African Finance Summit: Buhari Makes Crucial Request to Europe for Nigeria

African Finance Summit: Buhari Makes Crucial Request to Europe for Nigeria

- There is no denying that the COVID-19 pandemic is having its toll on the African economy

- This is why President Buhari is calling for debt relief from Europe on behalf of the continent

- President Buhari is also soliciting more distribution of the COVID-19 vaccines to African nations that are worst hit by the virus

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During the African Finance Summit convened at Grande Palais Ephemere in Paris, President Muhammadu Buhari called on European nations to restructure debt portfolios of countries in the continent.

In light of the harsh economic effect of the COVID-19 pandemic, the Nigerian president called on Western nations to consider cancelling debts and making more efforts towards releasing vaccines to Africa, Premium Times reports.

African Finance Summit: Buhari Makes Crucial request to Europe for Nigeria
President Buhari said third-world countries need more COVID-19 vaccines. (Photo: @BashirAhmaad)
Source: Twitter

He added that the fall in prices of goods is one of the factors that has stunted economic growth in African nations, including Nigeria in the wake of the virus

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Buhari pleaded:

“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 mobilize 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."

He further called on the European Union to ensure even distribution of the vaccines to third world countries, and even move towards establishing manufacturing structures, Vanguard reports.

Buhari revealed that with what Africa is going through presently, not even the Debt Service Suspension by France and G-20 is sufficient.

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The Nigerian leader, therefore, suggested more sustainable and affordable financing solutions, including debt relief and further debt restructuring.

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Meanwhile, Lauretta Onochie, a media aide to President Buhari, had reacted to unconfirmed reports that the African Finance Summit scheduled to be convened in Paris had been postponed.

Via her Twitter page on Wednesday, May 19, Onochie dismissed the claims as false news propagated by some ill-minded persons in Nigeria and Ghana.


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