2018 African Economic Outlook: African Development Bank makes a compelling case for Africa’s industrialization

The Bank would organise the Africa Investment Forum on November 7-8, 2018 in Johannesburg, South Africa, to mobilise funds for infrastructure development, to bridge an estimated funding gap of $130-$170 billion a year

AudioAge – Abidjan, Ivory Coast – January 19, 2018 – The President of the African Development Bank (www.AfDB.org), Akinwumi Adesina, has made a compelling case for accelerating Africa’s industrialization in order to create jobs, reduce poverty and promote inclusive economic growth.

Citing data from the Bank’s 2018 African Economic Outlook (http://APO.af/GHTmei) launched in Abidjan, Côte d’Ivoire, on Wednesday, Adesina said infrastructure projects were among the most profitable investments any society can make as they “significantly contribute to, propel, and sustain a country’s economic growth. Infrastructure, when well managed, provides the financial resources to do everything else.”

Noting that economic diversification is key to resolving many of the continent’s difficulties, he urged African governments to encourage a shift toward labour-intensive industries, especially in rural areas where 70 percent of the continent’s population resides.

“Agriculture must be at the forefront of Africa’s industrialization,” he said, adding that integrated power and adequate transport infrastructure would facilitate economic integration, support agricultural value chain development and economies of scale which drive industrialization.

He reminded the audience of policy-makers and members of the diplomatic corps in Côte d’Ivoire that economic diversification via industrialization with tangible investment in human capital will enable the continent’s rapidly growing youth population to successfully transition to productive technology-based sectors.

Adesina also highlighted the relatively unknown win-win situation that Africa’s industrialization can generate within the developed world, citing data from the report, which notes that “increasing the share of manufacturing in GDP in Africa (and other Less Developing Countries) could boost investment in the G20 by about US $485 billion and household consumption by about US $1.4 trillion.”

The Bank President highlighted various innovative ways in which African countries can generate capital for infrastructure development and what the Bank is doing through its ambitious High 5 development agenda to address the issues raised in the report.

He announced that the Bank would organise the Africa Investment Forum on November 7-8, 2018 in Johannesburg, South Africa, to mobilise funds for infrastructure development, to bridge an estimated funding gap of $130-$170 billion a year, up from previous estimates of US $100 billion per year.

New infrastructure financing gap estimates and innovative ways through which African countries can raise funds for infrastructure development are among the highlights of the 2018 edition of the report, which was launched at the Bank’s headquarters for the first time in the publication’s 15-year history.

The African Economic Outlook was first published in 2003 and launched mostly in various African capitals outside the Bank’s headquarters in May each year.

In his remarks, Célestin Monga, the Bank’s Chief Economist and Vice-President for Economic Governance and Knowledge Management, said the African Economic Outlook has become the flagship report for the African Development Bank, providing data and reference material on Africa’s development that are of interest to researchers, investors, civil society organizations, development partners and the media.

This year’s edition focuses on macroeconomic development and structural changes in Africa, and outlines economic prospects for 2018. The report emphasizes the need to develop Africa’s infrastructure, and recommends new strategies and innovative financing instruments for countries to consider, depending on levels of development and specific circumstances.

Abebe Shimeles, Acting Director, Macroeconomic Policy, Forecasting and Research, said the Bank will publish Regional Economic Outlooks for Africa’s five sub-regions. The self-contained, independent reports, to be released at the Bank’s Annual Meetings in May 2018, will focus on priority areas of concern for each sub-region and provide analysis of the economic and social landscape, among other key issues.

Participants at the launch session, moderated by the Bank’s Director of Communications and External Relations, Victor Oladokun, included members of the diplomatic community in Côte d’Ivoire, representatives of international organisations and multilateral development banks, civil society and the media.

The African Economic Outlook is produced annually by the African Development Bank. The full report is available in English, French and Portuguese at www.AfDB.org/aeo. Official hashtag: #2018AEO

For more information or to request a hard copy of the report, please contact:

SOURCE
African Development Bank Group (AfDB)

MEDIA CONTACT
Olivia Ndong Obiang, Principal Communication Officer, tel. +225 7575 0215, O.Ndong-Obiang@AfDB.org
Solange Kamuanga-Tossou, Media Relations Assistant, tel. +225 2026 2978, S.Kamuanga-Tossou@AfDB.org

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President Buhari To Confer With German Chancellor, President On Security, Humanitarian Issues

AudioAge – ABUJA, Nigeria – 12 October 2016 – President Muhammadu Buhari will embark on an official visit to the Federal Republic of Germany from October 13 to 15, 2016.

In Berlin, President Buhari, will confer with Federal Chancellor Angela Merkel on issues of shared interests between Nigeria and Germany, including further cooperation on security, the humanitarian situation of Internally Displaced Persons (IDPs) and rehabilitation of the North-East, as well as trade and economic relations between both countries.

Thereafter, the President, who will be accompanied by Governors Kashim Shettima of Borno State and Rochas Okorocha of Imo respectively and representatives of the National Assembly, will meet with Federal President Joachim Gauck.

