President Bola Tinubu has said the economic reforms undertaken by his administration are yielding positive results.
Tinubu said this on Friday, when he declared open the 2024 African Caucus Meeting, in which he was represented by vice president, Kashim Shettima, in the Federal Capital Territory (FCT), Abuja.
The president also said 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.
“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”, Tinubu said.
“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.”
“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”.
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,” Shettima 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,” the president further stated.
