Nigeria has called for urgent reforms of the international financial architecture to address high borrowing costs and persistent development financing gaps confronting African countries.

Nigeria’s permanent representative, Jimoh Ibrahim, made the call on Thursday during the UN General Assembly’s Second Committee debate on macroeconomic policies and development financing.

The Nigerian delegation said rising interest rates in developed economies were undermining developing countries’ access to affordable credit. It warned that higher borrowing costs complicated debt management, disrupted capital flows and constrained progress towards the Sustainable Development Goals.

Nigeria stated that domestic economic reforms alone could not adequately address development challenges in an increasingly interconnected global economy. The country consequently called for stronger international cooperation to mobilise resources and expand development financing.

Nigeria reaffirmed its commitment to implementing the Sevilla Commitment, adopted at the Fourth International Conference on Financing for Development. It described the commitment as an important framework for addressing financing gaps and reforming the international financial system.

The delegation also expressed support for ongoing negotiations towards a United Nations Framework Convention on International Tax Cooperation.

Nigeria urged Member States to engage constructively in the negotiations and produce an effective, broadly acceptable convention before the 2027 deadline. The country said international tax cooperation was indispensable to improving domestic resource mobilisation and financing sustainable development.

Nigeria further identified terrorism, insecurity, climate change and geopolitical tensions as major obstacles to Africa’s economic transformation. It called for coordinated international action to address these challenges and accelerate implementation of the UN 2030 Agenda and African Union Agenda 2063.

The delegation aligned itself with positions presented by the Group of 77 and China and the African Group.

(NAN)