Tag: Adesina

  • Adesina, Onanuga and the matter of being better off – By Azu Ishiekwene

    Adesina, Onanuga and the matter of being better off – By Azu Ishiekwene

    The President of the African Development Bank (AfDB), Akinwunmi Adesina, ruffled presidential feathers on Monday when he said in a speech during the 20th Anniversary dinner of the financial services company, Chapel Hill Denham, that Nigerians were better off in 1960 than they are today.

    The Special Adviser to the President (Information & Strategy), Bayo Onanuga, immediately disagreed, saying that Adesina used a narrow, perhaps one of the most contested metrics, to measure the country’s progress. Both Adesina and Onanuga were right and wrong.

    What’s in a measure?

    Gross Domestic Product (GDP), the most common measure of the size of an economy, measures the size of goods and services produced by that economy in a given period, usually annually.

    For nearly 10 years after Nigeria rebased its economy in 2014 by including swathes of the economy previously excluded from the calculation, mainly IT, telecoms, and music, the country ranked as Africa’s largest economy.

    We walked with a swagger and a spring in our steps. Until recently, when the tide turned and Nigeria slipped to number four, behind South Africa, Egypt and Algeria, any argument about the adequacy of GDP as an accurate measure of economic well-being would have been dismissed, especially in official circles.

    One-handed economists

    Yet, the GDP is accurate in what it measures, irrespective of Onanuga’s discomfort. Of course, economists, never one-handed as Harry Truman famously said, may disagree on the best model. Still, they have yet to find a more precise measure of a country’s total goods and services, a rough guide to economic status, than the GDP.

    What Adesina did in his lecture, “Reimagining Nigeria by 2050,” was not only to compare Nigeria’s GDP in 1960 with what it currently is, but also to put that side by side with the performance of South Korea, which was at roughly the same position as Nigeria 65 years ago.

    What he didn’t do, by the way, was to re-imagine what Nigeria’s GDP might have been today if he kept his promise as Nigeria’s Agriculture minister between 2011 and 2015, to popularise “cassava bread!”

    GDP vs GDP per capita

    The GDP per capita of all seven countries Adesina cited in his lecture were African, from Ghana ($2,260) to Botswana ($7,820), compared with Nigeria’s ($1,596). It’s not unusual that whereas Nigeria’s economy is the fourth largest on the continent, its GDP per capita is lower than Ghana’s, for example.

    While the GDP measures the total volume of goods and services produced, GDP per capita divides the volume by the population. Regarding manufacturing, a key GDP component, Adesina mentioned Malaysia and Vietnam, which started in the same place as Nigeria, but have left us far behind. These examples are uncomfortable, but true.

    The GDP is measured in the currency of the country in question, but converted to US dollars when comparing the value of the goods and services produced between or among nations. That means after the naira devaluation by 250 percent, for example, Nigeria’s GDP ranking was bound to fall.

    Low or high?

    Are there countries with relatively high GDP per capita and yet a low standard of living? Yes. Equatorial Guinea and Gabon, for example, have relatively high GDPs due to oil wealth and small populations, but score low on most quality of life indicators because of poor governance and weak institutions.

    And vice versa, low-GDP countries like Costa Rica and Portugal have a higher standard of living because of strong social programmes, good education and safety measures. Yet of the 20 countries with the highest GDP by the IMF 2025 projections, there is none with rampant poverty.

    Beyond measure

    Onanuga was right to contest the use of the GDP, because, to modify Albert Einstein, some things count that cannot be counted by the GDP – things like health, education, equality, governance, trust, and the quality of life. Onanuga listed a few things in his rejoinder, such as road infrastructure, which he said Adesina’s paper had omitted.

    It did not. It emphasised GDP as a measure of performance, and we may disagree with the adequacy of this metric. However, the paper also strongly argued that aggressive and well-thought-out investment in infrastructure such as power, health, agriculture, seaports, and airports with a clear and transparent governance structure can guarantee Nigeria a secure future.

    Are you better off?

    With two years to the next general elections, I understand Onanuga’s concern that a portrayal of Nigeria’s long-gone past as better than its present is politically fraught. Elections have been lost and won on the fundamental question: Are you better off than you were four years ago?

    However, Adesina’s views about Nigeria in 1960 will not matter to voters in two years because they will not hold the government of President Bola Ahmed Tinubu accountable for the time when Nigeria’s population was around 45 million and each of its three main regions enjoyed relative autonomy. Nor will they hold Tinubu responsible for 2050 because he would not be in office then.

