President Bola Tinubu says his administration is undertaking bold economic policies to propel Nigeria’s economy out of the downturn occasioned by multiple shocks in the global economy.
Tinubu also called for global cooperation among African countries to tackle their shared economic challenges and take advantage of opportunities.
He spoke on Friday while declaring open the 2024 African Caucus Meeting at the Transcorp Hotel, Abuja.
Tinubu’s remarks are coming against the backdrop of ongoing nationwide protests against hardship, which started on Thursday across the country.
He noted that although Africa was grappling with “numerous challenges across economic, humanitarian and social spheres,” countries on the continent must take necessary measures to translate opportunities in natural resources and human capital into growth, innovation and collaboration.
The President, who was represented by Vice President Kashim Shettima, said the African Caucus Meeting was an opportunity to brainstorm on the major “challenges and strategies for fostering inclusive growth and sustainable development in Africa”.
The theme of this year’s meeting, “Facilitating Intra-African Trade: Catalyst for Sustainable Economic Growth in Africa,” reflects the collective commitment of member countries to moving the continent forward economically.
Delivering his address titled, “A Shared Vision for Africa’s Growth,” President Tinubu outlined ongoing efforts by his administration in Nigeria to address the global economic challenges.
Tinubu urged African countries to improve the quality of life for people across the continent by ensuring that democracy, good governance, and economic institutions work together.
He said, “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 toward 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.
“We remain committed to optimizing our economic potential, delivering favourable outcomes for our citizens, and ensuring the overall sustainable development of the regional economy. Our efforts are yielding positive results, with improved macroeconomic stability and increased investment.”
President 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,” he added.
In his welcome address, Chairperson of the Caucus/Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said, “Based on available data, 41 African countries are set for stronger growth of up to 3.8% from about 3.4% in 2022 and rising to 4.3% in 2025. These exceed the global average of about 3.2%.”
On his part, Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, emphasized the significance of the meeting, saying Africa stood 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,” he added.
