African leaders convened at the 2024 African Caucus Meeting in Abuja, where they outlined a bold roadmap for sustainable economic growth.
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, announced that 41 African nations are poised for stronger economic performance in 2024, projecting growth rates to rise from 3.4% in 2022 to an impressive 3.8%, with expectations of reaching 4.3% by 2025.
This growth trajectory is set to surpass the global average of approximately 3.2%.
The theme of this year’s gathering, “Facilitating Intra-African Trade: Catalyst for Sustainable Economic Growth in Africa,” echoed the urgent need for collaboration and innovation. Edun, who chairs the African Caucus—an influential body established in 1963 to amplify African voices in the International Monetary Fund and World Bank—emphasized the critical role of intra-African trade as a driver of economic resilience.
Governor Yemi Cardoso of the Central Bank of Nigeria highlighted the continent’s pivotal moment, balancing unprecedented opportunities for development against significant challenges.
He detailed recent reforms aimed at stabilizing the foreign exchange market, noting a reduction in volatility and increased capital inflows. Cardoso urged fellow leaders to adopt monetary and fiscal policies that effectively combat rising inflation and the adverse effects of supply shocks.
Ambassador Albert Muchanga, the African Union Commissioner for Economic Development, echoed the need for domestic resource mobilization, urging African nations to view their markets as viable channels for sustainable economic support.
In a virtual address, Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, stressed the importance of greater regional integration, pointing out that only 13% of Africa’s goods trade occurs within the continent—significantly lower than other regions. She called for increased trade and value addition to create the jobs needed for Africa’s youthful population.
United Nations Deputy Secretary-General Amina Mohammed added her voice to the calls for enhanced trade facilitation, advocating for a pan-African payment and settlement system and improved access to energy and connectivity, essential components in the quest for economic stability.