    In two years, Nigerians will ask themselves if their lives have improved in the last four years of the Tinubu government. It’s a question that strips economics of its jargon, whether GDP or HDI, and goes straight to bread-and-butter issues.

    In the long run…

    If President Joe Biden’s claim of a better life for Americans, even though essentially statistically correct, was insufficient to save him, then the Tinubu administration must roll up its sleeves.

    GDP or not, Onanuga’s rejoinder will not avert the question of whether Nigerians feel better off. This government’s difficult decisions in the last two years should have been taken decades ago. The consequences of these decisions, however, especially the removal of the petrol subsidy and floating the exchange rate, not to mention the insecurity, have made many worse off.

    Of course, Abuja can argue that the hardship is global and that the temporary difficulties will produce a better future. But as economists say, in the long run, we’re all dead.

    Living it!

    For the government to be rewarded for the courage of its tough decisions, the public, especially voters, does not need to be reminded that they now have more phone lines or road networks as a measure of progress. Many more must be able to live above the current misery of begging to recharge their phones, to pay fare for unsafe roads, or ransom for loved ones.

    Nigerians are poorer today, not because comparative GDP figures from 1960 tell them, or because a more robust indicator could have made any difference. They live it.

    The currency has been devalued by 250 percent in two years, the value of savings has depleted, the cost of essential services has risen by 113 percent, and the cost of borrowing has increased from 18.5 percent in 2023 to 27.5 percent because of the crowding-out effect.

    White cat, black cat

    Whatever the indicators, this is the reality Nigerians are living, the story Tinubu was voted to change. Governors are getting more money and should account for it. Still, with more of them defecting to the ruling All Progressives Congress (APC), the party will have much more to answer for what it is doing to lessen the collective misery. Also, the significant issues in the macroeconomy (primarily inflation) and security are squarely on the Federal Government’s plate.

    There’s still some time to fix things, but like Deng Xiaoping said about dealing with an emergency, it’s not the colour or description of the economic indicator that matters, as long as the cat of our current misery catches mice.

  • 5 candidates cleared to succeed Adesina in AfDB presidency race

    5 candidates cleared to succeed Adesina in AfDB presidency race

    The race to lead the African Development Bank (AfDB) has officially begun with the release of the list of candidates vying for the prestigious role of president.

    AfDB, in a statement, said this was the outcome of a two-day meeting held at the bank’s headquarters in Abidjan, Côte d’Ivoire, by the Steering Committee of the Board of Governors.

    The candidates cleared to contest for the top position represent a diverse cross-section of Africa’s leadership and development expertise.

    “The Steering Committee, after examining the candidatures, cleared the following list of candidates for the office of the President of the AfDB during the next election to be held on May 29.

    “They include Mr Hott Amadou from Senegal, Dr Maimbo Munzele of Zambia, Mr Tah Ould from Mauritania, Mr Tolli Mahamat of Chad, and Ms Tshabalala Swazi from South Africa,” it said.

    Each candidate brings a unique background and vision to the table, setting the stage for what promises to be a competitive election that could shape the future trajectory of the continent’s premier development finance institution.

    The upcoming election will determine who succeeds the current president, Dr Akinwumi Adesina, who has led the bank since 2015, steering it through significant reforms and challenging global economic conditions.

    The election results will have far-reaching implications for Africa’s development agenda, particularly in areas like infrastructure, economic growth, and climate resilience.

  • AfDB president, Adesina reacts to reports on 2027 presidential race

    AfDB president, Adesina reacts to reports on 2027 presidential race

    Dr Akinwumi Adesina, the president of African Development Bank (AfDB) has reacted to media reports on his ambition to run for the 2027 presidential race.

    During a recent interview on Arise TV, Adesina was questioned about his political future after his tenure at the AfDB.

    Adesina said: “I will be available to serve in any capacity, globally, in Africa, anywhere, including in my own country, Nigeria.”

    The outgoing AfDB Presidents’ remarks generated widespread interpretations that he was subtly declaring interest in the 2027 presidential race.

    However, Adesina while addressing the issue in a Post X on Thursday, said what he said during the interview was misinterpreted by media outlets.

    He also encouraged people to go and listen to the interview to confirm what he actually said.

    He reacted: “A segment of my recent interview on @ARISEtv has been both misinterpreted and misrepresented in several Nigerian media outlets.

