Obasanjo Repeats Call for Debt Cancellation at UN

The President of Nigeria and Chairman, Head of State Implementation Committee of the New Partnership for Africa's Development (NEPAD), Chief Olusegun Obasanjo, has called on the international creditor nations to consider the issue of debt cancellation as part of the priority action the Continent deserves.

Speaking Monday at the High Level Plenary Meeting of the United Nations General Assembly on NEPAD in New York, President Obasanjo told the Meeting that Africa needed $64 billion annually to prosecute NEPAD programmes and projects adding that the Continent could not bridge the gap alone.

He said Africa is severely crippled by its external debt burden, which required concerted action on the part of the international community.

President Obasanjo said that with the launching of NEPAD, which is a holistic and integrated development initiative for the sustainable development of Africa, the Continent and its citizens had resolved to take their destiny in their own hands.

This, he said, is done by "drawing critical lessons from our past development efforts and putting such lessons to effect in the NEPAD initiative."

President Obasanjo informed the meeting that to achieve the laudable objectives of NEPAD, a Plant of Action was adopted at the inaugural Summit of the African Union in Durban, South Africa, which included the African Peer Review Mechanism (APRM), which was revolutionary innovation in the Continent.

Recognizing the importance of international support from the international community, President Obasanjo acknowledged the support of the G8 at its last summit in Kananaskis, Canada, where a total of 112 specific actions were approved to address issues that affected Africa.

September 18, 2002