Nigeria’s efforts to tackle its economic challenges imposed by the global coronavirus pandemic will get a boost this week as President Muhammadu Buhari on Sunday, arrived France to join 12 other African leaders to participate in an African finance summit holding in Paris, France, aimed at mobilizing finances for the economy.
French President Emmanuel Macron is gathering African leaders to a summit which is expected to focus mainly on reviewing the continent’s economy following shocks from Coronavirus pandemic, and getting relief, especially from increased debt burden on countries.
Buhari who arrived France on Sunday night, at about 9.30pm, is expected to meet top European leaders attending the summit and other private sector players, including the World Trade Organization WTO’s Director General, Ngozi Okonjo-Iweala, African Development Bank President, Akinwumi Adesina and other private sector players on Wednesday in a bid to attract more private sector investment into the economy.
President Buhari’s engagement, according to the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, spans several issues.
The President is expected to engage Macron on Monday, ahead of the Tuesday main event to seek France help for Nigeria to get more coronavirus vaccines from France, which is reported to have stockpiled four times the quantity it will require.
Nigeria which received about 4 million doses of the AstraZeneca vaccines in the first quarter, shipped via the COVAX Facility, a partnership between CEPI, Gavi, UNICEF and WHO.
The arrival marked a historic step towards the goal to ensure equitable distribution of COVID-19 vaccines globally, in what will be the largest vaccine procurement and supply operation in history.
COVAX shipped 3.94 million doses of the AstraZeneca/Oxford vaccine, manufactured by the Serum Institute of India (SII), from Mumbai to Abuja.
The new wave of the coronavirus in India is seen threatening Nigeria’s hope of getting up to 70 million doses of the Johnson & Johnson COVID-19 vaccine this year through the African Union (AU), as global efforts shift to tackling the India coronavirus challenges.
The Summit will also draw major stakeholders in the global finance institutions and some Heads of Government, who will, collectively, discuss external funding and debt treatment for Africa, and private sector reforms.
The President will also use the opportunity to make case for Nigeria’s economy which is also hard hit as annual inflation rose to more than four-year high in March, this year to 18.17%,
According to the National Bureau of Statistics, the inflation rising 82 basis points from a month earlier to 18.17%, even as food prices rose 1.16 percentage points from the previous month to 22.95% in March, the National Bureau of Statistics (NBS), the worse in recent times.
Nigeria is also wooing the support of international community to deal with worsening security crises, with eye on France to help rally support of Nigeria’s neighbors, for a joint synergy to tackle growing insecurity in the Sahel region, where France has strong influence.
In April 2020 the French President, had expressed support for support for African countries negatively impacted by the ravaging global coronavirus.
His proposition was to allow member countries enjoy Special drawing rights from the International Monetary Funds IMF.
The talks will also focus on finding financial support for Africa’s private business operators, who have also not been spared by the deadly coronavirus.
African leaders, including Nigeria’s President Muhamnadu Buhari, Macky Sall, of Senegal, Rwanda’s Paul Kagame, Cyril Ramaphosa of South Africa, Felix Tshisekedi of the Democratic Republic of Congo, are amongst those invited for the event.
Others include Uhuru Kenyatta of Kenya, Angola’s Joao Lourenco, Guinea’s Alpha Conde as well as Denis Sassau Nguesso of the Congo- Brazzaville.
The event which will also have the Chairperson of the African Union AU, Commission, Maussa Rahamat, and President of the African Development Bank, Akinwumi Adesina,
During the visit, President Buhari is also expected to discuss the growing security threats in Sahel and Lake Chad region, political relations, economic ties, climate change and partnership in buoying the health sector, particularly in checking spread of Covid-19, with more research and vaccines, with his host.
Before returning to Nigeria, President Buhari will receive some key players in the oil and gas sector, engineering and telecommunications, European Council and European Union Representative for Foreign and Security Policy and Commission, and members of the Nigerian community.
The President will be accompanied by Minister of Foreign Affairs, Geoffrey Onyeama, Minister of Finance, Budget and National Planning, Zainab Ahmed, Minister of Trade and Investment, Adeniyi Adebayo, and Minister of Health, Osagie Ehanire.
Also on the trip are: National Security Adviser, Babagana Monguno, a retired Major General and Director General of National Intelligence Agency (NIA), Ahmed Abubakar.
In April 2029, the French President, Emmanuel Macron had expressed support for support for African countries negatively impacted by the ravaging global coronavirus.
His proposition was to allow member countries enjoy Special drawing rights from the International Monetary Funds IMF.
The talks will also focus on finding financial support for Africa’s private business operators, who have also not been spared by the deadly coronavirus.
African leaders, including Nigeria’s President Muhamnadu Buhari, Macky Sall, of Senegal, Rwanda’s Paul Kagame, Cyril Ramaphosa of South Africa, Felix Tshisekedi of the Democratic Republic of Congo, are amongst those invited for the event.
Others include Uhuru Kenyatta of Kenya, Angola’s Joao Lourenco, Guinea’s Alpha Conde as well as Denis Sassau Nguesso of the Congo- Brazzaville.
