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Former Vice President Prof. Yemi Osinbajo has called for greater debt forgiveness for African nations, emphasizing the continent’s heavy borrowing costs and rising debt burdens. Speaking at the 23rd Chief S.L. Edu Memorial Lecture organized by the Nigerian Conservation Foundation (NCF), he highlighted how these financial strains hinder climate-friendly investments crucial for sustainable growth.
Osinbajo noted that Africa’s debt burden stands at $824 billion, with debt servicing obligations projected to reach $74 billion by 2024. He explained that high borrowing costs leave nations spending excessively on repayments, reducing resources for climate investments.
“The only way countries grow is by borrowing to support development projects,” he said, adding that reforms in the global financial system are needed to ease Africa’s debt crisis and spur green investments.
He also stressed Africa’s potential to lead a green industrial revolution by harnessing renewable energy to reduce emissions, generate jobs, and address energy poverty affecting over 600 million people.
Urging African leaders to unite in pushing for global financial reforms, Osinbajo praised the environmental legacy of Shafi Lawal Edu, founder of the NCF, as a reminder of the importance of sustainability for future generations.
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