President Bola Ahmed Tinubu has announced that his administration is implementing ambitious economic strategies aimed at revitalizing Nigeria’s economy, which has been adversely affected by various global shocks.
He also emphasized the importance of collaboration among African nations to address shared economic hurdles and capitalize on available opportunities.
Speaking at the opening of the 2024 African Caucus Meeting held at Transcorp Hotel in Abuja, Tinubu’s comments arrive in the wake of nationwide protests sparked by widespread hardship, beginning Thursday.
He acknowledged that Africa is facing numerous economic, humanitarian, and social issues, yet stressed that it is crucial for nations across the continent to take decisive actions to convert their abundant natural resources and human capital into avenues for growth, innovation, and cooperation.
Represented by Vice President Kashim Shettima, Tinubu described the African Caucus Meeting as a platform for discussing key challenges and strategies aimed at fostering inclusive growth and sustainable advancement within Africa. The theme of the meeting, “Facilitating Intra-African Trade: Catalyst for Sustainable Economic Growth in Africa,” underscores the collective resolve of participating nations to enhance the continent’s economic landscape.
In his address titled, “A Shared Vision for Africa’s Growth,” President Tinubu detailed Nigeria’s ongoing initiatives to mitigate the effects of global economic challenges. He urged African nations to uplift the standard of living for their citizens by ensuring that democracy, effective governance, and strong economic institutions work synergistically.
“Our government has embarked on bold economic reforms designed to navigate our economy away from the downturns triggered by global shocks, steering it toward recovery and resilience through transformative measures,” he stated. “Our reforms are strategically aimed at promoting fiscal and monetary efficiency, fostering long-term economic growth, and creating jobs in line with the Sustainable Development Goals.”
Tinubu reiterated his commitment to maximizing Nigeria’s economic potential, achieving favorable outcomes for citizens, and contributing to the sustainable development of the regional economy. He pointed out that these efforts are yielding positive results, marked by enhanced macroeconomic stability and rising investments.
The President characterized the caucus meeting as an essential venue for exchanging experiences, forming partnerships, and collectively determining a forward path. “Africa’s narrative is one of resilience, creativity, and hope. We have made substantial progress in recent years, with numerous countries witnessing significant economic growth, social advancement, and political stability,” he remarked.
In his welcoming address, the Chairperson of the Caucus and Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, noted that data indicates 41 African nations are projected to experience stronger growth, increasing from 3.4% in 2022 to 3.8% in 2023, with expectations of reaching 4.3% by 2025, surpassing the global average of approximately 3.2%.
Meanwhile, Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, highlighted the meeting’s significance, stating that Africa stands at a “crossroads with unprecedented opportunities for development alongside significant challenges.”He emphasized the need for Africa to leverage support from global partners to navigate this complex landscape and achieve sustainable economic growth.
