….says debt burden poses serious threat to continent’s strategic innovations
By Austine Emmanuel, Kaduna
Nigeria’s Former Vice President Prof. Yemi Osinbajo, has urged developed nations and global financial institutions to grant further debt forgiveness to Nigeria and other African countries.
Osinbajo made the appeal at the 23rd Chief S.L. Edu Memorial annual Lecture, organized by the Nigerian Conservation Foundation (NCF), at the Ijewere Hall, Chartered Institute of Bankers (CIBN) Victoria Island, Lagos.
Speaking on “Greening Africa’s Economies: Can Climate Positive Growth Deliver Prosperity,” the Former VP highlighted that Africa’s mounting $824 billion debt burden, as reported by the African Development Bank (AfDB), is stifling growth and limiting the continent’s ability to invest in green economies.
He outlined the urgent need for Africa to embrace renewable energy and industrialization to combat energy poverty and lead a global green industrial revolution as panacea for sustainable growth and development.
“With the high cost of borrowing, most African nations are trapped in a cycle of debt repayment, leaving little room for essential climate investments. We need a reformed global financial system that reduces borrowing costs and provides technical solutions like debt recycling, blended financing, and risk mitigation strategies.” He said.
Osinbajo who is a professor of Law and Senior Advocate of Nigeria, (SAN) emphasized that Africa holds 60% of the world’s renewable energy potential, positioning the continent as a pivotal player in achieving net-zero carbon emissions by 2050.
“Africa can lower carbon emissions by over 110 million tons annually, generate $25 trillion in revenue, and create hundreds of thousands of jobs,” he stated, adding that processing raw materials and developing renewable hydrogen industries could revolutionize Africa’s economy while addressing its trade deficits.
He also stressed the importance of African unity in influencing global policies, calling for stronger financial institutions and capital markets within the continent as warned that without significant reforms, Africa’s debt burden could sabotage its potential for climate-friendly growth and prosperity.