The Nigerian government has said funding gaps remain an impediment to sustaining growth, with available resources used to service debt to the detriment of other development needs.

President Bola Tinubu, represented by Vice-President Kashim Shettima, said this at the ongoing 81st session of the United Nations General Assembly on Thursday in the U.S.

Mr Tinubu noted that substantial portions of developing countries’ financial resources are channelled toward debt servicing, limiting investment in education, infrastructure, and healthcare.

“One of the greatest obstacles to sustainable development is inadequate financing,” the Nigerian leader said. “Many developing countries devote substantial resources to debt servicing at the expense of education, healthcare, and infrastructure.”

He called for a reform of the global financial system to enable developing countries to access affordable loans necessary for development.

Mr Tinubu hailed the African Continental Free Trade Area (AfCFTA), which he said could foster regional integration, boost trade and strengthen Africa’s position in the global market.

“Our abundant natural resources must become engines of shared prosperity, rather than sources of perpetual dependency,” he said.

In its April 2026 report titled ‘Sub-Saharan Africa’s Growth Holds, But Downside Risks Mount’, the World Bank said high debt profiles limit countries’ ability to fund development projects, echoing a concern raised by Mr Tinubu.

“High public debt and rising debt service costs continue to limit countries’ ability to fund development priorities and invest in foundational infrastructure needed to create more and better jobs,” the bank said.

It added, “Overall, public capital investments are still about 20 per cent below their 2014 level, while the ratio of external public debt service to revenue has doubled over the past eight years—from nine per cent in 2017 to 18 per cent in 2025.”