currency

May 30, 2018–A meeting of seventeen central bank and government officials from 14 countries in eastern and southern Africa met in Harare, Zimbabwe on May 29-30 to discuss the possibility of using the yuan as a reserve currency, Xinhua reported on May 29. The meeting was sponsored by the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI). They quote Gladys Siwela-Jadagu, spokesperson for MEFMI, saying that most MEFMI countries have received loans or grants from China and it would “make economic sense” to repay them in yuan. She said that the yuan has become a ‘common currency’ in trade with Africa.    Xinhua notes that China’s trade with South Africa surged by 14.7 percent on a yearly basis in the first four months this year

UN Official Lauds Belt and Road as `Grand Design for the Future’

May 29, 2018 — UN Under-Secretary Shamshad Akhtar, speaking to {China Daily} May 28, praised the Belt and Road Initiative of infrastructure great projects as “an initiative on a more integrated frame, [and] of a scale, that no one has talked about before.” Akhtar is executive secretary of the UN’s Economic and Social Commission for Asia and the Pacific.

“China leads the regional cooperation and the integration of Asia, with its Belt and Road Initiative strengthening intra-and intercontinental ties,” she told {China Daily}, on the sidelines of the Shanghai Forum at Fudan University. “It’s a grand design. Moving the Belt and Road Initiative forward not only connects Asia internally, but bridges it closer to Europe and Africa.”

She said, “Over the years, China’s shift from quietly forging bilateral relationships, to building multilateral and broad.”-based diplomatic structure has underscored its commitment to deepening its footprint in regional cooperation and integration.