New Telegraph

At UNGA, Tinubu urges African leaders to demand reforms of Bretton Woods institutions’ reforms

On the sidelines of the ongoing United Nations General Assembly in New York, United States of America, President Bola Tinubu has urged his colleagues in Africa to reach a consensus and push for reforms in Bretten Woods institutions for them to be of benefits to developing democracies in the continent.

The President, who asserted that Africa should no longer be a ground for scavenging, also advanced his economic development diplomatic drive for investment attraction as he engaged extensively in a bilateral discussion with South African President, Cyril Ramaphosa, especially.

According to a statement issued by his spokesman, Ajuri Ngelale, the President asserted that Africa must have a consensus view that the hundreds of billions of dollars spent through International Development Finance Institutions over the years.

He noted that these must meet the specific needs of developing democracies in Africa, even if it is done with exclusive regard for their own enlightened self-interest.

He 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.

“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.”

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