Buhari requests loan restructuring, vaccines for African countries
…Meets Total Group, investors
President Muhammadu Buhari on Tuesday in Paris, France, called on European countries and global financial institutions to consider loan restructuring or complete debt relief, and release of more vaccines to the continent.
This according to the President will reduce the devastating effect of the coronavirus pandemic on African economies.
The President made this call at the Financing Africa Summit held at Grande Palais Ephemere, Paris.
Presidential spokesperson, Garba Shehu, quoted Buhari to have said African countries need more vaccines to protect majority of their citizens.
“It is in this vein that we solicit the support of the French government with its influence in the European Union to lend its voice to the efforts being made to mobilize additional resources for developing economies most especially Africa in order to strengthen the quantum of investment to our economies. This financial support should also be extended to the private sector,” he said.
The President urged European Union to encourage fair and equitable distribution of the COVID-19 vaccines in less developed countries, and promote the establishment of manufacturing facilities.
According to him, many African countries were already experiencing debt distress and the Debt Service Suspension by France and G-20 does not go far enough, adding that there is the need for more sustainable and affordable financing solutions, including debt relief and further debt restructuring.
On the Paris Agreement for Climate Change, President Buhari noted that African countries would need financial support for green energy investment and COP-26.
He said Nigeria will refocus on gas, while adopting a Strategic Revenue Growth Initiative.
On the theme of “Africa Private Sector — Reforms – Infrastructure,’’ President said Public-Private Partnership (PPP) will be fully explored to ensure more precision in development, cutting down waste and reducing chances of corruption.
“The government intends to leverage on Public-Private Partnership to bolster its job creation and anti-corruption drive. In terms of job creation, Nigeria has an abundant labour force since 30.5 percent of its population is between the ages of 25 and 54,” Buhari added.
He assured Nigerians that the government’s commitment to free and fair elections would be followed through in every future election.
The president, who stated this during an interactive session with some Nigerians in Paris, France, on Wednesday, explained that the bedrock of democracy remains sustenance of the multi-party structure with trust from citizens.
He noted that results from elections since he assumed office had been a mixed bag, with the people’s choice playing out, promising to keep the template that had brought more credibility to the electoral process.
“Free and fair election is a great concern. In the last elections, our party lost in some elections and it reflects our position of non-interference.
“Normally, those in power will win by hook or by crook. We believe in free and fair elections. I have respect for Nigerians to choose their leaders.
“We have shown we respect our citizens by allowing them to choose their leaders.
“We gave instructions to security to deal with anyone who uses thugs to disrupt electoral processes.
“What I can assure you is that you can walk about and around with your head raised high that this administration is committed to multi-party system,” he said.
Buhari said he had watched Nigerians spend long hours in campaigns listening to candidates since 2003, 2007, 2011, when he contested elections and lost, and 2015 and 2019 presidential elections, which he won.
“Nigerians deserve respect. I have suffered before, so I know what it means.
“My duty is to serve Nigeria and Nigerians with all my heart. I assure that in spite of the ill luck, with drop in resources, we will do our best,’’ he added.
The president said investments had been channeled into the agricultural sector, with visible results, explaining that the policy on border closure to neighbouring countries was to protect the economy and improve security.
“The future of Nigeria is in agriculture,” he noted.
On security, Buhari said all the service chiefs were changed in order to inject new energy and ideas into protecting the country, adding that the security chiefs were also given clear targets and time lines.
“We will educate people to develop our country.
“Our greatest resources are our people and educating them is a priority,’’ he added.
In his remarks, Nigerian Ambassador to France, Kayode Ibrahim Laro, appreciated the president for always creating time to interact with Nigerians, describing him as the “most friendly President to Nigerians in Diaspora.”
At the meeting, according to the presidential aide, Nigerians in Paris raised issues with the president on security, voting in elections, economy and education.
President Buhari also urged investors to explore vast opportunities for human and natural resources in Nigeria while assuring that fiscal policies would be more favourable, predictable and tilted towards creating a harmonious business environment.
The President gave the assurance at meetings he held with Chairman/CEO of Total, Patrick Pouyanne, Executive Vice President, AirBus, Silvere Delaunay, Chairman of the Board of a software company, Daussault Systems, Florence Verzelen, Chairman/CEO of General Engineering and Marketing of Telecommunications Operator, Francois-Regis Teze and Chairman/CEO, Donaflex Automotive, Dr Donatus Nwokoye, a very successful manufacturer.
While speaking at the meeting with the delegation of Total, the President said that the outlook and potentials for growth in the country have remained steadily positive, affirming the government’s commitment to scale up operating standards and policies that encourage mutual benefits.
Buhari noted, “We are very pleased with the evolving trends in technology, which is currently driving development across the world and Nigeria. Nigeria is more a gas country than a crude oil-producing country. In the ‘80s we generated more from gas, than crude oil.”
“In the ‘80s, we were earning more from gas for some years and had put in place structures. We intend to further explore the gas sector. I am pleased with your consistency in staying in Nigeria.”
Buhari urged investors to take advantage of the natural and human resources in the country, noting that the demographics favour development, with more young people who are eager to be gainfully engaged and trained.
He added, “We need to educate the youth and encourage more skills in technology. Technology has been most impactful in all sectors, including the oil and gas, which has witnessed a rapid transformation in exploration, processing and distribution.’’
President Buhari thanked the Chief Executive Officer of Total for the company’s consistency and expansion in Nigeria since 1956, and gave the assurance that the government will enhance fiscal stability to encourage investors.
Also speaking, the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mele Kyari, said Total had confirmed long term investments in Nigeria and had consistently exceeded targets in gas production.
Kyari disclosed that the NNPC had already designed solutions for some of the challenges in the oil and gas sector, particularly on tax.
Pouyanne told the President that Total is prepared to stay in Nigeria and further expand interest in oil, gas, solar and other endeavours that will directly impact the lives of citizens.
The CEO said investors had been eagerly waiting for the passing of the Petroleum Industry Bill, PIB, as it will send a strong signal of more predictability.
“Total is very committed to Nigeria. We have no intention of leaving Nigeria,” he said. President Buhari also received in the audience the President of Ethiopia, Sahle-Work Zewde who came to brief him on the regional security and political situation in the Horn of Africa.
