By Ken Afor
President Bola Tinubu has emphasized the need for global collaboration and inclusiveness to foster growth and development.
During a high-level panel discussion at the World Economic Forum (WEF) Special Meeting on Global Collaboration, Growth and Energy for Development, Tinubu emphasized the critical importance of fostering collaboration and inclusiveness on a global scale.
The President during the event in Riyadh, Saudi Arabia on Sunday, stressed that these principles are invaluable in creating a more stable and prosperous global environment.
Tinubu further underscored that “collaboration and inclusiveness,” particularly in relation to the African continent, are fundamental to building a future characterized by hope, peace, and progress for all people and nations.
Tinubu further emphasized the importance of capital mobilization as a catalyst for economic growth and associated advancements across the African continent. He stated that this crucial aspect can no longer be overlooked or neglected.
Tinubu acknowledged that Africa is abundantly blessed with rich natural resources and endowments.
However, he posited that the continent’s diverse resource wealth must be effectively translated into tangible economic realities and commensurate levels of development and prosperity for its nations and people.
He said: “The capital formation that is necessary to drive the economy, agriculture, ensure food security, innovation, and technological advancement must be an inclusive programme of the entire world. No one should be left behind.
“I am glad the world is recognizing the need for cooperation, and that with the type of population growth that Africa is experiencing; the diversity of its resources must be married with economic opportunity. We must collaborate to achieve that,” the President said.
Tinubu urged global leaders to direct their attention and focus towards the ongoing developments in the Sahel region.
He emphasized the critical need for a comprehensive and nuanced understanding of the various factors and dynamics underpinning the current situation in that area.
Furthermore, Tinubu advocated for collaborative efforts among nations in the pursuit of lasting and sustainable solutions to address the challenges faced by the Sahel.
He stressed that such an approach, founded on cooperation and shared commitment, would be essential to achieving enduring resolutions.
His words: “We are encouraging the entire world to pay attention to the Sahel and the other countries around us. As the Chairman of ECOWAS Authority of Heads of State and Government, I have wielded the big influence of Nigeria to discourage all unconstitutional change of government.
“Equally, we have eased the sanctions. We need to trade with one another; not fight each other. It is very necessary and compulsory for us to engender growth, stability, and economic prosperity for our people in West Africa.
“The rest of the world needs to look at the fundamentals of the problem; not just geopolitically, but at the root. Has the world paid attention to the poverty level in the Sahel and the rest of ECOWAS? Have they facilitated the infusion of capital and paid adequate attention to ensuring the exploitation of resources and the creation of opportunities presented by the mineral resources available?
“Are we going to play a big-brother role in a talkshop without taking necessary action? We just have to be involved in the promotion and prosperity of that region in order to see peace, stability, and economic growth,” he said.
The president further provided insights into measures his administration has taken to steer Nigeria’s economy towards a path of swift recovery.
He acknowledged that some are tough but crucial decisions had to be made, such as the removal of fuel subsidies, despite the potential risks and challenges associated with such a move.
Tinubu also highlighted his government’s efforts to manage the nation’s currency more effectively, thereby eliminating corruption-ridden practices of currency arbitrage that had previously plagued the system. These reform measures, though difficult, were deemed essential steps towards economic revival.
“Concerning the question of subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt and to reset the economy and the pathway to growth. It was going to be difficult, but the hallmark of leadership is making difficult decisions when they need to be made.
“That was necessary for the country. Yes, there have been drawbacks. Yes, there was the expectation that the difficulty would be felt by a greater number of people. But, of course, it was the interest of our people that was the primary focus of the government. Along the line, there was an arrangement to cushion the effect of the subsidy removal on the vulnerable population of the country. We shared the pain across the board. We cannot, but include those who are very vulnerable.
“Luckily, we have a very vibrant youth population interested in innovation and highly ready to leverage technology, good education, and who remain committed to growth. We were able to manage that and partition the economic drawback and the fallout of the subsidy removal equally; engendering transparency, accountability, and fiscal discipline for the country. And that, to me, is most important, which is focusing on what direction we should head in. I will pursue that rigorously.
“The currency management was necessary, equally to remove the artificial element of value in our currency. Hence, our local currency finds its level and competes with the rest of the world’s currencies as we remove corrupt arbitrage and opaqueness. That, we did. At the same time, that is a two-engine problem in a very turbulent situation for the government. But we are able to manage that turbulence because we prepared for this with inclusivity in governance and rapid communication with the public,” President Tinubu concluded.
During the panel discussion, Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), praised Tinubu for providing valuable insights into the implementation of strategic economic reforms.
She commended the Nigerian leader for sharing his perspectives on navigating the complexities involved in executing such critical reform measures.
“President Tinubu has emphasized the right things about what world leaders must consider primary in the execution of strategic economic reform. He said there is a need to ensure that reforms are accompanied by a human touch. The needs of people must be identified and catered to as governments implement tough but necessary reforms,” the IMF Managing Director said.
Another participant on the high-level panel, President Paul Kagame of Rwanda, expressed his approval of President Tinubu’s remarks highlighting the importance of inclusive economic growth.
Kagame stated that he was pleased to hear the Nigerian leader emphasize the necessity of ensuring that economic development efforts are inclusive and benefit all segments of society.
He said: “Africa is the stage for an expanding middle class. As the growth of the middle class in developed economies stagnate, Africa’s middle class is growing. It is our human resources and not natural resources that make our continent strategic and central to the global community moving forward.”
