By Emmanuel Nduka
Nigeria’s President, Muhammadu Buhari on Thursday joined other African leaders in Dakar, Senegal to launch “the largest financial package ever mobilised in the history of the International Development Association (IDA) – $93billion – geared towards a “robust and resilient economy for Africa.”
A statement signed by presidential spokesperson, Garba Shehu, stated that 70 percent of the global fund will be spent on African countries between now and 2027, with Nigeria getting the biggest cut among the African states.
President Buhari stressed that in view of the current challenges faced by world economies, the Nigerian Government is determined to ensure that the economy is able to withstand the shocks by building a resilient economy capable of creating jobs.
Speaking at the Opening Dialogue of African Heads of State on Development Challenges and Priorities at the International Development Association (IDA) Summit for Africa, Buhari noted that this will be achieved by looking inwards and adding value to the commodities produced in the country.
At the event convened by Senegal President, Macky Sall, Buhari called on global partners for concerted efforts to help in the realisation of these objectives.
“I wish to therefore call for concerted global efforts to mitigate and sustain food system. These efforts must involve key stakeholders, including Governments, Farmers, Investors, Multilateral Organizations, Regional Bodies, International Financial Institutions, Private Partners and Civil Societies. As African countries continue to grapple with the devastating impact of the COVID-19 pandemic and now the Russian-Ukraine war, the continued support from the World Bank Group, particularly from the IDA is critical to help us meet financial needs.
“Nigeria’s priority amidst these global challenges is to build the resilience of our economy and drive jobs-rich growth. Therefore, our focus is on the transformative scale-up of industrialisation, to be driven by Backward Integration and Export Development based on value-addition to key commodities and access to new markets.
“In order for us and in particular Nigeria to achieve these priorities, we must continue to build partnerships and global solidarity that will address the challenges of the most vulnerable population and look forward to stronger collaboration among members of the International Development Association,” he added.
On the debt issue, President Buhari observed that developing countries that had faced unsustainable debt burdens even before the COVID-19 pandemic, are now dealing with a new wave of deepening debt as vital public financial resources are allocated to external debt servicing and repayments, at the expense of domestic financing for critical developmental needs.
President Buhari, who was later conferred with the highest National Honour of the Republic of Senegal, “L’ Ordre National De Lion Senegal (The National Order of the Senegal Lion) thanked his host, President Macky Sall, for the honour, extolling the excellent diplomatic relations between Nigeria and Senegal which have spanned over sixty years having started informal interactions for a longer period.
“Our people share a lot in common, especially in the areas of culture, religion and trade. Indeed, the city of Kaolack is now home to a large population of Nigerians.
“This award is a clear testament to the continued growth and resilience of our bilateral relations and also our solidarity at the subregional, regional and global levels.
“We see our relationship with Senegal as a very special one and will certainly continue to give it priority in the future,” Buhari added.
