UNGA79: Nigeria seeks financial reform, debt forgiveness

Nigeria's President, Bola Tinubu, has been at the forefront of advocating for global financial reform and debt forgiveness for African countries at the UNGA79. Johnson Chukwu, the CEO of Cowry Asset Management, joined CNBC Africa to discuss the implications of these calls. The President's request for debt forgiveness has been a long-standing one, emphasizing the need for African leaders to improve their fiscal management before seeking forgiveness. Chukwu highlighted the importance of prudent fiscal management, citing examples of African countries that have navigated the COVID-19 crisis successfully due to sound economic policies. Despite the challenges posed by the pandemic, countries like Angola, Tanzania, and Rwanda have shown resilience and stability in their economies. Chukwu emphasized that COVID-19 should no longer be used as an excuse for poor fiscal management and called for African economies to focus on improving their investment attractiveness to engage with multilateral agencies on an equal footing. He stressed the importance of aligning foreign policies with economic considerations to benefit from global partnerships. However, Chukwu expressed concern over the potential cabinet reshuffle in Nigeria, criticizing the government's communication on the matter. He argued that the announcement of a possible reshuffle created unnecessary uncertainties and weakened the authority of ministers. Chukwu also raised questions about the cabinet's performance, noting that many ministers have failed to make a lasting impact on the country's socio-economic landscape. He called for a more detailed assessment of the cabinet's targets, monitoring mechanisms, and appraisal processes to ensure effective governance.