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Tinubu advocates for equal capital market access for developing countries
President Bola Tinubu has highlighted the need for fair access to capital for developing countries, emphasizing that this will provide essential resources for their development and aid in tackling the world’s most pressing challenges.
In his address at the 19th Summit of Heads of State and Government of the Non-Aligned Movement in Kampala, Uganda, President Tinubu stressed that the developing world is not seeking sympathy or handouts but is advocating for a fair and equal opportunity.
Attended by various presidents and heads of government and chaired by Ugandan President Yoweri Kaguta Museveni, the summit brought together 120 countries, making it the largest gathering of nations after the United Nations General Assembly.
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President Tinubu, represented at the summit by the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, underscored the disparity in financial resources, with the combined population of Non-Aligned Movement countries accounting for over 55% of the world’s population, yet their total financial resources are significantly less than those of some individual countries.
He highlighted that the total budgetary resources for these 120 countries are less than $3.5 trillion, an amount less than the budget of the United States alone. President Tinubu also noted the challenge of public debt, which is often more expensive and insufficient for making a substantive impact on development.
In addressing the global challenges of climate change, conflict, terrorism, and inequality, President Tinubu emphasized the need for collaboration among member states to achieve sustainable development goals.
The summit’s theme, “Deepening Cooperation for Shared Global Affluence,” resonated with the current trends of conflicts, the proliferation of weapons, and global disparities, prompting President Tinubu to reaffirm the principles of the Non-Aligned Movement for global peace and security.
Regarding climate change, the Nigerian president commended the developing countries for their proactive approach to addressing the issue.
President Tinubu’s advocacy for equitable access to capital and resources for developing countries underscores the pivotal role of financial support in propelling their development and addressing global challenges.
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