Tinubu: We’re Executing Bold Reforms to Tackle Multiple Global Economic Shocks
Deji Elumoye in Abuja
President Bola Tinubu yesterday declared that his administration was undertaking bold economic policies to propel the nation’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 optimising 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.
Tinubu, who was represented at the event by Vice President Kashim Shettima, said the African Caucus Meeting was 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.
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, Edun, said, “Based on available data, 41 African countries are set for stronger growth of up to 3.8 per cent from about 3.4 per cent in 2022 and rising to 4.3 per cent in 2025. These exceed the global average of about 3.2 per cent.”
On his part, Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, emphasised 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.
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.
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 per cent of government revenue in sub-Saharan Africa alone went to meeting debt payments.”
On his part, Prime Minister of Rwanda, Dr. Edouard Ngirente, who emphasised the transformative potential of the AfCFTA, said, “We stand at a crucial moment in Africa’s economic history.
