President Bola Ahmed Tinubu has announced that his administration is implementing bold economic policies to propel Nigeria’s economy out of the downturn caused by multiple global economic shocks. He also emphasized the need for global cooperation among African countries to address their shared economic challenges and capitalize on available opportunities,Daily Trust reports.
President Tinubu made these remarks on Friday while inaugurating the 2024 African Caucus Meeting at the Transcorp Hotel in Abuja. His comments came in the wake of nationwide protests against economic hardship that began on Thursday.
Acknowledging the numerous economic, humanitarian, and social challenges facing Africa, Tinubu stressed the importance of leveraging the continent’s natural resources and human capital to foster growth, innovation, and collaboration. Represented by Vice President Kashim Shettima, Tinubu highlighted the African Caucus Meeting as a crucial forum for discussing major challenges and strategies for promoting inclusive growth and sustainable development in Africa.
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This year’s meeting, themed “Facilitating Intra-African Trade: Catalyst for Sustainable Economic Growth in Africa,” underscores the collective commitment of member countries to advancing the continent’s economic progress. In his address, titled “A Shared Vision for Africa’s Growth,” President Tinubu detailed his administration’s ongoing efforts to tackle global economic challenges within Nigeria. He called on African countries to enhance the quality of life for their citizens by ensuring that democracy, good governance, and economic institutions work in harmony.
“As a government, we have initiated bold economic reforms aimed at steering our economy away from the downturns caused by multiple global economic shocks 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 catalyzing job creation in alignment with the SDGs’ priorities. We remain committed to optimizing our economic potential, delivering favorable 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,” Tinubu said.
President Tinubu described the caucus meeting as a vital platform for sharing experiences, forging partnerships, and charting 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, the Chairperson of the Caucus and Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, stated, “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%.”
Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, also underscored the significance of the meeting, noting that 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,” he added.
