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CARICOM Seeks Global Support to Tackle Soaring Insurance Costs in Tourism Sector

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CARICOM Seeks Global Support to Tackle Soaring Insurance Costs in Tourism Sector

 

The Secretary-General of the Caribbean Community (CARICOM), Dr. Carla Barnett, has urged the international community to work collectively to address the surging cost of insurance in the tourism sector of Small Island Developing States (SIDS), warning that the trend threatens economic stability and investment flow in the region.

 

Dr. Barnett made the call during a high-level panel session at the 6th Global Services Forum, held as part of the 16th United Nations Conference on Trade and Development (UNCTAD16).

 

The event, themed “Services: A New Frontier of Economic Transformation for Equitable, Inclusive and Sustainable Development,” explored how the global services sector can drive growth, employment, and trade competitiveness.

 

According to her, CARICOM’s service-dependent economies remain highly exposed to climate-induced disruptions, with rising insurance premiums compounding the challenges faced by operators in the tourism industry, a key revenue earner for the region.

 

“The cost of insurance is rising significantly for older properties [in the tourism sector], and accessing insurance for new investments is almost impossible,” Dr. Barnett lamented. “This is something we need to work with the global community to address.”

 

The CARICOM Secretary-General noted that the services sector contributes a substantial share of the region’s Gross Domestic Product (GDP), accounting for up to 75 percent in countries such as The Bahamas, Saint Lucia, and Barbados. Even in more diversified economies like Trinidad and Tobago and Jamaica, she said, services still make up around 60 percent of total GDP.

 

Dr. Barnett stressed that the sector’s heavy reliance on tourism makes it particularly vulnerable to natural disasters, adding that frequent and intense weather events are heightening investor anxiety.

 

“When weather systems like Hurricane Melissa threaten, stakeholders in the tourism industry get really frightened,” she said. “We do the best we can, but we prepare for the worst.”

 

She emphasised that global cooperation remains vital in helping CARICOM member states close economic gaps and strengthen resilience against external shocks.

 

She pointed to ongoing collaborations with institutions such as UNCTAD, the World Trade Organization (WTO), and international development banks as pivotal in advancing the region’s capacity to withstand future challenges.

 

Highlighting one example, Dr. Barnett referenced the Trade in Services project, a partnership between UNCTAD and CARICOM aimed at enhancing data collection and analysis to inform evidence-based policymaking and promote sustainable growth.

 

She noted that CARICOM’s services industry extends beyond tourism to include financial services, information and communication technology (ICT), professional services, entertainment, culture, and sports, all of which possess immense potential for expansion if adequately supported.

 

The Secretary-General reiterated that global support, especially through concessional financing, risk mitigation mechanisms, and climate adaptation initiatives is essential to unlock the full value of the region’s service industries and cushion them against climate-related shocks.

 

“We need to build resilience and create an enabling environment that protects our service sectors from the increasing costs and uncertainties brought by climate change,” Dr. Barnett said.

 

The Global Services Forum underscored that services now account for nearly two-thirds of global GDP, affirming the sector’s growing role as a driver of equitable and inclusive development.

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Diaspora Watch – Vol. 90

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Diaspora Watch - Vol. 90

HOOORAY! IT’S 90TH EDITION OF DIASPORA WATCH NEWSPAPER

Diaspora Watch Newspaper announces the release of its landmark 90th edition, delivering a compelling mix of global politics, diaspora engagement, energy transition, innovation, and culture, carefully curated to inform and engage its diverse international readership.

Diaspora Watch FREE Digital View: https://diasporawatch.com/3d-flip-book/diaspora-watch-vol-90/

On Demand Print: https://www.magcloud.com/browse/issue/3316371?__r=1069759

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Leading this edition is the thought-provoking headline, “Is Trump’s Security Being Tested?”, which takes a critical look at evolving security concerns surrounding the United States President, Donald Trump, raising questions about political stability and institutional preparedness in a charged electoral climate.

