Connect with us

    Events

    President Tinubu at 2024 African caucus meeting: Nigeria Executing Bold Reforms To Tackle Multiple Global Economic Shocks

    Published

    5 months ago

    on

    President Tinubu at 2024 African caucus meeting: Nigeria Executing Bold Reforms To Tackle Multiple Global Economic Shocks

    President Bola Ahmed Tinubu has said his administration is currently undertaking bold economic policies to propel Nigeria’s economy out of the downturns occasioned by multiple shocks in the global economy.

    He also called for global cooperation among African countries to tackle their shared economic challenges and take advantage of opportunities.

    The President who spoke on Friday when he declared open the 2024 African Caucus Meeting held at the Transcorp Hotel, Abuja, noted that although Africa is grappling with “numerous challenges across economic, humanitarian and social spheres,” countries on the continent must take necessary measures to translate opportunities in natural resources and human capital into growth, innovation and collaboration.

    President Tinubu who was represented at the event by his deputy, Vice President Kashim Shettima said the African Caucus Meeting is an opportunity to brainstorm on the major “challenges and strategies for fostering inclusive growth and sustainable development in Africa”.

    Established in 1963 to strengthen the voice of African Governors in the Bretton Woods Institutions (BWIs), the African Caucus chaired by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, meets twice annually; first, in the host country of the Chairperson of the Caucus and secondly, at the venue of the Annual Meetings of the IMF and WBG.

    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.

    Delivering his address titled, “A Shared Vision for Africa’s Growth,” President Tinubu outlined ongoing efforts by his administration in Nigeria to address the global economic challenges.

    He urged African countries to improve the quality of life for people across the continent by ensuring that democracy, good governance, and economic institutions work together.

    The President said, “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.

    “Our reform efforts have been strategically focused on fostering fiscal and monetary efficiency, driving sustained long-term economic growth, and catalysing job creation in alignment with the SDGs’ priorities.

    “We remain committed to optimizing our economic potential, delivering favourable outcomes for our citizens, and ensuring the overall sustainable development of the regional economy. Our efforts are yielding positive results, with improved macroeconomic stability and increased investment.”

    President Tinubu further drew attention to the need to enhance international tax cooperation to combat illicit financial flows and ensure multinationals contribute fairly to economies on the continent.

    Seeking global cooperation in this regard, he said, “We need enhanced international tax cooperation to combat illicit financial flows and ensure that multinationals contribute fairly to our economies. We must also foster global economic cooperation to tackle shared challenges and leverage opportunities.

    “However, 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.”

    President Tinubu describes the caucus meeting as a vital platform to share experiences, forge partnerships, and chart a collective path forward.

    “Africa’s story is one of resilience, creativity, and hope. Indeed, we have made significant strides in recent years, with many of our nations achieving remarkable economic growth, social progress, and political stability.

    “Yet, obstacles such as increasing poverty, rising debt across many countries, inequality, and conflicts continue to widen the gap between our continent and the 2030 Agenda for Sustainable Development Goals. This is a matter of serious concern,” he added.

    In his welcome address, Chairperson of the Caucus/Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Edun, said, “Based on available data, 41 African countries are set for stronger growth of up to 3.8% from about 3.4% in 2022 and rising to 4.3% in 2025. These exceed the global average of about 3.2%.”

    On his part, Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, emphasized the significance of the meeting, saying Africa stands at a “crossroads with unprecedented opportunities for development alongside significant challenges.

    “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 added.

    For his part, African Union Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Ambassador Albert Muchanga, noted the importance of domestic resource mobilization.

    “We must see the African market as a viable channel for domestic resource mobilization to address the issue of the continent’s sustenance,” he noted.

    Speaking virtually, Director General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, provided a comprehensive analysis of Africa’s economic situation and potential.

    She emphasized the need for greater regional integration, just as she said, “According to UN data for 2021, only 13% of Africa’s goods trade was internal, compared to 21% for Southeast Asia, 39% for the US, Mexico, and Canada, and 60% for Europe.”

    Also, Deputy Secretary-General of the United Nations, Amina J. Mohammed, stressed the importance of trade facilitation, a Pan-African payment and settlement system, as well as increased access to energy and connectivity.

    She also addressed the challenges of public investment, saying “last year, an extraordinary 48% of government revenue in sub-Saharan Africa alone went to meeting debt payments.”

