AfricaNewsOsinbanjo Says Multilateral Organisations Should Adopt Debt Relief Initiatives for Africa

ABUJA — Vice-President Yemi Osinbajo has urged multinational organizations to adopt debt relief initiatives that will not affect Africa’s growth.

He said this on Friday while delivering a special address at the virtual edition of the 2022 World Economic Forum.

According to him, in Nigeria, 6 unicorns have emerged in the past six years.

“The creation of $650 billion in new Special Drawing Rights last year was a step in the right direction, but more needs to be done to enable African and other developing countries to access the SDRs that are not needed or being used by developed or emerging economies.

“The continent grew by 3.7% last year and is said to grow by 3.8% in 2022.

“‘Indeed, as the last frontier in development, Africa has the potential to become the factory of the world especially given its bold steps to integrate through the African Union agenda 2063 and the African Continental Free Trade Area agreement.

“‘There are several other reasons again to be positive about the African growth story given that its large youth population holds the prospect of a demographic dividend and also by giving greater space at providing more opportunity to the private sector.

“The continent is also making giant strides in agriculture, manufacturing, and digital technology.

“In Nigeria, for instance, 6 unicorns have emerged in the past six years and this is despite all of the challenges in these past years.

“Such a positive outlook anyway must be tempered by the realisation that Africa continues to need the collaboration and partnership of the international community because unless care is taken, there are several developments that can derail that promise,” he said.

Beloved John (Staff Writer)

Leave a Reply

Your email address will not be published. Required fields are marked *

WP2Social Auto Publish Powered By :