President Buhari seeks debt relief for African nations

President Muhammadu Buhari, on Tuesday in Paris, France, urged European nations and worldwide financial institutions to consider debt relief for African nations.

Buhari stated this would help in decreasing the damaging impact of the COVID-19 pandemic on the nations.

In accordance with a statement by his Senior Special Assistant on Media and Publicity, Garba Shehu, the President spoke at the Financing Africa Summit, which took place at Grande Palais Ephemere with the subject: “External Financing and debt Treatment.”

The statement was named, ‘President Buhari seeks debt relief for African countries, says PPP will reduce corruption, speed growth.’

Shehu cited Buhari as saying that the drop in product prices as COVID-19 pandemic affected the worldwide economy further reduced development in certain nations and affected health services.

Buhari stated, “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 mobilise 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 President said the European Union should promote impartial and reasonable dissemination of the COVID-19 vaccines in less developed nations, and encourage the creation of industrial services.

As indicated by him, many African nations were already facing debt distress and the Debt Service Suspension by France and G-20 does not go far enough, stating that there was a necessity for more workable and reasonable financing solutions, which include debt relief and further debt reformation.

On the Paris Agreement for Climate Change, Buhari stated that African nations would require financial help for green energy investment and COP-26.

President Buhari disclosed that Nigeria will refocus on gas while embracing a Strategic Revenue Growth Initiative.

On the subject of “Africa Private Sector – Reforms – Infrastructure”, President declared that Public Private Partnership will be completely reviewed to guarantee more accuracy in growth, reducing waste and decreasing likelihoods of corruption.

He stated, “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.”