Nigeria Urges Sovereign Debt Relief for Emerging Economies at UNGA

Nigeria called for urgent reforms in the global financial system at the 80th United Nations General Assembly, emphasizing the necessity of sovereign debt relief and equitable trade financing access for developing nations. Vice President Kashim Shettima outlined Nigeria's vision for an inclusive international economic order that empowers emerging economies to achieve sustainable growth beyond raw material exports.

Shettima proposed the creation of a binding international mechanism to manage sovereign debt, aiming to help developing nations break free from economic constraints. He highlighted the importance of value addition in agriculture, solid minerals, and petrochemicals, referencing the African Continental Free Trade Area (AfCFTA) as a milestone in regional cooperation towards sustainable development goals.