    “What I said was, “I will be available to serve in any capacity, globally, in Africa, anywhere, including my own country.”

    “A listen to the substantive and robust interview, which is available online (youtu.be/xgyDRnBWWcY?si…), will show this to be the case.

    “For clarity and for the record, I did not say that I am running for the office of President of Nigeria,” Adesina said.

  • Conflict of interest hinders implementation of AfDB’s anti-corruption fund – Adesina

    Conflict of interest hinders implementation of AfDB’s anti-corruption fund – Adesina

    The African Development Bank (AfDB) President, Akinwumi Adesina, says conflict of interest is hindering implementation of the bank’s anti-corruption fund.

    Adesina, in an interview, said the bank established an anti-corruption fund of about 55 million dollars seven years ago, which had yet to be tapped into.

    “The point is, we have the funds. However, when implementing that fund, we found that there were conflicts of interest on how the fund was set up.

    “As president of the bank, I will not mingle with the bank’s funds.

    “And we said, no, we cannot do that. We need to find a way to give that to third parties. The money is there, and the money is going to third parties.

    “And just so you know, the AfDB was ranked in 2023 as the most transparent institution in the world,’’ he said.

    Adesina restated that the bank had an independent anti-corruption unit that sanctions companies with non-competitive behaviour.

    According to him, corruption is not unique to Africa, and there is no doubt about the need for improved governance, transparency, and accountability anywhere in the world.

    He said to curb the challenge of corruption, the bank established a programme called SEGA, which centred on economic governance in Africa.

    “It has to do with public financial management. It has to do with debt management. It has to do with reducing illicit capital flows.

    “Now, I agree with you. Today, we have illicit capital flows out of Africa, which amounts to about 89 billion dollars annually. Sometimes, it is like pouring water into a basket, It needs to be able to hold it.

    “But this much I will say, even as I agree with all of that, corruption is not unique to Africa,’’ he said.

  • Africa records loses of $7bn to $15bn yearly to climate change- Adesina

    Africa records loses of $7bn to $15bn yearly to climate change- Adesina

    The Group President, African Development Bank (AfDB), Dr Akinwunmi Adesina, has said that Africa is losing about seven to 15 billion dollars annually to the ravages of climate change.

    Adesina said this during a media conference in Nairobi on the sidelines of the ongoing AfDB Annual Meetings 2024.

    The meeting marks the 60th anniversary and 59th Annual Assembly of the AfDB and the 50th meeting of the African Development Fund (ADF).

    Adesina said that while Africa contributed minimally to global emissions, it bore the disproportionate burden of environmental degradation catastrophes.

    According to him, the continent, which accounts for a mere three to four per cent of emissions, is unexpectedly suffering the most severe consequences of environmental upheaval.

    He said the situation would worsen if immediate action was not taken, adding that by 2030, Africa’s annual losses to climate change could skyrocket to a staggering 40 billion dollars.

    “Africa loses seven to 15 billion dollars a year to climate change. If that does not change, that will grow to roughly 40 billion dollars annually by 2030.

    “That means we are losing much of our potential for something we did not cause, because Africa did not account for more than three to four per cent of climate emissions.

    “But it is suffering today disproportionately from the negative consequences of climate change, which can amplify the strain on already vulnerable economies,” he said.

    According to the AfDB president, the unfolding events clearly portray Africa’s struggle against the elements.

    “From Malawi’s worst drought in memory to Zimbabwe’s declaration of a national emergency due to a severe drought and Mozambique grappling with devastating floods, the continent is besieged by extreme weather events.

    Adesina emphasized the need for action that was beyond mere acknowledgment—a need for global financial support to bolster Africa’s resilience and facilitate adaptation measures.

    “Africa’s economy’s future is going to depend on building resilience to these particular shocks because climate change is devastating the whole continent,” he said.

  • Africa loses $7bn to $15bn yearly to climate change – Adesina

    Africa loses $7bn to $15bn yearly to climate change – Adesina

    Dr Akinwunmi Adesina, the Group President, African Development Bank (AfDB), said Africa is  losing about seven to 15 billion dollars annually to the ravages of climate change.

    Adesina said this during a media conference in Nairobi on the sidelines of the ongoing AfDB Annual Meetings 2024.

    The meeting marks the 60th anniversary and 59th Annual Assembly of the AfDB and the 50th meeting of the African Development Fund (ADF).

    Adesina said while Africa contributed minimally to global emissions, it bore the disproportionate burden of environmental degradation catastrophes.

