Nigerian Vice President Kashim Shettima Urges Global Leaders to Lift Debt Burden on Developing Nations

Nigerian Vice President Kashim Shettima Urges Global Leaders to Lift Debt Burden on Developing Nations

The 79th United Nations General Assembly provided a platform for Nigerian Vice President Kashim Shettima to address pressing global issues. Standing in for President Bola Tinubu, Shettima emphasized the need for debt forgiveness and economic empowerment for developing nations.

The Debt Burden

Developing countries, including Nigeria, face significant challenges due to crippling debt. This burden hampers economic development, undermines national sovereignty, and limits the ability of governments to meet citizens’ needs.

Shettima’s Call to Action

Vice President Shettima urged global leaders to:

1. Prioritize debt forgiveness for developing nations
2. Foster multilateralism through inclusivity, equality, and cooperation
3. Address trade barriers, protectionist policies, and competition threatening global investments
4. Recover proceeds of corruption and illicit financial flows
5. Return stolen assets to countries of origin

The Role of the United Nations

Shettima emphasized the UN’s critical role in promoting international cooperation and resolving global challenges. He called for:

1. Strengthened international cooperation to recover and return stolen assets
2. Eradication of safe havens facilitating illicit financial flows
3. Practical measures to promote economic development in Global South countries

Nigeria’s Economic Challenges

Nigeria faces significant economic challenges, including:

1. High debt servicing costs
2. Limited fiscal space
3. Dependence on oil exports
4. Infrastructure deficits

The Way Forward

To address these challenges, Vice President Shettima proposed:

1. Debt restructuring and forgiveness
2. Increased foreign investment
3. Diversification of the economy
4. Improved governance and transparency

Global Implications

The economic empowerment of developing nations has far-reaching implications:

1. Reduced poverty and inequality
2. Increased global economic growth
3. Enhanced international cooperation
4. Improved human development outcomes

Conclusion

Vice President Shettima’s appeal to global leaders highlights the urgent need for debt forgiveness and economic empowerment of developing nations. The international community must prioritize multilateralism, cooperation, and sustainable development to ensure a more equitable and prosperous world.