African Heads of State and Government at the 21st Replenishment of the International Development Association (IDA21) summit in Nairobi, Kenya, yesterday, committed countries on the continent to strengthen implementation capacities, mobilising domestic resources and partnering effectively to accelerate the continent’s economic transformation.
In a communique at the end of the summit, the leaders also called for an ambitious replenishment of the International Development Association (IDA) to support the continent’s development goals, including mobilising resources for Africa’s economic transformation.
The communique described IDA as Africa’s largest source of concessional financing, outlining priorities for IDA21 to include building human capital, creating jobs, boosting energy and digital access, enhancing resilience to climate change and fragility and promoting inclusive growth policies.
This was as President Bola Tinubu declared that Nigeria was set to harness the potential of its youthful population to transform into a global digital economy powerhouse.
In his submission at the summit, Tinubu, represented by Vice President Kashim Shettima, hinted at the nation’s plans to become a global hub for outsourcing talent within the digital and creative economy.
He also disclosed Nigeria’s plans to build a vast digital market capable of absorbing cutting-edge innovations and technologies thereby positioning the country as a hub for outsourcing talent in the digital and creative economy spheres.
Tinubu informed the 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.
He further said Nigeria was committed to prioritising climate resilience and becoming an attractive destination for carbon market investments.
He stressed the importance of regional economic integration through instruments like the African Continental Free Trade Area (AfCFTA) to dismantle investment barriers and facilitate access to international markets.
Earlier in his remarks, the President of Kenya, William Ruto, said the summit 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.”
Also speaking, the World Bank President, Ajay Banga, expressed optimism about Africa’s potential, saying, “It’s very easy to feel hopeful when we’re together anywhere in Africa.”
