AfDB president urges African leaders to diversify export mix
The President of the African Development Bank (AfDB), Dr Akinwunmi Adesina, has
stressed the need for Africa to diversify its export mix and industrialise itself in order process its raw materials.
He stated this at the on-going Africa CEO Forum in Côte d’Ivoire, saying the continent was on the right track in terms of investment in infrastructure.
He added that massive investments in infrastructure should continue in the continent.
“Africa’s solutions are internal. We do not need to look abroad. We need to trade more with ourselves,” Adesina said.
Panelists at the forum noted that investments in Energy, Infrastructure and Human Capital are key to achieving a sustainable economic transformation in Africa.
With a current growth rate of 4.4% compared to 1.9% for Europe, Africa remains a strategic a destination for private sector investors.
Participants also said after a decade of accelerated growth, Africa is now showing signs of slowed economic growth.
According to McKinsey & Company, a US-based consultancy firm, economists need to look beyond average economic indicators to get an accurate understanding of Africa’s economic performance.
“Economic reforms are critical for resilience building. Over the past years, countries that have implemented economic reforms registered GDP growth averaging 50% compared to non-reformers; Countries promoting private-sector investment are doing much better than those that don’t; Transformation, industrialization and regional integration were key factors in the exponential growth of good performers like Côte d’Ivoire,” he enunciated.
Other members of the panel include Aliko Dangote, Founder and President of the Dangote Group, and Jonathan Oppenheimer, Director of E Oppenheimer & Son Ltd., as well as Ministers and Prime Ministers from top-performing economies on the continent.