Tinubu: Our Youths Will Transform Nigeria into Digital Economy Powerhouse

•African nations commit to greater financing, digital access at IDA21 Summit

•Resolve to mobilise domestic resources for continent’s economic progression

Deji Elumoye in Abuja

President Bola Tinubu yesterday, declared that Nigeria was set to harness the potential of its youthful population to transform into a global digital economy powerhouse.

He also hinted of the country’s plan to become a global hub for outsourcing talent within the digital and creative economy.

The President who was represented by Vice President Kashim Shettima, made the submission at the meeting of African Heads of State and Government on the 21st Replenishment of the International Development Association (IDA21) in Nairobi, Kenya.

This was just as African Heads of State and Government committed countries on the continent to strengthen implementation capacities, mobilising domestic resources, and partnering effectively with IDA to accelerate the continent’s economic transformation.

Tinubu, also reiterated Nigeria’s plan to build a vast digital market capable of absorbing cutting-edge innovations and technologies, positioning the country as a hub for outsourcing talent in the digital and creative economy spheres.

The President in a speech titled: “The Path to Recovery: Nigeria’s Journey Beyond Sabotage”, which was delivered at the Summit by Shettima stated: “Being a young country with a median age of about 18, our interventions in the digital economy have been so extensive that we are no longer boasting of having the most unicorns, but preparing to serve as a global hub for outsourcing talents.”

Tinubu, informed other African leaders of the sweeping reforms implemented by his administration to curb illicit activities and currency manipulation that had long hindered the nation’s progress.

“Since assuming office, President Tinubu has remained steadfast in fulfilling his promise to end the reign of economic saboteurs who have long exploited and hindered the progress of our nation. I am pleased to report that our economy has escaped the phase of sabotage,” Shettima noted.

Alongside the digital transformation agenda, President Tinubu said Nigeria is committed to prioritizing climate resilience and becoming an attractive destination for carbon market investments.

“The tensions resulting from climate-induced disruptions serve as a pressing call to action. The profound impact of climate change on our continent’s security underscores our dedication to transforming innovative concepts from conference discussions into tangible actions. We aim to become an investment-friendly destination for carbon market investments,” the organ was informed.

He expressed Nigeria’s belief that the summit’s communiqué would reflect the collective needs of African and IDA countries, capturing their “nuances, consensus, dreams, and projections.”

Tinubu listed key priorities for Nigeria’s economic recovery in his administration’s Renewed Hope Agenda, anchored on poverty alleviation, to include economic expansion, job creation, enhanced access to capital, food security, and inclusivity.

He also stressed the importance of regional economic integration through instruments like the African Continental Free Trade Area (AfCFTA) Agreement to dismantle investment barriers and facilitate access to international markets.

“Our path to the future depends on nurturing strategic partnerships with other nations and development organizations. Therefore, we will utilise our absolute and comparative advantages to establish partnerships across borders,” the President said.

Earlier in his opening remarks, President William Ruto of Kenya, said the summit was urgent because it was “convened at a critical juncture facing a convergence of global crises which include escalating geopolitical tensions that challenge international unity, a deepening development and debt crisis that threatens our economic stability, and an urgent climate emergency that demands immediate and collective action for our planet’s survival.”

He gave instances of the devastating impact of severe flooding in the East African region which, according to him, has displaced thousands in Nairobi alone, and the vulnerability of the continent to extreme weather patterns, which points to the critical role of the IDA in financing Africa’s development and stability.

“This new normal demands our immediate and united action to safeguard our collective future. This underscores the critical role of IDA for Africa Summit as a cornerstone for financing for Africa. IDA has directed 75 per cent of its total commitment which is nearly $26 billion to Africa in the last fiscal year with African countries comprising eight of IDA’s top 10 borrowers. This support is not just financial but it’s a lifeline for development and stability,” President Ruto said.

Also speaking, World Bank President, Ajay Banga, expressed optimism about Africa’s potential, saying “it’s very easy to feel hopeful when we’re together anywhere in Africa,” adding that “you feel the infectious energy of young people.”

Banga, affirmed the IDA’s commitment to accelerating progress on the continent, vowing to “move with urgency and purpose,” while making the institution more efficient and impactful.

“We stand at the crossroads of a new era of growth and prosperity for Africa,” he said.

At the end of the Summit, African Heads of State and Government adopted a joint communique committing countries on the continent to accelerate the continent’s economic transformation by strengthening implementation capacities, mobilising domestic resources, and partnering effectively with IDA.

They also called for an ambitious replenishment of the International Development Association (IDA) to support the continent’s development goals.

The Nairobi Communique described IDA as Africa’s largest source of concessional financing, outlining priorities for IDA21 to include building human capital, creating jobs, boosting energy and digital access, enhancing resilience to climate change and fragility, and promoting inclusive growth policies.