Kampala (Uganda), Jan.20, 2024 – President Bola Tinubu on Saturday said developing countries should be given fair access to international capital to provide them the much-needed financial resources to develop.
Tinubu made the call at the 19th Summit of Heads of State and Government of the Non-Aligned Movement in Kampala, Uganda.
He said the developing countries were not begging for sympathy, but a fair and equal opportunity.
“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.
Tinubu, who was represented by Abubakar Bagudu, the Minister of Budget and Economic Planning, said the combined population of the 120 countries jn the Non-Aligned Movement is over 4.4 billion, about 55 per cent of the world’s population.
He, however, expressed regret that the total financial resources available to all these countries are much less than those of developed nations.
“Nigeria. Therefore, calls for a ceasefire and reiterates its call once again for quick de-escalation of hostilities by both sides which should help us in getting to a two-state solution. This seeming permanent cycle of violence needs to be broken,” Tinubu said. (GBN)
