See Africa As Investment, Not Aid Destination- AfDB President

See Africa As Investment, Not Aid Destination- AfDB President

President of the African Development Bank (AfDB), Dr. Akinwunmi Adesina, on Wednesday urged the world to look at Africa from an investment and not development mindset, given the opportunities it offers to prospective investors.

Speaking at the ongoing U.S.-African Business Summit holding in Washington, DC and organized by the Corporate Council on Africa, Adesina said “a close partnership between the USA and Africa is crucial” and that both parties can be great together.

Reasons for this, he said, are not far-fetched, given that African economies have remained resilient with over 2.2% GDP growth rate in 2016, which is even expected to soar to 3.4% this year and further to 4.3% in 2018.

This growth and future outlook, he continued, has been helped by the reality that “African economies are reforming very fast with 30% of all global improvements in business and regulatory reforms in 2016.”

Discerning investors, he continued, must have recognized over the years the huge potentials the continent offers, hence the reason why Foreign Direct Investment into Africa has grown steadily from a humble $2bn in 1990 to $56.2bn by 2016. The figure, he continued, “is expected to rise to $57.5n this year.”

Now is the time, Adesina added, to “reboot and boost U.S-Africa commerce and investment.”

He further assured participant at the summit: “Africa offers you all “The Deal of the Century,” and America should in no way be left behind.

“To accelerate business investments in Africa, the AfDB will launch later this year the Africa investment forum,” he stressed, urging all to do more for Africa to ensure collective greatness.