UNGA: Foreign exploitation stunting equitable distribution of wealth in Africa, says Tinubu

President Bola Tinubu says foreign interference is hindering a fair distribution of wealth in Africa.

Tinubu spoke on Tuesday while delivering his inaugural speech at the 78th United Nations General Assembly (UNGA) in New York, United States.

This is his first attendance at the UNGA since he assumed office in May.

The president noted that while poor governance and broken promises have negatively affected Africa, unfair treatment and outright foreign exploitation have also stunted the continent’s progress.

He asked foreign countries to abide by the summit’s theme of “Rebuilding trust and reigniting global solidarity: Accelerating action on the 2030 agenda and its sustainable development goals towards peace, prosperity, progress and the sustainability for all,” for a mutually beneficial relationship with Africa.

“This is my first address before the General Assembly. Permit me to say a few words on behalf of Nigeria, on behalf of Africa, regarding this year’s theme,” he said.

“Many proclamations have been made, yet our troubles remain close at hand. Failures in good governance have hindered Africa.

“But broken promises, unfair treatment and outright exploitation from abroad have also exacted a heavy toll on our ability to progress.

“Due to both longstanding internal and external factors, Nigeria’s and Africa’s economic structures have been skewed to impede development, industrial expansion, job creation, and the equitable distribution of wealth.

“If Nigeria is to fulfil its duty to its people and the rest of Africa, we must create jobs and the belief in a better future for our people. We must also lead by example.”

As part of efforts to promote economic growth and investor trust in the country, Tinubu said he had to remove the “costly and corrupt fuel subsidy” and discard a “noxious exchange rate system” in his first days in office.

The president said he was aware of the hardship his decisions had caused but added that it was necessary to undertake in order to establish a durable economic foundation for the country.

He assured that other “growth and job-oriented reforms are in the wings”.

The president asked investors to take advantage of the country’s economic prospects and engage in partnerships that would be beneficial to both parties.

“We welcome partnerships with those who do not mind seeing Nigeria and Africa assume larger roles in the global community,” he said.

“The question is not whether Nigeria is open for business. The question is how much of the world is truly open to doing business with Nigeria and Africa in an equal, mutually beneficial manner.”

Tinubu asked foreign countries, organisations, and business persons to make direct investments in critical industries, saying they are part of the “important aspects of the cooperation we seek”.