President Bola Tinubu declared that his administration is enacting bold economic policies to drive the nation’s economy out of the downturns caused by various global shocks. He also emphasized the need for global cooperation among African nations to address their common economic challenges and seize opportunities.
Speaking at the opening of the 2024 African Caucus Meeting in Abuja, the President stated, “Our government has launched ambitious economic reforms designed to guide our economy away from the setbacks caused by global shocks and toward a path of recovery and resilience through substantial economic transformation.”
“Our reform efforts are strategically focused on enhancing fiscal and monetary efficiency, driving long-term economic growth, and boosting job creation in line with the SDGs. We are committed to maximizing our economic potential, achieving positive outcomes for our citizens, and ensuring the sustainable development of the regional economy. Our efforts are proving effective, with better macroeconomic stability and increased investment.”
He acknowledged that Africa is facing “numerous challenges in economic, humanitarian, and social areas,” but emphasized that countries on the continent must take steps to convert their natural resources and human capital into growth, innovation, and collaboration.
Represented by Vice President Kashim Shettima at the event, Tinubu noted that the African Caucus Meeting serves as a forum to address the major “challenges and strategies for fostering inclusive growth and sustainable development in Africa.”
Formed in 1963 to enhance the representation of African Governors within the Bretton Woods Institutions (BWIs), the African Caucus, led by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, meets twice a year. The first meeting is held in the host country of the Chairperson, and the second takes place during the Annual Meetings of the IMF and WBG.
This year’s theme, ‘Facilitating Intra-African Trade: Catalyst for Sustainable Economic Growth in Africa,’ highlights the shared commitment of member countries to advancing the continent’s economic development. In his address, titled ‘A Shared Vision for Africa’s Growth,’ the Vice President outlined the ongoing initiatives by his administration in Nigeria to address global economic challenges.
He called on African countries to enhance the quality of life for their citizens by ensuring that democracy, good governance, and economic institutions function in harmony.
Tinubu also highlighted the importance of improving international tax cooperation to address illicit financial flows and ensure that multinational corporations fairly contribute to the economies of African countries.
Emphasizing the need for global collaboration, he stated, “We require stronger international tax cooperation to combat illicit financial flows and ensure that multinationals contribute fairly to our economies. Additionally, we must promote global economic cooperation to address common challenges and take advantage of opportunities.”
He stressed the importance of taking charge of Africa’s own development by undertaking essential structural and fiscal reforms to stimulate long-term growth and enable reinvestment in the region’s economies through infrastructure development and effective social spending.
President Tinubu characterized the Caucus Meeting as a crucial forum for exchanging experiences, building partnerships, and setting a shared course for the future.
He noted, “Africa’s journey is marked by resilience, innovation, and optimism. In recent years, we have seen significant advancements, with many of our nations experiencing notable economic growth, social progress, and political stability.”
“However, challenges such as escalating poverty, growing debt in numerous countries, inequality, and conflicts continue to distance our continent from achieving the 2030 Agenda for Sustainable Development Goals. This is a significant concern.”
In his welcome address, Edun noted, “According to available data, 41 African countries are projected to achieve stronger growth, reaching up to 3.8 percent from about 3.4 percent in 2022 and rising to 4.3 percent in 2025. These figures surpass the global average of approximately 3.2 percent.”
Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, underscored the importance of the meeting, stating that Africa is at a “crossroads with unique opportunities for development as well as significant challenges.
“To successfully navigate this complex landscape and steer the continent toward sustainable economic growth, we need to leverage the support of our global partners,” he added.
Additionally, African Union Commissioner for Economic Development, Trade, Tourism, Industry, and Minerals, Ambassador Albert Muchanga, highlighted the importance of mobilizing domestic resources.
In her virtual presentation, Director General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, offered an in-depth analysis of Africa’s economic conditions and potential.
Deputy Secretary-General of the United Nations, Amina Mohammed, emphasized the need for improved trade facilitation, the development of a Pan-African payment and settlement system, and enhanced access to energy and connectivity.
She also highlighted the issue of public investment challenges, noting that “last year, an astounding 48 percent of government revenue in sub-Saharan Africa was spent on debt payments.”
Prime Minister of Rwanda, Dr. Edouard Ngirente, highlighted the transformative potential of the AfCFTA, stating, “We are at a pivotal moment in Africa’s economic history.”