August 3, 2024
The Nigerian President, Bola Ahmed Tinubu, has emphasised the need for global cooperation among African countries to tackle shared economic challenges and leverage opportunities.
This was disclosed in a statement by his Senior Special Assistant on Media & Communications, Stanley Nkwocha, on Friday.
According to the statement, ”President Tinubu on Friday declared open the 2024 African Caucus Meeting held at the Transcorp Hotel, Abuja, noted that although Africa is 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 has said his administration is currently undertaking bold economic policies to propel Nigeria’s economy out of the downturns occasioned by multiple shocks in the global economy” he said
President Tinubu who was represented at the event by his deputy, Vice President Kashim Shettima said the African Caucus Meeting is an opportunity to brainstorm on the major “challenges and strategies for fostering inclusive growth and sustainable development in Africa.
However, 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.
The President 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 further drew attention to the need to enhance international tax cooperation to combat illicit financial flows and ensure multinationals contribute fairly to economies on the continent.
Seeking global cooperation in this regard, he said, “We need enhanced international tax cooperation to combat illicit financial flows and ensure that multinationals contribute fairly to our economies. We must also foster global economic cooperation to tackle shared challenges and leverage opportunities.
“Yet, obstacles such as increasing poverty, rising debt across many countries, inequality, and conflicts continue to widen the gap between our continent and the 2030 Agenda for Sustainable Development Goals. This is a matter of serious concern,” he added.
On his part, Governor of the Central Bank of Nigeria #cenbank, Mr. Olayemi Cardoso, emphasized the significance of the meeting, saying Africa stands at a “crossroads with unprecedented opportunities for development alongside significant challenges.
Also, Deputy Secretary-General of the #UN, Amina J. Mohammed #, stressed the importance of trade facilitation, a Pan-African payment and settlement system, as well as increased access to energy and connectivity.
She also addressed the challenges of public investment, saying “last year, an extraordinary 48% of government revenue in sub-Saharan Africa alone went to meeting debt payments.”
“With coordinated efforts and unwavering determination, we can unlock the vast potential of intra-African trade and secure a prosperous future for our continent,” he assured.
“We need to adopt aspects of the technological revolution that we are late to, such as blockchain technology and artificial intelligence, which have the potential to transform trade on the continent,” Boateng stated.”