    On his part, Prime Minister of Rwanda, Dr. Edouard Ngirente, who emphasized the transformative potential of the AfCFTA, said, “We stand at a crucial moment in Africa’s economic history.

    “With coordinated efforts and unwavering determination, we can unlock the vast potential of intra-African trade and secure a prosperous future for our continent,” he assured.

    The Prime Minister called for concrete actions to remove trade barriers, harmonize regulations, and create a truly integrated African market.

    He stressed that these efforts would not only boost trade but also drive innovation, create jobs, and improve living standards across the continent.

    Also, a member of the UK House of Lords and keynote speaker at the event, Lord Paul Boateng, expressed worry that Africa has regressed in diversification and competitiveness over the last 20 years.

    “This has diminished the continent’s resilience to shocks and external volatility. From 5% of global trade at independence, it has now declined to 3%.”

    “We need to adopt aspects of the technological revolution that we are late to, such as blockchain technology and artificial intelligence, which have the potential to transform trade on the continent,” Boateng stated.

    Related Topics:
    Continue Reading
    Click to comment

    Leave a Reply

    Events

    Igbere Cultural Festival: Promoting Heritage and Unity

    Published

    1 week ago

    on

    January 6, 2025

    By

    Igbere Cultural Festival

    The Igbere Cultural Festival celebrates the ancestral heritage of 13 villages in Abia State, uniting communities through tradition and culture.

     

     

    Eminent entrepreneur and politician Chimaobi Anyaso has lauded the annual Igbere Cultural Festival for its role in preserving and promoting the rich heritage of the Igbere people.

    The festival, held in Bende Local Government Area of Abia State, is sponsored by the OUK Foundation, founded by Senator Orji Uzor Kalu.

    Speaking during the event at Amaiyi Village, Anyaso commended the former governor of Abia State for his unwavering support of the festival, which celebrates the ancestral practices of Igbere’s 13 villages.

    The event showcases the unique folklore, traditional cuisines, dances, hospitality, attire, and language nuances of each community.

    “This is a remarkable initiative to promote our forefathers’ culture, especially the positive aspects,” Anyaso said. “Senator Orji Uzor Kalu’s efforts to unite the people and celebrate our heritage are commendable.

    It’s a sacrifice that fosters reconnection with our roots and sets an example for others to emulate.”

    Anyaso urged both the government and private sectors to increase investments in Nigeria’s cultural and tourism industries, emphasising their potential for substantial economic returns.

    The 4th edition of the Igbere Cultural Festival, a two-day event, was held simultaneously across all 13 villages of Igbere: Agbo, Eziama, Amaukwu, Amakpo, Amankalu, Ibinanta, Amaofufu, Ibinaukwu, Umunsi, Okafia, Ohumola, Amaoji, and Amaiyi.

    The celebration featured an array of traditional activities, including local food processing, wrestling, drama, folklore, poetry, lectures, dancing, and beauty contests.

    Foreign tourists from the Republic of China also attended, enjoying the warm hospitality of the Igbere people, the pleasant weather, and the region’s scenic hilly landscape.

    Senator Orji Uzor Kalu, in a statement, highlighted the festival’s role in promoting unity, peace, and social interaction.

    “The cultural splendour of the 13 villages was once again reinvigorated, leaving a lasting impression on participants. This event is a testament to our historical existence and the importance of preserving our cultural heritage,” Kalu said.

    The festival not only strengthens community ties but also showcases Nigeria’s vibrant cultural diversity to a global audience, positioning it as a key event in the nation’s cultural tourism calendar.

    Continue Reading

    Events

    Destination Lagos Awards 2024: A night to celebrate culture, tourism, and excellence

    Published

    3 weeks ago

    on

    December 27, 2024

    By

    Destination Lagos Awards 2024

    Lagos celebrates tourism and culture with the Destination Lagos Awards 2024, honouring contributions to the city’s growth and development.

     

    Today, Friday, December 27, 2024, Lagos will shine once again with the highly anticipated Destination Lagos Awards 2024 and the glamourous beauty pageant, Oju-Ibile Eko, taking place at the John Randle Cultural Centre in Onikan.

    The event promises to be a spectacular celebration of the state’s cultural heritage, tourism, and the contributions of influential figures in the industry.

     

    Also read: Recognition awards celebrate exceptional service during black history month

     

    This year’s awards come on the heels of the IPADA Initiative Celebration 2024 fiesta, which has captivated global attention over the past ten days.

