The Nigerian government has restated its resolve to lead collaborations that would set the stage for transformative trade policies that will resonate across the African continent and beyond.
This was disclosed at the 2024 African Caucus Meeting, being held in Abuja, Nigeria.
Speaking at the event, the Nigerian President, represented by the Vice president Kashim Shettima said Africa must improve the quality of life of its people.
“Africa’s story is one of resilience, creativity, and hope. Indeed, we have met significant strides in recent years with many of our nation’s 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 indeed a matter of serious concern. Your Excellencies, ladies and gentlemen, this caucus meeting provides us with the opportunity to examine and discuss the main challenges and strategies for fostering inclusive growth and sustainable development in Africa by ensuring that democracy, good governance, and economic institutions work together, so that we can improve the quality of life across the continent.”
The Minister of Finance and the Cordinating minister of the economy, Mr. Wale Edun, said the gathering brings together leaders and experts from across the continent to address critical challenges and opportunities, including payment ecosystems, connectivity, energy access, trade facilitation, and multilateral development banks.
“Based on available data, 41 African countries are set for stronger growth of up to 3.8% from about 3.4% in 2022 and rising to 4.3% in 2025. These exceed the global average of about 3.2%.”
Meanwhile, the governor, Central Bank of Nigeria, Mr. Olayemi Cardoso, said the monetary authorities will formulate policies that enhance trade among countries on the continent remains focal to its mandate.
“We can achieve this by fostering a financial landscape that encourages collaborative research and development (R&D) to support our industries and generate economic wealth for our growing populations. Decisions on currency convertibility, cross border transactions, payment systems, cross border movements of our peoples, goods, and services, as well as financial policy, will be instrumental to determining the success of the AFCTA.”
Cardoso assured delegates from across the continent and beyond, of Nigeria’s commitment to the vision of a united and economically integrated Africa.
“It is crucial that monetary and fiscal policies provide robust responses to mitigate the risks of rising inflation and the lingering effects of adverse supply shocks, which have significantly impacted our economies. I encourage us to share insights on our respective country experiences, working together in the spirit of unity that defines our continent. As we reflect on these issues, let us commit to a deeper understanding of these challenges and collaborate effectively to address them”.
The theme of the Africa caucus 2024 meeting is “Facilitating Intra-African Trade: Catalyst for Sustainable Economic Growth in Africa.”
