Africa’s Voice in Global Finance: Dr. Adesina Advocates for Inclusivity and Growth

Dr. Adesina also proposed a second G20 seat for Nigeria, underscoring the importance of collaboration over division.

Dr. Akinwumi Adesina, President of the African Development Bank, has emphasized the need for Africa’s increased representation in the evolving global financial landscape. Addressing over 150 journalists at the Bank’s Annual Meetings in Nairobi, Dr. Adesina highlighted the growing significance of the Global South and called for a transformation of the global financial architecture to better serve Africa’s interests.

He praised the International Monetary Fund’s move to allocate a third Board seat to Africa and celebrated South Africa and the African Union’s inclusion in the G20. Dr. Adesina also proposed a second G20 seat for Nigeria, underscoring the importance of collaboration over division.

Dr. Adesina expressed his firm belief in Africa’s potential, citing the continent’s youthful population and entrepreneurial spirit as catalysts for becoming the “workshop of the world.” He pointed to Africa’s vast agricultural resources, noting that with 65% of the world’s uncultivated arable land, the continent is poised to significantly influence global food security and competitiveness.

The Bank’s commitment to agriculture was exemplified by its successful initiative in Ethiopia, where the introduction of heat-tolerant wheat varieties led to self-sufficiency and the start of wheat exports, a model Dr. Adesina believes can be replicated across Africa.

Climate change, a central theme at the Annual Meetings, has brought severe weather challenges to Africa. Dr. Adesina expressed his solidarity with those affected by recent floods and droughts, reaffirming the Bank’s dedication to combating climate change and advancing renewable energy initiatives.

By 2030, the African Development Bank aims to connect 300 million Africans to electricity, building on the progress of its New Deal for Africa and the ambitious Desert to Power project in the Sahel. Dr. Adesina stressed the vital role of electricity in economic development, enabling infrastructure projects that align with the Bank’s “High 5” objectives to integrate and industrialize Africa.

Dr. Adesina’s vision for the continent is clear: by persisting with the “High 5” strategies, Africa can achieve the majority of its UN Sustainable Development Goals and the African Union’s Agenda 2063 objectives. The African Development Bank’s Annual Meetings, concluding on the 31st of May, serve as a testament to this commitment to Africa’s future.Share2of5