President Bola Tinubu has announced that his administration has implemented bold policies to revive Nigeria’s economy, which has been affected by multiple global economic shocks.
Represented by Vice-President Kashim Shettima, Tinubu made this statement while opening the 2024 African Caucus Meeting at the Transcorp Hotel in Abuja.
“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,” he said. “We believe it is a path of recovery and resilience through significant economic transformation.”
Tinubu emphasized that the administration’s reform efforts are strategically focused on fostering fiscal and monetary efficiency, driving sustained long-term economic growth, and catalyzing job creation in alignment with the Sustainable Development Goals (SDGs).
“Our administration remains committed to optimizing the nation’s economic potential to deliver favorable outcomes for our citizens,” Tinubu stated. He also highlighted the goal of ensuring the overall sustainable development of the regional economy, noting that these efforts are already yielding positive results, including improved macroeconomic stability and increased investment.
The President called on African countries to enhance the quality of life for people across the continent. He stressed the importance of ensuring that democracy, good governance, and economic institutions work together. Tinubu also drew attention to the need for enhanced international tax cooperation to combat illicit financial flows and ensure that multinationals contribute fairly to African economies.
“We must foster global economic cooperation to tackle shared challenges and leverage opportunities. However, we must also take responsibility for our own development by undertaking the necessary structural and fiscal reforms required to boost long-term growth,” Tinubu said.
Describing the caucus meeting as a vital platform to share experiences, forge partnerships, and chart a collective path forward, Tinubu reflected on Africa’s story of resilience, creativity, and hope. “We have made significant strides in recent years, with many of our nations achieving remarkable economic growth,
Social progress, and political stability,” he noted. Yet, he acknowledged the ongoing challenges of increasing poverty, rising debt, inequality, and conflicts, which hinder the continent’s progress towards the 2030 Agenda for Sustainable Development Goals.
Finance Minister Wale Edun, also the Chairperson of the African Caucus, highlighted that 41 African countries are set for stronger growth, with an expected increase to 3.8 percent from about 3.4 percent in 2022, and a rise to 4.3 percent in 2025. These growth rates exceed the global average of about 3.2 percent.
Central Bank of Nigeria Governor Olayemi Cardoso emphasized the significance of the meeting, stating that Africa stands at a “crossroads with unprecedented opportunities for development alongside significant challenges.” He called for leveraging the support of global partners to navigate this complex landscape and set the continent on a path of sustainable economic growth.
Speaking virtually, Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), provided a comprehensive analysis of Africa’s economic situation and potential, emphasizing the need for greater regional integration. She noted that UN data for 2021 indicated only 13 percent of Africa’s goods trade was internal, compared to 21 percent for Southeast Asia, 39 percent for the US, Mexico, and Canada, and 60 percent for Europe.
Ms. Amina Mohammed, Deputy Secretary-General of the United Nations, stressed the importance of trade facilitation and a Pan-African payment and settlement system. She also emphasized the need for increased access to energy and connectivity. Addressing the challenges of public investment, she pointed out that in 2023, an extraordinary 48 percent of government revenue in sub-Saharan Africa went to meeting debt payments.
