by : Deji Elumoye


•30m jobs lost, 26m persons fell into extreme poverty

•Says continent needs $484bn to address pandemic impact

President of the African Development Bank (AfDB), Dr. Akinwunmi Adesina, has painted a gloomy picture of Africa, saying dwindling economic fortunes in 2020 resulted in $165 billion decline in the continent’s Gross Domestic Product (GDP). Adesina said in the same year, over 30 million jobs were lost while 26 million persons fell into extreme poverty.

The former Minister of Agriculture made the assertions in a paper titled, “Mobilising Financing for Africa’s Accelerated Economic Recovery, Development and Integration,” which he delivered to African leaders at the 35th Ordinary Session of the Assembly of the African Union in Addis Ababa, the Ethiopian capital, recently.

He said, “It has been a global economic cyclone. Africa witnessed a decline in GDP growth of 2.1 per cent in 2020, its lowest in 20 years. Africa’s GDP fell by $165 billion. Over 30 million jobs were lost and over 26 million people fell into extreme poverty.”

The former Minister of Agriculture made the assertions in a paper titled, “Mobilising Financing for Africa’s Accelerated Economic Recovery, Development and Integration,” which he delivered to African leaders at the 35th Ordinary Session of the Assembly of the African Union in Addis Ababa, the Ethiopian capital, recently.

He said, “It has been a global economic cyclone. Africa witnessed a decline in GDP growth of 2.1 per cent in 2020, its lowest in 20 years. Africa’s GDP fell by $165 billion. Over 30 million jobs were lost and over 26 million people fell into extreme poverty.”

The AfDB boss, however, praised African leaders for their effort to tackle the COVID-19 pandemic.

He stated, “I wish to commend the leadership efforts of the African Union, and our Heads of State and Government, for the critical roles you have played in dealing with the pandemic and the socio-economic challenges in its wake. Today, thanks to these efforts, 11 per cent of the population has been fully vaccinated, and another 16 per cent has been partially vaccinated.

However, while developed countries have moved to booster shots, Africa is still struggling with basic shots.”

Adesina warned against outsourcing Africa’s security to foreigners, as he stressed the need for Africa to protect African lives by investing in healthcare infrastructure and vaccine manufacturing.

According to him, “We must learn from this experience. Africa can no longer outsource the security of the lives of its 1.4 billion people to the benevolence of others. We must secure African lives!

“It is time to build Africa’s healthcare defense system. This must be based on three strategic priorities. First, building Africa’s quality healthcare infrastructure. Second, building Africa’s pharmaceutical industry, and third, building Africa’s vaccine manufacturing capacity.

“Africa needs $600 million to $1.3 billion to meet its goal of attaining 60 per cent vaccine production by 2040. Investing in health is investing in national security. The African Development Bank plans to invest $3 billion to support pharmaceutical and vaccines manufacturing capacity for Africa.

To address the socio-economic impacts of the pandemic and support economic recovery, Africa will need some $484 billion over the next three years. To eliminate extreme poverty by 2030, the continent will need $414 – $784 billion per year. Africa will need $7-$15 billion a year to deal with climate change. The continent will also need between $68 – $108 billion per year to fix the infrastructure financing gap.”

Adesina said Africa must drastically increase its resource base, adding that with the help of the continent’s leaders, AfDB’s general capital increased in 2019 by 125 per cent, rising from $93 billion to $208 billion, the highest since its establishment in 1964.

He said these resources had enabled the bank to scale up support to African economies to tackle the pandemic.

Adesina said, “The Board of Directors of the Bank approved a Crisis Response Facility of up to $10 Billion. The Bank also launched a $3 Billion Fight COVID-19 Social Bond on the international capital markets, which was the largest ever US-dollar denominated social bond in world history. The Bank provided $ 27 million as grants to the African Centres for Disease Control.

Over the past six years, the African Development Bank has provided about $39 billion in financing to the continent in support of its High5 priorities to: light up and power Africa; feed Africa; integrate Africa; industrialise Africa; and improve the quality of life of the people of Africa. These High5s are the accelerators for achieving Agenda 2063.”

Adesina assured that with $25 billion in equity, the African Development Fund could leverage up to $33 billion of additional financing for low-income countries.

According to him, the bank requires the support of the leaders to change the article in the charter of the African Development Fund that bars it from going to the market to leverage resources, and this is top priority.

