President Bola Tinubu is calling for a major overhaul of global finance and healthcare systems.

President Bola Tinubu has made a strong case for the restructuring of global governance, finance, and healthcare systems.

Speaking at the ongoing 17th BRICS Summit in Rio de Janeiro, Brazil, Tinubu underscored the need for the international community to adopt a more inclusive and equitable framework that takes into account the realities of low-income and emerging economies, especially in Africa.

He said the existing global institutions and economic architecture are outdated, disproportionate and disadvantageous to nations in the Global South.

Join Our WhatsApp Channel

“The next issues are financial restructuring and reevaluation of the global structure. Nigeria, therefore, associates with what I have heard today and all that has happened in BRICS,” Tinubu said in his address at the summit.

The President emphasised the urgent need to address pressing global issues such as environmental degradation, the climate crisis, and growing inequalities in healthcare — all of which, he said, continue to impede development and prosperity across Africa.

He pointed out that Africa has contributed the least to global emissions but suffers the most, thus highlighting the imbalance in climate responsibilities and the disproportionate impact of climate change on African countries.

He stressed the need for a new global development model rooted in equity and justice, one that includes sustainable technology transfer and accessible financing for vulnerable economies.

He said: “The African continent is creating the path through the African Carbon Market Initiative and the Great Green Wall. We believe that COP-30 will strengthen our resolve to adopt a strategic approach to achieving a healthy global environment”.

He reiterated his administration’s commitment to climate action, renewable energy, urban resilience, and universal health coverage, aligning with Nigeria’s Vision 2050 and its nationally determined contributions under global climate agreements.

“Nigeria strongly believes in South-South cooperation. We can, therefore, not be passive participants in global decision-making on financial restructuring, debt forgiveness, climate change, environmental issues, and healthcare,” Tinubu said.

He warned that without fairness and inclusivity in the design of global solutions, especially for the continent’s youth population — which comprises 70 per cent of Nigeria’s citizens — the future would remain imbalanced and unjust.

“As we approach COP-30 and look to strengthen the global health system, we believe the BRICS must not only be a bloc for emerging economies but also a beacon for emerging solutions and resolutions rooted in solidarity, self-reliance, sustainability, and shared prosperity of a common future.

“Nigeria reaffirms its commitment to strategic collaboration that translates into sustainable and inclusive development for all,” Tinubu said.

He also called for greater international focus on addressing non-communicable diseases, which he described as a shared global health burden that needs urgent collective attention.

Tinubu was invited to the summit by Brazilian President Luiz Inacio Lula da Silva. In a statement, Special Adviser to the President on Information and Strategy, Bayo Onanuga, noted that the Nigerian delegation included Minister of Foreign Affairs, Ambassador Yusuf Tuggar, and Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

Nigeria officially became a BRICS Partner Country in January 2025, following the bloc’s creation of the partner-country category at its 16th summit in Kazan, Russia, last October. Last year, the list of BRICS members had expanded beyond the original group of Brazil, Russia, India, China and South Africa to include Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates.

Nigeria’s participation at the 17th BRICS Summit marks its first as a full partner country, joining other new partners — Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan — following a deliberate expansion by the bloc aimed at fostering greater inclusion of emerging voices in global policy dialogue.

According to the Brazilian government, which currently holds the rotating presidency of BRICS, Nigeria’s strategic role in Africa and its position as the continent’s most populous country make it a crucial partner in advancing the bloc’s shared priorities, especially South-South cooperation and the reform of international financial institutions.

The summit brings together the world’s leading emerging economies — Brazil, Russia, India, China, and South Africa — alongside new partner nations with discussions focused on global trade, development financing, sustainable growth, and multilateral cooperation.

President Donald Trump however yesterday threatened to impose an additional 10 per cent tariff across-the-board import duties on United States’ trading partners supporting BRICS’ positions. The tariff is expected to take effect August 1, 2025.

“Any country aligning themselves with the anti-American policies of BRICS will be charged an additional 10 per cent tariff. There will be no exceptions to this policy,” Trump stated on his Truth Social media platform.

Meanwhile, diplomatic sources in Abuja said Nigeria’s foreign policy remains non-aligned and pragmatic.

A spokesperson from the Ministry of Trade and Foreign Affairs told The Nation that “Nigeria is engaging all global trade platforms, but remains committed to safeguarding bilateral relationships, including with the U.S.”

Nigeria’s export exposure to the U.S. remains significant. According to U.S. Census Bureau data via TradingEconomics, Nigeria exported approximately $5.87 billion worth of goods to the U.S. in 2024, most of it crude oil, liquefied natural gas, cocoa, leather, and textiles.

Analysts expressed concerns that a 10 percent tariff could erode competitiveness, suppress foreign-exchange inflows, and exacerbate inflation.

“Trump’s tariff policy could raise Nigeria’s import costs, trigger inflation, and worsen exchange-rate instability… beyond crude, the broader economy remains highly exposed,” Paul Alaje, an Economist, has said.

He also warned that any disruption to AGOA preferences or U.S. investment inflow would intensify pressures on domestic inflation and living costs.

Trump’s threat came as BRICS leaders issued a formal statement criticising the United States’ tariff stance.

BRICS expressed “serious concerns” over the impact of unilateral tariffs and non-tariff measures on trade and called for a return to the three-decades-old World Trade Organisation multilateral trading system.

BRICS stated: “The proliferation of trade-restrictive actions, whether in the form of indiscriminate rising of tariffs and non-tariff measures, or protectionism under the guise of environmental objectives, threatens to further reduce global trade, disrupt global supply chains, and introduce uncertainty into international economic and trade activities, potentially exacerbating existing economic disparities and affecting prospects for global economic development.

“We voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO rules. We emphasize that the WTO, at its 30th anniversary, remains the only multilateral institution with the necessary mandate, expertise, universal reach and capacity to lead on the multiple dimensions of international trade discussions, including the negotiation of new trade rules”.

China criticised Trump’s proposed extra tariffs, saying arbitrary tariff hikes should not be applied as a negotiation method and insisting that the BRICS statement was not aimed at any specific country

“BRICS is a positive force in the world. It advocates openness, inclusiveness and win-win cooperation. It does not target any country. We oppose trade wars and tariff wars. Tariffs should not be used as a tool for coercion and pressuring. Arbitrary tariff hikes serve no one’s interest,” Foreign Ministry spokesperson Mao Ning said at her regular Monday briefing.