Jun 1 , 2024
Akinwumi Adesina (PhD), the president of the African Development Bank (AfDB), characterised the export of raw materials as "a door to poverty" and value addition as "a highway to wealth. During the opening of the annual meetings of the AfDB and its sister organisation, the African Development Fund (ADF), he talked about his key focus areas: agriculture, infrastructure, energy, and the growing debt burden. Adesina believes the future of global food security will be determined by how Africa manages its agricultural sector, especially as the world’s population is projected to reach 9.5 billion by 2050. He also raised the devastating impact of climate change on Africa, noting that the continent loses between seven billion to 15 billion dollars annually due to climate-related issues. Africa currently receives 30 billion dollars annually for climate finance but needs over 270 billion dollars yearly to build resilience and ensure future stability. "You can have the economy growing, but what matters is the disposable income of the individual improving," he told the media at an opening press conference inside Kenyatta International Conference Centre (KICC). One of the Bank's key initiatives is a 1.5 billion dollar facility for Africa’s emergency response fund, aimed at helping the continent produce 38 million tonnes of food worth 20 billion dollars. It is Adesina's vision of the AfDB as "Africa's Solutions Bank." The AfDB has boosted its focus on infrastructure financing, with 50 billion dollars allocated since he took office. The Bank aims to connect 300 million Africans to electricity by 2030, in partnership with the World Bank.
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