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  • Africa leading market frontier with huge untapped potential – Adesina

    Africa leading market frontier with huge untapped potential – Adesina

    African Development Bank (AfDB) President, Akinwumi Adesina has called on Korean investors to seize untapped investment opportunities in Africa, especially in the energy and agriculture sectors.

    Adesina, in a statement on the Bank’s website said the Africa continent could not be ignored by investors.

    He spoke at a business forum attended by CEOs of Korean corporations, heads of financial institutions, and ministers and business leaders from Africa.

    The business forum was held during the 7th Korea-Africa Economic Cooperation Ministerial Conference, held in Korea’s second-largest city, Busan.

    Adesina highlighted the potentials for Africa to become a leading market frontier, boasting enormous potential in agriculture and renewable energy sources.

    The bank chief assured the Korean investors that Africa was not as risky as reported, adding that It was a continent of opportunities, waiting to be tapped.

    He cited Moody’s analysis of global infrastructure default rates which showed that Africa ranked better at 5.5 per cent, compared with 8.5per cent in Asia and 13per cent in Latin America.

    Adesina observed that bilateral trade between Korea and Africa was important and growing, but said its volume needed to be improved.

    He said Korea’s trade with Africa in terms of exports and imports stood at only two per cent of its total trade with the world.

    He said this must change given the huge economic opportunities and investment potential in Africa.

    “The size of consumer expenditures is estimated to be 2.5 trillion dollars by 2030.

    “The African Continental Free Trade Area (AfCFTA), which is the largest in the world in terms of numbers of countries, is estimated at 3.5 trillion dollars market size.

    “With a population of 1.3 billion, of which 600 m are young people, rapid urbanisation and rising incomes of the middle class, Africa is the leading emerging market frontier,” he said.

    Adesina listed several sectors that offered huge opportunities, including energy and agriculture, which was expected to grow to 1 trillion dollar by 2030.

    “This includes the development of special agro-industrial processing zones in which the bank and partners have invested more than 1.5 billion dollars in 11 countries.

    “In the energy sector, Africa has enormous renewable energy potential, including 11 TW of solar, which is the highest in the world, but only one percent is utilised.

    “With 350 GW of hydro, only seven per cent is utilised; 115 GW of wind potential of which only two per cent is used; and 15 GW of geothermal power of which only two per cent is utilised,” he said.

    Adesina invited Korean investors to its 2023 Africa Investment Forum in Marrakech, Morocco, from Nov.10 to Nov.12.

    The Africa Investment Forum had attracted 142 billion dollars in investment interest in Africa over the past four years, including in energy, agribusiness, roads and transport, health, and digital technology.

    The Korea’s 1st Vice President, Minister of Economy and Finance, Byoung Kim, acknowledged that despite global shocks, African countries were experiencing higher growth rates.

    Kim shared his strong conviction that there were enormous opportunities for investment in Africa compared to other continents and highlighted the important role of the private sector in harnessing these opportunities.

    He recalled that Korea was one of the poorest countries in the world but was able to overcome this largely by focusing on its small businesses and the private sector.

    “We hope to share those experiences with our African counterparts,

    “We support the private sector to boost investment and provide guarantees tailored to private sector needs.

    The Korean government will work with AfDB to identify opportunities and use the KOAFEC Trust Fund to enhance the capacity of the private sector.

    The meeting identified the African Continental Free Trade Area as a platform for mutual trade and investment.

    The Chairman and President of the Export-Import Bank of Korea, Hee-sung Yoon, said Africa’s population and vast resources offered enormous opportunities for growth.

    “The AfCFTA will connect Africa with the rest of the world. It will be an opportunity for Korea to build strategic partnerships,” Yoon said.

    Meanwhile, during a subsequent panel session on Just Energy Transition in Africa, the CEO of Neo Themis, Tas Anvaripour encouraged Korean investors to consider on investing instead of only selling equipment.

    She assured the gathering that the AfDB was a trusted risk guarantor on the continent.

    “In several of our business ventures in some African countries, AfDB was there to support us.

