“Africa will be the pivotal continent in the world, given its economic prospects”—African Development Bank Group President

By Daily News Reporter

Dr. Akinwumi Adesina, President of the African Development Bank Group, recently delivered an inspiring address at Chatham House, emphasizing Africa’s untapped potential and abundant opportunities. In his presentation titled “Envisioning Africa’s Economic Prospects,”

 Adesina highlighted several key points:

Tremendous Opportunities in Africa:

Africa is characterized by a young, dynamic, and vibrant workforce.

The continent has massive renewable energy potential, abundant biodiversity resources, and rapid regional integration.

Innovative solutions are being developed to unlock Africa’s vast natural capital.

Resilience Amid Global Challenges:

Despite global challenges, Africa’s economies remain resilient.

The continent is the second-fastest-growing region after Asia.

The African Economic Outlook Report1 indicates 3.7% economic growth for 2024, projected to increase to 4.3% in 2025.

Fifteen countries achieved real growth rates of at least 5%, and half of the world’s 20 fastest-growing economies are in Africa.

Overcoming Headwinds:

To achieve strong economic prospects and resilience, Africa must address significant challenges.

These challenges include tackling climate change, managing rising debt, and implementing critical global financial reforms.

Adesina emphasized the need for structural changes in African economies, increased agricultural productivity, expanded infrastructure investments, accelerated digitalization, and greater private sector mobilization. By doing so, Africa can unlock its economic potential and play a pivotal role in the world economy.