At the 2025 United Nations General Assembly, President Bola Ahmed Tinubu made a striking declaration: the global system must be reordered to allow developing nations a fair chance to breathe. In his speech, Nigeria’s leader did not merely highlight his country’s struggles; he positioned Nigeria as a voice for the Global South, calling for bold solutions to the suffocating debt crisis that grips many developing economies.
This moment matters. Debt is no longer just a fiscal statistic. It is the weight that determines whether governments can educate their people, build infrastructure, secure their borders, or invest in tomorrow’s economy. Nigeria’s call for change is therefore not abstract diplomacy but a direct plea for survival — one that could reshape the way the global economy functions if taken seriously.
The State of Debt in Developing Economies
Today, more than 60 low-income and middle-income countries are in debt distress or at high risk of it. Africa, in particular, has seen its debt burden climb, with many nations spending more on debt servicing than on education or health. Nigeria is no exception.
Despite being Africa’s largest economy, Nigeria’s debt profile has ballooned over the last decade. By 2025, the nation spends nearly 90% of its revenue on servicing debt, leaving little room for investments that could fuel growth or relieve poverty. While much of this debt is domestic, external obligations remain significant, particularly to multilateral institutions and private creditors.
Nigeria’s call at the UNGA reflects the reality that debt has become a global trap. Rising interest rates in advanced economies, capital flight from emerging markets, and currency devaluations have made repayment harder. In essence, the global financial system is structured in a way that penalizes the poor while rewarding the wealthy.
Nigeria’s Proposed Solutions
In his address, Tinubu called for:
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Debt Relief and Restructuring Mechanisms – Nigeria advocates frameworks that go beyond ad-hoc bailouts, pushing for predictable, fair, and swift restructuring of debt for nations in distress.
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Access to Trade, Not Just Loans – Instead of being perpetually indebted, developing countries must gain fair access to global markets, technology, and capital flows.
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Reordering of the Global Financial Architecture – The rules of the International Monetary Fund (IMF), World Bank, and international credit markets must be recalibrated to reflect the realities of the 21st century, not the post-World War II order.
This is not just about Nigeria. It is about an entire continent — and indeed much of the Global South — demanding a seat at the table where rules are made.
Implications for Nigeria
Nigeria’s leadership on this issue is not coincidental. By positioning itself as a champion of debt reform, Nigeria seeks both global influence and domestic breathing space.
If global debt restructuring gains traction, Nigeria could:
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Free up fiscal space: Redirect billions from debt servicing into infrastructure, healthcare, and education.
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Stabilize the naira: With less pressure on external obligations, the currency could find firmer footing.
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Rebuild credibility: Nigeria has often been seen as struggling with fiscal discipline. Leading a global conversation could rebrand the nation as a reformer rather than a defaulter.
But leadership also invites scrutiny. Nigeria must show the world that if given relief, it will channel freed-up resources into development, not wasteful spending or corruption.
Implications for Other Developing Nations
Nigeria’s call resonates across Africa, Latin America, and parts of Asia. Many developing nations share the same frustrations:
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Unfair Credit Ratings: African countries often face higher borrowing costs than their economic fundamentals justify.
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Slow Restructuring: Current debt frameworks, like the G20 Common Framework, have been criticized as sluggish and creditor-biased.
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Dependency Trap: Reliance on foreign aid and loans undermines sovereignty and long-term growth.
If Nigeria’s voice triggers meaningful reform, the ripple effects could be transformative — enabling entire regions to reinvest in growth rather than sink deeper into debt.
Implications for Global Governance
For the international community, Nigeria’s speech raises a pressing question: Can the global financial system adapt, or will it collapse under its own inequities?
Advanced economies, particularly the G7, may resist sweeping reforms. Private creditors, who profit from high yields on risky debt, have little incentive to agree. Yet the alternative — widespread defaults, social unrest, and migration crises — poses a bigger threat.
Institutions like the IMF and World Bank are already under pressure to reinvent themselves. If they ignore calls like Nigeria’s, their legitimacy may erode further.
What It Means for Businesses
For businesses — both Nigerian and global — debt reform is not an abstract policy. It has direct consequences:
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Market Stability: If debt relief stabilizes economies, businesses can plan and invest with greater certainty.
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Consumer Demand: Reduced fiscal pressure on governments can translate into improved services and stronger household incomes, boosting demand for goods and services.
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Risk Reassessment: Investors and credit rating agencies would need to reassess risk profiles of developing markets, potentially lowering borrowing costs and attracting more investment.
On the flip side, if reform fails and defaults rise, businesses face uncertainty, capital flight, and reduced consumer spending.
The Nigerian People’s Stake
For the average Nigerian, debt talk can feel distant. But the implications are personal. When government spends the bulk of its resources on debt repayment, it has little left for roads, electricity, schools, or healthcare.
Debt relief could mean:
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Better public services.
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More jobs created through infrastructure investments.
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Reduced inflationary pressures, as government no longer needs to borrow excessively from domestic markets.
However, Nigerians will rightly demand accountability. Debt relief must not become another windfall for elites. Citizens must see direct, tangible improvements in their daily lives.
Risks and Realities
Nigeria’s call is bold, but there are risks.
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Global Resistance: Advanced economies may offer sympathy but little action.
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Internal Weakness: Without reforms in governance, Nigeria may squander any gains from debt relief.
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Geopolitical Competition: With China, the West, and private creditors all holding pieces of Africa’s debt, achieving consensus may prove nearly impossible.
This means Nigeria must back its rhetoric with domestic reform, diplomacy, and coalition-building across the Global South.
A Turning Point for Nigeria’s Leadership
This speech marks Nigeria’s transition from national survival mode to global advocacy mode. It signals ambition: Nigeria wants to be more than Africa’s largest economy; it wants to be a moral and strategic voice for all developing nations.
For businesses, investors, governments, and citizens, the question is whether Nigeria will follow through. Will it build alliances? Will it reform at home? Or will this be another well-crafted speech lost in the archives of the UN?
Conclusion
Nigeria’s call for a new financial order at the UNGA is a watershed moment. It frames debt not just as an economic problem but as a question of justice and survival. For businesses, it signals potential stability. For governments, it demands reforms and responsibility. For Nigerians, it holds the promise of a future where public resources serve the people rather than creditors.
The world may or may not listen, but Nigeria has spoken — and in doing so, it has placed itself at the center of one of the most urgent debates of our time.
