Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, calls for immediate reforms to the global economic system during the G20 Foreign Ministers’ Meeting in Johannesburg, South Africa. Tuggar emphasizes the need for economic fairness, security, and sustainable development to tackle challenges faced by developing nations.
In his address, Tuggar congratulates South Africa on assuming the G20 presidency and pledges Nigeria’s support for its priority areas, which include disaster resilience, debt sustainability, just energy transition, and the responsible use of critical minerals for inclusive growth.
Tuggar highlights the urgent need for changes in global financial structures, pointing out that African countries, especially Nigeria, continue to struggle with external financial pressures and unequal trade systems.
According to a statement by his media aide, Alkasim Abdulkadir, Tuggar advocates for a more inclusive global financial system and urges reforms in international financial institutions to provide fair access to funding for developing economies. He also stresses the importance of debt sustainability, encouraging developed nations and global lenders to adopt policies that promote long-term growth rather than imposing restrictive conditions that hinder development.
Tuggar raises concerns about the increasing number of global conflicts and humanitarian crises, calling for coordinated international action to address these issues. He reaffirms Nigeria’s commitment to peacekeeping missions and highlights the role of economic fairness in promoting global stability.
He also promotes a comprehensive strategy to counter terrorism, urging investments in education, healthcare, and job creation to address the root causes of insecurity. Tuggar argues that economic growth and social stability are essential to preventing the spread of extremist ideologies in vulnerable regions.
Tuggar underscores the importance of tax justice in his speech, urging G20 nations to back Nigerian President Bola Ahmed Tinubu’s efforts to combat capital flight and tax evasion by multinational corporations.
He points out that illicit financial flows continue to drain resources from African economies and slow development progress. Tuggar calls for stricter regulations on tax havens, increased transparency in global financial transactions, and stronger international cooperation to ensure all nations benefit fairly from global trade and investments.
Key Points:
- Nigeria urges immediate reforms in the global financial system at the G20 Foreign Ministers’ Meeting.
- Calls for debt sustainability and equitable financial policies for developing economies.
- Emphasizes socio-economic development as a solution to terrorism and insecurity.
- Supports South Africa’s G20 agenda focused on disaster resilience, energy transition, and responsible use of critical minerals.
- Advocates for tax justice and stronger international measures against illicit financial flows.
