Nigeria has pressed the international community to embrace debt relief as a necessary tool for peace and shared prosperity, insisting that it should not be treated as an act of benevolence.
Delivering Nigeria’s statement at the 80th United Nations General Assembly in New York, President Bola Tinubu, represented by Vice President Kashim Shettima, urged world leaders to establish a binding framework for managing sovereign debt.
According to him, developing nations remain trapped in outdated financial systems that favour dependency and stifle innovation.
“We need a form of international justice for finance, one that empowers emerging economies to break free from the cycle of raw material exports and underdevelopment,” he said.
Tinubu noted that despite earlier roadmaps like the Lagos Action Plan, African countries are still grappling with debt and limited industrial capacity.
He emphasised that Africa’s potential lies in value-added production across agriculture, solid minerals, petrochemicals, and other sectors.
Highlighting the African Continental Free Trade Area (AfCFTA) as a milestone in regional cooperation, the Nigerian leader reaffirmed his government’s commitment to the Sustainable Development Goals (SDGs).
He maintained that genuine growth and prosperity must be placed at the heart of global development strategies.
On peace and security, Tinubu welcomed progress in the Democratic Republic of Congo, stressing that Africa’s vast mineral wealth should no longer serve as a trigger for conflict.
“For decades, access to strategic resources has fueled instability instead of development.
“Nigeria itself holds abundant critical minerals that can drive future technologies if properly harnessed,” he explained.
The president argued that international investment in mineral exploration and processing would not only diversify global supply chains but also ease tensions between competing world powers.
Such an approach, he said, could provide a foundation for lasting peace and stability on the continent.
Tinubu further acknowledged Africa’s efforts in reforming governance and economic systems in recent years, insisting that the next stage of progress requires global financial reforms.
“With the right support, Africa is ready to unlock new opportunities for trade, investment, and shared prosperity,” he added.