Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, has expressed gratittude for the continuous support from AfDB.

Edun spoke at the inauguration of the Debt Management Forum for Africa (DeMFA) and its innaugural policy dialogue yesterday in Abuja. The theme of the dialogue is; “Making Debt Work for Africa: Policies, Practices, and Options”.

Speaking further, Edun said the partnership had transformed into a mutually beneficial collaboration over the years, leading to critical grants, loans, and capacity-building initiatives targeted at improving the economic landscape of African nations.

Edun highlighted the significance of the DeMFA, which aims to specifically address public debt challenges on the continent.

He commended the AfDB for establishing the initiative, noting that while the World Bank had provided support in debt management for decades, the launch of a forum dedicated solely to Africa was a welcome development for the 54 countries in the continent.

The minister identified two issues facing African nations as the escalating levels of debt and debt service, which had constrained fiscal space for governments and the limited access to affordable funding in both domestic and international markets.

He said there was urgency to mobilise large capital pools to tackle social and economic challenges, including unemployment, infrastructure deficits, climate change and meeting the social development goals.

Edun stressed that DeMFA must be structured to build on the foundations laid by previous initiatives, offering a comprehensive approach tailored specifically to the needs and realities of Africa.