President Bola Tinubu on Friday urged the global community to support African countries, including Nigeria, in addressing the massive issue of illicit financial flows, which cost the continent up to $50 billion annually. Speaking at the 2024 African Caucus meeting in Abuja, Tinubu emphasized the need for enhanced international tax cooperation and structural reforms to boost long-term economic growth and leverage global opportunities.
Thank you for reading this post, don't forget to subscribe!The African Caucus, established in 1963 to tackle economic challenges within the International Monetary Fund (IMF) and World Bank Group member nations, convened for the first time in Nigeria. The theme of this year’s meeting is “Facilitating Intra-African Trade: Catalyst for Sustainable Economic Growth in Africa.”
Tinubu highlighted the continent’s struggles with poverty, debt, and inequality, stressing that addressing these issues is crucial for achieving the 2030 Sustainable Development Goals. He also detailed Nigeria’s bold economic reforms aimed at improving fiscal and monetary efficiency and job creation.
Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), noted that the African Continental Free Trade Area (AfCFTA) presents a new opportunity for economic growth, despite intra-African trade currently representing only 13% of total trade. Cardoso emphasized the need for sound monetary and fiscal policies to support this initiative and enhance trade.
Ngozi Okonjo-Iweala, Director General of the World Trade Organisation (WTO), echoed the call for greater regional integration and regional trade expansion. She pointed out that only 13% of Africa’s goods trade is internal, compared to higher percentages in other regions, and emphasized the need for macroeconomic reform and leveraging Africa’s comparative advantages.
Finance Minister Wale Edun, Chairperson of the Caucus, reported that 41 African countries are projected to exceed the global growth average of 3.2% in 2024, reaching up to 3.8%, with further growth expected in 2025.
