Nigeria has urged the international community to adopt comprehensive sovereign debt relief measures to support emerging economies grappling with high debt burdens and limited fiscal space.
Speaking at the 80th session of the United Nations General Assembly in New York, Nigeria’s delegation stressed that unsustainable debt levels are undermining development goals, particularly in Africa, where many nations devote large portions of their budgets to debt servicing at the expense of critical investments in infrastructure, health, and education.
The call comes amid growing global debate on the need to reform international financial systems to reflect current economic realities. Nigeria argued that debt relief would not only provide immediate fiscal breathing room but also empower developing nations to pursue sustainable growth and contribute meaningfully to global economic stability.
“Without decisive action on sovereign debt, many emerging economies risk being trapped in cycles of austerity and underdevelopment,” the delegation noted. “A fair and transparent debt relief framework is essential for achieving the Sustainable Development Goals.”
The Nigerian government has consistently advocated for financial reforms at multilateral forums, including restructuring the international debt architecture, increasing access to concessional financing, and ensuring that credit rating practices reflect the true potential of African economies.
Analysts say Nigeria’s intervention at UNGA aligns with wider calls from the African Union, which has repeatedly pressed for a global mechanism to manage debt distress and prevent defaults. Several African countries, including Zambia, Ghana, and Ethiopia, are currently in negotiations with creditors under the G20 Common Framework.
Observers at the assembly noted that while creditor nations remain cautious, there is a growing recognition that addressing sovereign debt challenges is critical to global stability, especially in the wake of rising geopolitical tensions and economic shocks.
Nigeria’s demand underscores its positioning as a leading voice for Africa in global economic governance, with expectations that further negotiations could shape the international community’s approach to debt relief in the years ahead.
