Nigeria calls for debt relief, global financial reform at UNGA

By Kunle Sanni –

Nigeria has called on world leaders to support sweeping reforms of the global financial system, including sovereign debt relief for developing nations, warning that without such changes, the United Nations risks becoming irrelevant.

Delivering President Bola Tinubu’s address at the 80th United Nations General Assembly on Thursday, Vice President Kashim Shettima stressed the need for fairer access to trade, investment, and financing for emerging economies to achieve sustainable growth.

“We need urgent action to promote sovereign debt relief and access to trade and financing—not as an act of charity, but as a clear path to the peace and prosperity that benefits us all,” Tinubu said.

He proposed the establishment of an international financial court to manage sovereign debt and prevent developing countries from remaining dependent on the export of raw materials.

Outlining Nigeria’s position, Tinubu identified four key priorities for UN reform: a permanent Security Council seat for Nigeria, urgent sovereign debt relief, equitable benefits for resource-rich nations, and efforts to close the global digital divide—ensuring Africa’s inclusion in artificial intelligence development.

According to his media aide, Stanley Nkwocha, the speech drew intermittent applause from delegates, signaling support for the issues raised.

Tinubu also noted that while Africa has made significant progress in strengthening governance and stability, unlocking the continent’s full economic potential will require structural reforms to the global financial system.

He concluded that genuine international cooperation—grounded in fairness and mutual respect—is critical for building a more just and inclusive global order.