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ABIDJAN, Cote d’Ivoire – Akinwunmi Adesina, the president of the African Development Bank (AfDB), has emphasized that internal investments within Africa are the key to overcoming poverty, rather than relying on foreign aid.
In an interview on BBC’s Focus on Africa podcast that aired on Wednesday, Adesina reacted to the “unprecedentedly large cuts” to foreign aid that have affected multiple sectors across the continent.
He pointed out that these cuts highlight the need for Africa to look inward for economic growth, rather than depending on the benevolence of international donors.
“You can’t just rely on the benevolence of others,” Adesina remarked. “Benevolence is not a strategy; investment is a strategy.
There is no substitute for actual hard-nosed investments where you bring in private capital to unlock all of your assets.”
The AfDB president stressed the importance of fostering internal investment and ensuring that Africa’s young population, which makes up the majority of the continent, invests their talents and skills within Africa itself.
He argued that this is vital for the continent’s long-term growth.
“We have to build highly competitive industrial value chains that we can trade among ourselves,” he said. “We need to get the skills, and some of the people that are leaving will come back.”
He further illustrated this by discussing the potential for manufacturing in Africa.
“If you’re investing in, for example, manufacturing lithium-ion precursor batteries in the Democratic Republic of Congo (DRC), it’s three times cheaper than in the United States, Poland, or China,” he said.
“When we build those chains, we retain talent, we attract talent. Our young people will do that, so if you want to create more jobs, build industries.”
Adesina argued that exporting raw materials is not a solution to Africa’s poverty. He stated, “When you export raw materials, that is the door to poverty.”
Reflecting on his two-term tenure as AfDB president, Adesina shared that he viewed his position as a mission to accelerate Africa’s progress.
He noted that during his leadership, he focused on strategies that would stimulate growth through internal investments and the development of key industries within the continent.
Adesina, who will conclude his tenure as AfDB president in September, was first elected to the position on May 28, 2015, and was re-elected for a second term in 2020.
Before his leadership role at AfDB, Adesina served as Nigeria’s Minister of Agriculture from 2010 to 2015.
As his tenure comes to a close, Adesina’s call for self-reliance and internal investments as a way to overcome poverty remains central to his vision for Africa’s future.
Jackson Kachi | Senior News Editor Read More