    “Its credit guarantee helped us reassure our foreign investors and acted as an honest broker when it mattered most. Institutions like this make investing in Africa easy,” Anvaripour said.

  • Africa needs $2.7trn to finance climate change – Adesina

    Africa needs $2.7trn to finance climate change – Adesina

    African Development Bank (AfDB) Group President, Akinwumi Adesina, said Africa will need about 2.7 trillion dollars by 2030 to finance climate change.

    Adesina said this at the on-going 2023 AfDB Annual Meetings in Sharm El Sheikh, Egypt on Monday.

    The theme of the meetings is Mobilising Private Sector Financing for Climate and Green Growth in Africa.

    According to the bank president, climate change is causing tremendous havoc in many parts of the continent.

    He said in the Sahel, hotter temperatures are drying up limited water, causing water stress for crops and livestock and worsening food insecurity.

    He explained that in vast areas of Eastern Southern Africa and in the Horn of Africa in particular, there was a combination of drought and floods that are causing massive losses.

    Adesina said : “ We have loss of people, loss or destruction of infrastructure, and of course, leading to rising numbers of what I call climate induced refugees.

    “Africa loses seven to 15 billion dollars a year from climate change that is estimated to rise to 50 billion dollar by 2040 at the current trend.

    “But Africa, which accounts for just three per cent of the total cumulative emissions in the world, is now suffering disproportionately the negative consequences of that.

    “Just to be clear, Africa is being shortchanged by climate finance. Africa will need 2.7 trillion dollars by 2030 to finance climate change needs as per the nationally determined contributions of Africa’’.

    According to him, Africa gets a very paltry 30 billion dollars in climate finance, and clearly, needs major support to be able to adapt to climate change which it did not cause.

    On adaptation, Adesina said it would cost about 250 billion dollars and 407 billion dollars by 2030 in terms of the needs of Africa to be able to adapt to climate change.

    He reiterated that finance was key to adapting climate change on the continent, adding that a lot more was required to support countries on the continent.

    “And that is why at the AfDB, in fulfilling our leadership role, launched together with the Global Center on adaptation, what is called the African adaptation acceleration program.

    “The programme is to mobilise 25 billion dollars of support for climate adaptation in Africa.

    “We are also putting our money as we are about as a bank today. We devote roughly 67per cent of our climate finance to adaptation.

    “We made a commitment to provide 40 per cent of our total financing for climate finance, we have exceeded that today, we had 45 per cent of our total financing, go into climate,’’ he said.

    According to the AfDB boss, the bank is the institution with the highest level of diversion of resources to adaptation of any multilateral development bank globally.

    He said Africa’s finance for climate for the private sector would have to grow by 36 per cent annually, adding that about 213 billion dollars private sector financing was needed yearly.

    “Therefore you can understand that there is so much gap to be filled in terms of private sector financing, and that is why this AfDB annual meetings is focusing on its theme.

    “Let me say to you that the opportunities of financing climate and also financing green growth event is in Africa,’’ Adesina said.

    While stating some projects achieved by the bank, Adesina restated the need to mobilise private financing for green infrastructure.

    “It’s not just infrastructure, quality infrastructure, but green infrastructure. And that’s why we have launched the Alliance for Green Infrastructure in Africa.

    “We need to prepare the bankable projects for private sector to invest in and that’s why under the alliance for green infrastructure.

    The bank president while stating some of its projects on different countries, urged governments on the continent to manage its natural capital stock, as it determined a country’s wealth.

    Adesina highlighted some knowledge events that would be done at the meeting among which is the inauguration of the African economic outlook.

    While commending the media, the AfDB scribe called for more of media collaboration in disseminating the right information.

    The 58th Annual Meetings of the Board of Governors of the African Development Bank and the 49th Meetings of the Board of Governors of the African Development Fund will end on May 26.

    The theme of the 2023 Annual Meetings is Mobilizing Private Sector Financing for Climate and Green Growth in Africa. It provides a framework for Bank Group Governors to share their experiences with galvanizing private financing domestically and internationally and harnessing natural capital to bridge the climate financing gap and promote the transition to green growth in Africa.

