Oluwatobi Adu 
Vice-President Kashim Shettima
ABUJA, Nigeria – Vice-President Kashim Shettima has called for reforms to the international financial system, arguing that developing countries need greater access to concessional financing and debt frameworks that take their development needs into account.
Shettima made the call on Thursday in New York while delivering Nigeria’s national statement on behalf of President Bola Tinubu at the 81st United Nations General Assembly.
He said many developing countries were directing substantial resources towards debt servicing at the expense of education, healthcare and infrastructure. “Nigeria therefore calls for reform of the international financial architecture, wider access to concessional financing, and debt sustainability frameworks that recognise developmental needs,” Shettima said.
He also backed innovative financing mechanisms involving private capital, blended finance, South-South cooperation and strategic partnerships to support sustainable development, climate adaptation and resilient infrastructure.
On climate financing, Shettima called for a restructuring of the existing architecture to make funding more accessible and predictable for developing countries.
He rejected what he described as a false choice between climate action and industrialisation, saying developing countries needed to industrialise, reduce poverty and expand energy access while pursuing low-carbon development pathways.
He said this would require technology transfer, capacity building and adequate climate finance. “Africa contributes less than four per cent of the greenhouse gas emissions, yet we have disproportionate consequences,” Shettima said.
Nigeria’s position at the UNGA also reaffirmed its commitment to an energy transition and net-zero emissions target by 2060, while calling for climate finance arrangements based on equity and shared responsibility.
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Korede Abdullah 
