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Tuesday, May 28, 2024

Non-Aligned Movement: Tinubu seeks financing mechanism and equitable access to capital markets for developing countries

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President Bola Tinubu has called for equitable access to capital for developing countries, saying this will provide much-needed resources for development, thereby solving some of the most pressing challenges in the world today.

However, speaking at the 19th Summit of Heads of State and Government of the Non-Aligned Movement (NAM) held over the weekend in Kampala, Uganda, the Nigerian leader noted that the developing world is not looking for sympathy or begging, but justice. and equal opportunities.

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Chaired by Ugandan President Yoweri Museveni, this year’s summit was attended by many presidents and heads of government.

The Non-Aligned Movement is the largest gathering of countries, second only to the United Nations General Assembly.

President Tinubu noted that the combined population of the 120 countries that make up the Non-Aligned Movement exceeds 4.4 billion or about 55 percent of the world’s population, but the total financial resources available to all these countries are much less than those of some countries.

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Total budget resources for the 120 countries are less than $3.5 trillion, less than the budget of the United States alone. While aggregate public debt of less than $6.6 trillion, mostly at higher interest rates and shorter terms, represents about a sixth of one or a few developed countries, it said.

These surprising statistics, according to the Nigerian leader, are clear evidence that non-aligned countries suffer from a lack of access to capital and resources for development.

“More often than not, the public debt available to developing countries is much more expensive and not substantial enough to have an impact. Therefore, we wish to advocate for a financing mechanism and equitable access to the capital market that can provide adequate financial resources to the Global South,” he said.

Represented at the packed summit by the Minister of Budget and Economic Planning, Atiku Bagudu, President Tinubu also listed the challenges facing the world today, including climate change, conflicts and wars, terrorism and the growing inequality.

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Bagudu represents Tinubu at Non-Aligned Movement summit in Uganda

“All of this is happening as we fight our way out of the COVID-19 pandemic. It is not possible for any nation alone to address these multidimensional challenges,” he stated, highlighting that this requires greater collaboration between Member States as they strive to achieve sustainable development goals.

According to him, the summit theme, “Deepening cooperation for shared global wealth”, was relevant with respect to the current trend of wars, the proliferation of small arms and light weapons, the threat of the use of nuclear weapons and the dangerous polarization among developed countries. countries, similar to the cold war era.

“In this regard, we must recommit to the founding principles of the Non-Aligned Movement to better ensure global peace and security,” he said.

On climate change, the Nigerian president noted that developing countries were moving forward on this issue with courage and ambition.

“Developing countries have made efforts over the past two decades under the United Nations Framework Convention on Climate Change (UNFCCC) process to make common but differentiated responsibilities a core principle of global climate action.

To move forward decisively, access to affordable climate finance and technologies is essential, he said.

Bagudu represents Tinubu at Non-Aligned Movement summit in Uganda

President Tinubu urged the Movement to work in collaboration with the United Nations to emphasize the need for developed countries to provide climate finance of $1 trillion as soon as possible to fulfill their promise to commit $100 billion annually to climate financing to developing countries.

The Nigerian leader also lent Nigeria’s voice to the common position of the Member States of the Non-Aligned Movement (NAM) by condemning the ongoing unjustified destruction of lives and property in the State of Palestine, which has assumed a critical dimension.

“Nigeria supports and reiterates the call for an immediate, lasting and sustained humanitarian truce in that region. Many lives have been lost, including women and children, since the beginning of the crisis between the States of Israel and Palestine with so many displaced.

“The daily increase in displaced people and the shortage of humanitarian supplies due to impeded access have had a great impact on the people, exacerbating the humanitarian catastrophe in the region and increasing civilian casualties,” he said.

As a promoter and protector of human rights, Nigeria urged parties to the conflict to uphold the fundamental values ​​of international humanitarian law, which places great importance on ensuring the safety and well-being of civilians.

“This should go beyond mere politics and rhetoric. The destruction of life and property, including hospitals and religious and cultural sites, is a violation of international law.

“Nigeria therefore calls for a ceasefire and reiterates its call once again for a rapid reduction in hostilities by both sides, which should help us reach a two-state solution. It is necessary to break this apparent permanent cycle of violence,” he stated.

President Tinubu told NAM member states that it is their responsibility to build bridges and take urgent practical steps to amplify success and lessons learned. “We must work together to address these challenges by touching the lives of the most vulnerable in society.”

The president concluded by saying that the pursuit of shared prosperity for all must be at the center stage of multilateralism. “Shared prosperity is the maximum guarantee for peace. Our countries seek equity, not sympathy. It is justice and development that will make freedom flourish.”

SIGNEDFolasade Boriowo, Director of Information, Ministry of Budget and Economic Planning

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