    Particularly, the theme offers an opportunity for the Governors to discuss Africa’s challenges in attracting private sector financing in low-carbon investments and practical policies that governments can deploy to address these bottlenecks.

    The meeting comprises of statutory meetings of its Governors (finance ministers or central bank governors representing the 81 member countries – and knowledge events. Attendees will include representatives of bilateral and multilateral development agencies, leading academics and non-governmental organizations, civil society, and the private sector.

    The meetings are the Bank Group’s most important event annually, attracting around 3,000 participants.

  • 62nd Independence: Nigeria remains the face of Africa – Amb Adesina

    62nd Independence: Nigeria remains the face of Africa – Amb Adesina

     

    Nigeria’s Ambassador to the Republic of Togo, Ambassador Debo Adesina in his anniversary message to Nigerians has said Nigeria remains the face of Africa contrary to negative narratives.

    This was contained in a good will message to he sent Nigerians in Togo to commemorate its 62nd independence.

    He said: “Nationhood is perpetually aspirational. It evolves and develops, and will continually and forever evolve and develop.

    “May Nigeria, in peace progress and prosperity, continue to happen!

    “I ask all Nigerians, in Togo and everywhere, to constantly display that excellence of character that is native to Nigeria, that makes ours the nation which all Africans look up to for direction.

    ” In return, we must give all Africans, and indeed every Black Person everywhere in the world, more than enough reasons to repose trust and confidence in us
    and lean on us to give them a truly glorious identity.

    “Our country, is a collection of the most endowed peoples of the world, is blessed beyond measure in men and materials. Over the years, Nigeria has been the courageous combatant in the battle for the liberation of Africa and her children.

    “Nigeria is the anchor for the ship of Africa, indeed the Black race!

    Chinua Achebe, in his inimitable style, reminisced on a Nigeria of yore and
    declared,”There was a country.”

    Today, I dare say and declare, there is a country, Nigeria, the banner of which we all must carry aloft with joy and pride!

    Contrary to the negative narrative, “Nigeria happened to me…” ours is a country happening for good, the good of our people, the good of Africa, the Black race and the whole of humanity.

    Our duty as Nigerians abroad is to live this reality and be, in all we do and say, the African
    and human exemplars that we truly are!

    Long live Nigeria!

  • AfDB President, Adesina explains why he withdrew from the presidential race

    AfDB President, Adesina explains why he withdrew from the presidential race

    Dr Akinwumi Adesina the President of African Development Bank(AfDB) has given reasons why he withdraw from the presidential race.

    Adesina has declared he was deeply honoured, humbled and grateful for all the goodwill, kindness, and confidence by those urging him to contest the 2023 presidency.

    Read Also:

    AfDB President, Adesina, pulls out of 2023 presidential race

    He mentioned that he regrets the fact his duties at the African Development Bank( wouldn’t allow him to contest the presidency of the country in 2023.

    He added that he has a lot of assignment to attend to at this point in time and they can’t be ignored.

    Adesina, in a statement on Tuesday, said he remains fully engaged and committed to the mission that Nigeria, Africa and all the non-African shareholders of the African Development Bank have given him for Africa’s development.

    The statement reads: “I have been extremely humbled by several calls from Nigerians at home and abroad that I should consider running for the office of the President of the Federal Republic of Nigeria. I am very touched by all who have gone to great extent, with such huge sacrifices, of their own volition, to consider me worthy to be proposed for potential consideration.

    “The coalition groups of youth, women, farmers, physically-challenged and well-meaning Nigerians that have done this have expressed their genuine free will, political right, freedom of expression and association for my consideration, with the interest of Nigeria at heart.

    “While I am deeply honored, humbled and grateful for all the incredible goodwill, kindness, and confidence, my current responsibilities at this time do not allow me to accept to be considered. I remain fully engaged and committed to the mission that Nigeria, Africa and all the non-African shareholders of the African Development Bank have given me for Africa’s development.