    The recent festivities included a host of exciting events such as the Lagos Boat Regatta 2024, where vibrant displays from Lagos’ five Ibile divisions dazzled audiences with intricately decorated boats, live performances, rowing competitions, and much more, leaving attendees with lasting memories of Lagos’ aquatic excellence and cultural vibrancy.

    The Destination Lagos Awards 2024 is the brainchild of renowned tourism expert Apata Nunanyon Sampson, the Project Director and National Vice President of the Association of Tourism Practitioners of Nigeria (ATPN).

    Sampson has worked tirelessly to position Lagos as a global tourism destination, and today, the event will honour the efforts of key stakeholders, including Lagos State Governor Mr. Babajide Sanwo-Olu, who will be recognised for his unparalleled commitment to the tourism sector.

    Sampson praised Governor Sanwo-Olu’s visionary leadership, which has significantly contributed to the development of Lagos’ tourism sector.

    “The Governor’s administration has been instrumental in promoting tourism in Lagos State. His vision for tourism development is unparalleled, and we are proud to recognise his efforts through the Destination Lagos Awards,” Sampson stated.

    Today’s event will not only spotlight the achievements of individuals and organisations in the tourism and hospitality industry, but also celebrate Lagos State’s diverse and rich cultural heritage.

    The activities lined up include cultural performances, an Art and Crafts exhibition showcasing the finest works of local artists and artisans, a Fashion Display featuring the latest trends in Lagos’ vibrant fashion scene, and a beauty pageant, Oju-Ibile Eko.

    There will also be an exclusive performance by the Indian community in Lagos, adding an international flair to the celebration.

    The Destination Lagos Awards 2024 will also provide a platform to recognise outstanding contributions to the growth and success of the hospitality sector, with awards set to be presented to key figures and organisations that have played a pivotal role in shaping Lagos as a global destination of choice.

    Speaking ahead of today’s event, Mr. Diwesh, Managing Director of Donias and Head of the Expatriate Communities Committee for the event, shared his excitement for the unique opportunity that this occasion represents.

    “The Destination Lagos Awards 2024 is a chance to showcase Lagos’ diverse cultural landscape and celebrate those who have contributed to its growth in tourism.

    We are committed to making this event a resounding success and reinforcing Lagos’ position as a premier global destination,” he said.

    The Destination Lagos Awards 2024 promises to be an unforgettable event that highlights the best of Lagos’ culture, tourism, and hospitality sectors while cementing the state’s reputation as the Centre of Excellence.

    Continue Reading

    Events

    Samuel Nwajagu makes history as First African Mister international winner

    Published

    4 weeks ago

    on

    December 17, 2024

    By

    Samuel Nwajagu Mister International

    Samuel Nwajagu made history as the first African to win Mister International, taking the title in Bangkok, Thailand, on December 14, 2024.

     

     

    Nigerian model Samuel Nwajagu has made history by becoming the first African to win the prestigious Mister International title.

    The groundbreaking achievement occurred at the 16th edition of the global competition, held in Bangkok, Thailand, on Saturday, 14th December 2024.

     

    Also read: Top 10 most spoken languages in the world 2024

     

    The event, which drew 47 contestants from around the world, saw Nwajagu rise to the top amidst fierce competition. His victory is not only a personal triumph but also a significant moment for African representation in international beauty pageants.

    Nwajagu’s journey to the global stage began earlier in the year when he was crowned Mister International Nigeria in July 2024, securing his place in the Mister International competition in Thailand.

    This victory was a result of months of preparation, dedication, and his innate charisma, which captivated both the judges and audiences throughout the event.

    In the grand finale, Nwajagu went head-to-head with two top finalists: Nguyễn Mạnh Lân from Vietnam and Glenn Victor Sutanto from Indonesia.

    The three competed in various segments, showcasing their modelling skills, physical fitness, and personality. Ultimately, Nwajagu emerged as the winner, marking a historic milestone for Africa in the realm of global pageantry.

    The Mister International competition is known for its emphasis on not just physical appearance but also character, leadership, and social responsibility. Nwajagu’s win serves as an inspiration to aspiring models and young people across the African continent, reinforcing the importance of confidence, dedication, and hard work in pursuing global recognition.

    As the newly crowned Mister International, Nwajagu’s victory is expected to open doors for further international opportunities in modelling and ambassadorial roles.

    His achievement continues to raise the profile of African talents on the world stage, proving that Africa’s presence in international competitions is stronger than ever.

    Continue Reading

    Trending