Mr Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has urged African countries to leverage the support of global partners for sustainable economic growth.
Cardoso said this on Friday in Abuja, at the 2024 African Caucus Meeting with the theme, “Facilitating Intra-African Trade: Catalyst for Sustainable Economic Growth in Africa”.
BRANDPOWER reports that the African caucus is a meeting of finance ministers and central bank governors from across the continent.
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It meets once a year between July and August at the initiative of its Chairman, who is presently the Nigerian Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The purpose of the annual meeting of the caucus is to coordinate and harmonise the positions of the African governors concerning the annual memorandum.
The memorandum is usually presented on the occasion of the annual meetings of the International MonetaryFund(IMF/World Bank.
According to Cardoso, the theme of the 2024 meeting us indeed timely and fitting.
He said that Africa stood at a crossroads, with unprecedented opportunities for development alongside significant challenges.
“To navigate this complex landscape and set the continent on a path of sustainable economic growth, we must leverage the support of our global partners.
“This is where the IMF.and the World Bank Group (WBG) play a critical role. Their expertise and resources can provide the essential impetus needed to unlock the continent’s vast potential,” he said.
He said that the continent now stood on the threshold of a new era in economic cooperation through the African Continental Free Trade Area (AfCFTA)
“AfCTA is the largest such agreement in the world by both area and number ofcountries.
“According to data from the World Trade Organisation, intra-African trade accounts
for an estimated 13 per cent of the continent’s total trade, compared to 60 per cent in Europe and 40 per cent in North America.
“This indicates that significant efforts
are needed to build a robust, economically diversified, and prosperous Africa.
“As monetary authorities, we have the responsibility to formulate policies that
enhance trade among countries on the continent.
”We can achieve this by fostering a financial landscape that encourages collaborative research and development to support our industries and generate economic wealth for our growing populations ” Cardoso said.
According to him, decisions on currency convertibility, cross border transactions, payment systems, cross border movements of our peoples, goods, and services, as well as financial policy, will be instrumental to determining the success of AfCTA.
He urged African countries to share experiencs, and take useful lessons from experiences of countries in their peer groups to address individual national challenges.
“Nigeria, like many other African countries, faces economic challenges.
” Nonetheless, we are committed to the vision of a united and economically integrated Africa.
“By sharing our experiences, including both successes and setbacks, we aim to contribute to paving the path toward sustainable and inclusive economic growth that benefits all citizens across the continent.
“I, therefore, hope for open, frank, and constructive dialogues during our sessions. Let us leverage our diverse experiences and expertise to tackle the obstacles hindering intra-African trade,” he said.