    “I remain fully focused on the mission of supporting the accelerated development and economic integration of Africa. May God bless the Federal Republic of Nigeria. May God bless Africa.”

    A support group of Nigerians in the Diaspora bought and submitted the All Progressives Congress (APC) presidential nomination form for Adesina, which he has rejected.

  • President Buhari trekked long distance for Nigeria to be one- Adesina

    President Buhari trekked long distance for Nigeria to be one- Adesina

    Special Assistant to the President on media, Femi Adesina, has explained how President Muhammadu Buhari trekked from South-east to Cameroon border to keep Nigeria one,

    He warned that the President would not sit idle for some people to dismember the country.

    Adesina made this disclosure in Abuja on Friday, when the Black Apple Media Group, a production outfit devoted to making movies and documentaries towards the promotion of unity and peaceful coexistence in Nigeria.

    He said ”All those who are trying to cause a commotion, cause disunity, cause dismemberment, I think they just struggle in vain, it will not happen. Nigeria will be together.

    President Muhammadu Buhari had always been committed to the unity of the country

    ”I want to thank you for coming and for this initiative and you can count on us for support.

    ”Anything that will promote our nationhood, that will promote our unity, is something that we should all support and encourage,” he said.

    According to Adesina, President Muhammadu Buhari had always been committed to the unity of the country.

    Ha said “By age 20, he joined the army, by 25, he was already at the civil war fighting for the unity of this country.

    ”Mr President himself has always said it that for the three years that the war lasted, he was there throughout, he didn’t go for any break, he didn’t ask for any pass, he was at the war front.”

    Adesina narrated how the president trekked from the South-East to a place called Gakem near the Cameroon border, “all these to keep Nigeria one. Do you think somebody like that will sit idle and let some people try to dismember the country?”

    The President’s spokesperson said while some of the patriots are still alive, those who fought the civil war, wouldn’t sit back idle and watch the country disintegrate.

    “Our anthem says the labour of our heroes’ past can never be in vain. Those were the ones who have fought to keep Nigeria together.”

    He reminisced that during his school days, there was no division.

    “When we were in school, it used to be Ife – Modakeke Students Union. They merged together, they had one group together, there was no difference, so when that war came, it was strange to us.

    “We used to be one, that is how Nigeria was originally, and we didn’t know any different. You are from here, you are from there, we were all together, all the ethnic groups in the country, there was no difference.

  • Omicron variant: Again, AfDB President, Adesina fumes, says ban on African countries is apartheid

    Omicron variant: Again, AfDB President, Adesina fumes, says ban on African countries is apartheid

    The President of the African Development Bank Group, Dr. Akinwumi Adesina, has condemned travel bans placed on African countries over the latest variant of COVID-19, Omicron.

    “Now that omicron has been found in many non-African and developed countries, why are travels from those countries not banned? Why single out African countries? Singling out African countries is very unfair, non-scientific, and discriminatory. Lift bans on African countries!” Adesina said in a statement.

    “Global vaccines’ and travel apartheid against Africa are endangering lives, hurting economies, lives, jobs and livelihoods, from a pandemic Africa did not cause. End the apartheid. Respect Africa!”

    Nigeria on Saturday became the latest African country to be banned by the United Kingdom over the virus’ spread.

    The country joins its Southern African counterparts – South Africa, Namibia, Zimbabwe, Botswana, Lesotho, Eswatini, Angola, Namibia, Mozambique, Zambia – on the list of restricted countries.

    Announcing the ban of travellers from Nigeria on Saturday, UK Health Secretary Sajid Javid said most “a significant number” of Omicron cases have been linked to travel with Nigeria.

    “There are 27 cases already in England and that’s growing and Nigeria now is second only to South Africa in terms of linked cases to Omicron,” he said.

