Dr. Akinwumi Adesina, the President of the African Development Bank (AfDB), has emphasized that Africa must eradicate poverty on a large scale to gain global respect. He made this assertion during the 40th Anniversary Lecture of The Guardian in Lagos, where he presented the Guardian Federalist Papers titled “Federalism is the Answer.”
Speaking on the topic of the lecture, “For the World to Respect Africa,” Adesina expressed concern about Africa allowing pervasive poverty to persist despite its abundant resources. He argued that poverty is abnormal, particularly when resources are abundant, and stressed the need for public accountability to address this issue. Adesina discouraged Africa from becoming a “museum of poverty” and urged governments to take responsibility for lifting people out of poverty quickly.
“Our governments must realise that it is their responsibility to lift all their people out of poverty and into wealth as fast as possible.
“It is doable. We have seen clear examples of such progress in other regions of the world, especially in Asia over the past three decades.
“There is no reason why acute poverty cannot be eradicated in Nigeria and across Africa. We have to become a continent that grows inclusive and well distributed wealth.”
Highlighting the continent’s disappointment with its current state, Adesina emphasized that poverty should not be Africa’s comparative advantage, given its significant share of global gold and mineral resources. Drawing inspiration from the progress made by Asian countries, he asserted that Africa should strive for inclusive and well-distributed wealth, citing South Korea’s remarkable economic transformation.
Harping on South Korea as an example, Adesina said the country moved from GDP per capita that was $350 in the 1960s when it got independence, to approximately $33,000 in 2023.
This, he said, is the kind of quantum leap that Africa needs rather than attempting to alleviate poverty.
“We must really ask ourselves, when will we make the shift that South Korea made from being a country that was one at the low end of the development ladder to a rich, industrialised nation that it is today?
“We simply must turn the tide. Ultimately, we must put ourselves in a position where we also can give. that is how Africa will earn respect,” Adesina said.
Adesina criticized the mismanagement of natural resources, warning that if not addressed, it would keep Africa stuck in poverty. He urged African governments to avoid securing loans backed by natural resources, emphasizing the lack of transparency, high costs, and difficulty in debt resolution associated with such loans. Adesina emphasized that a country’s resources should benefit its people, not powerful individuals.
“Consequently, in the midst of plenty, majority of people remain poor. I have urged African governments to stop securing loans backed by their natural resources.
“That is because those natural resource backed loans are not transparent. They are expensive and make debt resolution very difficult.”
Furthermore, Adesina stressed the importance of Africa becoming self-sufficient in food production, asserting that a nation dependent on others for food is not truly free. He acknowledged the challenges of feeding the growing global population by 2050 due to climate change and limited arable land but highlighted Africa’s critical role, owning 65 percent of the world’s remaining uncultivated arable land.
“What Africa does with agriculture will determine the future of food in the world.
“The African Development Bank has invested over $8 billion in agriculture for the past seven years, which has improved food security for 250 million people.
“The export of raw commodities is the door to poverty while the export of value added products is a highway to wealth,” he said.
Adesina also underscored the significance of good governance and the rule of law in earning respect globally. He expressed concern about military coups in parts of Africa and linked terrorism and unrest to extreme poverty, unemployment, and environmental degradation. Adesina called for strengthening the security architecture in conflict-affected areas, emphasizing the need to address the root causes of instability on the continent.
“Today, 85 percent of Africans are living in or close to a country in conflict. This calls for the strengthening of the overall security architecture in conflict affected areas,” Adesina said.
Check out the video of his speech below:
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