In a major diaspora spotlight, the edition features “US-based Retired Veterans Honor Obi of Onitsha With U.S. County Key,” capturing a symbolic moment of cross-continental recognition and cultural diplomacy, as distinguished Nigerian traditional leadership receives accolades abroad.

Global climate diplomacy takes center stage in “60 Nations Meet in Colombia to Push Fossil Fuel Exit Amid COP Deadlock,” highlighting renewed international efforts to accelerate the transition away from fossil fuels despite ongoing negotiations under the COP framework.

Africa’s industrial ambitions are further explored in “Dangote Plans 650,000bpd Refinery in East Africa, Seeks Regional Backing,” detailing strategic expansion moves poised to reshape the continent’s energy landscape and strengthen regional economic integration.

On the innovation front, “Japan Unveils First Commercial Hydrogen-Blended Gas Engine for Power Generation” underscores technological advancements aimed at reducing carbon emissions and advancing sustainable energy solutions globally.

The edition also examines developments within the United States defence establishment in “US Navy Secretary Phelan Sacked Amid Pentagon Rift,” shedding light on internal policy disagreements and their implications for military leadership.

Diplomatic and cultural discourse is captured in “Ruto’s ‘Nigerian English’ Remark Sparks Diplomatic-Style Social Media Backlash,” reflecting how language, identity, and public commentary intersect in today’s digital diplomacy landscape.

Health innovation across the Caribbean is explored in “AI, Genomics Offer Path to Transform Caribbean Health – CARICOM SG,” presenting emerging opportunities for data-driven healthcare transformation within the region.

On the back page, readers are treated to a cultural highlight with “Met Gala 2026: Beyoncé, Kidman, Others to Co-Host as Vogue Unveils Theme, Details,” offering insights into one of the world’s most anticipated fashion events and its global influence.

As Diaspora Watch Newspaper marks this significant milestone, the 90th edition reaffirms its commitment to delivering credible, insightful, and impactful journalism that bridges continents and amplifies diaspora voices.

Stay informed and ahead of the curve with the 90th edition of Diaspora Watch where we the complex dynamics shaping our world and provide insights into the stories that matter.

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Dangote Plans 650,000bpd Refinery in East Africa, Seeks Regional Backing

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Dangote Refinery To Disrupt Europe's Oil Industry, Says OPEC

Dangote Plans 650,000bpd Refinery in East Africa, Seeks Regional Backing

 

Africa’s richest man, Aliko Dangote, has unveiled plans to establish a 650,000 barrels-per-day refinery in East Africa, in a move aimed at expanding his refining footprint beyond Nigeria and reducing the continent’s dependence on imported petroleum products.

 

Dangote made the disclosure on Thursday during a presidential panel at the Africa We Build Summit in Nairobi, organised by the Africa Finance Corporation, where he called for the support of East African governments to replicate the scale of his Lagos-based refinery.

 

He said his group was ready to deliver a similar project in the region if the necessary backing is provided.

 

“I can give commitment to the presidents here today that if they support the refinery, we will build the identical one that we have in Nigeria, a 650,000 barrels-per-day refinery. The discussions are still early, but it will work. There is nothing that can stop it,” Dangote said.

 

The proposal comes amid ongoing discussions involving Kenya, Uganda, and Tanzania to develop a joint refining hub in the port city of Tanga, which is expected to process crude oil from across the region, including supplies from the Democratic Republic of Congo and South Sudan.

 

Dangote expressed confidence in the feasibility of the project, citing his experience in delivering the 650,000bpd refinery in Lagos, widely regarded as Africa’s largest.

 

He further revealed that expansion works had already commenced in Nigeria to scale up refining capacity to 1.4 million barrels per day.

 

“We have already started piling for the expansion. We are building it to a scale of 1.4 million barrels per day. It will be the largest refinery globally,” he said, adding that the development would account for about 10 per cent of the United States’ refining capacity alongside significant petrochemical output.

 

The billionaire industrialist stressed the need for Africa to prioritise industrial self-sufficiency, warning that reliance on imports exposes economies to global price shocks.

