Our policies will foster economic growth – Tinubu

"As a government, we have initiated bold economic reforms aimed at steering our economy away from downturns caused by multiple shocks in the global economy," Vice President Shettima said this while representing President Bola Tinubu at the Transcorp Hotel in Abuja. 

"Our reform efforts have been strategically focused on fostering fiscal and monetary efficiency, driving sustained long-term economic growth, and catalyzing job creation in alignment with the SDGs' priorities," he added.

The Vice President claims that in order to maximize the country's economic potential and provide positive results for its people, their administration is still dedicated to this goal.

He called on African nations to raise the standard of living for their citizens all over the continent. The President through his vice, also emphasized how important it was for African leaders to make sure that economic institutions, democracy, and good governance are all integrated. In order to stop illicit financial flows and make sure multinational corporations contributed equitably to the continent's economies, he called attention to the necessity of strengthening international tax cooperation.

"In order to stop illegal money flows and make sure that multinational corporations contribute fairly to our economy, we need to strengthen international tax cooperation. "To address common challenges and seize opportunities, we must also promote international economic cooperation. That being said, we must also accept that we must be accountable for our own development and carry out the challenging structural and fiscal reforms necessary to support long-term growth." According to Shettima, the caucus gathering is an essential forum for exchanging experiences, forming alliances, and determining a shared future course. The tale of Africa is one of tenacity, inventiveness, and hope. Yes, we have come a long way in the last few years, with many of our countries experiencing exceptional political stability, social advancement, and economic success.

However, barriers including growing rates of poverty, mounting national debt, inequality, and conflicts persist in creating a greater distance between our continent and the 2030 Agenda for Sustainable Development Goals. He went on, "This is a serious concern." The Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun, stated that research showed 41 African countries were expected to expand at a faster rate of up to 3.8 percent, up from roughly 3.4 percent in 2022 and reaching 4.3 percent in 2025. These were more than the 3.2% global average, according to Edu, who also serves as the African Caucus Chairperson.

The meeting was deemed significant by Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria. "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," he stated, noting that Africa was at a "crossroads with unprecedented opportunities for development alongside significant challenges."

The World Trade Organization (WTO) Director-General, Dr. Ngozi Okonjo-Iweala, gave a thorough assessment of Africa's economic prospects and state via virtual speech. Just 13% of Africa's products trade, according to UN data for 2021, were domestic, compared to 21% in Southeast Asia, 39% in the US, Mexico, and Canada, and 60% in Europe, the speaker stated.

The UN Deputy Secretary-General, Ms. Amina Mohammed, emphasized the significance of trade facilitation and a Pan-African payment and settlement framework. She also emphasized the need for improved connectivity and energy access.