During a meeting with South Africa’s President Cyril Ramaphosa on the sidelines of the UN General Assembly, President Bola Tinubu expressed concern about poverty, hunger, and deprivation in Nigeria and other African countries.
He emphasized that political stability cannot be achieved in the presence of these issues, stating that “democracy without food on the table is a breeding ground for what will consume us if care is not taken.” Tinubu believes that Africa needs to achieve a consensus on the billions of dollars spent through international development finance institutions over the years, with a focus on meeting the specific needs of developing democracies in Africa. He stressed that this should be done with exclusive regard for their enlightened self-interest.
In the aftermath of World War II, the Marshall Plan was created to help rebuild European countries through Bretton Woods institutions. However, Africa has not received the same level of support. We must be cautious not to replace one form of oppression with another.
It is time for International Finance Institutions to undergo reform, as Africa is no longer a place for economic exploitation. Instead, it is a land of talented individuals who are ready for investment and collaboration. These were the words of Mr. Tinubu, who called for unity and agreement.
He said this would make more impact on global affairs for the benefit of over one billion Africans with its enormous human and natural resource wealth.
Mr Tinubu told the South African president that “our continent is the last untapped ground for accelerated, massive growth and new economic opportunity on earth.”
The Nigerian president further said, “We must be in charge of our own resources, and we must work to use each other effectively to achieve what is best for all of us, Mr President. We look forward to an era of economically productive relationship.”