Buhari seeks debt relief for African countries, says PPP will reduce corruption, speed growth

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President Buhari participates at the African Finance Summit in Paris, France on 18th May 2021

President Muhammadu Buhari Tuesday in Paris, France, called on European countries and global financial institutions to consider reducing devastating effect of the Coronavirus pandemic on African economies by restructuring debt portfolios, opting for complete reliefs, and releasing vaccines to the continent, which is still behind in protecting majority of its citizens.

The President, who spoke at the Financing Africa Summit held at Grande Palais Ephemere with the theme: “External Financing and debt Treatment”, said 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.

“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 said.

The President said the European Union should encourage fair and equitable distribution of the COVID-19 vaccines in less developed countries, and promote the establishment of manufacturing facilities.

According to him, many African countries were already experiencing debt distress and the Debt Service Suspension by France and G-20 does not go far enough, adding that there was need for more sustainable and affordable financing solutions, including debt relief and further debt restructuring.

On the Paris Agreement for Climate Change, President Buhari noted that African countries would need financial support for green energy investment and COP-26.

He said Nigeria will refocus on gas, while adopting a Strategic Revenue Growth Initiative.

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

“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 percent of its population is between the ages of 25 and 54.’’