President Muhammadu Buhari has attributed rising global social unrest to worsening social inequalities and unfair distribution of wealth and resources, which excludes the majority from the opportunity to participate.
Buhari, who stated this on Tuesday while addressing participants at the ongoing 5th edition of the Future Investment Initiative Summit in Riyadh, the capital of the Kingdom of Saudi Arabia, admonished world leaders and global investors to prioritise on inclusive and humane policies.
He noted that the only way to prevent further escalation of global social unrests and violent crises is for governments and private sector stakeholders to start engaging in what he described as ‘humane investments’, which would factor the majority into the growth and development loop.
The President, who is attending the event with some of his Ministers and heads of relevant agencies, said his administration will keep encouraging public and private initiatives that increase investments in health, education, capacity building, youth empowerment, gender equality, poverty eradication, climate change and food security.
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The President commended organisers of this year’s summit for the foresight to look at ‘investment,’ not only from a profitability and wealth accumulation point of view, but also bringing prosperity to humanity in general.
The humane approach to investment, he said, is the only way to address the global challenges the world currently faces, especially in the COVID-19 era.
Buhari also drew attention of world leaders to the devastating effect of climate change on livelihoods of people around the Lake Chad.
“As we strive to build resilience towards a sustainable economy in our various countries, let us not forget the negative impact of climate change on our efforts to achieve this goal. Nigeria and many countries in Africa, are already facing the challenges posed by climate change.
“Climate change has triggered conflicts, food insecurity, irregular youth migration, rising level of sea waters, drought and desertification, as well as the drying-up of the Lake Chad.
“In the Lake Chad Basin region, where Boko Haram insurgency continues to undermine the peace, security and development of the region, climate change is largely responsible for the drying up of the Lake Chad, which has shrunk by more than 85% of its original size.
“The diminishing size of the Lake is at the root of the loss of millions of livelihoods, displacement of inhabitants and radicalization of teeming youths in the region who are recruited to serve as foot soldiers in the insurgency.
“In order to redress this situation and restore the lost fortunes of the Lake Chad Basin region, strong public-private partnership through massive investments will be needed to recharge the waters of Lake Chad. I am confident that this forum will rise to the challenge in the interest of durable peace and sustainable development of our region.”