President Muhammadu Buhari has called on European countries and global financial institutions to consider reducing devastating effect of the Coronavirus pandemic on African economies by restructuring debt portfolios and opting for complete reliefs.
Buhari made the call in Paris, France, while speaking at the Financing Africa Summit held at Grande Palais Ephemere.
The President said that the effect of the pandemic should also be reduced by releasing vaccines to the continent, which is still behind in protecting majority of its citizens.
He stressed that 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 asked the European Union to 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.
While speaking on the Paris Agreement for Climate Change, Buhari noted that African countries would need financial support for green energy investment and COP-26.
He noted that Nigeria will refocus on gas while adopting a Strategic Revenue Growth Initiative.