    According to him, the continent, accounting for a mere three to four per cent of emissions, is unexpectedly suffering the most severe consequences of environmental upheaval.

    He said the situation would   worsen if immediate action was  not taken, adding that by 2030, Africa’s annual losses to climate change could skyrocket to a staggering 40 billion dollars.

    “Africa loses seven to 15 billion dollars a year to climate change. If that does not change, that will grow to roughly 40 billion dollars annually by 2030.

    “That means we are losing much of our potential for something we did not cause, because Africa did not account for more than three to four per cent of climate emissions.

    “But it is suffering today disproportionately from the negative consequences of climate change, which can amplify the strain on already vulnerable economies,” he said.

    According to the AfDB president, the unfolding events clearly portray Africa’s struggle against the elements.

    “From Malawi’s worst drought in memory to Zimbabwe’s declaration of a national emergency due to severe drought, Mozambique grappling with devastating floods, the continent is besieged by extreme weather events.

    Adesina emphasised the need for action that was beyond mere acknowledgement, a need for global financial support to bolster Africa’s resilience and facilitate adaptation measures.

    “Africa’s economy’s future is going to depend on building resilience to these particular shocks because climate change is devastating the whole continent,” he said.

  • How Saraki plotted with Dogara, Ekweremadu to seize NASS leadership – Femi Adesina

    How Saraki plotted with Dogara, Ekweremadu to seize NASS leadership – Femi Adesina

    Femi Adesina has disclosed how ex-Senate President, Bukola Saraki plotted to seize the leadership of the National Assembly in 2015.

    Adesina, a former aide to ex-President Muhammadu Buhari said Saraki plotted with former House of Representatives Speaker, Yakubu Dogara, and ex-Deputy Senate President, Ike Ekweremadu.

    He said Saraki worked with the Peoples Democratic Party, PDP, lawmakers to get the necessary figures because most senators of the All Progressives Congress, APC, were not with him.

    Adesina disclosed this in his book “Working with Buhari: Reflections Of A Special Adviser, Media And Publicity (2015 – 2023).”

    The former presidential spokesman, however, said Buhari was unhappy with Saraki and Dogara’s emergence as leaders of the National Assembly.

    Adesina wrote: “Unknown to the party leadership, Senator Bukola Saraki, a former Kwara State Governor, and Hon. Yakubu Dogara, from Bauchi State, had plotted to seize the leadership of the National Assembly.

    “To get the necessary figures, Saraki was in league with the PDP, his former party, as a significant number of APC senators were not with him.

    “We were in the President’s living room at Aso Drive, preparatory to driving to the International Conference Centre (ICC) for the meeting with APC legislators, when we saw on television that the Senate had already been convened, and election was in progress.

    “The requisite constitutionally required number had been made up by renegade APC members and the PDP.”

  • Reflections on Adesina’s work with Buhari – Azu Ishiekwene

    Reflections on Adesina’s work with Buhari – Azu Ishiekwene

    I knew Femi Adesina when he was “Daddy Tobi.” He still is, of course. But back in the day when we were neighbours in “Olowora Inside”, a Lagos suburb, when you could call to a neighbour from your frontage, often by using the name of their first child, that was how we called Femi: Daddy Tobi.

    I have heard people complain that a friend in government is a friend lost. I have seen it too – friends who are not only lost but who are also happy to lose themselves once in power or positions of influence. I don’t know if it’s a good or bad thing. People have their reasons.

    But Daddy Tobi did not change. He has not changed. Through the eight years of his appointment, he has been the same jolly good fellow, slow to give offence, contemplative, almost ponderous to act, anxious to be politically correct (which is why he would say, the Good Book, instead of the Bible or Quran, for example), and full of thunderous laughter.

    Understanding Buhari 

    His new book, “Working with Buhari: Reflections of A Special Adviser, Media and Publicity (2015-2023),” narrates his struggles, his hopes, his frustrations and triumphs as Buhari’s first political appointee and perhaps the longest serving media adviser in Nigeria in the last nearly three decades.

    I wasn’t surprised by his longevity, though that also brought its own miseries especially after the first two years of Buhari’s government. They’re partly reflected in Chapter Nine of his book entitled, “2017, Year of Health Challenge,” a chapter that also reminded me quite vividly of the book, Power, Politics and Death, by Olusegun Adeniyi.

