AdminPresident Bola Ahmed Tinubu has underscored the need for equitable access to capital for developing nation.
Speaking during the 19th summit of Heads of State and Government of the Non-aligned Movements (NAM) in Kampala, Uganda, as the 120th member state, Tinubu explained that this will provide developing countries with critical resources for development, thereby addressing some of the world’s most serious issues.
The Non-Aligned Movement is the world’s largest meeting of countries, second only to the United Nations General Assembly. President Yoweri Museveni of Uganda presided over this year’s summit. It was attended by numerous presidents and heads of government.
President Tinubu, who was represented at the NAM summit by Minister of Budget and Economic Planning Atiku Bagudu, stated that the combined population of the 120 countries that comprise the Non-Aligned Movement is over 4.4 billion, or approximately 55% of the world’s population, but the total financial resources available to all of these countries are significantly less than those of some developed countries.
The collective financial resources of the 120 countries are less than $3.5 trillion, which is less than the United States budget alone. The global public debt of less than $6.6 trillion, largely at higher interest rates and shorter maturities, is roughly one-sixth that of one or a few rich countries, he explained.“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 said.
READ ALSO: Tinubu’s 60% Slash Of Official Entourage And The Quest For Cutting Cost Of Governance
President Tinubu further remarked that the summit’s topic, ‘Deepening Cooperation for Shared Global Affluence,’ was appropriate, citing the issues that the world is currently facing, particularly in developing nations, such as climate change, violence and wars, terrorism, and growing inequality.
Furthermore, President Tinubu decried the loss of life and property in the State of Palestine and called for an immediate ethical ceasefire in the region. He asked the Non-Aligned Movement to work with the United Nations to highlight the importance of developed countries fulfilling their promise to provide $100 billion in yearly climate funding to developing countries.
“In this regard, we must recommit to the foundational principles of Non-Aligned Movement to better ensure global peace and security.
“Shared prosperity is the ultimate guarantee of peace. Our countries are looking for equity, not sympathy. It is justice and development that shall make freedom blossom,” Tinubu said.
