President Bola Tinubu has urged African countries to improve the quality of life for people across the continent.
Tinubu, represented by the Vice-President Kashim Shettima, made the call while declaring open the 2024 African Caucus Meeting held at the Transcorp Hotel, Abuja.
The President also empahaised the need for African leaders to ensure that democracy, good governance, and economic institutions worked together.
Tinubu said his administration took bold economic policies to propel Nigeria’s economy out of the downturns occasioned by multiple shocks in the global economy.
” As a government, we have initiated bold economic reforms aimed at steering our economy away from the downturns caused by multiple shocks in the global economy.
” We believe it is a path of recovery and resilience through significant economic transformation.
” Our reform efforts have been strategically focused on fostering fiscal and monetary efficiency, driving sustained long-term economic growth, and catalysing job creation in alignment with the SDGs’ priorities.”
He said that his administration remained committed to optimising the nation’s economic potential and delivering favourable outcomes for citizens.
Tinubu also said that his government would ensure the overall sustainable development of the regional economy.
” Our efforts are yielding positive results, with improved macroeconomic stability and increased investment.”
He drew attention to the need to enhance international tax cooperation to combat illicit financial flows and ensure multinationals contribute fairly to economies on the continent.
” We need enhanced international tax cooperation to combat illicit financial flows and ensure that multinationals contribute fairly to our economies.
” We must also foster global economic cooperation to tackle shared challenges and leverage opportunities.
” However, we must also acknowledge the need to take responsibility for our own development by undertaking the difficult structural and fiscal reforms required to boost long-term growth.
” And enable reinvestment into our economies through infrastructure and effective social spending.”
Tinubu described the caucus meeting as a vital platform to share experiences, forge partnerships, and chart a collective path forward.
” Africa’s story is one of resilience, creativity, and hope. Indeed, we have made significant strides in recent years, with many of our nations achieving remarkable economic growth, social progress, and political stability.
“Yet, obstacles such as increasing poverty, rising debt across many countries, inequality, and conflicts continue to widen the gap between our continent and the 2030 Agenda for Sustainable Development Goals.
” This is a matter of serious concern.”
Earlier, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said available data revealed that 41 African countries are set for stronger growth of up to 3.8 per cent from about 3.4 percent in 2022 and rising to 4.3 per cent in 2025.
Edu, who is also the the Chairperson of the African Caucus, said ” these exceed the global average of about 3.2 per cent.
The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, emphasised the significance of the meeting.
He said Africa stands at a “crossroads with unprecedented opportunities for development alongside significant challenges.
“To navigate this complex landscape and set the continent on the path of sustainable economic growth, we must leverage the support of our global partners.”
The African Union Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Amb. Albert Muchanga, noted the importance of domestic resource mobilisation.
“We must see the African market as a viable channel for domestic resource mobilization to address the issue of the continent’s sustenance.”
Speaking virtually, the Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, provided a comprehensive analysis of Africa’s economic situation and potential.
Okonjo-Iweala, who emphasised the need for greater regional integration, quoted the UN data for 2021 as saying that only 13 per cent of Africa’s goods trade was internal.
” Compared to 21 per cent for Southeast Asia, 39 per cent for the US, Mexico, and Canada, and 60 per cent for Europe.”
The Deputy Secretary-General of the United Nations, Amina Mohammed, stressed the importance of trade facilitation, a Pan-African payment and settlement system.
She also empahaised the need for increased access to energy and connectivity.
The Prime Minister of Rwanda, Dr Edouard Ngirente, who emphasised the transformative potential of the AfCFTA, said it was a crucial moment in Africa’s economic history.
He called for concrete actions to remove trade barriers, harmonize regulations, and create a truly integrated African market.
A member of the UK House of Lords and keynote speaker at the event, Lord Paul Boateng, expressed worry that Africa has regressed in diversification and competitiveness over the last 20 years.
“This has diminished the continent’s resilience to shocks and external volatility. From per cent of global trade at independence, it has now declined to three per cent
“We need to adopt aspects of the technological revolution that we are late to, such as blockchain technology and artificial intelligence, which have the potential to transform trade on the continent.”