    A significant difference, though, is that while Femi’s book is very personal – like a diary, Adeniyi’s is intensely revelatory, capturing not only the author’s odyssey but also the intrigues that shaped Umaru Musa Yar’Adua’s short-lived presidency.

    Femi makes it clear, upfront, that his book is not about the making of policies – monetary, fiscal, foreign – or even about the fundamentals of government. It’s a journey to understanding Buhari, the enigma from Daura.

    After assuming office in 2015, Buhari enjoyed an extended honeymoon. The public was fed up with President Goodluck Jonathan and the chaos in the ruling People’s Democratic Party (PDP).

    Masu gudu sugudu? 

    Buhari seemed to be the right man for the job, in spite of concerns about his academic and human rights credentials. The country was so taken in by the Buhari charm that a Hausa song, entitled, “Masu gudu sugudu,” became a hit for the dire fate supposedly awaiting the corrupt and their acolytes.

    I was against Jonathan, and for Buhari, though not as remotely as Femi, a self-confessed Buharist. My support was conditional, sometimes confused, and for the most part of Buhari’s second term, frustrated and disappointed. But sometimes, you have to be close to people to know them better, which is the point of Femi’s book.

    His reflections, however, did not assuage my disappointment about the former president’s congenital insularity or about the chaotic freedom in his government that obviously encouraged some of his appointees to run wild.

    The new book did something quite important, though. It helped me, through Femi’s eye, to see a part of Buhari that may have been flawed but was perhaps not fatally damaged by malice.

    In his own words 

    I will give two examples from the book. The first occurred after Buhari removed Ita Ekpeyong as Director, State Services (DSS) in 2015, and replaced him with Lawal Musa Daura. At this time, there were already suspicions that Buhari, being Buhari, his election would deepen Nigeria’s already fragile ethnic fault lines.

    On page 166 of his book, Femi said he went to Buhari to complain about the potential ethnic blowout of the change.

    “I had asked him,” he wrote, “Mr. President, you are removing Ita Ekpeyong from the South-south, why not replace him with someone from that region, for balance?”

    Buhari replied: “Before people are recommended to me, a search must have been done by appropriate set of people or committee. And one, two or three people are brought forward, in order of performance and competence. Now, if someone comes first and I bypass him because of ethnicity or religion, Allah would judge me.”

    “But do not worry,” he told an obviously worried Femi, “the appointments would balance out.”

    It would seem, from this passage, that Buhari was genuinely concerned about merit and competence. Maybe that was the case in his first term. Documents that I obtained independently at the time appeared to support this view.

    For example, between 2015 and 2018, while the North-central topped appointments in Ministries, Departments and Agencies (MDAs), with 102 appointees; the South-west came second with 101 appointees, giving both zones 35 percent or 203 of the 567 appointments made.

    But the complaint was not just about numbers but also about consequential postings. If Buhari passed the test on numbers in his first term, he failed disastrously on both counts in his second term. Not only were his appointments lopsided, he seemed so painfully absent, at least in the public eye, that any suggestions of competence or merit in his choices were commonly laughed out of hand.

    The second example from the book of Buhari’s fatal innocence, portrayed through Femi’s sympathetic lens, was the former president’s role in the naira redesign palaver.

    In Chapter Twelve, entitled, “In His Own Words…,” Femi quoted Buhari as saying, “The scarcity of money was not deliberately done to punish Nigerians…When he (former CBN Governor Godwin Emefiele) was linked with the campaign for 2023 presidency, I did not ask him, because he told nobody he was getting involved. Otherwise, I would have removed him and told the nation why.”

    Naira redesign, ‘Emilokan’

    In the goodness of Buhari’s purple heart, which obviously saw no evil, heard no evil, and did no evil, he could not contemplate the open travesty perpetrated by the Central Bank governor who took the APC to court in his own name, asking the court to protect his right, as sitting governor of the bank, to contest the presidency. Emefiele did not hide his intention from the party or, in fact, from the public. But by some spell of magic, he managed to hide it from Buhari.

    And the president who “did not want to deliberately punish Nigerians” twice publicly defended the naira redesign even when the country was chafing under its impact and in spite of a Supreme Court ruling against it.

    But it was Femi’s job to defend him, and that shone through in the book, with at least three of the 28 chapters – “Wailing Wailers,” “You Always Defend Them Because You Are One of Them,” and “Managing ‘Brand Buhari,’” – devoted to the many stripes of his valiant efforts.

