President Tinubu has emphasized the need for fair access to capital markets for developing countries during his address at the 19th Summit of Heads of State and Government of the Non-Aligned Movement in Kampala, Uganda.
Tinubu highlighted the importance of providing equal opportunities for the developing world to secure resources for addressing pressing global challenges.
Represented by the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, Tinubu asserted that the combined population of the 120 Non-Aligned Movement countries accounts for over 4.4 billion people, yet their total financial resources are significantly less than some individual nations.
The total budgetary resources for these countries amount to less than $3.5 trillion, a figure dwarfed by the budget of the United States alone.
President Tinubu argued that the lack of access to capital and resources impedes the development of these nations, emphasizing the need for a financing mechanism and equitable capital market access to ensure sufficient financial resources for the Global South.
He addressed the challenges confronting the world, including climate change, conflict, terrorism, and widening inequality, emphasizing the necessity of collaborative efforts among Member-States to achieve sustainable development goals.
Tinubu urged a recommitment to the foundational principles of the Non-Aligned Movement to ensure global peace and security.
The summit’s theme, “Deepening Cooperation for Shared Global Affluence,” aligns with the current global context, marked by wars, the proliferation of small arms and light weapons, nuclear threats, and polarization between developed nations, reminiscent of the Cold War era.
Tinubu also commended developing nations for their courage and ambition in tackling climate change.
