WEF: Tinubu urges inclusiveness, capital support for poorer nations
…says petrol subsidy removed to stop Nigeria going bankrupt
PRESIDENT Bola Tinubu on Sunday called on the advanced countries to promote policies of inclusiveness and capital support for poorer nations as well as tackle challenges in the areas of agriculture, food security, and technological advancement.
Tinubu, in his opening remarks at the opening plenary of the special World Economic Forum (WEF), ongoing in Riyadh, Saudi Arabia, noted that “capital formation is necessary to drive the economy, like agriculture, food security, innovation, and technological advancement must be an inclusive program of the entire world.”
“To this forum, it is valuable for us to share experiences and the hope of the future. What is missing is the words ‘collaboration’ and ‘inclusiveness.’
The Nigerian leader, who counselled the global community against stigmatising the poorer nations, added “No one should be left behind. The fear of lack of capital in Africa is real”
“Stigmatisation is also a big challenge and I am glad the world is recognising the need that the type of population growth that Africa is experiencing and the diversity of its resources, must be married with economic opportunity. We must collaborate to do that.”
President Tinubu also drew attention to the socioeconomic challenges in the Sahel region and the consequences for global stability, adding, “We are encouraging the entire world to pay attention to Sahel, and the other countries around us.”
Speaking also on the situation in the Economic Community of West African States (ECOWAS), Tinubu recalled how the region stabilised its political environment by “wielding the big influence of Nigeria”.
He, however, called on the global community to help strengthen trade, adding that “As the chairman of the ECOWAS, I have wielded the big influence of Nigeria to discourage an unconstitutional change of government. That is, stabilise it. Equally, we have eased the sanctions. We need to trade with one another, not fight each other. It is very, very necessary and compulsory for us to engender growth, stability, and economic prosperity for our people.”
“The rest of the world needs to look at the fundamentals of the problem; not just ordinary geopolitically but it has to go to the root. Has the world paid attention to the poverty level of Sahel, and the rest of ECOWAS? Have they helped the infusion of capital and paid adequate attention to the exploitation and opportunities availed by the mineral resources available?
“Are we going to play a big brother’s role in a talk shop without necessary action? We just have to be involved in the exploitation, promotion, and prosperity of that region to see peace, stability, and economic growth.”
Baring his mind on the removal of fuel subsidy in Nigeria and the consequences, the president said: “There is no doubt that it was a necessary action for my country not to go bankrupt, and to reset the economy and the pathway to growth.