Dr. Akinwumi A. Adesina Envisions Africa’s Economic Renaissance in Keynote at Chatham House
Dr. Akinwumi A. Adesina, President and Chairman of the Boards of Directors of the African Development Bank Group (AfDB), delivered an inspiring keynote address at Chatham House on June 7th, 2024.
The speech, titled “Envisioning Africa’s Economic Prospects,” highlighted the continent’s potential and the strategic initiatives led by the AfDB to accelerate its growth.
Dr. Adesina began by recalling his journey since his 2015 campaign for the presidency of the AfDB, culminating in his re-election in 2020 with unanimous support from all 81 shareholder countries.
He noted the recent approval of a $117 billion capital increase for the AfDB, bringing its total capital to $318 billion. This historic increase underscores the shareholders’ confidence in AfDB’s vision and commitment to Africa’s development.
The AfDB’s “High 5s” priority programs—Light Up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa—have positively impacted over 400 million people. The new capital will enable the bank to expand its efforts further.
Dr. Adesina emphasized Africa’s significant economic prospects, supported by its projected population growth to 2.5 billion by 2050, a burgeoning young population, vast arable land, and immense renewable energy potential.
He highlighted Africa’s pivotal role in the future of global food security and energy transition, given its rich deposits of green minerals and metals essential for renewable energy technologies.
The African Continental Free Trade Area (AfCFTA), which unites 54 countries with a combined GDP of $3.4 trillion, is poised to become the largest free trade zone in the world. Despite challenges such as the COVID-19 pandemic and geopolitical risks, Africa’s economic resilience is evident, with real GDP growth projected to reach 4.3% by 2025.
Dr. Adesina outlined key areas for unlocking Africa’s economic potential: structural economic changes, agricultural productivity, energy access, infrastructure investments, digitalization, and support for women and youth entrepreneurship.
The AfDB has already invested heavily in agriculture, renewable energy, and human capital development, and continues to drive initiatives such as the Desert-to-Power project and Youth Entrepreneurship Investment Banks.
To address climate change, the AfDB is implementing the African Adaptation Acceleration Program and advocating for increased global climate finance for Africa. The bank is also tackling rising debt levels and advocating for reforms in the global financial architecture to provide more concessional financing for the continent.
Dr. Adesina concluded by emphasizing the need for strong macroeconomic management, reducing corruption, and unlocking Africa’s natural capital wealth. With global partnerships and regional cooperation, he envisions a thriving, peaceful, and prosperous Africa that plays a pivotal role in the world’s future.
“The Africa we want is within reach,” Dr. Adesina stated, urging for continued efforts to achieve this vision. “It is a vision Africa deserves. It is a vision we must do all to achieve.”
