Akinwunmi Adesina, the president of the African Development Bank (AfDB), says internal investments within the continent are the only pathway to beating poverty.
Adesina spoke in an episode of BBC’s Focus on Africa podcast that aired on Wednesday.
Reacting to the “unprecedentedly large cuts” to foreign aid that rattled multiple sectors across Africa, Adesina said the impact proves that the continent does not need to rely on international donors.
“You can’t just rely on the benevolence of others,” he said.
“Benevolence is not a strategy; investment is a strategy. There is no substitute to actually hard-nosed investments in which you actually bring in private capital to unlock all of your assets.”
The AfDB president said it is crucial that the youth, who make up most of Africa’s population, invest their talents and skills in the continent rather than seek a future in foreign nations.
“We have to build highly competitive industrial value chains that we can trade among ourselves, that we can get the skills, and some of the people that are leaving will come back,” he said.
“So, if you’re investing in, for example, manufacturing lithium-ion precursor batteries in DRC Congo, it’s three times less than in the United States, Poland, or China.
“And so, 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.
“When you export raw materials, that is the door to poverty.”
Reflecting on his two-term tenure as AfDB president, Adesina said he viewed his position as a mission to fast-track Africa’s progress.
Adesina is the eighth elected president of the AfDB.
He was first elected to the position on May 28, 2015, by the bank’s board of governors in Abidjan, Côte d’Ivoire, and was re-elected unanimously for a second five-year term on August 27, 2020.
Before his appointment at the AfDB, Adesina was Nigeria’s minister of agriculture from 2010 to 2015.
Adesina will conclude his tenure at the AfDB in September.
