Africa’s economy to dip by 3.4% this year – AfDB President, Akinwumi Adesina

The President of Africa Development Bank (AfDB), Dr Akinwunmi Adesina has said that Africa’s economic growth this year will decline by 3.4% as a result of the challenges of the Covid-19 pandemic.

Adesina said this while giving his remarks at the Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN), held on Saturday, December 6, 2020, where he and others were inducted Honorary Fellows of the Institute.

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In his opening remark, Dr. Adesina, thanked the organizers of the event and noted that these are tough times for bankers and there is need for audacious leadership, especially in the challenging time and season of the COVID-19 pandemic, that has crippled the global economy.

According to him, “The kind of leadership that is able to navigate complexities and restore hope and confidence, to grow back, safer, healthier and with greater resilience, common to the Honorary Fellows and awardees and the Chartered Institute of Bankers of Nigeria.”

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He further stated, “So many lives have been lost. Economies have been devastated. Africa’s economic growth this year will decline by 3.4%. Globally, economies have gone into recession, as global trade, financial flows, investments, tourism and global supply chains have been disrupted.

“Millions of jobs have been lost. Consumer demand and business investments have declined. With huge fiscal stimulus packages, interest rates are at all-time lows.”

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He enjoined all to arise and collectively support Nigeria to recover and build back a stronger and resilient economy that would deliver greater prosperity and hope for all Nigerians.

What you should know

• The African Development Bank (AfDB) is ready and available to strongly support African countries, financial institutions, and the private sector to accelerate Africa’s economic growth.
• AfDB recently launched a $10 billion crisis response facility to provide immediate liquidity for countries to meet urgent financing needs, as well as a $3 billion fight COVID-19 social bond on global capital markets – the largest US dollar-denominated social bond ever in world history, which is now listed on the London Stock Exchange, Luxembourg stock exchange and on Nasdaq.