Delegates from African Nations Convene in Abuja for the 3rd Africa Economic Summit

Abuja, Nigeria – June 4, 2024: The 3rd Africa Economic Summit concluded successfully in Abuja, with delegates from over ten African nations gathering to address the continent’s pressing economic and political issues. Under the theme “Riding the Crest of Global Economic and Political Volatility,” the summit saw vibrant discussions and resulted in comprehensive resolutions aimed at propelling Africa towards a unified and prosperous future.

Key Resolutions from the Summit:

1. One Africa, One Economy: Delegates emphasized the critical need for increased inter-regional trade. With Africa having the lowest inter-regional trade globally, the call for “One Africa, One Economy” was unanimous. Leaders were urged to champion the concept of unity to leverage collective strengths and enhance competitiveness.
2. Digital Transformation: The summit underscored the importance of digital transformation in driving economic development. Investments in digital technology infrastructure were identified as key to mobilizing the continent’s youthful population, enhancing education, healthcare, financial inclusion, and security.
3. Food Security Enhancement: Addressing agricultural challenges, delegates proposed novel schemes to tackle issues in land acquisition, access to capital and inputs, and market access. These measures aim to make agriculture attractive to youth and business-minded individuals, thereby enhancing food security.
4. Promote Intra-African Trade: Accelerating the implementation of the African Continental Free Trade Area (AfCFTA) was highlighted as essential for economic growth. The target is to increase intra-African trade from 14% to a minimum of 50% by 2030.
5. Innovative Funding: The need to mobilize domestic and foreign investments for critical projects was discussed. Delegates called for minimizing borrowing, prioritizing projects, utilizing internally generated resources, and encouraging diaspora bonds and investments.
6. Human Capital Development: Massive investment in education and healthcare was emphasized to create a skilled workforce. The adoption of entrepreneurial education models was recommended to expand wealth creation opportunities and reduce unemployment.
7. Strengthening Governance: Building strong leadership and accountability systems through citizen activism and technology was deemed crucial. Promoting gender equity and inclusiveness in political leadership, with a focus on the younger generation, was also emphasized.
8. Business Environment Improvement: Simplifying regulations, minimizing bureaucracy, and promoting entrepreneurship were identified as key to attracting investments. The creation of jobs through business initiatives was seen as a pathway to wealth and poverty reduction.
9. Housing and Land Rights Reform: Securing land tenure and investing in affordable housing were prioritized. Mass housing projects with effective mortgage systems and innovative community resource pooling were recommended to alleviate housing shortages.
10. Regional Collaboration: Fostering partnerships to address shared challenges, including regional economic integration and security, was highlighted. Collaboration and integration were deemed essential for achieving the objectives of regional blocks and the African Union.
11. Climate Change: Delegates stressed the importance of funding and implementing sustainable climate projects. Prioritizing sustainable energy sources like solar and hydro, and focusing on climate change’s impact on security, especially in the Sahel region, were discussed.
12. Commitment to Rule of Law and Infrastructure Development: Enhancing the rule of law, increasing infrastructural development, promoting an attractive investment climate, and encouraging public-private sector collaboration were seen as vital for productivity, wealth creation, and poverty minimization.

Dr. Brian Reuben, Founder of the Africa Economic Summit, praised the event’s success and expressed optimism about the resolutions’ impact. He called on African leaders to implement these strategies to harness the continent’s potential and navigate global economic and political volatility.

The summit concluded with a renewed commitment to a unified vision for Africa’s future, aiming to transform the continent into a global economic powerhouse.