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President Muhammadu Buhari laments That Heavy Debt Burdens Have Prevented Growth

President Muhammadu Buhari laments That Heavy Debt Burdens Have Prevented Growth
President Muhammadu Buhari laments That Heavy Debt Burdens Have Prevented Growth

On Friday, President Muhammadu Buhari bemoaned the harmful effects that high debt loads were having on the Global South, stating that they had stymied the hopes of numerous nations for economic progress.

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The President asked the heads of state to unite on a unified agenda of actions to lessen the increasing weight of debt and inflation in that part of the globe while addressing the Global South Virtual Summit from the Presidential Villa in Abuja.

The President expressed optimism that the conference, which was hosted by India in its position as the voice of the South, will address challenges connected to climate change, food security, and access to energy, according to a statement released by his Special Adviser on Media and Publicity, Femi Adesina.

According to a statement from the president: “This huge debt burden has significantly derailed many countries’ development plans. The effect of the Covid-19 pandemic and the Russia/Ukraine conflict has further aggravated the situation.

“In this regard, I wish to advise fellow leaders to agree on a common agenda to enable us to put forward our collective demands to the Global North through India as the voice of the South.

“I would urge India to further intensify efforts to facilitate the flow of Foreign Direct Investment to the Global South using its leverage as President of G20.”

President Buhari extended his appreciation to Indian Prime Minister Narendra Modi for including him in the summit’s invitation list. He said that the Global South’s attempts to bridge the gap between the South and the North were driven by historical links and a strong feeling of solidarity.

He lauded the summit’s organization with the title: “The Voice of the Global South” under the heading “Unity of Voice and Unity of Purpose.”

He highlighted India’s achievements during its two sessions on the UN Security Council and its humanitarian efforts during the Covid-19 epidemic as examples of how India has emerged as the voice of the Global South.

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President Buhari continued: “Excellencies, it is in line with the vision of One Earth, One Family, One Future that India calls for this Summit, bringing together leaders of the South to share their perspectives and priorities on a common platform ahead of the G20 Summit later this year.

“Nigeria is in full support of this noble initiative and hopes that the outcome of the Summit will be given the top priority at the G20 meetings.”

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