Akinwumi Adesina: Africa’s growth will be an economic miracle

Akinwumi Adesina, president of the African Development Bank (AfDB), says Africa will be the biggest economic miracle in the world when it wakes up to its potential.

Adesina was speaking on Saturday at the Inspiration Conference 2020 of the Redeemer’s Men Fellowship (Lagos region).

The conference was themed ‘Galvanised for Geometric Growth’.

“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.”

Adesina said the opportunities available in Africa are responsible for the surge in summits such as UK-Africa summit, Japan-Africa Summit, Russia-Africa summit and China-Africa summit.

The AfDB president said foreign direct investment and economic growth in Africa is growing at its fastest.

“Last year, 17 countries grew an average of 5%, 20 countries grew at 5% and above,” he said.

“Foreign direct investment (FDI) in Africa last year grew by more than 11% while that of Asia was about 4.5% and FDI for developed countries declined by 23%.

“Nearly 90% of Africa-based companies and 58% 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.

“This is the continent you are living in. The size of consumer businesses will rise by $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).

“Welcome to the new Africa.”

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 a solution to the issue of unemployment in the country, noting that Nigerian youths were the future of the nation’s prosperity.