Yusuf Tuggar, Nigeria’s Minister of Foreign Affairs, has called for urgent reforms to the global financial system and debt relief for developing nations.
In his address at the ongoing United Nations General Assembly’s (UNGA) “Summit of the Future”, Tuggar said that the current international financial architecture disproportionately hinders the progress of economies in the global South, particularly in Africa, and urged world leaders to adopt inclusive and transparent measures to promote sustainable development.
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He highlighted the need for fair trade practices, debt relief, and reforms that ensure African nations are not marginalised in global economic decisions.
He also called for accelerated efforts to achieve the Sustainable Development Goals (SDGs).
Tuggar, who represented President Bola Tinubu and the Nigerian government at the assembly, emphasised the need for global collaboration to overcome developmental challenges faced by the global South, particularly in Africa.
Noting that only 16 percent of SDG targets were on track, Tuggar stressed the importance of extending the 2030 deadline if substantial progress was not made.
While calling for enhanced financial and technical support, he said: “The global North must do more to support sustainable development in the global South.”
Tuggar outlined key reforms needed for Africa’s development, including a permanent seat on the UN Security Council and restructuring of the international financial system to foster inclusivity and transparency.
He also emphasised the need for comprehensive debt relief, action to combat illicit financial flows, and the establishment of a UN Framework Convention on International Tax Cooperation to check Africa’s marginalisation in global tax decision-making.
The minister urged the global community to commit to fossil fuel energy transition under the principle of “Common but Differentiated Responsibilities,” in line with the Paris Climate Agreement.
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He also advocated for better access to climate funds for the global South and closing the digital divide through technology transfer and capacity building.
As Nigeria reaffirms its dedication to the 2030 Agenda, Tuggar noted, “Our collective resolve to accelerate the SDGs through the Pact for the Future should result in concrete measures and solutions to the challenges of the global South, most especially Africa.”
