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President Tinubu seeks financing mechanism, equitable capital market access for developing countries

President Tinubu seeks financing mechanism, equitable capital market access for developing countries

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

Speaking at the 19th Summit of Heads of State and Government of the Non-Aligned Movement at the weekend in Kampala, Uganda, the Nigerian leader, however, pointed out that the developing world is not looking for sympathy or begging, but fair and equal opportunity.

Chaired by Ugandan President Yoweri Kaguta 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 is over 4.4 billion or about 55% of the world's population, yet the total financial resources available to all these countries are much less than that of some countries.

The total budgetary resources for the 120 countries is less than $3.5 trillion, which is less than the budget of United States alone. Whereas the aggregate public debt of less than $6.6 trillion, mostly at higher interest rates and shorter tenor, is about one-sixth of one or a few developed countries, he said.

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

Represented at the well-attended summit by the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, President Tinubu also listed the challenges facing the world currently to include climate change, conflict and wars, terrorism, and widening inequality.

According to him, the theme of the summit which is “Deepening Cooperation for Shared Global Affluence” bore relevance with respect to the current trend of wars, proliferation of small arms and light weapons, threat of use of nuclear weapons and the dangerous polarization between developed countries, similar to the era of cold war.

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

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

President Tinubu urged NAM to work in collaboration with the United Nations to stress the need for the developed countries to provide climate finance of $1 trillion at the earliest to fulfill their promise of $100 billion annual commitment to climate finance to developing countries.

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

As a promoter and protector of human rights, Nigeria urged the parties in the conflict to uphold the fundamental values of international humanitarian law, which places high premium on ensuring civilians’ safety and wellbeing.

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