State House Press Release (Part)
President Tinubu at 2024 African Caucus Meeting:
Nigeria executing bold reforms to tackle multiple global economic shocks
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| Vice President, Kashim Shettima, stands for President Asiwaju Bola Ahmed Tinubu, at the African Caucus Meeting 2024 at the Transcorp Hilton Hotel, Abuja, Nigeria. Photo: @FMINONigeria |
President Bola Ahmed Tinubu has 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.
The President who spoke on Friday when he declared open the 2024 African Caucus Meeting held at the Transcorp Hotel, Abuja, 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.
President Tinubu who was represented at the event by his deputy, Vice President Kashim Shettima said the African Caucus Meeting is an opportunity to brainstorm on the major “challenges and strategies for fostering inclusive growth and sustainable development in Africa”.
Delivering his address titled, “A Shared Vision for Africa’s Growth,” President Tinubu 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.
The President 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.”
Speaking virtually, Director General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, provided a comprehensive analysis of Africa’s economic situation and potential.
She emphasized the need for greater regional integration, just as she said, “According to UN data for 2021, only 13% of Africa’s goods trade was internal, compared to 21% for Southeast Asia, 39% for the US, Mexico, and Canada, and 60% for Europe.”
Stanley Nkwocha
Senior Special Assistant to The President on Media & Communications
(Office of The Vice President)
2nd August, 2024
