By Enyichukwu Enemanna
Africa’s most populous nation, Nigeria, is drawing global attention to the need to promote debt relief, demonstrating commitment to peace and prosperity, rather than an act of charity, reinforcing the position of leaders on the continent on fair economic policies.
Nigerian leader, Bola Tinubu in his address at the 80th session of the United Nations General Assembly (UNGA) on Wednesday in New York took a firm stand on new and binding mechanism to manage sovereign debt.
“We need urgent action to promote sovereign debt relief and access to trade and financing”, Tinubu, represented by his Vice, Kashim Shettima said at the gathering. This he said will strengthen the prospects for peace, development and human rights.
“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,” Tinubu, represented by his Vice, Kashim Shettima said at the gathering.
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 Nigeria’s President stated.
He also reiterated the long-sought permanent seat for the West African nation at the United Nations Security Council (UNSC). “Nigeria must have a permanent seat at the UN Security Council. This should take place as part of a wider process of institutional reform.”
