…Advocates debt burden to be considered on humanity investments
President Muhammadu Buhari, yesterday, blamed growing social unrest on inequalities and unfair policies that exclude the majority from opportunities for participation.
The President, therefore, counselled world leaders and global investors to prioritise inclusive and humane policies.
Buhari, who was speaking at the 5th Edition of Future Investment Initiative Summit, which is holding in Riyadh, Saudi Arabia, said his administration will keep encouraging public and private initiatives that increase investments in health, education, capacity building, youth empowerment, gender equality, poverty eradication, climate change and food security.
According to a press statement issued by the Senior Special Assistant to the President (Media & Publicity), Garba Shehu, quoted him as saying: “By so doing, it will go a long way in reenergizing the global economy in a post-Covid-19 era”.
“Nigeria is Africa’s largest economy and most populous nation. Our economic reforms which focus on ‘humane’ investments are ideal for investors looking to have profitable returns while positively impacting the citizenry.
“Your Excellences, Distinguished ladies and gentlemen, investing in humanity is the right thing to do. I strongly believe the historical under investments in “humane projects” is the genesis of most of the insecurity and socio-economic challenges the world is experiencing today.”
On the theme of the summit, “Investing in Humanity”, the President said the Nigerian perspective remains a focus on people-oriented development policies, with diversification from oil to more inclusive sectors such as agriculture, ICT and mining; tackling corruption, insecurity and climate change and introducing Social Investment Programmes.
“Investing in humanity is investing in our collective survival. This is why we, in Nigeria, believe that public and private partnerships should focus on increasing investments in health, education, capacity building, youth empowerment, gender equality, poverty eradication, climate change and food security. By so doing, it will go a long way in reenergizing the global economy in a post-Covid-19 era.
“Nigeria’s population today exceeds 200 million people. Some 70% are under 35 years of age. When we came into government in 2015, we were quick to realise that the long-term peace and stability of our country is dependent on having inclusive and humane policies.
“In the past six years, our government took very painful but necessary decisions to invest for a long-term prosperous future knowing very well that this will come with short-term pains”, he added.
President Buhari commended the organisers of this year’s summit for the foresight to look at “investment”, not only from a profitability and wealth accumulation point of view but also bringing prosperity to humanity in general.
He observed that the humane approach to investment is the only way to address the global challenges we face, especially in the Covid-19 era.
The President noted that investment in humanity must also take into consideration the effects of debt burden on nations, which had been worsened by the Covid-19 pandemic, saying: “We cannot invest in humanity without relieving our countries from the crushing effects of the debt burden especially when the Covid-19 pandemic has increased the risk of deepening the debt portfolio of poor countries.
Describing the summit as a credible forum for interaction between the public and private sectors, to explore ways of advancing economic growth, development and global prosperity, the President said Nigeria’s diversification efforts continue to yield results, particularly in agriculture.
President Buhari urged more interest in infrastructure such as healthcare and education, which “present enormous opportunities for investors in a country our size”.
The President conveyed heartfelt gratitude and appreciation to King Salman bin AbdulAziz al-Saud for the invitation and congratulated His Royal Highness, Crown Prince Mohammed bin-Salman for leadership and support through the Future Investment Initiative Summit.
