Kalu seeks debt cancellation to alleviate Africa’s debt burden

By Christiana Ekpa

Deputy Speaker of Nigeria’s House of Representatives, Rt. Hon. Benjamin Okezie Kalu has called for debt cancellation mechanisms, including debt-for-development swaps, to alleviate Africa’s debt burden.

He also advocated for the renegotiation of Economic Partnership Agreements (EPAs) to align with the African Continental Free Trade Area (AfCFTA) and support African industrial policy and reducing non-tariff barriers.

The Deputy Speaker made the call during a meeting with a Member of European Parliament, Fabio De Masi on the sidelines of his working visit to the European Parliament in Brussels, Belgium.

De Masi, a vocal critic of neoliberal austerity and a strong advocate for social and economic justice, represents the Left Group (GUE/NGL – Confederal Group of the European United Left/Nordic Green Left), and affiliated with Bündnis Sahra Wagenknecht– Vernunft und Gerechtigkeit (BSW).

Also a Member of the Committee on Economic and Monetary Affairs, and a part of the Delegation for relations with South Africa and the Delegation for relations with the Pan-African Parliament, De Masi’s legislative agenda aligns with the Pan-African Parliament’s aspirations for a just, equitable, and sovereign African future.

Leading the Monetary & Financial Affairs Committee of the Pan-African Parliament (PAP) to European Parliament to discuss key issues affecting Africa’s economic development, Kalu who chairs the panel also highlighted the growing need for a more equitable and just partnership between Europe and Africa, focusing on economic justice, fair trade, and climate justice.

He said: “This partnership offers a timely and transformative opportunity to reshape EU-Africa parliamentary relations through the lens of justice, equity, and structural change, a relationship built on the foundation of mutual respect, sustainable development, and shared values.

“Our key areas of collaboration will also focus on EU-AU joint advocacy for debt cancellation mechanisms, including debt-for-development swaps, and parliamentary oversight on the African countries either in debt distress or at high risk of it, signalling the urgent need for reforms in global debt governance.

“Reform trade architecture by aligning EU-Africa Economic Partnership Agreements (EPAs) with AfCFTA, supporting African industrial policy, and reducing non-tariff barriers.

“With only 15% of Africa’s trade being intra-continental, while staggering 80% of its exports remain raw commodities (AfDB, 2024), it is imperative to emphasize the renegotiation of these EPAs to incorporate value chain localisation, intellectual property protection, and industrial policy space.”