There was no shortage of bigwigs at a development-finance pow-wow hosted by France’s President, Emmanuel Macron, in Paris on 22 June, to discuss pressing global issues including World Bank reform, climate finance and debt distress.
Nigeria’s President Bola Tinubu on Thursday, joined other world leaders at a State Banquet hosted by President Emmanuel Macron in Paris, France.
It was part of the activities lined up for the New Global Financing Pact summit.
The President arrived at the Palais Brongniart in Paris, accompanied by his Aide-de-Camp, Nurudeen Yusuf.
He was received by the French Minister of Foreign Affairs and Europe, Catherine Colonna.
The Chinese Premier Li Qiang, America’s treasury secretary Janet Yellen and
climate envoy John Kerry, Brazil’s President Luiz Inácio Lula da Silva, German Chancellor Olaf Scholz, Prime Minister of Barbados, Mia Mottley, and no fewer than 16 African presidents were in attendance.
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Also in attendance are several multilateral development banks including World Bank head Ajay Banga, IMF President Kristalina Georgieva, Africa Development Bank hard Akinwunmi Adesina, European Commission President Ursula von der Leyen, and the United Nations Secretary-General Antonio Guterres.
In his opening remarks, Macron on Thursday told delegates that the world needs a “public finance shock” – a global push of innovation and financing – to fight these challenges, adding the current system was not well suited to address the world’s challenges.
“Policymakers and countries shouldn’t ever have to choose between reducing poverty and protecting the planet,” Macron said.
Leaders present at the summit include Barbados Prime Minister who has become a powerful advocate for reimagining the role of the World Bank and International Monetary Fund in an era of climate crisis.
“What is required of us now is absolute transformation and not reform of our institutions,” said Mottley, whose country has put forward a detailed plan for how to fix the global financial system to help developing countries invest in clean energy and boost resilience to climate impacts.
“We come to Paris to identify the common humanity that we share and the absolute moral imperative to save our planet and to make it livable,” she said.
Outlining the challenges facing developing countries, Guterres said more than 50 nations were now in or near debt default – many of which are also particularly vulnerable to climate impacts – while many African countries are now spending more on debt repayments than on healthcare.
Guterres said the global financial system, which was conceived at the end of World War II, was failing to rise to modern challenges and now “perpetuates and even worsens inequalities”.
READ ALSO: Nigerians In Paris Excited To Engage Tinubu For The First Time
“We can take steps right now and take a giant leap towards global justice,” he said, adding that he has proposed a stimulus of $500bn a year for investments in sustainable development and climate action.
Ugandan climate campaigner Vanessa Nakate took the podium after Macron and asked the audience to take a minute of silence for people who are suffering from disasters.
She criticized the fossil fuel industry, saying they promise development for poor communities but the energy goes elsewhere and the profits “lie in the pockets of those who are already extremely rich”.
“It seems there is plenty of money, so please do not tell us that we have to accept toxic air and barren fields and poisoned water so that we can have development,” she said.
On the sidelines of the New Global Financing Pact Summit, the President received in audience president of European Bank for Reconstruction and Development (EBRD), Odile Renaud-Basso; Prof. Benedict Oramah, the president of African Export-Import (AFREXIM) Bank; and Sri Prakash Lohia, Chairman of Indorama ventures – the largest producer of PET polymer in the world.
Tinubu also held a bilateral meeting with the President of Swiss Confederation, Alain Berset as well as the President of Benin Republic, Patrice Talon.
Photos from the meetings were shared by the President’s media team on Sunday, 25 June.
Nigerians on Twitter have reacted to the update shared with many tweeps hailing the President for his hard work.
A tweep Darlington said: “The most qualified and prepared president of the federal republic of Nigerian. His work ethic and ability to deliver is not in doubt.”
@maiatamfa11 tweeted: “God Bless The Renewed Hope that we voted For.”
@akinfalabs commented, “Easily his busiest week since becoming the President. More strength Mr President 💪🏿”
READ ALSO: PHOTOS: Tinubu Arrives Paris Summit For New Global Financial Pact
“President Bola Ahmed Tinubu pls come back fast oooo. I don miss all those evening letters and appointments,” @dstickerboi also said.
@jideainaa hailed the president’s accountability, stating: “Accountability of the highest order.”
@oladimeji_sir wrote: “Come and see a working government in the spirit of I want to do more.
President Tinubu performs every week.”
In another tweet @maskupnigeria wrote: “We need our president to announce plans for reducing waste in government including the presidency. This is an important part of the economic reform that shouldn’t be overlooked. @officialABAT @AlakeDele @femigbaja @aonanuga1956
“U people are not Ashame of una self How can you been uploading only Pictures Upload his video,” @ifesinachikenn3 wrote.