President Bola Tinubu emphasized the need for equitable access to capital in developing countries, stating it is crucial for their development.
Represented by Minister Abubakar Bagudu at the Non-Aligned Movement summit in Kampala, Tinubu highlighted the challenge of expensive and insufficient public debt for these nations.
Advocating for a financing mechanism and equal market access, he stressed that developing nations seek fair opportunities, not sympathy.
Tinubu underscored the disparity between the combined population of 120 non-aligned countries and their financial resources, advocating for a solution to address the lack of access to capital.
Tinubu noted that the combined population of the 120 countries in the Non-Aligned Movement exceeds 4.4 billion, approximately 55% of the world’s population.
However, he pointed out that the total financial resources available to these countries are significantly less than those of some individual nations.
Moreover, Tinubu highlighted the financial challenges by stating that the total budgetary resources for the 120 countries amount to less than $3.5 trillion, which is even less than the budget of the United States alone.
He argued that the aggregate public debt of less than $6.6 trillion, mainly at higher interest rates and shorter tenors, is only about one-sixth of that of a few developed countries.
Tinubu concluded by asserting that these statistics clearly demonstrate the lack of access to capital and resources for development faced by the non-aligned countries.
His call for a more equitable financial system and market access reflects the ongoing global dialogue on addressing disparities in economic opportunities for developing nations.
