President Muhammadu Buhari has canvassed for debt relief for African countries by European nations and international financial institutions.

This is just as he gave an assurance that the Public Private Partnership (PPP) will be fully explored to ensure more precision in development, cutting down waste and reducing chances of corruption.

The president, who spoke in Paris, France at the Financing Africa Summit held at Grande Palais Ephemere with the theme: ‘External Financing and debt Treatment’, called on European countries and global financial institutions to consider reducing the devastating effect of the coronavirus pandemic on African economies.

This, he said, could be done by restructuring debt portfolios, opting for complete reliefs and releasing vaccines to the continent, which is still behind in protecting majority of its citizens.

According to him, 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 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 (EU) should encourage fair and equitable distribution of the COVID-19 vaccines in less developed countries and promote the establishment of manufacturing facilities.

President Buhari stressed that many African countries are already experiencing debt distress and the Debt Service Suspension by France and G-20 does not go far enough, adding that there is need for more sustainable and affordable financing solutions, including debt relief and further debt restructuring.

On the Paris Agreement for Climate Change, the president noted that African countries would need financial support for green energy investment and COP-26, adding that Nigeria will refocus on gas, while adopting a Strategic Revenue Growth Initiative.

Speaking on the theme ‘Africa Private Sector — Reforms – Infrastructure’, President Buhari said Public Private Partnership (PPP) will be fully explored to ensure more precision in development, cutting down waste and reducing chances of corruption.

He said:

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.

Justin Nwosu

Justin Nwosu is the founder and publisher of Flavision. His core interest is in writing unbiased news about Nigeria in particular and Africa in general. He’s a strong adherent of investigative journalism, with a bent on exposing corruption, abuse of power and societal ills.