African Development Bank Group President Dr. Akinwumi Adesina emphasized Africa’s vast wealth of natural resources, possessing $6.2 trillion in value, 65 percent of the world’s uncultivated arable land, and a burgeoning youth populace, underscoring that the continent should not endure poverty.
Addressing an audience at The Guardian’s 40th-anniversary lecture in Lagos themed ‘For the World to Respect Africa,’ Adesina urged inward reflection to address Africa’s challenges. He highlighted the imperative for accountable governance and emphasized the need for resource-rich nations to prioritize good governance, transparency, accountability, and efficient resource management to generate inclusive and widespread wealth.
Adesina lamented Africa’s continued poverty despite its abundance, emphasizing the need to combat corruption and manage resources for the collective benefit of nations and their people. Drawing parallels with countries like South Korea, which achieved a significant leap in GDP per capita, Adesina emphasized the urgency for Africa to replicate such transformation.
Optimistic about Africa’s potential, Adesina stressed the necessity for appropriate policies, investments, infrastructure, logistics, and financing, driven by a skilled and dynamic workforce. He praised The Guardian for its commitment to journalistic excellence, accountability, and public discourse.
Highlighting Africa’s potential as a global leader in addressing its challenges and contributing to global development, Adesina outlined the African Development Bank’s interventions. These include substantial investments in agriculture, with approximately $8 billion directed toward enhancing food security over seven years. He underscored efforts to add value to agricultural commodities through initiatives like the Special Agro-Industrial Processing Zones.
Adesina also emphasized the importance of shifting from raw commodity exports to value-added products as a means to alleviate poverty and foster wealth creation. Ahead of the UN Climate Change Conference, he reiterated the Bank’s commitment to advocating for climate justice and increased investment in climate action, including adaptation measures.
Notably, the African Development Bank has launched initiatives like the $1 billion Africa Climate Risk Insurance Facility for Adaptation to bolster climate risk insurance and support climate-resilient initiatives across the continent. Adesina concluded by highl壯陽藥 ighting the Bank’s initiatives and collaborations geared towards promoting industrialization and sustainable development in African nations.
