Africa Must Chart Its Own Future—AfDB’s Adesina Urges Self-Reliance, Innovation

Adesina, who spoke on Friday, delivered the lecture titled “Advancing Africa's Positioning within Global Development and Geopolitical Dynamics.”

In a stirring keynote lecture delivered at the 14th Convocation Ceremony of the National Open University of Nigeria (NOUN) in Abuja, African Development Bank Group President Dr. Akinwumi Adesina issued a clarion call for Africa to urgently move beyond foreign aid dependency and assert its place in the evolving global development and geopolitical order.

Adesina, who spoke on Friday, delivered the lecture titled “Advancing Africa's Positioning within Global Development and Geopolitical Dynamics.” The thought-provoking address challenged African nations to embrace self-reliance, strategic partnerships, and bold economic reforms in the face of diminishing global aid, rising protectionism, and increasing geopolitical competition for natural resources.

“The era of aid or free money is gone,” Adesina declared. “Benevolence is not an asset class. African countries must now learn to grow through investment discipline, not handouts.”

A Shift in Global Dynamics

The lecture came against the backdrop of major shifts in global aid flows and economic priorities. Adesina referenced the dismantling of the United States’ official development aid agency and growing anti-aid sentiments across Europe as key signals that traditional development models for Africa are becoming obsolete.

He emphasized that relying on aid as a form of government revenue was no longer viable. Instead, countries must cultivate internal strength by leveraging Africa’s vast wealth in natural resources, youth population, and trade potential.

African Continental Free Trade Area: A Path Forward

Adesina placed significant importance on the African Continental Free Trade Area (AfCFTA), which he sees as a transformative instrument for economic growth and intra-African trade.

“Produce local, buy local, trade more locally,” he urged, calling for the rapid and full implementation of the trade pact. “We must unlock our own markets and deepen regional value chains.”

He noted that Africa must transform from an exporter of raw materials to a competitive player in global value chains by processing its minerals, agricultural products, and fossil fuels at home.

Tariff Wars and the Consequences

The Bank chief highlighted that 47 of 54 African countries are now affected by higher U.S. tariffs, resulting in reduced export earnings and increased inflation due to currency depreciation and costlier imports.

“This will send shockwaves through African economies,” Adesina warned. “It will worsen inflation, increase debt-servicing burdens, and erode foreign exchange reserves.”

He argued that to withstand these global headwinds, African countries must build resilient economies, not dependent on the goodwill of others, but grounded in sound economic strategies and strong regional cooperation.

A New Way to Value Africa

In one of the lecture’s most ambitious ideas, Adesina unveiled the African Development Bank’s ongoing effort to re-estimate Africa’s GDP through the proper valuation of its vast natural capital—including forests, minerals, water bodies, and biodiversity.

“Africa’s natural capital is deeply undervalued,” he said. “When we properly value our green wealth, Africa’s debt-to-GDP ratios will improve, giving us more room to finance our development and improve creditworthiness.”

He announced that the AfDB is developing this framework in collaboration with the African Union and the United Nations Economic Commission for Africa.

Driving Industrialization and Green Transition

Adesina also spoke extensively on the continent’s opportunity in the global demand for critical minerals and rare earth elements, essential for renewable energy and tech production.

“Africa must avoid being exploited again in this new mineral rush,” he said. “We must insist on value addition and sustainable mining practices that benefit our people and protect our environment.”

To support this, the AfDB is spearheading the African Green Minerals Strategy, which will help African nations engage in transparent, environmentally responsible, and socially inclusive mining practices while maximizing economic gains.

Empowering Youth Through Education and Entrepreneurship

With Africa’s population projected to hit 2.4 billion by 2050—and 75% of that under age 35—Adesina emphasized the urgent need to invest in quality education, digital skills, and entrepreneurship.

He praised the National Open University of Nigeria for its role in democratizing access to higher education, especially through distance and digital learning.

“Education is the most powerful investment Africa can make,” he said. “We must prepare our youth for the Fourth Industrial Revolution and create opportunities for innovation and job creation.”

NOUN, Africa’s largest and the world’s second-largest open learning institution, serves over 600,000 students and offers more than 2,000 courses through flexible learning models.

A Legacy of Bold Leadership

As Adesina nears the end of his second term as AfDB President this September, his speech also served as a reflection on his legacy. Under his leadership, the Bank’s capital base expanded from $93 billion in 2014 to an impressive $318 billion.

Among his flagship initiatives:

• Africa Financing Stability Mechanism to assist countries in refinancing debt,

• Security-Indexed Investment Bonds to rebuild conflict-affected areas,

• African Credit Risk Agency to ensure fair credit ratings for African nations,

• $25 billion African Adaptation Acceleration Program for climate resilience.

The Bank has also been named the World’s Most Transparent Financial Institution for two consecutive years.

Honoring His Roots

Adesina received an honorary doctorate from NOUN on Saturday, which he dedicated to his late father, Roland F. Adesina, crediting him for instilling in him the importance of education and integrity.

Also on Friday, he broke ground for the Regional Training and Research Institute for Distance and Open Learning, a state-of-the-art center aimed at enhancing educational access and innovation across West Africa.

Final Charge: Africa Must Lead Itself

Closing his address with fervor, Adesina left the audience with a powerful vision:

“Africa must chart its future, relying not on the benevolence of others but on its own determination for self-reliance… Only then will Africa be great again!”

The convocation, attended by dignitaries, students, academics, and policymakers, resonated with a shared sense of urgency—and a renewed belief in Africa’s capacity to shape its destiny.