The Nigerian government has called for urgent action to promote debt relief as a clear path to peace and prosperity, rather than an act of charity. President Bola Tinubu made the call in his national statement at the 80th session of the United Nations General Assembly on Wednesday in New York.
Mr Tinubu, represented by the Vice-President Kashim Shettima, also called for a new and binding mechanism to manage sovereign debt.
“It is a sort of International Court of Justice for money, that will allow emerging economies to escape the economic straitjacket of primary production of unprocessed exports. It has been over for decades since the Lagos Action Plan outlined a route away from debt and dependence that highlighted opportunities.
“That today should still be explored for local added value for processing and manufacturing in everything from agriculture to solid minerals and petrochemicals. The African Continental Free Trade Area is a remarkable achievement of co-operation. We remain fully committed to the achievement of SDGs – and are convinced this can be best delivered by focusing principally on our primary mission of growth and prosperity,” said Mr Tinubu.
Mr Tinubu explained that Nigeria welcomed the move towards peace in the Democratic Republic of Congo.
“We agree that international investment and engagement offer a way out of the cycle of decay and violence. Access to strategic minerals, from Sierra Leone in the 1990s and Sudan today, has for too long been a source of conflict rather than prosperity for Africa. I must include Nigeria – (it) has in abundance the critical minerals that will drive the technologies of the future.
“Investment in exploration, development, and processing of these minerals in Africa will diversify supply to the international market. (It will also) reduce tensions between major economies and help shape the architecture for peace and prosperity on a continent that too often in the past has been left behind by the rivalries and competition between different blocs,” the president stated.
He said that Nigeria and Africa have made significant strides in recent years to put their affairs in order.
Mr Tinubu added, “We can take that progress to the next level, a level that presents new opportunities for trade, investment, and profit, if we can access reforms to strengthen the international financial architecture.”
(NAN)