  • Omicron: Stop labeling, penalizing Africa for new COVID-19 variants, AfDB President, Adesina blasts world leaders

    Omicron: Stop labeling, penalizing Africa for new COVID-19 variants, AfDB President, Adesina blasts world leaders

    African Development Bank (AfDB) President Akinwumi Adesina yesterday advised world leaders not to label or penalise African nations for the new COVID-19 variants and mutations.

    Adesina, one of the strong advocates of equity in vaccine distribution, said this in a series of tweets yesterday in the wake of the new COVID-19 variant spreading and causing panic.

    He said Africa is not the source of the COVID-19 pandemic and should not be penalised for new variants, urging for global justice, equity, and fairness in access to vaccines.

    The AfDB boss tweeted: “Africa should not be labelled and penalized for COVID-19 variants and mutations that occur randomly elsewhere in the world. Africa is not the source of COVID-19.

    “There must be global justice, equity & fairness in access to vaccines. Global vaccine supply system has underserved Africa. Protecting one’s home alone in the midst of a forest fire does not work. Put out the forest fire.

    “Africa must accelerate the manufacturing of its own vaccines & set up its own ‘healthcare security defence system’. Africa must no longer outsource health security of its 1.8 billion people to the benevolence of others.”

  • It is impossible for Buhari to solve all Nigeria’s problems – Presidency

    It is impossible for Buhari to solve all Nigeria’s problems – Presidency

    The presidency has said it is not possible for President Muhammadu Buhari to solve all the challenges of the country in the lifespan of his administration.

    ”The truth is that no single government will solve all the challenges of a country in its life span. It will do its level best, and yield space for others to continue.

    Muhammadu Buhari has touched Nigeria in diverse ways. Our armed forces have been equipped, trained and motivated like never before. The economy has successfully been diversified, after more than five decades of lip service.

    “Corruption is being robustly fought, stealing is something to be abhorred. And Nigeria is being rebuilt. Projects, projects everywhere, with a good number of them slated for commissioning next year,” said presidential spokesman, Femi Adesina in an article titled: “They said nothing was happening…How about these?”

    According to Adesina, “Now, the narrative that some people have labored to paint over the years, either out of hatred, or cheap political reasons, is that nothing was happening in the country, other than wanton killings and massive insecurity.

    ”They trumpet and magnify insecurity to the exclusion of any other thing. Yes, Nigeria battles grave security challenges like many other countries, particularly in the Sahel region, but then, many other good things are happening, while evildoers are also being given a pounding by agencies of state.”

    Adesina added that the government in Nigeria was on the right path to achieving multi-sectoral progress, as it has re-assessed and updated the national security strategy, which has contributed to success in fighting insurgents and terrorists, and also countering violent extremism.

    “Still firing from the hips, Mr President told his audience that there was a link between modern infrastructure and the overall economic development of a nation, “hence the massive infrastructural expansion programme we have been executing in various sectors.

    “He gave examples such as railways, seaports, roads, renewable energy, housing, and many others. Petroleum is the cash cow of the Nigerian economy, which is now being heavily diversified. But for more than two decades, the enabling law for the industry crawled through the legislature.

    “Till the Buhari administration gave it a fillip, and out came the Petroleum Industry Act, the liberalizing force of the oil industry, with incentives as tax holidays, zero interest loans, development plan for host communities, and easy repatriation of profits, among others,” he said.

  • Why I stopped attending church -Adesina

    Why I stopped attending church -Adesina

    The Special Adviser to the President on Media and Publicity, Femi Adesina, has stated that he stopped attending a branch of a church in Abuja because the pastor was always attacking the President Muhammadu Buhari

    Adesina said this in an article on Thursday titled, ‘This Kumuyi is simply different’, which was written in support of a statement by the General Superintendent of the Deeper Christian Life Ministry, Pastor William Kumuyi.

    Although Adesina did not mention which church he stopped attending, his public profile states that he is a member of the Foursquare Gospel Church where he was ordained a pastor and has attended since 1988.

    In the article, the President’s spokesperson said it was sad that some pastors had turned their pulpits to soapboxes upon which they spew hatred.

