President Bola Ahmed Tinubu has urged the global community to focus attention on the root causes of poverty and instability in Africa’s Sahel region.
He also stressed the need for economic collaborations and inclusiveness to achieve stability and growth.
President Tinubu, who spoke Sunday at the Special World Economic Forum in Riyadh, Saudi Arabia, called on bigger economies of the world to actively participate in the promotion and prosperity of the region for necessary peace, stability, and economic growth.
The president also called for global collaboration and inclusiveness to ensure capital formation and economic opportunities in Africa, particularly in the Sahel region.
As chairman of the ECOWAS Authority of Heads of State and Government, the president said he used Nigeria’s influence to discourage unconstitutional changes of government and ease sanctions, and stressed the need for trade and economic prosperity in the region.
According to him, “the fear of lack of capital in Africa” and “stigmatization” must be addressed through inclusive programs that drive economic opportunity.
Tinubu said there was need for the global community to “look at the fundamentals of the problem” and “go to the root” of the issues facing the Sahel region and ECOWAS countries.
He said: “The rest of the world needs to look at the fundamentals of the problem; not just ordinary geopolitically but it has to go to the root. Has the world paid attention to the poverty level of Sahel, and the rest of ECOWAS? Have they helped the infusion of capital and paid adequate attention to the exploitation and opportunities availed by the mineral resources available?”
While noting the importance of economic collaboration, the president said: “The capital formation that is necessary to drive the economy, like agriculture, food security, innovation, and technological advancement must be an inclusive programme of the entire world. No one should be left behind.”
…On reforms
On some economic reforms by his administration, President Tinubu spoke on the removal of fuel subsidies and currency management, the duo of which he said, were necessary to reset the economy and promote growth.
While admitting the challenges posed by the fuel subsidy removal which he said was in the country’s best interest, he, however, said the administration put in place necessary arrangements to cushion the impact on the vulnerable population.
He said: “At the time, it ought to be taken decisively, 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, I believed it was their interest that was the focus of government.
“It is easier to manage and explain the difficulties, but along the line, there was a parallel 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 youthful population interested in discoveries by themselves and highly ready for technology, good education; and committed to growth.
“The currency management… was necessary, equally to remove the artificial element of value in our currency. Hence, our local currency finds its level, competes with the rest of the world’s currencies, and removes arbitrage, corruption and opaqueness. That, we did.
“At the same time, that is a two-engine problem and a very turbulent situation for the government. But we are able to manage that turbulence because we prepared for inclusivity in governance and rapid communication with the public, to (really) see what is necessary and what you must do.”
For economic stability and prosperity in the region, the president said: “We need to trade with one another, not fight each other. It is very, very necessary and compulsory for us to engender growth, stability, and economic prosperity for our people.”
