President Muhammadu Buhari called on the EU and the developed world to lend support to investments into Africa’s private sector in a bid to reduce the devastating effect of the Coronavirus pandemic on African economies by restructuring debt portfolios, and also release more vaccines to the continent.
President Buhari disclosed this at the Financing Africa Summit held at Grande Palais Ephemere on Tuesday, adding that the Commodity price crash during Covid-19 took a toll on the global economy, further slowed growth in some countries and strained health facilities.
What the President disclosed
“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.
The European Union should encourage fair and equitable distribution of the COVID-19 vaccines in less developed countries, and promote the establishment of manufacturing facilities,” Buhari said.
Buhari revealed that most African countries are currently experiencing issues with affordable financing solutions including debt relief and further debt restructuring.
On climate change
“Nigeria will refocus on gas while adopting a Strategic Revenue Growth Initiative,” the president added, citing that African countries would need financial support for green energy investment and COP-26.
He said the Nigerian government plans to leverage on Public-Private Partnerships to bolster its job creation, and anti-corruption drive, adding that in the areas of job creation, Nigeria has an abundant labour force since 30.5% of its population is between the ages of 25 and 54.
What you should know
Speaker of the House of Reps, Femi Gbajabiamila stated in December 2020 that debt forgiveness will help boost development in Africa as African nations will spend less time towards debt servicing but on governance.