By Linus Okpeh
President Bola Tinubu has called on African countries to evolve effective collaboration and speak with one voice in leveraging on the continent’s potential to address endemic poverty, unemployment and other developmental challenges.
President Tinubu was speaking in a message to the 2024 African Caucus meeting of Ministers of Finance and Governors of Central Banks held in Abuja.
The 2024 Caucus Meeting of African Ministers of Finance and Governors of Central Bank has as its theme: “Facilitating intra-African Trade: catalyst for sustainable economic growth in Africa”.
The cardinal objective of the meeting is for Africa to fashion out a common voice at meetings of multilateral development banks with a view to optimizing support by those banks in attaining the African agenda.
Consequently, areas of focus for the meeting include strengthening Pan-African payment Eco-systems, enhancing connectivity, ensuring energy access and advancing trade facilitation by working out a just and equitable Transaction Framework.
Declaring the meeting open, President Tinubu, represented by the Vice President, Kashim Shetima remarked that Africa generally faces humanitarian and other development challenges and needed a common voice to overcome them.
“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,” he said.
The vice president said the present administration is currently undertaking bold economic policies to propel Nigeria’s economy out of the downturns occasioned by multiple shocks in the global economy.
In an address, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edu described the meeting as an ample platform for Africa to shape its collective agenda towards economic prosperity.
On his part, the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso said Africa now stands on the threshold of a new era in African Economic cooperation through the Continental Free Trade Area, which he explained remained the largest of such agreement in the world.
“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,” Mr Cardoso noted.
The Governor, Bank of South Sudan and Chairman of the East Africa Community, Dr James Alic-Garang said Africa was calling for reform of the global financial framework.
Another area Dr. Garang explained was access to funding where the World Bank and the African Development Bank have crucial roles to play in supporting Africa.
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