Amid Nigeria’s rising debt crisis, Action Aid Nigeria has said countries in the Global North owe Nigeria an estimated $9.9 trillion in climate repatriation from 1960 to date.
The Country Director of ActionAid Nigeria, Andrew Mamedu, while speaking to journalists in Abuja stressed the need for climate justice, explaining that countries in the Global North, considered to be high-emission countries, must start compensating less industrialised nations (Global South) for the environmental damage caused by their carbon footprint.
He lamented that many of the funds had not been paid, as countries like the United States of America, was projected to owe about $80 trillion between 1980 and 2050.
He pointed out that although, Nigeria is facing a growing debt crisis, with its external debt nearing $50 billion, the fact remained that the country is a creditor in the global climate finance debate, as developed nations owed it an estimated $9.9 trillion in climate reparations.
Mamedu stressed that the debt burden on low- and middle-income countries, like Nigeria, had been exacerbated by high-interest rates, with developed nations such as Germany enjoying rates as low as 0.8 per cent, while Nigeria faces rates between two and three per cent.
He lamented that the disparity had affected critical sectors, such as education, healthcare, agriculture, water resources, among others, limiting the government’s ability to invest in social infrastructure, arguing that if such funds were repaid, they could significantly reduce Nigeria’s debt burden and provide much-needed resources for national development.
He thereby advocated for debt cancellation and fairer loan terms for African nations and also called for a renegotiation of the global financial system. Mamedu said: “We are not in debt. It is those countries that are indebted to us and we happy to sit on the table to start discussing this, enough of this neo-colonial mentality, enough of this new agenda.
“Climate change is real, climate justice for all is what we are pushing and part of this is that the global emissions that everyone is responsible for should be paid for. If they are being paid, countries in the global south should be benefiting from it and we can then categorically say this countries owe us$9.9trillion and they should start thinking of how to repay between now and 2050,” Mamedu stated.
