Nigeria has called on African nations to work together to address shared economic challenges and boost intra-continental trade.
The appeal came from Vice President Kashim Shettima, speaking on behalf of President Bola Tinubu at the 2024 African Caucus Meeting in Abuja.
The theme of this year’s meeting, “Facilitating Intra-African Trade: Catalyst for Sustainable Economic Growth in Africa,” reflects the collective commitment of member countries to moving the continent forward economically.
Mr Shettima said the Nigerian government was implementing “bold economic reforms” to steer the country’s economy towards recovery and resilience.
“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,” he said, delivering President Tinubu’s address.
The Vice President emphasised the need for enhanced international tax cooperation to combat illicit financial flows.
“We need enhanced international tax cooperation to combat illicit financial flows and ensure that multinationals contribute fairly to our economies,” he stated.
Mr Shettima also stressed the importance of domestic reforms, adding: “We must also acknowledge the need to take responsibility for our own development by undertaking the difficult structural and fiscal reforms required to boost long-term growth and enable reinvestment into our economies through infrastructure and effective social spending.”
The meeting, chaired by Nigeria’s Finance Minister Wale Edun, brought together African finance ministers and central bank governors to discuss strategies for fostering inclusive growth and sustainable development.
Mr Edun said 41 African countries were projected to see stronger growth of up to 3.8% in 2024, rising to 4.3% in 2025, exceeding the global average.
However, challenges remain. Lord Paul Boateng, a member of the UK House of Lords, expressed concern that Africa’s share of global trade had declined from 5% at independence to 3% today.
World Trade Organisation Director-General Ngozi Okonjo-Iweala, speaking virtually, highlighted the need for greater regional integration. She noted that only 13% of Africa’s goods trade was internal, compared to 60% for Europe.
The African Continental Free Trade Area (AfCFTA) was identified as a key tool for boosting intra-African trade and driving economic growth.
Despite the optimistic growth projections, speakers acknowledged ongoing challenges including poverty, rising debt, and inequality across the continent.
The meeting comes as many African countries grapple with the economic fallout from global shocks, including the Covid-19 pandemic and the conflict in Ukraine.
Established in 1963, the African Caucus aims to strengthen the voice of African Governors in the Bretton Woods Institutions. It meets twice annually, with this year’s theme focusing on “Facilitating Intra-African Trade: Catalyst for Sustainable Economic Growth in Africa”.
The gathering provided a platform for African nations to share experiences, forge partnerships, and chart a collective path forward in addressing economic challenges and leveraging opportunities for sustainable development.
