The President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has called for a radical shift in Africa’s approach to development, declaring that the “era of aid and free money is gone.” In his special lecture at the 14th Convocation of the National Open University of Nigeria (NOUN) in Abuja, Dr. Adesina addressed the theme, “Advancing Africa’s Positioning within Global Development and Geopolitical Dynamics,” emphasizing the need for African countries to adopt investment discipline and focus on sustainable development strategies.
“African countries must now learn to develop via investment discipline,” Dr. Adesina stated, urging nations to move away from dependency on external aid, which he described as “not an asset class.” He further advocated for enhanced domestic resource mobilization, highlighting that simply increasing taxes is not enough. He called for better management of Africa’s natural resources, fair pricing, and increased accountability to combat inefficiencies, corruption, and illicit capital flows that continue to hinder the continent’s growth.
Dr. Adesina also discussed the potential challenges posed by global economic dynamics, particularly the effects of higher US tariffs on Africa. He noted that 47 out of 54 African countries would be impacted, which could lead to reduced exports, weakened currencies, and higher inflation and debt servicing costs.
“These global tariffs will have significant indirect effects, affecting Africa’s export revenues to major markets such as China and Europe,” he warned. Despite the potential challenges, he advised against engaging in a tariff war with the US, stressing the need for increased trade between Africa and the US and a recalibration of the trade and investment opportunities.
On the issue of energy transition, Dr. Adesina highlighted Africa’s crucial role due to its vast mineral resources, such as cobalt, bauxite, and manganese, which are essential for the global shift toward sustainable energy. He emphasized that Africa should move beyond raw mineral exports and focus on processing and value addition, positioning itself as a key player in global value chains.
The Chairman of the Occasion, Prof. Attahiru Jega, lauded Dr. Adesina’s lecture, noting that visionary leadership was essential to navigate Africa’s challenges and bring about meaningful change.
“We need leaders that are visionary, selfless, and able to address the fundamental needs and aspirations of our people,” Prof. Jega concluded, echoing the sentiment for leadership that can transform Africa’s future.
