Nigeria has called for urgent reforms to the global financial system, emphasizing the need for sovereign debt relief and equitable access to trade and financing for developing nations.
Speaking at the 80th edition of the United Nations General Assembly in New York, Vice President Kashim Shettima outlined Nigeria’s vision for a more inclusive international economic order, one that empowers emerging economies to move beyond raw material exports and toward sustainable growth.
“Nigeria and Africa have made significant strides in recent years to put our affairs in order. We can take that progress to the next level, a level that presents new opportunities for trade, investment, and profit, if we can access reforms to strengthen the international financial architecture.”, Shettima stated.
He stressed that debt relief should not be viewed as charity, but as a strategic pathway to global peace and prosperity.
A Call for a Global Debt Governance Mechanism
Shettima proposed the creation of a binding international mechanism to manage sovereign debt, likening it to “a sort of International Court of Justice for money.”
Such a framework, he argued, would help developing nations escape the economic constraints of primary production and unprocessed exports. He referenced the Lagos Action Plan, a decades-old blueprint for African self-reliance, urging renewed focus on local value addition in agriculture, solid minerals, and petrochemicals.
He praised the African Continental Free Trade Area (AfCFTA) as a landmark achievement in regional cooperation and reiterated Nigeria’s commitment to the Sustainable Development Goals (SDGs). “We are convinced this can be best delivered by focusing principally on our primary mission of growth and prosperity,” he said.
Strategic Minerals and the Architecture of Peace
Turning to Africa’s vast mineral wealth, Shettima highlighted the need for responsible investment and development. “Africa, and I must include Nigeria, has in abundance the critical minerals that will drive the technologies of the future,” he said. He warned that access to strategic resources has historically fueled conflict, citing examples from Sierra Leone in the 1990s to Sudan today.
Shettima called for international investment in the exploration, development, and processing of these minerals within Africa. He argued that such efforts would diversify global supply chains, reduce geopolitical tensions, and foster peace.
“We know in Nigeria that we are more stable when those communities that have access to key resources are able to benefit from those resources,” he said, referencing the country’s experience in the Niger Delta.
A Vision for Fairness and Stability
The Vice President concluded by advocating for a fairer global system where resource-rich nations benefit equitably from their assets.
“I believe that we will strengthen the international order when those countries that produce strategic minerals benefit fairly, in terms of investment, partnership, local processing, and jobs,” he said. “When we export raw materials, as we have been doing, tension, inequality, and instability fester.”
Shettima’s address underscored Nigeria’s push for a reimagined global economic framework, one that prioritizes justice, sustainability, and shared prosperity.
What You Should Know
Shettima’s speech is coming after Foreign Affairs Minister, Yusuf Tuggar, disclosed that Nigeria will intensify its push for a permanent seat on the United Nations Security Council during the ongoing 80th session of the United Nations General Assembly and its side events.
- Speaking on Nigeria’s objectives for this year’s UNGA, Foreign Affairs Minister Amb. Yusuf Tuggar said Nigeria will champion the United Nations Global Convention on Taxation, which is central to the ongoing push to reform the global financial architecture.
