The ONE Campaign welcomes President Tinubu’s recent address at the United Nations General Assembly (UNGA 78), where he called for increased international cooperation with Nigeria and African nations to achieve the 2030 Sustainable Development Goals.

The President’s emphasis on the unique economic challenges faced by Africa, distinct from Europe’s historical context, underscores the need for robust and enhanced cooperation to address its development challenges. ONE’s research has revealed that due to a lack of access to affordable financing, African countries are burdened with a 500% higher cost when borrowing from capital markets instead of accessing capital from international institutions like the World Bank. In 2021, Nigeria allocated 91 per cent of its revenue to debt servicing, leaving limited resources for critical sectors that could uplift vulnerable citizens.

Stanley Achonu, Nigeria Director of The ONE Campaign, said: “President Tinubu’s call for a fairer partnership is timely. Nigeria and many African nations are grappling with the lack of affordable capital to drive development agendas. Wealthy nations must expedite efforts to reform the World Bank and ensure accessible financing for Africa.”

While commending the President’s efforts to promote global partnerships, ONE calls for decisive domestic action and policy coherence in crucial areas fundamental to Nigeria’s progress, including fiscal management and subsidy removal, health systems strengthening, industrialisation and job creation, climate action, and poverty alleviation.

“Real progress begins at home. The President must set an example in addressing pressing national issues. He must demonstrate a steadfast commitment to domestic policy reforms, especially those that have garnered praise from both national and international experts, such as the removal of fuel subsidies. Policy coherence is the cornerstone of economic and national stability. Recent reports suggesting the potential reinstatement of the fuel subsidy are disheartening. The federal government must uphold its commitment to subsidy removal, ensuring that its positive impact resonates with underprivileged citizens through strategic investments in vital sectors and the meticulous execution of short-term palliative measures,” Achonu commented.

The ONE Campaign calls on the President to ensure policy commitments that will drive positive change for Nigerians in the following areas:

● Reduce the cost of governance, ensuring that vulnerable Nigerians are not the only ones making tough sacrifices. By implementing the Orosanye Report, the government can immediately begin a process of re-prioritizing resources for critical sectors.

● Ensure ease of doing business by fully implementing the Nigerian Start-up Act and removing other structural and policy barriers that are hindering the growth of small businesses and preventing them from creating jobs for Nigerians.

● Work with the state governments to strengthen Nigeria’s healthcare systems through adequate funding, policy formulation and implementation, as Nigeria’s healthcare is a critical component of the nation’s development.

● Demonstrate a strong commitment to transparent and accountable use of public resources to regain citizens trust by immediately ordering full implementation of the Nigeria procurement law to ensure efficient use of resources.

● Implement policies that support food production and increase agricultural productivity.