TheCable

President Bola Tinubu says Nigerian youths will transform the country into a global digital economy powerhouse with their potential.

Tinubu, represented by Vice-President Kashim Shettima, made the submission on Monday at the meeting of African heads of state and government on the 21st replenishment of the International Development Association (IDA21) in Nairobi, Kenya.

He said this in his submission titled ‘The Path to Recovery: Nigeria’s Journey Beyond Sabotage’.

The president reiterated Nigeria’s plans to build a vast digital market capable of absorbing cutting-edge innovations and technologies, positioning the country as a hub for outsourcing talent in the digital and creative economy spheres. 

“Being a young country with a median age of about 18, our interventions in the digital economy have been so extensive that we are no longer boasting of having the most unicorns, but preparing to serve as a global hub for outsourcing talents,” Tinubu said.

Tinubu informed other African leaders of the sweeping reforms implemented by his administration to curb illicit activities and currency manipulation that had long hindered the nation’s progress.

‘WE AIM TO BECOME A DESTINATION FOR CARBON MARKET INVESTMENTS’

Alongside the digital transformation agenda, Tinubu said Nigeria is committed to prioritising climate resilience and becoming an attractive destination for carbon market investments. 

“The tensions resulting from climate-induced disruptions serve as a pressing call to action. The profound impact of climate change on our continent’s security underscores our dedication to transforming innovative concepts from conference discussions into tangible actions. We aim to become an investment-friendly destination for carbon market investments,” he said.

The president expressed Nigeria’s belief that the summit’s communiqué would reflect the collective needs of African and IDA countries, capturing their “nuances, consensus, dreams, and projections”. 

Tinubu listed key priorities for Nigeria’s economic recovery in his administration’s renewed hope agenda, which focuses on poverty alleviation, through measures such as economic expansion, job creation, enhanced access to capital, food security, and inclusivity.

He also stressed the importance of regional economic integration through instruments like the African Continental Free Trade Area (AfCFTA) Agreement to dismantle investment barriers and facilitate access to international markets.

In his opening remarks, William Ruto, president of Kenya, said the summit was urgent because it was “convened at a critical juncture facing a convergence of global crises which include escalating geopolitical tensions that challenge international unity, a deepening development and debt crisis that threatens our economic stability, and an urgent climate emergency that demands immediate and collective action for our planet’s survival”. 

Speaking on the impact of severe flooding in the East African region, he said thousands of people have been displaced in Nairobi, which points to the critical role of the IDA in financing Africa’s development and stability.

“This new normal demands our immediate and united action to safeguard our collective future. This underscores the critical role of IDA for Africa Summit as a cornerstone for financing for Africa. IDA has directed 75% of its total commitment which is nearly $26 billion to Africa in the last fiscal year with African countries comprising 8 of IDA’s top 10 borrowers. This support is not just financial but it’s a lifeline for development and stability,” Ruto said.

Also speaking, Ajay Banga, World Bank President, expressed optimism about Africa’s potential, saying “it’s very easy to feel hopeful when we are together anywhere in Africa”.

Banga affirmed IDA’s commitment to accelerating progress on the continent and vowed to “move with urgency and purpose,” while making the institution more efficient and impactful.

At the end of the summit, African heads of state and government adopted a joint communique committing countries on the continent to accelerate Africa’s economic transformation by strengthening implementation capacities, mobilising domestic resources, and partnering effectively with IDA.

They also called for an ambitious replenishment of the IDA to support the continent’s development goals.