Buhari begs EU to grant debt relief for African nations

President Muhammadu Buhari has appealed to European Union (EU) members and international financial organizations to grant debt relief to African countries.

The Senior Special Assistant on Media and Publicity to the President, Garba Shehu, in a statement, explained President Buhari while in Paris for the African Finance Summit, pointed out that debt relief would assist in reducing the devastating effect of the Coronavirus pandemic on the African continent.

President Buhari at the Financing Africa Summit at Grande Palais Ephemere, speaking on – “External Financing and Debt Treatment,” stated 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 noted that PPP will reduce corruption, speed growth.

The Nigerian President declared: “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.”

Buhari demanded that the EU should foster fair and equitable distribution and support the establishment of production facilities of COVID-19 vaccines in developing countries.

The President decried that many African countries already suffered a debt distress, arguing that the suspension of debt services by France and G20 is insufficient and adds that more sustainable and affordable finance solutions are required, including debt relief and additional debt restructuring.

Meanwhile, President Buhari was silent on the piling debt stock by African countries, including Nigeria which debt figure is over N25 trillion, and still incurring more debts.

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 will refocus on gas while adopting a Strategic Revenue Growth Initiative.

On the theme of “Africa Private Sector – Reforms – Infrastructure’’, President said Public Private Partnership will 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 per cent of its population is between the ages of 25 and 54,” he stated.