Nigeria, W/Bank, Others Chart New Course For Job Creation, Economic Transformation

Rising from a roundtable for economic transformation that was held in Abuja yesterday, ministers of finance from 12 countries in West and Central Africa and representatives from World Bank reached a consensus that the region can realise and sustain development gains that tangibly improve the lives of their citizens through strategic approaches to sustainable growth, job creation, private sector mobilisation, and economic transformation.

Those who came in from the World Bank said the ambition aligns with its evolution process, and amplifying the voice of African countries in this process will be essential to ensure accelerated progress towards addressing these priorities.

Hosted by Nigeria and the World Bank Group, the roundtable aimed to provide a forum for World Bank governors to discuss how to make progress on ambitious priorities for development in the region, how the ongoing World Bank evolution could help accelerate this progress, and how Governors can engage and support an ambitious financing and policy package for IDA21.

According to a communique that was issued at the end of the meeting yesterday, the participants’ roundtable discussed and reaffirmed key priorities for the region which include human capital improvement, job creation through private sector development, food security, and the need to further strengthen financial inclusion and expand safety nets.

The importance of budget support to stabilise the macroeconomy and create fiscal space for investments were highlighted, and participants also recognized efforts by the WBG to remain engaged during crises.

The roundtable stressed the critical need to invest in resilient infrastructure across the region. In particular, accelerating electricity access, digitalization and transportation connectivity which will promote growth, increase social inclusion, and consolidate fiscal stability. Participants recognized the need for strong national leadership and significant investments, primarily from the private sector

As African countries continue to confront multiple overlapping internal and external challenges, an economic transformation of the continent is achievable but will require creating the right conditions to turn opportunities into transformational accomplishments in key development areas. The WBG is a key partner in this endeavour and its ongoing transformation will further leverage its capacity to support the people of Western and Central Africa.

“The great significance of this Roundtable was underlined by the gathering of numerous African Finance Ministers, focusing on interconnected issues critical for sustainable development in Africa

“The roundtable laid a strong foundation for the upcoming African Finance Ministers Annual Summit in Abuja. The unity and commitment demonstrated here are indicative of a shared vision for prosperity in West and Central Africa, with participants eager to continue this dialogue and collaboration to improve the lives of the region’s citizens,” the participants said in the communique that was signed by Nigeria’s minister of finance and coordinating minister for the economy, Wale Edun and vice president, Western and Central Africa of World Bank, Ousmane Diagana.

The meeting was attended by representatives from Benin, Cabo Verde, Chad, Ghana, Guinea, Guinea-Bissau, Nigeria, Senegal, Sierra Leone, Mauritania, and Togo.

Edun and chair of the African Governors Forum of the World Bank, and World Bank regional vice-president for Western and Central Africa,  Ousmane Diagana were in attendance. Others are managing director of operations, the World Bank Ms. Anna Bjerde provided the keynote address.