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Selected Key Achievements from African Caucus Meetings Memorandum

1

WBG and AfDB Partnership for African Energy Access

The WBG is working to deliver on African Caucus requests for an Integrated Energy Strategy for Africa, with a 5-year Energy Action Plan for Africa at a financing target averaging 45% of the WBG’s financial flows annually, equivalent to the climate finance ambition – A new World Bank Group (WBG) Energy Program, in partnership with the African Development Bank (AfDB) to connect 300 million Africans to electricity by 2023: the WBG will work to connect 250 million people while the AfDB Group will support an additional 50 million people.
2

Enhanced Africa’s Voice and Representation in the Bretton Woods Institutions

The World Bank Group (WBG) has added a 3rd Chair for Sub-Saharan Africa on its Board and adjusted countries’ voting power. The International Monetary Fund (IMF) has delivered on the 3rd Chair as well and is reforming the quota formula to address imbalances in Africa’s quota share and voting power.

Distinguished Central Bank Governors, Honourable Finance Ministers, Esteemed Delegates,

On behalf of the Federal Republic of Nigeria, it is my distinct honour to welcome you to the African Caucus Meetings, held this year in the vibrant heart of our nation, Abuja. This year’s theme, “Facilitating Intra-African Trade: Catalyst for Sustainable Economic Growth in Africa,” underscores our collective commitment to driving the continent forward.

We gather to engage in meaningful and impactful dialogue on critical sub-themes that shape our future: Strengthening Pan-African Payment Ecosystems, enhancing Connectivity, ensuring Energy Access, advancing Trade Facilitation within a Just and Equitable Transition framework, and encouraging and supporting the optimisation of multilateral development banks in support of our collective agenda.

I encourage each of you to participate actively, share insights, and collaborate on innovative solutions. Let us leverage this platform to address challenges, create opportunities, and drive sustainable economic growth across Africa.

As we convene here in Abuja, I invite you to explore what our capital city has to offer and enjoy its rich culture and hospitality.

Together, let us make this conference a milestone in our journey towards a prosperous and interconnected Africa.

Thank you, and welcome once again.

Mr. Wale Edun, OFR
Honourable Minister of Finance and Coordinating Minister of the Economy of Nigeria

Co-Host

Mr. Olayemi Cardoso
Governor Central Bank of Nigeria. Co-Host and Alternate Governor of the IMF

Speakers

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Ensure a seamless visit to Nigeria for the 2024 African Caucus Meeting by arranging your flights and accommodation. Experience warm Nigerian hospitality throughout your stay, making your trip truly memorable.

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