Minister of Foreign Affairs, Yusuf Tuggar, has called for urgent global economic reforms at the ongoing G20 Foreign Ministers’ Meeting in Johannesburg, South Africa.
Tuggar emphasized the need for economic equity, security, and sustainable development to address the challenges faced by developing nations, Nigerian Television Authority reports.
In his remarks, Tuggar congratulated South Africa on assuming the G20 Presidency and expressed Nigeria’s full support for its priority areas, which include disaster resilience, debt sustainability, just energy transition, and the harnessing of critical minerals for inclusive growth.
He emphasised the urgency of structural reforms in the global economic system, noting that Africa, and Nigeria in particular, continue to face economic challenges exacerbated by external financial pressures and inequitable trade systems.
According to a statement released by his Media Aide, Alkasim Abdulkadir, Tuggar emphasized the need for more inclusive global financial governance, calling for an overhaul of financial institutions to allow fairer access to funding for developing economies.
He also stressed the importance of debt sustainability, urging developed nations and multilateral lenders to implement policies that support long-term growth rather than impose restrictive conditions that hinder economic progress.
Tuggar also used the platform to raise concerns about the increasing number of global conflicts and humanitarian crises, calling for collective action to address these challenges. He reiterated Nigeria’s commitment to peacekeeping efforts and emphasized that economic equity plays a significant role in promoting global stability.
Furthermore, he highlighted the need for a comprehensive approach to combating terrorism. Rather than focusing solely on military interventions, Tuggar advocated for investments in education, healthcare, and job creation to address the root causes of insecurity. He stressed that economic growth and stability are crucial to preventing extremist ideologies from taking root in vulnerable communities.
A major point in Tuggar’s address was tax justice, where he urged the G20 to support President Bola Ahmed Tinubu’s proposals to combat capital flight and tax evasion by multinational corporations. He emphasized that illicit financial flows continue to drain resources from African economies, hampering development efforts.
To counter this, Tuggar called for stricter regulations on tax havens, greater transparency in global financial transactions, and stronger international collaboration to ensure that all nations benefit fairly from global trade and investment. He reaffirmed Nigeria’s commitment to working with international partners to create an economic system that leaves no country behind.