ONE Campaign is an advocacy organisation of about nine million people taking action to end extreme poverty and preventable disease, particularly in Africa.
The Nigeria Country Director of the group, Stanley Achonu, said in a statement at the weekend that “the unprecedented global challenges, including conflict, climate change, the COVID-19 pandemic, and economic crises, continue to fuel inflation, instability, and inequality, trapping millions in extreme poverty and impeding progress, with vulnerable countries bearing the brunt.”
According to Achonu, the financing needs of these nations to address global challenges remain substantial but the current global conditions are uncertain, making securing development financing difficult and costly.
If not urgently addressed, he said the rising costs of debt faced by these vulnerable countries will continue to consume their budgets, hampering investments in human capital development and potentially pushing more people into extreme poverty.
He said: “More than half of low-income countries in or at high risk of debt distress are in Africa, with 16 million additional people at risk of extreme poverty if Africa’s riskiest countries fall into debt distress.
“In Nigeria and across many vulnerable economies, a common thread of increasing
pressures and needs juxtaposed with limited capacities are evident.
“The primary roadblock to progress is access to affordable, sustainable investment and finance. Institutions like the World Bank are crucial in ensuring that disadvantaged countries can readily access funds to address their most pressing needs.
“Introducing innovative approaches to obtain these resources will catalyse global advancement. Urgent leadership in these reforms by the World Bank president is imperative.”
