Bolaji Ogundele, Abuja


President Bola Tinubu on Monday, April 29, disclosed that the Nigerian economy has escaped the phase of sabotage, as his administration continues to pursue its target of ending the reign of economic saboteurs working against the nation’s progress.
President Tinubu, who disclosed this at the meeting of African Heads of State and Government on the 21st Replenishment of the International Development Association (IDA21) in Nairobi, also declared that Nigeria is set to harness the potential of its youthful population to transform into a global digital economy powerhouse.

Represented by Vice President Kashim Shettima at the meeting, the President also hinted at the nation’s plans to become a global hub for outsourcing talent within the digital and creative economy.

This is just as African Heads of State and Government committed countries on the continent to strengthen implementation capacities, mobilising domestic resources, and partnering effectively with IDA to accelerate the continent’s economic transformation.

According to a statement issued by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, President Tinubu informed other African leaders of the sweeping reforms implemented by his administration to curb illicit activities and currency manipulation that had long hindered the nation’s progress.

“Since assuming office, President Tinubu has remained steadfast in fulfilling his promise to end the reign of economic saboteurs who have long exploited and hindered the progress of our nation. I am pleased to report that our economy has escaped the phase of sabotage,” the President noted.

President Tinubu also reiterated Nigeria’s plans to build a vast digital market capable of absorbing cutting-edge innovations and technologies, positioning the country as a hub for outsourcing talent in the digital and creative economy spheres.

“Being a young country with a median age of about 18, our interventions in the digital economy have been so extensive that we are no longer boasting of having the most unicorns, but preparing to serve as a global hub for outsourcing talents,” the President stated in his submission titled “The Path to Recovery: Nigeria’s Journey Beyond Sabotage”, which was delivered to the Summit by VP Shettima

Alongside the digital transformation agenda, President Tinubu said Nigeria is committed to prioritizing climate resilience and becoming an attractive destination for carbon market investments.

“The tensions resulting from climate-induced disruptions serve as a pressing call to action. The profound impact of climate change on our continent’s security underscores our dedication to transforming innovative concepts from conference discussions into tangible actions. We aim to become an investment-friendly destination for carbon market investments,” the organ was informed.

He expressed Nigeria’s belief that the summit’s communiqué would reflect the collective needs of African and IDA countries, capturing their “nuances, consensus, dreams, and projections.”

President Tinubu listed key priorities for Nigeria’s economic recovery in his administration’s Renewed Hope Agenda, anchored on poverty alleviation, to include economic expansion, job creation, enhanced access to capital, food security, and inclusivity.

He also stressed the importance of regional economic integration through instruments like the African Continental Free Trade Area (AfCFTA) Agreement to dismantle investment barriers and facilitate access to international markets.

“Our path to the future depends on nurturing strategic partnerships with other nations and development organizations. Therefore, we will utilize our absolute and comparative advantages to establish partnerships across borders,” the President said.

Earlier in his opening remarks, the President of Kenya, William Ruto, said the summit was urgent because it was “convened at a critical juncture facing a convergence of global crises which include escalating geopolitical tensions that challenge international unity, a deepening development and debt crisis that threatens our economic stability, and an urgent climate emergency that demands immediate and collective action for our planet’s survival.”

He gave instances of the devastating impact of severe flooding in the East African region which, according to him, has displaced thousands in Nairobi alone, and the vulnerability of the continent to extreme weather patterns, which points to the critical role of the IDA in financing Africa’s development and stability.

“This new normal demands our immediate and united action to safeguard our collective future. This underscores the critical role of the IDA for Africa Summit as a cornerstone for financing for Africa. IDA has directed 75% of its total commitment which is nearly $26 billion to Africa in the last fiscal year with African countries comprising 8 of IDA’s top 10 borrowers. This support is not just financial but it’s a lifeline for development and stability,” President Ruto said.

Also speaking, the World Bank President, Ajay Banga, expressed optimism about Africa’s potential, saying “it’s very easy to feel hopeful when we’re together anywhere in Africa,” adding that you feel the infectious energy of young people.”

Banga affirmed the IDA’s commitment to accelerating progress on the continent, vowing to “move with urgency and purpose,” while making the institution more efficient and impactful.

“We stand at the crossroads of a new era of growth and prosperity for Africa,” he said.

At the end of the Summit, African Heads of State and Government adopted a joint communique committing countries on the continent to accelerate the continent’s economic transformation by strengthening implementation capacities, mobilising domestic resources, and partnering effectively with IDA.

They also called for an ambitious replenishment of the International Development Association (IDA) to support the continent’s development goals.

The Nairobi Communique described IDA as Africa’s largest source of concessional financing, outlining priorities for IDA21 to include building human capital, creating jobs, boosting energy and digital access, enhancing resilience to climate change and fragility, and promoting inclusive growth policies.

Islie:



https://thenationonlineng.net/nigerias-economy-has-escaped-the-phase-of-sabotage-tinubu/

Nlfpmod

helinues:
No be lie

-1). Unilever announced the exit of its home care and skin cleansing from Nigeria; in July 2023.
-2). Nigeria’s second-biggest drug producer and British pharmaceutical giant, GlaxoSmithKline Consumer Nigeria Plc, announced an end to manufacturing operations in Nigeria;

-3). French pharmaceutical multinational, Sanofi, announced its decision to quit Nigeria; in November,
-4). Equinor Nigeria Energy Company (ENEC), a Norwegian energy corporation announced the sale of its Nigerian operations, and
-5). Procter & Gamble (P&G) announced its decision to shut manufacturing in Nigeria.

The challenges faced by local and multinational manufacturers in Nigeria have been power crisis, constant devaluation of naira, forex availability and stringent government policies.

The president of the Manufacturers Association of Nigeria (MAN) said that some international manufacturing firms had already exited Nigeria as a result of the power crisis, coupled with the unpredictability of the country’s foreign exchange rate before it was recently unified.
https://leadership.ng/140-yr-old-pz-cussons-considers-leaving-africa-over-nigerias-sales-plunge/#google_vignette

Racoon: