At the opening ceremony of the 2024 African Caucus Meeting in Abuja, the Central Bank Governor of Nigeria, Mr. Olayemi Cardoso, welcomed delegates to the first-ever hosting of the event on Nigerian soil. The theme, “Facilitating Intra-African Trade: Catalyst for Sustainable Economic Growth in Africa,” underscores the critical need for robust intra-African trade to drive the continent’s economic growth.
The Governor highlighted the importance of leveraging the expertise and resources of global partners such as the IMF and World Bank to unlock Africa’s potential.
Emphasizing the significance of the African Continental Free Trade Area (AfCFTA), the Governor noted that intra-African trade currently constitutes only 13% of the continent’s total trade, compared to much higher percentages in Europe and North America. He called for policies that enhance trade, support industries through research and development, and address challenges related to currency convertibility, payment systems, and cross-border transactions.
Despite facing economic challenges, Nigeria remains committed to the vision of a united and economically integrated Africa. The Governor encouraged open and constructive dialogues to tackle obstacles hindering intra-African trade and stressed the need for sound monetary and fiscal policies to facilitate trade and sustainable growth. He also shared recent reforms by the Central Bank of Nigeria aimed at stabilizing the foreign exchange market.
The Governor assured attendees of a productive and enjoyable stay in Abuja, urging them to experience Nigerian hospitality and culture. He concluded by expressing gratitude to the Honourable Minister of Finance and Coordinating Minister of the Economy for their leadership in organizing the meeting, and called for continued collaboration to drive Africa’s economic renaissance.
