President Bola Ahmed Tinubu has said Africa must have a consensus view that the hundreds of billions of dollars spent through international development finance institutions over the years must meet the specific needs of developing democracies in Africa, even if it is done with exclusive regard for their own enlightened self-interest,Daily Trust reports.

He stated this yesterday during an extensive bilateral discussion with South African President, Cyril Ramaphosa, in New York City, ahead of the United Nations General Assembly.

The president, who advanced his economic development diplomatic drive for investment attraction, said “During the end of the Second World War, the Marshall Plan was established for the reconstruction and economic restoration of European nations through Bretton Woods institutions. Where has this presence been for Africa? We have to be careful not to replace the broken shackle of yesterday with a new set of shackles. 

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“You cannot have a stable democracy in the presence of a poverty of knowledge and a starvation of people. Democracy without food on the table is a breeding ground for what will consume us, if care is not taken. We must join hands and agree that international finance institutions require reform as Africa is not to be a ground for economic scavenging any longer, but it is a place with gifted people that is ready for investment and cooperation.

  • “We have all the human and natural resources required between our nations. We can collaborate in a mutually beneficial way that enriches our populations. South African mining industries have a role to play in the Nigerian solid minerals development sector. Your business community has done well in Nigerian Telecommunications. We have great mineral wealth across our land, and you have good expertise in this area. “We expect to deliver jobs and mutually beneficial results in this area as brother and sister countries, President Tinubu said in a statement by his spokesman, Chief Ajuri Ngelale.
  • Referencing President Tinubu’s quick implementation of what he called “brave” economic reforms, the South African president agreed that the two countries have much more wealth to create together in close and intentional partnership, with each nation leveraging on each other’s respective strengths.
  • “We are two major economies on our continent, and it is important that we deepen economic ties, particularly in light of the African Continental Free Trade Agreement. We are very keen on the deepening of our economic relations,” the South African President said.
  • The South African president emphasized that history has proven that Nigeria and South Africa can move the world on matters of mutual concern when the two nations operate on the same wavelength.
  • “We would love to see Nigeria and South Africa working closely together on a number of issues because whenever we join hands, we have made an impact globally through those joint positions. Together, we can move the global south forward.”


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