President Muhammadu Buhari has called on the EU countries and global financial institutions to consider reducing the devastating effect of the Coronavirus pandemic on African economies.
He also asked the EU to restructure debt portfolios, opt for complete reliefs, and release vaccines to the continent, which is still behind in protecting majority of its citizens.’
He made the call in Paris on Tuesday while speaking at the Financing Africa Summit which was held at Grande Palais Ephemere with the theme: “External Financing and debt Treatment.”
President Buhari said that the fall in commodity prices as Covid-19 took a toll on the global economy further slowed growth in some countries and strained health facilities.
He said; “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 to strengthen the quantum of investments to our economies. This financial support should also be extended to the private sector”.
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President Buhari stated that 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.
He acknowledged that many African countries were already experiencing debt distress and the Debt Service Suspension by France and G-20 but added that it was not enough.
“There was need for more sustainable and affordable financing solutions, including debt relief and further debt restructuring,” 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 would refocus on gas while adopting a Strategic Revenue Growth Initiative.
On the theme of “Africa Private Sector – Reforms – Infrastructure’’ the President said;”Public-Private Partnership (PPP) would 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 percent of its population is between the ages of 25 and 54.’’