Africa Development Bank (AfDB) President, Akinwumi Adesina said that it must be business unusual if Africa is to achieve a genuine equitable and sustainable economic transformation during the launch of the Africa Investment Forum in Sandton, Johannesburg, South Africa yesterday.
The launch is a forerunner to the first-ever Africa Investment Forum, which will take place in Johannesburg from November 7-9, 2018
“We have no other choices than to act in the now and turn our challenges into opportunities that will benefit generations yet to come,” Adesina.
“Therefore if Africa is to achieve a genuine equitable and sustainabl economic transformation it cannot be business as usually. It must be business unsual.”
The AfDB president also said that Africa which is moving with a fast moving current of global finance, trade and economic growth must go faster.
“We have much ground to cover and the world is now standing still, Adesina said, “With an eye on our future that is already upon us we must turn the horizon,” Adesina said.
“Today Africa has a population of 1.2 billion, by 2015 just 32 years short from now our growing population will tip the scles to a wooping 2 billion people. In the process, we will overtake the populations of China and India combined together, that is a huge asset for Africa an asset we must unlock.”
“Think about it, by 2030, the combined consumer demand and business spending in Africa are expected to to reach US$ 6.7 trillion,” Adesina went on. “Again our task is how to fully unlock this potential.”
Adesina also said that Africa’s infrastructure, which needs an estimate of between US$ 130 billion and US$ 170 billion per year received a total commitment of about US$ 63 billion as it has been for decades with the national governments as the main providers.
“This represents a financing gap of approximately US$ 63 billion to 107 billion in just infrastructure alone but the averall economic development is actually much higher and stands at US$ 200 billion to US$ 1.2 trillion per year,” the bank president said.
“These are definitely huge numbers but I am not scared of huge numbers anyway because our populations are growing very very faster and we must act very quickly.”
“While the AfDB and many other multilateral patners and donors are making significant contributions, this still does not close the gap but Africa can and Africa must do so,” Adesina went on.
Adesina said that the Africa Investment Forum is an important game-changing investment initiative for accelerated economic development undertaking in Africa.
“Its a unique platform for investment, finance, transparent transactions and a genuine African market place, for closing deals, for accelarate economic development of Africa.” AfBD president said.
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