    He wrote, “I used to attend a church in Abuja from 2015 to 2018, till the pastor began to see himself as someone who must bring the Buhari government down. Sunday after Sunday, it was all sorts of criticism from the pulpit. But I endured, since it was a branch of a church I had attended for over 30 years. Till one day, he overdid it.

    “The Dapchi girls were abducted and there was no name the pastor did not call President Buhari that Sunday. It was horrendous that such things could come from the pulpit. But I suffered long and sat through the sermon, or rather, what was supposed to be a sermon. I then went home, wondering what the church of God was turning to.”

    Adesina said after most of the Dapchi girls had been rescued, the pastor did not deem it fit to praise the President in later service.

    The President’s aide, however, praised Kumuyi for saying last week that Christians should not “disdain those in power because they appear not to be delivering on electoral pledges”.

    He stated that while a former Vice-Chancellor of Ajayi Crowther University, Prof. Dapo Asaju, was within his rights to be angry over the state of the country, it must be noted that the Buhari regime was doing a lot to change the nation’s fortunes.

    Adesina said there were some men of God who predicted that Buhari would lose the 2019 election but it turned out to be a fake prophecy.

    “Irrespective of the titles they bear, I hear bishops, apostles, prophets, pastors, evangelists, cursing the government, and issuing doomsday notices. One even said publicly that the Buhari administration was over, before the 2019 elections. But the man won handsomely, and that preacher still struts and frets on the pulpit every week, not repenting in sackcloth and ashes,” said Adesina.

    He noted that during the #EndSARS protests of 2020, some pastors came out to support the youths who were protesting but they quickly recoiled into their shells when the protests got out of hand.

    Adesina added, “Pastor Kumuyi also says if you are a true believer in Christ, you wouldn’t go on the rampage, destroying government property… But that was not what we saw in the country in October last year. The country was almost burned down under the subterfuge of EndSARS.

    “And sadly, they were encouraged by pastors and preachers, who simply hate the fact that a Fulani man is their President. Many of them are on record as having encouraged the protesters, till things went ugly, turned awry. And the pastors vanished into the thin air. Not a word of caution or restraint as the cities were burning, and policemen were being killed, and even eaten up.”

     

  • Business can’t survive in Nigeria without generators – Adesina

    Business can’t survive in Nigeria without generators – Adesina

    President of the African Development Bank, Akinwumi Adesina has faulted the lack of reliable power supply as an obstacle to Nigeria’s industrial growth.

    He said this on Tuesday at the 49th annual general meeting of the Manufacturers Association of Nigeria in Abuja.

    Adesina stated that Nigerians spend $14 billion yearly on generators and fuel. He also quoted a report by the International Monetary Fund which stated that Nigeria loses $29 billion annually, about 5.8 per cent of its Gross Domestic Product due to a lack of reliable power supply.

    He said, “Today, no business can survive in Nigeria without generators. Consequently, the abnormal has become normal,” Adesina said.

    “Traveling on a road one day in Lagos, I saw an advertisement on a billboard which caught my attention. It was advertising generators, with the bold statement “we are the nation’s number one reliable power supplier!”

    The former minister of Agriculture also noted the various challenges affecting manufacturing in the country stating that reliable power supply is a major challenge.

    “To be a manufacturer in Nigeria is not an easy business. You succeed not because of the ease of doing business, but by surmounting several constraints that limit industrial manufacturing,” he said.

    “Today, the major challenge facing Nigeria’s manufacturing is the very high cost and unreliability of electricity supplies. Load shedding and the inconsistent availability of electrical power have resulted in high and uncompetitive manufacturing costs.”

    Akinwumi, however, added that Nigeria needs to invest in different means of energy generation to ensure the efficiency of the local industries.

    “There should be massive investments in variable energy mixes, including gas, hydropower resources, and large scale solar systems, to ensure stable baseload power for industries, to direct power preferentially to industries, and to support industrial mini-grids to concentrate power in industrial zones.

    “In addition, we should develop more efficient utilities, reducing technical and non-technical losses in power generation, transmission and distribution systems,” he added.