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Africa speaks

African Development Bank President Adesina confident of “very promising future” for continent

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The Bank expects growth of 4% this year and 4.1% in 2020

ABIDJAN, Ivory Coast, February 5, 2019/ — “The future of our continent is looking very promising indeed,” African Development Bank Group (www.AfDB.org) President Akinwumi Adesina declared in the opening words of his address to diplomats  at a lunch organised today, Tuesday, in Abidjan.

Adesina referred to the Bank’s recent flagship publication, the African Economic Outlook 2019 (https://bit.ly/2yXn4pr), which noted that the recovery in commodity prices is driving domestic demand and infrastructure investment, while real Africa’s GDP continued to improve in 2018 to 4.1%. The Bank expects growth of 4% this year and 4.1% in 2020.

Economic opportunities in Africa are generating considerable interest globally. For example, the agreement in March 2018 establishing the African Continental Free Trade Area (AfCFTA) will create the largest free trade area in the world. The CFTA will provide an unprecedented framework with the capacity to increase trade by at least 100% in Africa.

“The African Development Bank is at the centre of the actions taken to ensure the success of the continental free-trade area. We have invested over one billion dollars to support the financing of trade in Africa,” Adesina said.

The Bank, whose triple-A rating with stable outlook has been reconfirmed by the four major global rating agencies, has also invested $1 billion in Afreximbank, including $650 million in credit lines for trade finance and $350 million in insurance.

The free movement of people on the continent is another important driver of development. “We need to break down all barriers that impede the free movement of people across the continent, especially that of workers, because this is vital for promoting investment,” Adesina said.

In its report on intra-African investment (https://bit.ly/2zvCvYC), the African Development Bank emphasised the significant increase incross-border investments – $12 billion last year, up from $2 billion in 2010. Under the G20 Compact with Africa, the Bank has worked with the World Bank and the IMF to provide assistance to African countries, particularly to improve company regulations and the business environment.

“Africa will not develop through aid, but through investment”, said Adesina. This is whythe African Development Bank, with its partners, launched the highly successful Africa Investment Forum (AIF) (https://AfricaInvestmentForum.com), in Johannesburg, South Africa last November, securing investment interest in 49 deals across Africa worth over $38 billion in just two days.

The African Development Bank continues to invest in infrastructure to connect countries and improve their competitiveness. It has provided $16 million to the Economic Community of West African States (ECOWAS) for the preparation of feasibility studies for the Lagos-Abidjan corridor. It has also funded 1000 kilometres of road between Addis Ababa and Mombasa, which has increased trade fivefold between Ethiopia and Kenya (https://bit.ly/2DUkzZT).

The Bank was the lead lender for the construction of the historic Senegambia bridge linking Gambia and Senegal (https://bit.ly/2HTYIG4), which opened on 21 January 2019. And the Bank’s investment portfolio in Côte d’Ivoire has tripled in the last three years, reaching $1.8 billion in 2018.

The Bank is taking a lead role in the “Technologies for African Agricultural Transformation” (TAAT) initiative, which seeks to accelerate the dissemination of agricultural technologies throughout the continent, not only to improve yields, but also to fight against the consequences of global warming and against pests, such as Fall Armyworm. “The crucial point for the economic development of Africa is that we have to radically transform our agriculture,” Adesina declared.

The Bank’s High 5( https://www.AfDB.org/en/the-high-5/) priorities are already producing significant impacts across the continent,” said the Bank’s President.In 2018, 4.5 million people were connected to electrical grids.Nearly 20 million more people have access to improved agricultural technologies.Industrial investments in the private sector have benefited 1.1 million people.Some 14 million people have gained access to improved transport services, while another 8 million people have benefited from better access to water and sanitation.These impacts encourage the Bank to redouble its support for economic and social development in Africa.

“We need to achieve universal access to electricity. We need to help Africa to become self-sufficient in food. We need to achieve a fully integrated continent. We need to industrialize Africa and improve the quality of life for its people,” Adesina concluded.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Africa speaks

Unstoppable Africa 2023: Shaping a Future of Prosperity and Innovation

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Unstoppable Africa 2023 has concluded, leaving a profound mark on the African continent. The two-day Global Africa Business Initiative (GABI) event aims to boost Africa’s standing in the global economy and establish the continent as the foremost destination for business, trade, and investment. This transformative gathering on the sidelines of the UN General Assembly has not only chartered the course for economic growth but has also solidified GABI’s pivotal role as a catalyst for change and progress.

On the second day of the event, Caroline Wanga, CEO of Essence Ventures, emphasized the importance of authentically portraying African narratives. She highlighted that the continent’s rich heritage has traditionally been expressed through its unique storytelling methods. Wanga stated, “In discussing Africa, it’s vital to engage in genuine dialogue. We’ve celebrated our heritage through our distinct method of storytelling, which the world is longing for now more than ever. As the overseer of Essence Ventures and other platforms, I am committed to ensuring our tales are told from a position of strength and authenticity.”

The final day of the Unstoppable Africa 2023 featured a chorus of leading private sector voices. Notably, leaders from the business and media world such as Jeff Wong, EY Global Chief Innovation Officer; Niraj Varia, CEO of iProcure Ventures; Lakeshia Ford, Founder of Ford Communications; Claudia Kwarteng–Lumor, Founder of Kollage Media, producers of GLITZ AFRICA Magazine and Somachi Chris-Asoluka, CEO of The Tony Elumelu Foundation (TEF). 

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Complementing these luminaries were esteemed figures from government and international organizations, including President Masisi, H.E. Felix Tshisekedi, President of the Democratic Republic of Congo, Adebayo Olawale Edun, Minister of Finance and the Coordinating Minister of the Economy for Nigeria, Joy Basu, Deputy Assistant Secretary, Bureau of African Affairs at the US Department of State.

