Stock market crash, political conflicts portend danger, says Buhari

President Muhammadu Buhari yesterday appealed to world and African leaders to unite to address stock market crash, political conflicts and terrorism.

He cautioned developed nations against adopting double standards in their approach to globalisation.

Buhari said there should be free movement of goods, services without any hindrance.

He demanded reforms in global institutions because they were outdated and asked African leaders to develop a sense of urgency to tackle the continent’s challenges.

Buhari, who raised the alarm in an address at the first plenary of the Third India-Africa Forum Summit in New Delhi, said since nations were now interconnected, they should address global threats.

“The international economic and political environment are far from being favourable, particularly for developing countries.

“As the global economy appeared set to recover from the economic crisis, the positive trend is now threatened by the stock market collapse in some parts of the world and commodity crisis in others.

“Fresh political conflicts have erupted, accentuated by terrorism and extremism in the most awful forms. Trans-border crimes, illegal arms trade, irregular migration and cyber crimes have added to the new global threats demanding our collective action.

“Amid these challenges, we now have double standards in defining globalisation. We must collectively insist that globalisation as defined by the international community should mean free movement of goods, services and people without any hindrance or exception.

“Furthermore, the world is facing the challenge of climate change in which Africa remains badly affected with severe threats to food security and social stability.”

Buhari recommended the reformation of global institutions of governance.

He said: “The global institutions of governance are outmoded and under extreme stress, calling for new approaches that reflect changing realities and shift of economic and political power.

“From the West to the East, North to South, virtually every country in our respective regions is faced with unacceptable levels of poverty, unemployment and a youth bulge.”

On challenges facing Africa, Buhari asked the leaders of the continent to develop a sense of urgency to manage the

He said: ‘’India and Africa must develop a new spirit of solidarity, cooperation and partnership to confront these emerging threats. We must recognise that in this globalised age, we all live interconnected lives in a fragile planet. We, must, therefore work together to uplift the lives of our people in a manner that preserves the sustainability of our living environment.

“These challenges call for a renewed sense of urgency among African countries for economic development. It is an open secret that Africa possesses the prerequisites to become a major growth region of the world.

“There is the need for India and Africa to strive together to build a virile framework for partnership and cooperation to address common challenges in key areas, including health, education, interconnectivity, power and employment generation as well as the strengthening of institutions of governance and democracy.

The President recommended the involvement of the private sector in integrating the economies of Africa and India.

Buhari said his administration was already refocusing governance in Nigeria in the interest of the citizens, adding:

“This is why we have, since we assumed governance in Nigeria in May this year, embarked on re-focusing our governance to the real needs of Nigerians.”

President John Dramana Mahami of Ghana asked the forum to address the energy crisis facing the rural folks in India and many countries in Africa.

He said without energy, Africa could not develop as envisaged by the India-Africa Forum.

The Ghanian leader said his country would be the first to sign up for the new initiative on solar energy.

South Africa’s President Mr. Jacob Zuma called for collaboration to curtail terrorist threats and check the effects of climate change and poverty on the continent.