“Rising levels of global inequalities are symptomatic of the unequal global economic system, that stresses profits more than social responsibility. The unbridled exploitation of resources, especially in Africa, has left deep cleavages in many countries that could become the seeds of conflicts and severe stresses in future, if they are not addressed constructively with great perception and sensitivity. Inequalities such as in wealth, gender, age group and social and economic standings, as well as among regions or states in a country, are usually the precursors of conflicts, instability and social dislocation.
“The deployment of all tools to address them and adoption of relevant implementation strategies globally and nationally to mitigate their impacts, must be seen as existential issues that would have to be taken seriously.
“International trade is once more threatened by reciprocal imposition of tariffs and restriction of privileges accorded by countries to one other, in preferential trade arrangements.
“The United States delivered the opening salvo in these trade wars against China mainly, but also extended to other trading partners. Although the impacts of these developments are yet to be felt globally, they nevertheless present threatening prospects towards a global recession and constriction of the open and free trade opportunities that would most likely impact on developing countries like Nigeria, that depend largely on imported finished products and export of unprocessed natural resources.
“Under the circumstances, diversifying their economies would become a hugely costly endeavour, especially if capital flows by way of investments become restricted and difficult to access. Trade wars, in their nature, are blunt weapons that cause more harm to all sides involved and have the potential of veering off in all directions, inflicting pain on innocent bystanders as well”.
In his remarks, the founder of the University, Aare Afe Babalola hailed Ambassador Sarki for pointing out the potholes affecting peace and security, saying Nigeria would be a better place if these challenges are effectively addressed.