Kalu Seeks Debt Cancellation To Ease Africa’s Burden

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

He also advocated for renegotiating Economic Partnership Agreements (EPAs) to align with the African Continental Free Trade Area (AfCFTA), support African industrial policy, and reduce non-tariff barriers.
The deputy speaker made the call during a meeting with Fabio De Masi, a member of the European Parliament, on the sidelines of his working visit to 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 is affiliated with Bündnis Sahra Wagenknecht—Vernunft und Gerechtigkeit (BSW).

Also a member of the Committee on Economic and Monetary Affairs, 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 the 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 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 emphasise the renegotiation of these EPAs to incorporate value chain localisation, intellectual property protection, and industrial policy space.”
Other issues discussed include tax justice, climate finance, migration, and inter-parliamentary cooperation as they affect the continent.

Kalu also said Africa must be positioned as a key partner, not a passive recipient, in the green transition.

“Parliamentary cooperation for creating a joint working group on illicit financial flows (IFFs), focusing on African asset recovery, BEPS compliance, and EU transparency obligations. Africa loses over $88 billion annually to IFFs, almost twice the amount it receives in official development assistance.

“We advocate for unconditional climate finance and joint EU-AU monitoring mechanisms to ensure transparency and effectiveness in climate project implementation. Despite being the continent most vulnerable to climate change, Africa receives only 3% of global climate finance.

“Africa must be positioned as a key partner, not a passive recipient, in the green transition. This includes prioritising African-led energy solutions and technologies tailored to local contexts in EU-Africa climate dialogues.

“There is an urgent need to scale up investments in solar energy infrastructure. Although Africa holds 60% of the world’s solar energy potential, it receives less than 1% of global solar investment—a stark imbalance that must be rectified”, he said.

Nigeria’s Deputy Speaker also insisted that the EU Green Deal must align with Africa’s Agenda 2063, with particular focus on climate adaptation, renewable energy access, and the operationalisation of the Loss and Damage Fund.

He maintained that localised development remains the most practicable solution to irregular migration to Europe.