Nigeria has urged world leaders to embrace debt relief as a pathway to peace and prosperity, stressing that it must be seen not as charity but as an urgent necessity for global economic stability. President Bola Tinubu made the appeal on Wednesday in his address at the 80th session of the United Nations General Assembly in New York, delivered on his behalf by Vice President Kashim Shettima.
Tinubu called for the establishment of a new and binding global mechanism to manage sovereign debt, likening it to “an International Court of Justice for money.” He said such a framework would allow developing nations to break free from the cycle of dependence on raw commodity exports and unlock opportunities for industrial growth.
“For decades, Africa has sought to move beyond the economic straitjacket of primary production. The Lagos Action Plan already outlined a route away from debt and dependence, highlighting the importance of value addition in agriculture, solid minerals, and petrochemicals,” Tinubu declared. “The African Continental Free Trade Area is a remarkable achievement, and Nigeria remains fully committed to achieving the Sustainable Development Goals, with growth and prosperity as our principal mission.”
The president also highlighted Africa’s vast reserves of strategic minerals that power modern technologies, warning that they must no longer be sources of conflict. Drawing lessons from Sierra Leone in the 1990s and Sudan today, Tinubu stressed that responsible investment in exploration, processing, and development of Africa’s mineral wealth could transform global supply chains, reduce tensions between major economies, and foster peace and prosperity across the continent.
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“We agree that international investment and engagement offer a way out of cycles of violence,” Tinubu noted. “Nigeria itself is richly endowed with the critical minerals of the future. Harnessing them responsibly can not only diversify the global market but also strengthen Africa’s place in shaping peace and progress worldwide.”
He further emphasized that both Nigeria and Africa have made significant strides in stabilizing their economies and governance in recent years, insisting that the next phase of progress lies in reforming the international financial architecture to ensure fairer access to trade, investment, and sustainable growth.
With Africa positioning itself at the heart of global economic transformation, Tinubu’s call at the UN General Assembly reinforces Nigeria’s push for systemic reforms that would allow developing nations to thrive in a rapidly changing world economy.
