President Muhammadu Buhari has said developing countries cannot invest in humanity without relieving themselves from the crushing effects of the debt burden.

He said there is no way services that contribute to the overall well-being of population can be improved as long as the countries continue to allocate more resources towards external debt servicing and repayment.

President Buhari stated this at the 5th edition of the Future Investment Summit held in Riyard, Saudi Arabia.

Buhari also said the burden of COVID-19 pandemic has increased the risk of deepening the debt portfolio of poor countries.

The President added that his administration has introduced some policies to improve living condition of Nigerians which include investments in agriculture and food processing.

According to him, government has provided loans and technical support to small holder farmers, through the Anchor Borrowers Program.