AdminPresident Bola Tinubu Urges Global South to Unite for Sustainable Development in Kampala
In the heart of Kampala, Uganda, the ongoing Summit of the Non-Aligned Movement (NAM) countries witnessed a passionate call from Nigerian President Bola Tinubu for a financing mechanism that ensures equitable access to capital for developing nations. The plea, addressing the stark imbalance in financial resources, resonated among the 120 countries comprising the NAM, representing over 4.4 billion people, or approximately 55 percent of the world’s population.
Represented by the Minister of Budget and Economic Planning, Atiku Bagudu, President Tinubu emphasized the urgent need for a fair and inclusive financial structure to address the development needs of the global south. He highlighted the disparity in total budgetary resources, pointing out that the combined resources of the NAM countries, standing at less than $3.5 trillion, pale in comparison to the budget of the United States alone.
“The aggregate public debt of less than $6.6 trillion, mostly at higher interest rates and shorter tenors, is about one-sixth of one or a few developed countries,” President Tinubu stated, drawing attention to the challenging financial landscape faced by developing nations.
The Urgency of Equitable Capital Access
Expressing concern over the affordability and impact of public debt available to developing countries, President Tinubu advocated for a financing mechanism and equitable capital market access. He asserted the need for substantial financial resources for the global south, recognizing the limitations and disparities that hinder sustainable development.
“More often than not, public debt available to developing countries is far more expensive and not substantial enough to make an impact. Therefore, we wish to advocate a financing mechanism and equitable capital market access that can provide adequate financial resources to the global south,” he emphasized.
A Unity Call Amid Multidimensional Challenges
President Tinubu, through his representative, outlined the myriad challenges facing the world today, including climate change, conflict, terrorism, and widening inequality. These challenges, compounded by the ongoing battle against the COVID-19 pandemic, underscored the necessity for collaboration among member states. The President urged a united effort in tackling these multidimensional issues and achieving sustainable development goals.
“The theme, ‘Deepening Cooperation for Shared Global Affluence,’ bears relevance with the current trend of wars, proliferation of small arms and light weapons, threat of use of nuclear weapons, and the dangerous polarization among developed countries, like the era of the Cold War,” President Tinubu emphasized.
Recommitting to Foundational Principles
In conclusion, President Tinubu stressed the importance of recommitting to the foundational principles of NAM as a means to ensure global peace and security. The call resonated with the spirit of unity, cooperation, and shared prosperity that the summit seeks to foster among its member states.
As the NAM Summit continues to unfold, Nigeria’s advocacy for equitable access to capital stands as a testament to the nation’s commitment to addressing global imbalances and fostering a more inclusive and prosperous world for all.
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