President Buhari Calls for Leaders of the “Global South” to Unite and Form a Plan to Address Debt Issues.

President Buhari urges leaders of the “Global South” to come together and develop a plan to alleviate the growing debt and inflation challenges facing the region. The “Global South” encompasses countries in Latin America, Asia, Africa, and Oceania that share similar socio-economic and political characteristics, including many low-income nations that are often marginalized on the global stage.

During the virtual Global South summit yesterday, President Buhari expressed hope that the meeting, led by India as the representative of the region, would tackle important issues such as climate change, food security, and access to energy. He acknowledged that the increasing debt burden has hindered the development plans of many countries and the ongoing COVID-19 pandemic and Russia/Ukraine conflict have only worsened the situation. He urged fellow leaders to come together and form a common agenda to present their collective demands to the “Global North” through India. He also urged India to further increase efforts to bring in Foreign Direct Investment to the Global South and take advantage of its role as the President of G20. The President appreciated the Prime Minister of India, Narendra Modi, for inviting him to participate in the summit and noted that the Global South is united by historical ties and a sense of solidarity in closing the gap between the South and the North.

The President praised the initiative to hold the summit titled “the Voice of the Global South” under the theme of “Unity of Voice and Unity of Purpose.” He acknowledged India’s emergence as the leader of the Global South, citing the country’s role during its two-year tenure on the United Nations Security Council and its generosity during the COVID-19 pandemic. He stated, “It is in line with the vision of One Earth, One Family, One Future that India is hosting this Summit, bringing together leaders of the South to share their perspectives and priorities on a common platform prior to the G20 Summit later this year.”

“Nigeria fully supports this admirable initiative and looks forward to the Summit’s outcomes receiving top priority at the G20 meetings.” The Summit was attended by leaders from India, Kazakhstan, Ecuador, Ghana, Sri Lanka, Suriname, and Peru, who all delivered statements.

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