    His reflection on whether or not the Villa is a haunted place as his predecessor, Reuben Abati, wrote in the famous article, entitled, “The spiritual side of the Villa,” is quite interesting. The jury is still out on that.

    Yet, there were also moments of pure drama, like when Femi and late former Chief of Staff, Abba Kyari, squared off over a turf war or when Femi broke the news of Bola Ahmed Tinubu’s “Emilokan” speech to Buhari aboard NAF One, only to get the parsimonious reply, “Asiwaju said all that? Thank you for briefing me.”

    As is often the case with such jobs, family and friends also suffer collateral damage. But when people who knew that I had known Femi since our Daddy Tobi days called me to lash out, I often told them that Femi’s Buhari-philia wasn’t for the money or the attention.

    And that was true. It was a matter of conviction and loyalty. As the book, which dedicated nearly 16 percent of its 488 pages to a chapter on Buhari’s achievements shows, nothing could change that.

    Not even the burning spear of a million wailers!

  • How Africa can earn respect globally – AfDB president, Adesina

    How Africa can earn respect globally – AfDB president, Adesina

    Africa will not earn respect globally until we end poverty at scale, says Dr Akinwumi Adesina, President, African Development Bank (AfDB).

    Adesina stated this on Tuesday, in Lagos at the 40th Anniversary Lecture of The Guardian and the Public Presentation of the Guardian Federalist Papers titled, “Federalism is the Answer.”

    Speaking on the topic of the lecture, “For the World to Respect Africa,” Adesina said for way too long, Africa had allowed poverty to linger pervasively in the midst of plenty.

    According to him, poverty, is abnormal, especially when resources are vast and when it has been pervasive for so long.

    He said Africa should not become a museum of poverty, adding that to reverse this trend, there must be a public accountability component.

    Expressing disappointment in the continents current state,  Adesina said poverty must not become the comparative advantage of Africa, despite housing half of the world’s gold and one-third of all the minerals in the world.

    “Our governments must realise that it is their responsibility to lift all their people out of poverty and into wealth as fast as possible.

    “It is doable. We have seen clear examples of such progress in other regions of the world, especially in Asia over the past three decades.

    “There is no reason why acute poverty cannot be eradicated in Nigeria and across Africa. We have to become a continent that grows inclusive and well distributed wealth.”

    Using South Korea as an example, Adesina said the country moved from GDP per capita that was $350 in the 1960s when it got independence, to approximately $33,000 in 2023.

    This, he said, is the kind of quantum leap that Africa needs rather than attempting to alleviate poverty.

    “We must really ask ourselves, when will we make the shift that South Korea made from being a country that was one at the low end of the development ladder to a rich, industrialised nation that it is today?

    “We simply must turn the tide. Ultimately, we must put ourselves in a position where we also can give. that is how Africa will earn respect,” Adesina said.

    Speaking on resources, Adesina said there was something fundamentally wrong in the management of natural resources.

    He noted that if natural resources continued to be mismanaged, Africa would remain stuck.

    “Consequently, in the midst of plenty, majority of people remain poor. I have urged African governments to stop securing loans backed by their natural resources.

    “That is because those natural resource backed loans are not transparent. They are expensive and make debt resolution very difficult.”

    The AfDB president said the resources of a country do not belong in the pockets of powerful and rich individuals but for the benefit of the people of that country.

    Adesina also said Africa would get respect when it was able to feed itself, adding that a nation or region that begged for food was free only in words but dependent on others for life.

    On his part, feeding 9.5 billion people in the world by 2050 would be a big challenge given climate change and a limited amount of cultivated arable land.

    He said Africa would play a critical role in this because the continent had 65 percent of the remaining uncultivated arable land in the world.

    “What Africa does with agriculture will determine the future of food in the world.

    “The African Development Bank has invested over $8 billion in agriculture for the past seven years, which has improved food security for 250 million people.

    “The export of raw commodities is the door to poverty while the export of value added products is a highway to wealth,” he said.

    Adesina said that the continent would earn respect when it deepened good governance and the rule of law.

    According to him, military coups in parts of Africa pose a danger.

    He, however said terrorists and peddlers of unrest do not just appear, noting that they were people who lived in extreme poverty, unemployment and environmental degradation.

    “Today, 85 percent of Africans are living in or close to a country in conflict. This calls for the strengthening of the overall security architecture in conflict affected areas,” Adesina said.

