• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News Politics

Debt forgiveness will help boost development in Africa – Gbajabiamila

William Ukpe by William Ukpe
December 11, 2020
in Politics
House of Reps determined to resolve ASUU issues and empower youths - Gbajabiamila , #EndSars: House of Reps to draft new Police legislation in 30 days, Speaker Gbajabiamila asks NLC to suspend strike, offers palliatives, #EndSARS: House of Representatives will do everything to deliver a policing system that works - Gbajabiamila
Share on FacebookShare on TwitterShare on Linkedin

The Speaker of the House of Reps, Femi Gbajabiamila has stated that debt forgiveness will help boost development in Africa as African nations will spend less time towards debt serving but on governance.

The Speaker disclosed this in a social media statement after meeting international development partners on the Debt Cancellation Campaign Initiative (DCCI) under the umbrella of the Conference of Speakers and Heads of African Parliaments (CoSAP).

READ: World Bank approves $2.2 billion loan for Nigeria

RelatedStories

No Content Available

Speaker Femi Gbajabiamila engages development partners on debt cancellation

In light of the grinding economic impacts of Covid-19, Nigeria's Speaker, Rep. @femigbaja, has engaged some international development partners on the Debt Cancellation Campaign Initiative (DCCI)…

— Speaker of the House of Representatives (@SpeakerGbaja) December 10, 2020

READ: Nigeria’s $1.5 billion loan request is still in the works – World Bank

The international partners expressed readiness to support the CoSAP debt cancellation drive for African countries.

Also present was Country Director in Nigeria, Shubham Chaudhuri, including delegations representing the EU Commission, ECOWAS, Nigeria, United Nations Development Programmes, GIZ, Japan International Cooperation Agency, Canadian International Development Agency and others.

READ: Remittances to sub-Saharan Africa totaled $48 billion in 2019

The Speaker added that foreign debt cancellation for African countries was topmost on the group’s agenda and solicited their support to make it a reality.

Considering the impact of the coronavirus pandemic on African economies, he disclosed that debt servicing was “strangling” African economies as African nations are spending funds needed for development on debt servicing.

READ: We were granted approval to export some cement to Niger Republic – BUA

“We can all sit here/talk about revamping the economy, develop the infrastructure in terms of health, education and all of those things, which are great/wonderful.

“But, we may be doing it, and it would be, hopefully not be an exercise in futility because these things require money and if all your money is going toward servicing debt, then how are we serious about this (Legislative) agenda?

READ: Lagosians can now enjoy free WiFi services from Google

“So, one of the main issues we are dealing with is debt forgiveness in the form of debt cancellation,” he said.

He added that if this is done, African nations will have more funds for the development of the continent.

“We consider this debt forgiveness if we do get it, as money in hand and we have to channel these towards the development of the continent,” he said.

World Bank Country Director, Chaudhuri said the issue of debt relief was being pushed by the World Bank President, David Malpass, before the Group of Twenty (G20).

READ: Nigeria, others to receive first-ever HIV generic drug for babies in the first half of 2021

“What has happened over the last 20 years is that the debt levels have built up. For Nigeria, as you may have known over the issue of financing, does not have a debt problem but for other sub-Saharan African countries. 

“The problem is, there is a very different set of creditors that we are talking about and it will take a lot more work. That’s one thing that has changed,” Chaudhuri said.

What you should know 

  • Nairametrics reported in October that the World Bank President, David Malpass, advocated that debt cancellation is needed by the poorest countries as the COVID-19 pandemic could trigger a debt crisis in some nations.
  • In November, the G-20, in a bid to combat the economic fallouts of the pandemic, endorsed a plan which will enable the freezing of debt obligations to developing nations till mid-2021.

Follow us for Breaking News and Market Intelligence.
Tags: Debt Cancellation Campaign InitiativeForeign debt relief
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

Related Posts

No Content Available
Next Post
FG says ICC, Amnesty International worsening the fight against insecurity, Lai Mohammed, 5g network, NBC Code: 716 infractions sanctioned by Commission for 2nd quarter of 2020

Covid-19: FG launches strategy document on managing pandemic

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • WAES: West Africa exported goods valued at over $166 billion in 2024 – Tuggar 
  • Heineken withdraws staff, suspends operations in Eastern DRC cities amid worsening rebel conflict 
  • Tariff relief triggers $2 billion investment in Nigeria’s digital infrastructure – Tayo Aduloju

Follow us on social media:

Recent News

Yusuf Tuggar, Nigerian military

WAES: West Africa exported goods valued at over $166 billion in 2024 – Tuggar 

June 21, 2025
Heineken launches mandatory takeover bid of Champions Breweries, offers to buyout remaining 15.3% equity stake

Heineken withdraws staff, suspends operations in Eastern DRC cities amid worsening rebel conflict 

June 21, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics