President Bola Tinubu says his administration has implemented bold policies that are yielding good results by propelling Nigeria’s economy out of the downturns occasioned by multiple shocks in the global economy.
Speaking through Vice-President Kashim Shettima at the 2024 African Caucus Meeting at Transcorp Hotel, Abuja, Tinubu highlighted the government’s strategic economic reforms.
“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.
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”We believe it is a path of recovery and resilience through significant economic transformation.
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”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,” he said.
According to the President, his administration remains committed to optimising the nation’s economic potential to deliver favourable outcomes for citizens.
Tinubu also said that his government would ensure the overall sustainable development of the regional economy.
”Our efforts are yielding positive results, with improved macroeconomic stability and increased investment,” he said.
The President urged African nations to enhance the quality of life across the continent by ensuring that democracy, good governance, and robust economic institutions work in tandem. He also emphasized the importance of international tax cooperation to curb illicit financial flows and ensure multinationals contribute fairly to African economies.
“We must enhance international tax cooperation to tackle illicit financial flows and ensure fair contributions from multinationals,” he said. “Global economic cooperation is crucial to address shared challenges and seize opportunities, but we must also take responsibility for our development by implementing necessary structural and fiscal reforms.”
Tinubu praised the African Caucus Meeting as an essential platform for sharing experiences, forging partnerships, and charting a collective path forward. He acknowledged Africa’s resilience, creativity, and hope, noting significant strides in economic growth, social progress, and political stability. However, he expressed concern over persistent issues such as poverty, rising debt, inequality, and conflicts, which threaten the achievement of the 2030 Agenda for Sustainable Development Goals.
Finance Minister Wale Edun, also the Chairperson of the African Caucus, highlighted data showing that 41 African countries are poised for stronger growth, projecting up to 3.8% growth from 3.4% in 2022, and potentially reaching 4.3% by 2025, surpassing the global average of about 3.2%.
Central Bank of Nigeria Governor Olayemi Cardoso emphasized the significance of the meeting, stating that Africa stands at a crossroads with unprecedented development opportunities and significant challenges. “To navigate this complex landscape and set the continent on a sustainable growth path, we must leverage global support,” Cardoso said.
World Trade Organisation Director-General Dr. Ngozi Okonjo-Iweala, speaking virtually, provided an in-depth analysis of Africa’s economic situation and potential, stressing the need for greater regional integration.
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