Akinwunmi Adesina, the president of the African Development Bank (AfDB), emphasizes the importance of building industries within Africa, arguing that relying on the export of raw materials can lead to continued poverty.
Gatekeepers News reports that he made these remarks during an episode of BBC’s Focus on Africa podcast that aired on Wednesday.
In light of significant cuts to foreign aid affecting various sectors across the continent, Adesina pointed out that such changes illustrate the need for Africa to reduce its dependence on international donors and instead focus on internal investments to combat poverty.
“You can’t just rely on the benevolence of others,” he said.
“Benevolence is not a strategy; investment is a strategy. There is no substitute to actually hard-nosed investments in which you actually bring in private capital to unlock all of your assets.”
The AfDB president said it is crucial that the youth, who make up most of Africa’s population, invest their talents and skills in the continent rather than seek a future in foreign nations.
“We have to build highly competitive industrial value chains that we can trade among ourselves, that we can get the skills, and some of the people that are leaving will come back,” he said.
“So, if you’re investing in, for example, manufacturing lithium-ion precursor batteries in DRC Congo, it’s three times less than in the United States, Poland, or China.
“And so, when we build those chains, we retain talent, we attract talent. Our young people will do that, so if you want to create more jobs, build industries.
“When you export raw materials, that is the door to poverty.”
Reflecting on his time as AfDB president, a position he has held since his initial election on May 28, 2015, Adesina views his role as a mission to accelerate Africa’s development.
Having been re-elected unanimously for a second five-year term on August 27, 2020, he is recognised as the bank’s eighth president.
Prior to leading the AfDB, Adesina served as Nigeria’s minister of agriculture from 2010 to 2015. He is set to complete his tenure at the African Development Bank in September.