    In her goodwill remarks, Noimot Salako-Oyedele, Deputy Governor, Ogun State described The Guardian Newspapers as a beacon of journalism excellence.

    Paying tribute to the late founder, Alex Ibru, she acknowledged the contributions of his wife and children in driving the newspaper forward.

    She noted that their unwavering commitment ensured that the organisation did not falter but continued to thrive.

    “The Guardian is an institution that has actively contributed to shaping our society. It has played a crucial role in holding public figures accountable and championing social justice,” she said.

    Chairman, Guardian, Lady Maiden Alex- Ibru said the interlocking mutually reinforcing fundamental principles of the Guardian were, and are “intellectual excellence, the balanced coverage of events, consistently upholding the interest of justice, equity and the rule of law.”

    She said other principles of the organisation include pursuing probity in public life, and actively promoting the best interests of Nigeria and Africa.

    “It is upon that seminal anchor that I welcome you to the guardian’s 40th anniversary lecture, ” she said.

  • Corruption not an African issue – AfDB President, Adesina

    Corruption not an African issue – AfDB President, Adesina

    The African Development Bank (AfDB) President, Dr Akinwuni Adesina, says corruption is not an African issue.

    Adesina said this in a statement made available in Abuja on Saturday.

    According to him, what is important is to continue to improve transparency, accountability, and the use of public resources.

    “The global financial crisis that brought the world down in 2008, that was not in Africa. We have no Wall Street. That collapse came from greed, from corruption, from fraud.

    “You have people cooking the books that are in the financial industry in Europe, not in Africa.  Corruption is not an African issue.

    “The issue is that is not to say that there’s none. What you have to do is to continue to improve transparency, accountability and the use of public resources.”

    According to Adesin, he discovered during his first visit to Eritrea that the country has zero per cent corruption record.

    “During my first visit to Eritrea, I was talking to UN Development Programme staff. You know what they told me? That, in Eritrea, corruption is zero per cent.

    “Why do we not talk about that? That’s the kind of thing that we want to do. For us as a development bank, we take good governance very seriously.

    “As far as I am concerned, people’s resources do not belong in other people’s pockets. Governments must be accountable to their people,” he said.

    According to the AfDB boss, there has to be transparency on how resources are acquired and used. That’s why we have a governance programme.

    He said: “when you get money from us, we also support you technically. You are accounting for those resources.

    “I don’t want to minimise that Africa has a significant amount of illicit capital flows; it does anything between 80 billion and 100 billlion dollars a year.

    “ But guess what? Those that are doing that are the multinational companies. And so what we have got to do is bring a searchlight to that.”

    On how Africa could improve its position in the global value chain, Adesina expressed sadness about the continent’s constant position at the bottom of the value chain.

    According to him, the fastest way to poverty is through exporting raw materials, but the highway to wealth is through global value chains.

    He said this could be achieved by adding value to everything you have, from oil to gas to minerals to metals and food. We must add value.

    “The issue is, we have to invest right; we have to make sure the governance environment is right; we have to make sure the incentives are right.

    “Africa must take a position that it is no longer going to be at the bottom but at the top,” he said.

    Commenting on the Bank’s support to food security in Africa, the AfDB boss said, “I don’t think that you can have development with pride unless you can feed yourself.

    According to Adesina,  the 81 shareholders of the AfDB provided it with an increase in the bank’s capital at the end of 2019, from 93 billion to 208 billion dollars.

    The AfDB boss said the figure was the highest capital increase in the bank’s history.

    He said the increase, however, allowed the bank to do an emergency support facility of 10 billion dollars in COVID crisis response for Africa.

    Adesina said the bank inaugurated a 1.5 billion dollars emergency food-production facility to mitigate the global geopolitical crisis leading to a food crisis in Africa.

    On the need to restructure the international financial systems,  Adesina said, “what is very important for us is the issue of the Special Drawing Rights (SDRs).

    “Africa needs to have a lot more resources for financing climate, but what is actually out there is not enough.

    “We have on the table right now the special drawing rights of the IMF. But when they were issued, 650 billion dollars were issued, Africa got 33 billion dollars.”

    “Its 4.5 per cent, its not good. You have small countries in Europe that got more and that is not fair and not inclusive.”

    According to him,  African Heads of State are asking for 100 billion dollars to be re-channelled from the countries that got it and don’t use it, or need it.

    “We might think of maybe just adjusting it a little bit. And calling it Supporting Development Revitalisation. That’s also SDRs,” he said.