In furtherance of the administration’s objective to attract more foreign investment and create economic opportunities in the country, President Buhari will participate in a Business Forum in Berlin with leading German companies already active in Nigeria and other prospective investors.

Before returning to Abuja, the President is expected to meet with representatives of the Nigerian community in Germany.

President Buhari is committed to deepening relations with Germany and building on the very cordial relations both countries enjoy in several areas of bilateral cooperation including the fight against terrorism, economic relations, rebuilding of the North east, support for IDPs, vocational training, energy partnership and cultural relations.

Shortly after his inauguration on May 29, 2015, President Buhari, on the invitation of Chancellor Merkel, attended the G7 summit in Elmau, Germany – the trip was his first to a non-African country after his assumption of office.

From February 8 to 12 this year, President Gauck, accompanied by a delegation of German business community, was on an official visit to Nigeria, where they had fruitful discussions on trade and investments with representatives of government and the private sector in Abuja and Lagos.

Femi Adesina
Special Adviser to the President
(Media & Publicity)
October 12, 2016

President Buhari Commiserates With Family Of Former Ig Of Police

AudioAge – ABUJA, Nigeria – 29 September 2016 – On behalf of the Federal Executive Council and all Nigerians, President Muhammadu Buhari commiserates with the family of the late Inspector General of Police, Sir Etim Okon Inyang, who passed away at 85.

President Buhari sends his condolences to the immediate family, friends and community of the deceased, who served meritoriously as the head of the nation’s police force for three years, 1983-1986.

As a member of the Security Council and Vice Chairman of the Constitution Review Committee in 1987, the President believes the former Inspector General contributed immensely to the reforms and structuring of the nation’s security, and the processes that heralded good governance and democracy.
President Buhari prays that the almighty God will grant the departed soul eternal rest, and comfort his family.

Femi Adesina
Special Adviser to the President
(Media & Publicity)
29th September, 2016

Nigeria’ll Keep Faith With Ecowas Bank -President Buhari

AudioAge – ABUJA, Nigeria – 26 September 2016 – Despite the economic downturn caused largely by fallen prices of oil in the international market, President Muhammadu Buhari says Nigeria will fulfill its obligations to the ECOWAS Bank for Investment and Development (EBID).

Receiving President of the bank, Mr. Bashir Mamma, at State House, Abuja, Monday, President Buhari said: “We may be limping because of fallen oil prices, but we will fulfill our commitments to the bank. We may have fallen behind, but we will live up very soon. We will maintain the objectives of setting up the bank, which is to help our less financially endowed neighbours.”

Mr. Mamma disclosed that EBID is the financing arm of ECOWAS, which has been there for about 30 years, and was initially set up as a Fund, “to help less developed West African states, but we now cover all parts of the sub-region.”

He added that EBID set up Ecobank, and has also established an airline, after the national airlines of most member countries collapsed.

FEMIADESINA
Special Adviser to the President
(Media and Publicity)
September 26, 2016

We’ll Get Out Of Our Problems, President Buhari Assures African Development Bank

AudioAge – ABUJA, Nigeria – 26 September 2016 – Nigeria has the people and the resources to surmount her economic problems, President Muhammadu Buhari has assured.

Receiving President of the African Development Bank (ADB), Dr Akinwunmi Adesina, at State House, Abuja, on Monday, President Buhari said: “God has given us people and resources. It will take hard work on our part, but we will make it. We will get out of our problems. We are determined to produce what we eat, and stop importation. We will also chase those who stole, and get them to refund.”

The President said the country appreciates helping hands being lent by the ADB, assuring Nigerian-born Adesina, who was the immediate past Minister of Agriculture, that “we will not let you down. Your country won’t disappoint you.”

Adesina appreciated President Buhari for the support the country gave when he ran for ADB presidency, thus making him the first Nigerian to occupy such position since the bank was established in 1964.

He also lauded the Nigerian President for successes recorded in securing the country, particularly in the North East, noting that “there can be no development without adequate security.”

The ADB boss described recent economic decisions taken in the country as “bold, tough, uncomfortable, but right,” adding that Nigeria would reap the dividends in the short and long run.
“You can count on the ADB as a true friend of Nigeria. You should support massive investment in infrastructure, and we are here to also support. Closing the infrastructure deficit will enable growth, and create employment. Nigeria is too big to fail,” Adesina said.

The ADB President unfolded the packages his institution has for Nigeria, which include; $1 billion of budget support, $300 million to create jobs for 185,000 youths, $250 million towards North East infrastructure development, $1 million grant to deal with challenges of Internally Displaced Persons (IDPs), $300 million for infrastructure development around Abuja, $200 million for Transmission Company of Nigeria (TCN) to deepen facilities, among others.

Dr Adesina expressed delight with what he called “President Buhari’s push on anti-corruption, and stance on governance,” adding that building institutions was critical. To that end, he said ADB would give a total of $4.8 million as grant for institutional support, with the Economic and Financial Crimes Commission (EFCC) getting $2 million, and $1million to Independent Corrupt Practices and Other Related Offences Commission (ICPC). “You can always count on my support, and that of the ADB,” he concluded.

FEMI ADESINA
Special Adviser to the President
(Media and Publicity)
September 26, 2016