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ABIDJAN, Cote d\u2019Ivoire \u2013 Akinwunmi Adesina<\/a>, 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.<\/p>\n In an interview on BBC\u2019s Focus on Africa<\/em> podcast that aired on Wednesday, Adesina reacted to the \u201cunprecedentedly large cuts\u201d to foreign aid that have affected multiple sectors across the continent.<\/p>\n 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.<\/p>\n \u201cYou can\u2019t just rely on the benevolence of others,\u201d Adesina remarked. \u201cBenevolence is not a strategy; investment is a strategy.<\/p>\n There is no substitute for actual hard-nosed investments where you bring in private capital to unlock all of your assets.\u201d<\/p>\n The AfDB president stressed the importance of fostering internal investment and ensuring that Africa\u2019s young population, which makes up the majority of the continent, invests their talents and skills within Africa itself.<\/p>\n He argued that this is vital for the continent\u2019s long-term growth.<\/p>\n \u201cWe have to build highly competitive industrial value chains that we can trade among ourselves,\u201d he said. \u201cWe need to get the skills, and some of the people that are leaving will come back.\u201d<\/p>\n He further illustrated this by discussing the potential for manufacturing in Africa.<\/p>\n \u201cIf you\u2019re investing in, for example, manufacturing lithium-ion precursor batteries in the Democratic Republic of Congo (DRC), it\u2019s three times cheaper than in the United States, Poland, or China,\u201d he said.<\/p>\n \u201cWhen 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.\u201d<\/p>\n Adesina argued that exporting raw materials is not a solution to Africa\u2019s poverty. He stated, \u201cWhen you export raw materials, that is the door to poverty.\u201d<\/p>\n Reflecting on his two-term tenure as AfDB president, Adesina shared that he viewed his position as a mission to accelerate Africa\u2019s progress.<\/p>\n 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.<\/p>\n 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.<\/p>\n