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Africa speaks

Unstoppable Africa: Igniting Transformation and Bold Collaborations

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Unstoppable Africa Conference: Dr. Akinwuni Adesina and H.E. William Ruto (Image: Supplied)

Leaders from global business, investment, government, sports, and the arts gathered in New York on Thursday, 21st September to mark the commencement of “Unstoppable Africa”. The event by the Global Africa Business Initiative (GABI) seeks to elevate Africa’s prominence in the global economy and position the continent as the premier destination for business, trade, and investment.

The two-day event is co-convened by the United Nations Deputy Secretary General, Amina J. Mohamed and the Chairperson of the African Union H.E. Moussa Faki Mahamat on the sidelines of the United Nations General Assembly in New York. GABI, coordinated by the UN Global Compact, serves as a pivotal forum for Heads of State and Government, CEOs, investors, policymakers, industry experts, and U.N. leaders to discuss and strategize the way forward for Africa’s dynamic business landscape. “Unstoppable Africa” is a powerful affirmation of GABI’s unwavering commitment to redefining Africa’s economic narrative.

On day one, the flagship event attracted an impressive array of speakers and participants, including the Presidents of Ghana, H.E. Nana Addo Dankwa Akufo-Addo, Kenya, H.E. William Samoe Ruto, Senegal, H.E Macky Sall Poland H.E Andrzej Duda and H.E Mia Mottley, Prime Minister of Barbados. In addition to government ministers, “Unstoppable Africa” welcomed a who’s who of renowned business titans such as Mo Ibrahim, the Sudanese-British businessman and philanthropist, Phumzile Langeni, Deputy Chairman of Imperial Logistics; Non-Executive Director of DP World Group, James Manyika, Senior Vice-President of Research, Technology and Society at Google-Alphabet, and Brad Smith, President of Microsoft among others. Senegalese artist Baaba Maal set the tone for the event with a captivating performance calling for peace and prosperity in Africa while actor Arsema Thomas engaged in an insightful interview conducted by the event’s host Folly Bah Thibault from Al Jazeera English.

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UN Secretary-General António Guterres opened the two-day forum making a compelling call for the “delivery of justice” – a theme central to the continent’s sustainable development. The UN Secretary-General stated that “justice means reforming outdated, unfair and dysfunctional global financial systems and ensuring African representation at every multilateral table”.

H.E. Mia Mottley, Prime Minister of Barbados emphasized the difference between ambition and meaningful action, in the context of Africa. Recognizing the emerging unity and collaborative efforts across the continent, she highlighted the imperative for accelerated progress in Africa. Her message underscored the urgency for nations to move from plans to concrete actions that catalyze transformative change on the continent.

During a major event announcement, Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), announced a transformative partnership with Google, creating a Centre of Excellence for coding in Africa.

Other announcements on the day included The Democratic Republic of Congo’s (DRC) commitment to positioning the country high-up in the batteries and electric vehicles value chains, unveiling a new 1,000-hectare space in Kolwezi, with special economic zone status. DRC’s Minister of Industry, H.E. Julien Paluku, appealed to global investors to join these initiatives in addressing climate change while advancing economic growth. the launch of Ghana’s Energy Blue Zone Initiative, heralding a major stride in the country’s energy transition and investment plans.

The “Unstoppable Africa” event promises to continue its momentum into the second day, where further thought-provoking discussions, innovative solutions, and collaborative endeavors are set to shape Africa’s role in the global economy. Leaders from various sectors, including business, government, and civil society, will come together to exchange ideas, forge partnerships, and chart a course toward a more prosperous and sustainable future for Africa and the world.

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Africa speaks

Nigerian-Born Ayomide Idogun On Creating Impact

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Ayomide Idogun is the co-founder at the New African Movement, an initiative aimed at ensuring Africa is conducive for Africans. Ayomide is a development strategist, policy analyst, and military historian with a major flair for transformative change through strategic thought, leadership, and empowerment.

Recently, he had the opportunity to be a delegate at the Arab Youth International Model United Nations Conference, now known as the Best Diplomats Conference, held in Dubai. Beyond the piquancy that came with meeting over 150 people from about 80 countries, and the experience of learning different cultures, the delegates were largely charged with proffering solutions to solving the global food crisis.  Ayomide represented the great people of Guatemala, who sadly are no strangers to this phenomenon, with 4.6 million people at the least, facing the hunger crisis, and suffering hugely from food insecurity.

This led him to come up with prospective solutions, to ensure farmer empowerment, and the mitigation of factors hindering food supply minimized to the barest minimum, so as to ensure Guatemala does not just become self-sustaining, but grows to the point of exporting food produce to other Nations. His efforts did not go unrewarded as he bagged the Outstanding Diplomat Award, in recognition of his outstanding negotiation, leadership, and overall performance during the course of the conference.

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He is a trainer and speaker with core area in leadership, capacity building and development. Some of his engagements amongst others, includes, training members of the African community in the United Arab Emirates, on capacity building and maximizing potentials, to ensure their time and resources are utilized to maximal effect. And at the maiden edition of DisruptHR Lagos, organized by OutsideinHR, where he spoke on the role COVID-19 played on priorities for humanity, and the ever-changing landscape of work.

Ayomide Idogun holds a degree in Policy and Strategic Studies from Covenant University, a second degree in History and Strategic Studies from the University of Lagos, and he is currently enrolled in the School of Politics, Policy and Governance, where he is undergoing the Public Leadership and Policy Programme.

 

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