News in brief: President Tinubu told stakeholders at the Paris Summit that new reforms in Nigeria stimulate economy and encourage investments in agriculture. World leaders deliberate on global debt restructuring and financing African countries affected by climate change.
President Tinubu told stakeholders that new reforms in Nigeria are to stimulate the economy and encourage investments in its various sectors, especially agriculture. In a statement by his spokesperson, Dele Alake, he said that the country is ready for global business.
His audience was the president and chairman of the Board of Directors of African Export-Import Bank (Afrexim), Prof. Benedict Oramah, and president of European Bank for Reconstruction and Development (EBRD), Odile RenaudâBasso. The parties had convened as one of the separate meetings that the Paris Summit allows.
Oramah commended Tinubu’s bold decisions since taking over leadership of the country. He especially praised the president’s fuel subsidy removal and exchange rate unification moves. Meanwhile, RenaudâBasso commented on the opportunities to invest in Nigeria and said development banks would be making a mistake if they ignored them.
The summit itself was a forum for world leaders to discuss important financial issues like global debt restructuring or cancellation and aid for vulnerable countries suffering from climate change and COVID-19 effects.
Global debt restructuring and financing against climate change effects
According to a coverage, French President Emmanuel Macron, who called the meeting and played host, mentioned that African countries bore the brunt of financial challenges as they are most vulnerable. He added that the solutions must focus on developing health, education and food security in these regions. President Mohammed Bazoum of Niger said that the continent must be dealt with as partners when forging the new pact and agreed with Macron on the focus sectors.
The Secretary General of the United Nations, Antonio Guterres, condemned past agreements for not capturing African countries properly. He called for a better global financial pact that encourages debt relief, repayments suspension, business model changes and development banks’ commitments.
Earlier, leaders from the summit released an open letter that marries poverty reduction and planet protection as converging goals. They set a global ambition of $100bn (£78bn) from voluntary contributions to countries with the most need.
“No country should have to wait years for debt relief. We need greater and more timely cooperation on debt, for both low- and middle-income countries. This starts with a swift conclusion of solutions for debt-distressed countries,” part of the letter read.
They indicated that besides strengthening international financial instruments like the International Monetary Fundâs Poverty Reduction, the International Development Association, and others, private sector stakeholders must also pick up the bill. Thus, they may have to participate in debt buy-backs, carbon- and biodiversity-credits, and so on. Basically, taxes.
