President Muhammadu Buhari has called on European countries and global financial institutions to consider reducing the devastating effect of the coronavirus pandemic on African economies by restructuring debt portfolios, opting for complete reliefs.
A statement released by Garba Shehu, the Senior Special Assistant to the President on Media & Publicity revealed that the president made the call at the Financing Africa Summit held at the Grande Palais Ephemere in Paris, France, on Tuesday, with the theme: “External Financing and debt Treatment”.
“It is in this vein that we solicit the support of the French government with its influence in the European Union to lend its voice to the efforts being made to mobilize additional resources for developing economies most especially Africa in order to strengthen the quantum of investments to our economies. This financial support should also be extended to the private sector,” he said.
He also called for the release of vaccines to Africa, which, he asserted, had been left behind in protecting the majority of its citizens.
The Nigerian leader said the fall in commodity prices as COVID-19 took a toll on the global economy had further slowed growth in some countries and strained health facilities.
“It is in this vein that we solicit the support of the French government, with its influence in the European Union, to lend its voice to the efforts being made to mobilize additional resources for developing economies most especially in Africa, in order to strengthen the quantum of investments to our economies.
”This financial support should also be extended to the private sector,” he said.
On the Paris Agreement for Climate Change, President Buhari noted that African countries would need financial support for green energy investment and COP-26.
He said Nigeria will refocus on gas, while adopting a Strategic Revenue Growth Initiative.
On the theme of “Africa Private Sector — Reforms – Infrastructure’’, President Buhari said Public Private Partnership (PPP) will be fully explored to ensure more precision in development, cutting down waste and reducing chances of corruption.
“The government intends to leverage on Public Private Partnership to bolster its job creation, and anti-corruption drive. In terms of job creation, Nigeria has an abundant labour force since 30.5 per cent of its population is between the ages of 25 and 54.”
