AFRICA

Tinubu: My Government Executing Bold Reforms To Tackle Multiple Economic Shocks

President Bola Tinubu on Friday declared that 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 also called for global cooperation among African countries to tackle their shared economic challenges and take advantage of opportunities. 

The President who spoke when he declared open the 2024 African Caucus Meeting in Abuja, 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.”

He 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.

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”. 

Established in 1963 to strengthen the voice of African Governors in the Bretton Woods Institutions (BWIs), the African Caucus chaired by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, meets twice annually; first, in the host country of the Chairperson of the Caucus and secondly, at the venue of the Annual Meetings of the IMF and WBG.

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 the President’s address titled, “A Shared Vision for Africa’s Growth,”  the Vice President outlined ongoing efforts by his administration in Nigeria to address the global economic challenges.

He urged African countries to improve the quality of life for people across the continent by ensuring that democracy, good governance, and economic institutions work together.

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. 

“However, we must also acknowledge the need to take responsibility for our own development by undertaking the difficult structural and fiscal reforms required to boost long-term growth and enable reinvestment into our economies through infrastructure and effective social spending.”

President Tinubu described the caucus meeting as a vital platform to share experiences, forge partnerships, and chart a collective path forward. 

According to him: “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. 

“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”.

Earlier in his welcome address, Chairperson of the Caucus/Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said, “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%.”

On his part, Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, emphasized the significance of the meeting, saying 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.

Also speaking, African Union Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Ambassador Albert Muchanga, noted the importance of domestic resource mobilization.

“We must see the African market as a viable channel for domestic resource mobilization to address the issue of the continent’s sustenance,” he noted.

In her virtual contribution, Director General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, provided a comprehensive analysis of Africa’s economic situation and potential. 

She emphasized the need for greater regional integration, just as she said, “According to UN data for 2021, only 13% of Africa’s goods trade was internal, compared to 21% for Southeast Asia, 39% for the US, Mexico, and Canada, and 60% for Europe.”

Also, Deputy Secretary-General of the United Nations, Amina 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.”

On his part, Prime Minister of Rwanda, Dr. Edouard Ngirente, who emphasized the transformative potential of the AfCFTA, said, “We stand at a crucial moment in Africa’s economic history.

“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.

The Rwandan Prime Minister called for concrete actions to remove trade barriers, harmonize regulations, and create a truly integrated African market. 

He stressed that these efforts would not only boost trade but also drive innovation, create jobs, and improve living standards across the continent.

Also, a member of the UK House of Lords and keynote speaker at the event, Lord Paul Boateng, expressed worry that Africa has regressed in diversification and competitiveness over the last 20 years. 

“This has diminished the continent’s resilience to shocks and external volatility. From 5% of global trade at independence, it has now declined to 3%.”

“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 further said.

Deji Elumoy

Follow us on:

AriseNews

View Comments

  • O8O__6739__9O9O

    O8O__6739__9O9O

    CALL +234-8--0--67__39-_90--90DIRECTLY AND REQUEST FOR MORE PRODUCTS NCS IS ALWAY AVAILABLE TO ASSIST YOU ON YOUR DREAM CAR. THANKS FOR PATRONAGE

    .CAMRY TINY LIGHT #400,000

    CAMRY BIG DADDY #500,000

    CAMRY MUZZLE #1m550,000

    CAMRY SPIDER #1m650,000

    TOYOTA RAV4 #1m750,000

    TOYOTA AVALON #1m650,000

    TOYOTA VENZA #1,8MILLION

    TOYOTA PICNIC #1m400,000

    TOYOTA HILUX #1,5MILLION

    TOYOTA O 3M

    TOYOTA PRADO 2,5MILLION

    Hiace Bus 1million

    ACURA MDX #1m200,000

    ACURA TL #1MILLION

    ACURA ZDX #1,5MILLION

    NISSAN MURANO #1m800,000

    NISSAN PATHFINDER #900,000

    NISSAN XTERA #950,000

    NISSAN ARMADA #4,5MILLION

    NISSAN PICANTO #400,000

    NISSAN ALMERA #450,000

    NISSAN SENTRA #700,000

    HONDA PILOT #950,000

    HONDA ODDYSEY #800,000

    HONDA ELEMENT #2MILLION

    HONDA ACCORD #950,000

    HONDA BABY BOY #700,000

    HONDA EVIL SPIRIT #850,000

    RANGE ROVER SPORT #4,8M

    LAND ROVER SPORT #2,5MILLION

    LAND ROVER DISCOVERY #3M

    LEXUS RX300 #700,000

    LEXUS RX330 #800,000

    LEXUS RX350 #1,2M

    LEXUS ES300 #850,000

    LEXUS ES330 #900,000

    LEXUS ES350 #1MILLION

    LEXUS GX460 #1,5M

    LEXUS GX470 #1,8M

    LEXUS LX570 #2,8M

    MERCEDES C200 #1,5M

    MERCEDES C230 #1,8M

    MERCEDES C250 #2M

    MERCEDES C300 2,5M

    MERCEDES 4MATIC 2,8M

    MERCEDES GLK 3M

    WE ALSO HAVE TRUCKS FOR SALE!!!! EVERY BUYER IS EXPECTED TO PAY FOR THE DOCUMENTS OF THE VEHICLES BEFORE THE DELIVERY WILL COMMENCE!!!! WE DELIVER NATION WIDE NOTICE INSTALMENTAL PAYMENT IS ALLOWED!!!!!! THANKS FOR PATRONIZING WITH US.!!!!!!!

Recent Posts

Gbadebo Rhodes-Vivour: Commercialisation Of GMO Seeds Can Take Away Nigeria’s Food Sovereignty, Cause Health Issues

Gbadebo Rhodes-Vivour has condemned the commercialisation of GMO seeds, warning of threats to Nigeria’s food…

10 hours ago

Usyk Defeats Fury on Points in Riyadh to Retain Heavyweight Championship Title

Oleksandr Usyk has secured victory over Tyson Fury in Riyadh, successfully defending his heavyweight championship…

15 hours ago

Albania to Ban TikTok for a Year After Schoolboy’s Death Sparks Concerns

Albania plans a one-year TikTok ban from January after a schoolboy’s death sparks concerns over…

18 hours ago

Suspect Remanded in Custody Over Deadly Attack at German Christmas Market

A suspect accused of killing five people by driving into a crowded Christmas market in…

18 hours ago

US Fighter Jet ShotDown in Red Sea ‘Friendly Fire’ Incident Amid Heightened Tensions

A US Navy F/A-18 Hornet was mistakenly shot down over the Red Sea by the…

19 hours ago

NNPC, Dangote Refinery Slash Petrol Prices to N899 Per Litre Amid Rising Competition

NNPC has reduced petrol ex-depot price to N899 per litre, sparking competition with Dangote Refinery…

19 hours ago