He said the bank was also leveraging private investments into Africa, in innovative ways, stressing, “The Africa Investment Forum, established by the African Development Bank and its partners, has helped to secure investment interests worth more than $78 billion.

This spectacular level of interest includes a $24 billion transaction for the liquefied natural gas project in Mozambique. We are proud that that this project will make Mozambique the third-largest producer of liquefied natural gas in the world.”

Adesina urged African leaders to link security, investment, growth, and development closely together.

He added, “To enhance the security of Africa, the African Development Bank is currently developing Security Indexed Investment Bonds. Proceeds from these bonds, when developed, will support countries and regional economic communities to do four things.

First, to upgrade security architecture. Second, to repair damaged infrastructure in conflict-affected zones. Third, to rebuild social infrastructure. And fourth, to protect zones with strategic investments.

“We must build a better future for our youth. It is time to create youth-based wealth all across Africa. To boost financial support for the businesses of our youth, the African Development Bank Group is exploring with countries the establishment of Youth Entrepreneurship Investment Banks. They will be first rate financial institutions run by the youth for the youth.”

https://www.thisdaylive.com/index.php/2022/02/10/adesina-africas-gdp-declined-by-165bn-in-2020-lowest-in-20-years/?fbclid=IwAR2wNLr0WysXfQHMH-K4qfbttvvnLTfZ_oi4QX_A7FD2a3Nwyri_FPXQjQk

All thanks to the lifeless

Na this kind person suppose dey rule us.

Low IQ Nigerians will think Nigeria caused the decline
It will not be possible to make them see that the decline is a global challenge

Fahdiga:
All thanks to the lifeless

See one

They wanna blame corona but the country was already collapsing before that.

I have always said it!

Forget all the noise PDP is making and whipping up sentiments just to get to power again.

Small thing they talk about price of garri, ptice of rice..

Forget it; With the impact of covid and the decline in the international oil market, no governmnent would have been able to save a mono economy like ours from this depression and hardship.
PDP being in power would never have performed any miracle nor changed anything.
We had it coming.

We are strictly a mono econnomy, we have failed to do any proper diversification for 30 years, and we failed to save for the rainy day.

A bloody and shameless consuming economy we have always been!

our gross domestic product is always low hmm that’s to say that the standard of living in Africa as a whole is appalling .



Anyway, Agriculture is life.

Talk to Nigeria directly.

Fahdiga:
All thanks to the lifeless

Did you ever go to school??

Even if na just kindergarten?

Africa is cursed with conscienceless people who will rather defend and justify their ineptitudeness at all cost than do what's right!!!

Nigeria is number one on the list.

We get somebody like this and some fools want us to elected our great grand pa as president.. Tufiakwa

Fahdiga:
All thanks to the lifeless

You parent just wasted their hard earned money to training you in the school. See your second to none lowest IQ.

Hmmm the news is not sweet to the ears. We are suppose to be constantly progressing to do some catch up with others but not the other way round.

Our leaders at the helms of affairs should see to this. They travel every now and then and I'm sure they witness the development signs in other part of the world.

Who is life Adesina right?

Fahdiga:
All thanks to the lifeless

muykem:
You parent just wasted their hard earned money to training you in the school. See your second to none lowest IQ.

mynd44 lalasticlala seun

Rule 2

Poopypants:
They wanna blame corona but the country was already collapsing before that.

Is Africa a country? Is your brain still functioning?

So mr president can your organization borrow individual like me 1million dollar?

If this man runs for president, I doubt if anybody will bring tribal sentiments into his candidature.
Unfortunately such people like adesina, Obi, elumelu cannot smell power.

AchalugoNwa:
mynd44 lalasticlala seun

Rule 2

You are calling your president lifeless and you think you didn't deserve to be banned but someone tackle you. Now you are calling everybody in pain. Is your comment related to the topic?

Poopypants:
They wanna blame corona but the country was already collapsing before that.

Sure.

To the point that even in 2014 we couldn't pay salaries..

Buhari

Fahdiga:
All thanks to the lifeless

Continue to complain, baba will finish his 8 years. Bullshit

In other words, Nigeria's GDP declined $165bn in 20years. Nigeria is synonymous with Africa.

Not only African continent,
It is a global challenges
May Almighty Allah see us through.

muykem:
Is Africa a country? Is your brain still functioning?

the giant of Africa is a country.

tesppidd:
Sure.

To the point that even in 2014 we couldn't pay salaries..

to that point , yes. The past 7years accelerated it.

The continent where the dumbest people inhabit