Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has urged African countries to leverage the support of global partners for sustainable economic growth.

Mr Cardoso said this on Friday in Abuja at the 2024 African Caucus Meeting with the theme “Facilitating Intra-African Trade: Catalyst for Sustainable Economic Growth in Africa.”

The African caucus is a meeting of finance ministers and central bank governors from across the continent.

It meets once a year between July and August at the initiative of its chairman, who is presently the Nigerian Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

The purpose of the annual meeting of the caucus is to coordinate and harmonise the positions of the African governors concerning the annual memorandum.

The memorandum is usually presented on the occasion of the annual meetings of the International Monetary Fund (IMF) and the World Bank.

According to Mr Cardoso, the theme of the 2024 meeting is indeed timely and fitting.

He said that Africa stood at a crossroads with unprecedented opportunities for development alongside significant challenges.

“To navigate this complex landscape and set the continent on a path of sustainable economic growth, we must leverage the support of our global partners.

“This is where the IMF and the World Bank Group (WBG) play a critical role. Their expertise and resources can provide the essential impetus needed to unlock the continent’s vast potential,” he said.

He said that the continent now stood on the threshold of a new era in economic cooperation through the African Continental Free Trade Area (AfCFTA)

“AfCTA is the largest such agreement in the world by both area and number ofcountries.

“According to data from the World Trade Organisation, intra-African trade accounts for an estimated 13 per cent of the continent’s total trade, compared to 60 per cent in Europe and 40 per cent in North America.

“This indicates that significant efforts are needed to build a robust, economically diversified, and prosperous Africa.

“As monetary authorities, we have the responsibility to formulate policies that enhance trade among countries on the continent.

” We can achieve this by fostering a financial landscape that encourages collaborative research and development to support our industries and generate economic wealth for our growing populations,” Mr Cardoso said.

According to him, decisions on currency convertibility, cross-border transactions, payment systems, cross-border movements of our peoples, goods, and services, as well as financial policy, will be instrumental to determining the success of AfCTA.

He urged African countries to share experiences and take useful lessons from the experiences of countries in their peer groups to address individual national challenges.

“Nigeria, like many other African countries, faces economic challenges.

” Nonetheless, we are committed to the vision of a united and economically integrated Africa.

“By sharing our experiences, including both successes and setbacks, we aim to contribute to paving the path towards sustainable and inclusive economic growth that benefits all citizens across the continent.

“I, therefore, hope for open, frank, and constructive dialogues during our sessions. Let us leverage our diverse experiences and expertise to tackle the obstacles hindering intra-African trade,” he said.

(NAN)