Tinubu highlights the positive results from recent policies, emphasizing the achievements and progress under his administration.
President Bola Tinubu asserts that his administration’s courageous policies are producing positive outcomes by helping Nigeria’s economy recover from the setbacks caused by various shocks in the international economy.
The government’s strategic economic reforms were highlighted by Tinubu at the 2024 African Caucus Meeting held in Transcorp Hotel, Abuja. This was conveyed through Vice-President Kashim Shettima.
We, as a government, have taken decisive action by implementing significant economic reforms to redirect our economy from the negative impacts brought about by multiple global shocks.
We hold the belief that a substantial economic transformation is necessary for achieving recovery and resilience.
He stated that our efforts to reform have been targeted towards promoting fiscal and monetary effectiveness, encouraging consistent long-term economic development, and spurring job generation in line with the SDGs’ objectives.
The President reassured that his administration is dedicated to maximizing the country’s economic capability in order to produce advantageous results for its citizens.
Tinubu further emphasized that his administration will guarantee the comprehensive and enduring growth of the local economy.
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He stated that their endeavors are producing favorable outcomes, with enhanced macroeconomic steadiness and escalated investment.
The President called upon African countries to improve the standard of living on the continent through a collaborative effort between democracy, good governance, and strong economic systems.
Additionally, he stressed that international tax cooperation was vital in preventing unauthorized financial activities and promoting fair contribution from multinational corporations towards African economies.
He stated that it is imperative to improve international tax collaboration in order to combat illicit monetary movements and guarantee proper contributions from multinational corporations.
He also emphasized the significance of global economic cooperation in addressing common issues and grasping opportunities, while taking accountability for development by executing essential structural and fiscal reforms.
Tinubu hailed the African Caucus Meeting as an indispensable forum for exchanging viewpoints, establishing alliances, and mapping out a joint course of action. He lauded Africa’s strength, ingenuity, and optimism while pointing out noteworthy accomplishments in financial expansion, societal advancement, and governmental steadiness.
Nonetheless, he voiced unease about enduring predicaments such as destitution, escalating liabilities disparity and strife that put into peril the accomplishment of Sustainable Development Goals by 2030.
The Chairperson of the African Caucus, Finance Minister Wale Edun, shed light on data indicating that 41 nations in Africa are geared for enhanced economic growth.
According to projections, these countries could experience a rise from the current 3.4% growth rate to up to 3.8% by next year and potentially achieve an impressive surge reaching levels as high as 4.3%, putting them ahead of the worldwide average standing at around 3.2%.
The importance of the meeting was stressed by Olayemi Cardoso, Governor of Nigeria’s Central Bank. He pointed out that Africa currently faces both remarkable opportunities for development and considerable challenges, making it a crucial juncture in its history.
In order to steer through this convoluted terrain and establish sustained growth in the region, we must rely on external backing – according to Cardoso’s statement.
Delivering a virtual address, Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation (WTO), extensively examined Africa’s economic state and potential while emphasizing the importance of heightened regional unity.
