President Bola Tinubu has called on African nations to unify their efforts and leverage the continent’s potential to address pervasive poverty, unemployment, and other developmental challenges.
In a message delivered to the 2024 African Caucus meeting of Ministers of Finance and Governors of Central Banks in Abuja on Friday, President Tinubu emphasized the need for a cohesive approach to tackle these issues.
The 2024 Caucus meeting, themed “Facilitating Intra-African Trade: Catalyst for Sustainable Economic Growth in Africa,” aims to develop a unified voice for Africa in meetings with multilateral development banks. This strategy is intended to optimize support from these banks to achieve the African agenda.
Key areas of focus at the meeting include strengthening pan-African payment ecosystems, enhancing connectivity, ensuring energy access, and advancing trade facilitation within a just and equitable transactional framework.
Opening the meeting, Vice President Kashim Shettima, representing President Tinubu, highlighted the importance of a unified approach to overcome the continent’s challenges. “Africa’s story is one of resilience, creativity, and hope. We have made significant strides in economic growth, social progress, and political stability. However, increasing poverty, rising debt, inequality, and conflicts remain serious concerns,” Shettima stated.
Vice President Shettima also mentioned that the administration is implementing bold economic policies to rejuvenate Nigeria’s economy amid global economic shocks.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edu, described the meeting as a crucial platform for Africa to shape its collective agenda towards economic prosperity.
Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, highlighted the significance of the African Continental Free Trade Area (AfCFTA), noting that it represents the largest trade agreement in the world and marks a new era in African economic cooperation. “To navigate this complex landscape and set the continent on a path of sustainable economic growth, we must leverage the support of our global partners,” Cardoso stated.
Dr. James Alic Garang, Governor of the Bank of South Sudan and Chairman of the East Africa Community, called for reforms in the global financial framework. He emphasized the crucial role of the World Bank and the African Development Bank in providing the necessary funding to support Africa’s development.
The meeting underscored the necessity for African countries to present a united front in addressing their socio-economic challenges and maximizing the benefits of global economic partnerships.
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