PRESIDENT Bola Tinubu stated that Nigeria aims to utilize its youth population to become a global digital economy powerhouse and a hub for outsourcing talent in the digital and creative sectors. This was announced by his representative, Vice President Kashim Shettima, at a meeting in Nairobi.
President Tinubu also reaffirmed Nigeria’s aspirations to create a massive digital market capable of absorbing cutting-edge innovations and technology, establishing the country as a hub for outsourcing talent in the digital and creative economies.
“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,” the President stated in his submission titled “The Path to Recovery: Nigeria’s Journey Beyond Sabotage,” which was delivered to the Summit by VP Shettima
President 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.
“Since assuming office, President Tinubu has remained steadfast in fulfilling his promise to end the reign of economic saboteurs who have long exploited and hindered the progress of our nation. I am pleased to report that our economy has escaped the phase of sabotage,” the VP noted.
Tinubu also highlighted Nigeria’s commitment to 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,” the organ was informed.
He 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.”
He emphasized the importance of regional economic integration and strategic partnerships to drive economic recovery and growth.
“Our path to the future depends on nurturing strategic partnerships with other nations and development organizations. Therefore, we will utilize our absolute and comparative advantages to establish partnerships across borders,” the President said.
Earlier in his opening remarks, Kenyan President William Ruto stated that 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.”
He described the devastation caused by severe flooding in the East African region, which has displaced thousands in Nairobi alone, as well as the continent’s vulnerability to extreme weather patterns, emphasizing the IDA’s critical role 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,” President Ruto said.
The President of the World Bank, Ajay Banga, also spoke and voiced confidence about Africa’s potential, stating “it’s very easy to feel hopeful when we’re together anywhere in Africa,” adding that you sense the contagious enthusiasm of young people.
Banga reaffirmed the IDA’s commitment to speeding progress on the continent, promising to “move with urgency and purpose,” while improving the institution’s efficiency and impact.
“We stand at the crossroads of a new era of growth and prosperity for Africa,” he said.
The summit, attended by African leaders and the World Bank President, focused on accelerating Africa’s economic transformation and securing funding from the International Development Association (IDA) to support development goals.
