Africa can be biggest economic miracle, says AfDB president

By Gbenga Omokhunu, AbujaAfrican Development Bank (AfDB) President Akinwunmi Adesina, said yesterday that Africa had the potential of becoming the biggest economic hub with the right policies and investments. Adesina spoke at the Inspiration Conference 2020 of the Redeemers Men Fellowship (Lagos Regions) in Lagos. Africa, according to him, is where the growth is rising fastest in terms of Foreign Direct Investment (FDI) and economic growth in the world.He said: Last year, 17 countries grew an average of five per cent, 20 countries grew at five per cent and above. Foreign Direct Investment (FDI) in Africa last year grew by more than 11 per cent while that of Asia was about 4. 5 per cent and FDI for developed countries declined by 23 per cent. Adesina said Africas population of 1.2 billion could be harnessed properly to achieve geometric growth for economic development.Nearly 90 per cent of Africa-based companies and 58 per cent of those based in other regions expect their revenues in Africa to grow over the next five years, and most importantly to expand their African footprints in additional countries, he said. This is the continent you are living in. The size of consumer businesses will rise to $5.6 trillion in the next five years. The size of the food and agricultural market in Africa will rise to $1trillion just in the next ten years.Africa Continental Free Trade Area (AfCFTA) is worth a whopping $3.6 trillion. That is the largest Free Trade Zone in the world since the creation of the World Trade Organisation (WTO). Adesina said the opportunities available in Africa were responsible for the surge in summits such as UK-Africa summit, Japan-Africa Summit, Russia-Africa summit, China-Africa summit to mention a few. They are seeing an Africa that will soon become the size of China and India combined. When China woke up, the world changed. When Africa finally wakes up, it will be the biggest economic miracle we have ever seen, he said.He said the AfDB had been supporting the growth of African countries, disclosing that a $500 million facility would soon be released to Nigeria for ICT and start-up companies. Adesina urged the government to find solution to the issue of unemployment in the country, noting that Nigerian youths were the future of the nations prosperity. He also advised the congregants to shift focus from the challenges of their environment to the cloud of opportunities which abound in the African region.
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