At Chatham House, a prestigious think tank in London, Dr. Akinwumi Adesina, President of the African Development Bank Group, delivered a stirring speech to a diverse audience of diplomats, investors, academics, politicians, and media representatives.
He emphasized Africa’s vast potential and numerous opportunities, showcasing the continent’s resilience and growth despite global challenges.
Adesina highlighted Africa’s youthful population, renewable energy potential, biodiversity, and rapid regional integration as key drivers of economic prospects.
He cited the Bank’s African Economic Outlook Report, which projects 3.7% economic growth for 2024 and 4.3% for 2025.
Fifteen countries have achieved real growth rates of at least 5%, with half of the world’s 20 fastest-growing economies located in Africa.
However, Adesina acknowledged challenges like climate change, rising debt, and the need for critical global financial reforms.
He emphasized the importance of structural change, agricultural productivity, infrastructure investments, digitalization, and industrialization to unlock Africa’s economic potential.
He also stressed the need for fairer credit ratings for African countries, which could save at least $75 billion annually in debt service payments.
The Bank has achieved successes like the Technologies for African Agricultural Transformation (TAAT) program, which has helped 13 million farmers increase crop productivity.
Adesina also highlighted the Bank’s advocacy for an independent African credit rating agency to counteract misperceptions and secure fairer credit ratings.
The African Development Bank has launched initiatives like the Alliance for Green Infrastructure in Africa (AGIA) and the Desert-to-Power project, which aims to generate 10,000 megawatts of solar power for 250 million people across 11 countries.
The Bank has also committed $700 million to education and skills development, supporting 4,000 tertiary education and training facilities.
Adesina emphasized the importance of women’s empowerment, citing the Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative, which has approved $1.7 billion in financing for 18,300 women-led businesses.
The Africa Investment Forum has attracted investor interests worth over $180 billion since its establishment in 2018.
Adesina expressed optimism about Africa’s future, predicting it will emerge as a pivotal continent in the world.
He emphasized the need for collective action to achieve this vision, stating, “Africa is critical to the future of the world. It’s a vision Africa deserves, and it’s a vision we’ll achieve.”
The event at Chatham House was attended by over 150 guests, including diplomats from more than 18 African countries, the Commonwealth Secretariat, international financial institutions, private and corporate investors, startups, civil society, students, and academics from leading academic institutions, and international media houses.
