Ugolor: Nigeria should lead in global debt, climate discourse
The Executive Director, Africa Network for Environment and Economic Justice (ANEEJ), Rev. David Ugolor has called on President Ahmed Bola Tinubu to position Nigeria for a leading role in global debt and climate crises discourse amid concerns over looming economic stress.
Ugolor made the call on Monday during a stakeholder engagement on “Advancing Debt Relief for Climate Action: Post African Climate Summit Reflections and the Way Forward” held in Abuja.
The meeting was organised by the African Network for Environment and Economic Justice (ANEEJ) in collaboration with over 55 other CSOs under the umbrella of the Network for Debt, Development and Climate Change (NDDCC), with support from the Heinrich Böll Foundation.
Speaking, Rev. Ugolor said a country contending with debt burden, which hinders its progress, should play a pivotal role in the international politics of climate and debt crises.
He said: “The recent debt figures are worrisome. According to figures obtained from the Debt Management Office (DMO), Nigeria’s public debt stood at N87.3 trillion as at June 30 2023. The implications for our ability to meet Sustainable Development Goals (SDGs) and climate commitments under the Paris Agreement are of deep concern.
“With the debt servicing costs reaching unprecedented levels, it is imperative that we address this issue urgently under the lens and voice of climate justice and push for debt relief for green climate solutions.”
Ugolor, a veteran in Nigeria’s development sector, cited relevant data reporting that of the 15-member states of the ECOWAS, 11 are currently in debt distress.
“A new report by the Nigerian Economic Summit Group and the Open Society Initiative for West Africa has disclosed that Nigeria and 10 other Economic Community of West African States countries are currently in debt distress based on debt sustainability analysis.
“The 10 other countries are Benin, Burkina Faso, Cabo Verde, the Gambia, Ghana, Guinea Bissau, Liberia, Niger, Senegal, and Togo. The report, titled ‘Debt Management, restricting and Sustainability in ECOWAS’, was recently launched at the Debt Management Office in Abuja,” he noted.
These trends, Ugolor said, have sparked concerns of a looming debt crisis in the region and informed the meeting to discuss how Nigeria can actively support the agenda of debt relief for climate action at the upcoming COP28 in the United Arab Emirate in November and beyond.
The meeting also provided an avenue for stakeholders, including political decision-makers, climate negotiators, legislators and CSOs, to reflect on the outcomes of the Africa Climate Summit held in Nairobi from 4th to 6th September.