 

“Look at what is happening today. If not for the local production of polypropylene in Nigeria, many businesses would have collapsed. In just 45 days, the price jumped from about $900 per tonne to nearly $3,000 per tonne. That tells you why we must build local capacity,” he said.

 

Dangote noted that improved financial capacity across Africa now makes large-scale industrial projects more feasible, compared to previous years when funding constraints posed major challenges.

 

“There was a time in Nigeria when interest rates were as high as 44 per cent. We had to rely on international institutions to raise funds for early projects. Today, the landscape has changed significantly,” he added.

 

He also disclosed plans to open up ownership of the refinery business to African investors, promising dollar-denominated returns.

 

“We want all Africans to invest. This is a continental asset, and we will be paying dividends in dollars,” he said.

 

On project timelines, Dangote said the proposed East African refinery could be delivered within four to five years once agreements are finalised with participating governments.

 

“My commitment is that if we agree with three or four governments in the region, we will lead the process and ensure that the refinery is built within the next four or five years,” he stated.

 

Earlier, William Ruto confirmed that talks were ongoing with Dangote and regional stakeholders on establishing the refinery in Tanga.

 

Dangote also announced plans to establish about 20 fertiliser blending plants across Africa by 2028, further expanding his industrial investments on the continent.

 

Energy experts say the proposed refinery, if realised, could significantly reshape Africa’s fuel supply chain, reduce import dependence, and strengthen regional energy security.

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US-based Retired Veterans Honour Obi of Onitsha With U.S. County Key

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US-based Retired Veterans Honour Obi of Onitsha With U.S. County Key

 

There was a blend of tradition and quiet diplomacy in Onitsha, Anambra State, as two United States-based retired veterans, Chief Walter Chinedu Obi and Chief George Onyenyeonwu, visited the Obi of Onitsha, Igwe Nnaemeka Alfred Achebe CFR, mni at his palace.

 

The visit, which drew a select audience of dignitaries, reflected the growing engagement between Nigerians in the diaspora and traditional institutions at home, particularly at a time when cultural identity and global partnerships are gaining renewed attention.

 

Among those who accompanied the visitors were a U.S.-based legal practitioner, Barrister Iyke Nwachukwu, and a community leader, Ichie Jeff Ukpo, alongside other stakeholders with ties to both Nigeria and the diaspora.

 

The atmosphere combined elements of ceremony and purpose, as the delegation was received with customary honours in keeping with the stature of the Onitsha monarch.

 

A major highlight of the visit was the presentation of the Prince George’s County Key to the monarch, a rare symbolic gesture signifying honour and recognition.

 

The key was presented on behalf of Aisha Braveboy, the County Executive of Prince George’s County, Maryland, United States, in what was described as a landmark moment in diaspora-traditional relations.

 

Speaking during the ceremony, members of the delegation emphasised that the honour was not only a recognition of the monarch’s leadership but also a reflection of the enduring cultural ties between Africa and its diaspora.

 

They stressed the importance of forging stronger partnerships between traditional rulers and diaspora communities, particularly in the areas of cultural preservation, youth development, and economic cooperation.

 

According to them, traditional institutions remain central to grassroots development and can serve as vital conduits for international collaboration and investment.

 

In his remarks, Igwe Nnaemeka Alfred Achebe CFR, mni expressed appreciation to the delegation and the government of Prince George’s County for the recognition.

 

The monarch noted that the gesture symbolises a renewed commitment to unity among Nigerians across borders and reaffirmed the importance of sustaining cultural identity.

 

He further called on Nigerians in the diaspora to remain actively engaged in national development, adding that their exposure and resources are critical to the country’s progress.

 

The visit is expected to strengthen ongoing conversations around diaspora inclusion, while also reinforcing the role of traditional leadership in advancing Nigeria’s global cultural and diplomatic footprint.

 

Reported by Boniface Ihiasota

Washington, DC Correspondent

Diaspora Watch Newspaper

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