Dr. Akinwumi Adesina, the Group President of AfDB during the 2023 AfDB Annual Meetings in Sharm El Sheikh, Egypt stated that all 54 African countries should strive for a sustained seven percent growth rate over the next 40-50 years.

This ambitious goal aligns with the United Nations Sustainable Development Goals and the 2023 African Union agenda, aiming to improve living standards and promote inclusive growth.

Dr. Adesina acknowledged the challenges that lie ahead but emphasized that achieving this objective is not impossible for the continent.

He highlighted the decline in Africa’s average gross domestic product (GDP) growth, from 4.8 percent in 2021 to 3.8 percent in 2022.

However, he expressed optimism for a projected increase to 4 percent in 2023 and further acceleration to 4.3 percent in 2024.

He cautioned against setbacks experienced by some countries after significant growth periods, emphasizing the importance of sustained progress.

The African continent faces various challenges, including the impacts of COVID-19, conflicts, and climate change, which have exposed vulnerabilities and highlighted the fragility of Africa’s growth pillars, particularly its dependence on commodity exports and external finance.

Despite these challenges, Dr. Adesina emphasized the incredible potential and opportunities that Africa possesses.

He stressed the significance of Africa’s demographic shift, which presents a demographic dividend and a large labor force that can support industrialization and reduce production costs.

Investing in the continent’s young population by providing them with skills and opportunities is crucial for driving Africa’s progress.

Dr. Adesina highlighted the game-changing potential of the Africa Continental Free Trade Area, which can significantly increase intra-African trade and reduce imports from outside the continent.

He encouraged African economies to harness the continent’s abundant natural resources to generate returns, drive youth employment, and foster job creation.

While emphasizing the importance of sustained economic growth, Dr. Adesina also highlighted the need to address issues of governance, inequality, and poverty.

He stressed the responsibility to promote green and sustainable development, diversify growth sources, and champion the fight against climate change and environmental sustainability.

In conclusion, Dr. Adesina emphasized that the studies presented during the event serve as a vital roadmap for Africa’s future. He expressed eagerness to receive the final report, which will be shared with heads of state and governments.

He emphasized the importance of feedback and input in shaping Africa’s unique development path, one that balances economic, social, and environmental dimensions while respecting the continent’s diverse environments, institutions, and aspirations.

The bank gave the prediction at its 55th yearly meetings, and 46th meetings of the Board of Governors of the African Development Fund (ADF), that held virtually recently.

According to the bank, the restrictions and strict lockdown the different governments in the continent imposed at the beginning of the pandemic resulted in mass closures of businesses and millions of job losses.

Speaking at the virtual meeting, re-elected president of the bank, Dr Akinwumi Adesina, said with the pandemic, Africa has lost over a decade of gains of economic growth. He said the bank is working towards helping to soften the impact of the anticipated recession on the continent.  He projected that Africa’s recovery from the economic impact of the pandemic would be long and difficult.

He noted that it had become vital for member countries to unite in helping the continent to build back, boldly, but smartly, paying greater attention to quality growth in health, climate, and the environment.

Adesina said as the first president of the Bank to be re-elected by a vote, it showed the transparency of the Bank and its high level of standards and commitment to transparency and good corporate governance.

He lauded the Bank’s Board of Governors for their collective trust, confidence, and support, noting that he was greatly honoured and humbled, as it was yet another call for selfless service to Africa and the AfDB.

He was re-elected unopposed through a voice vote at the annual meeting of the bank.

The election took place on Thursday during the closing ceremony of the virtual Annual General Meeting (AGM) of the bank.

Reacting, Dr. Adesina said “At this Annual Meetings, I offer myself to you, our Governors, for your consideration for election for a second term, as President.

“I do so, with humility, with a strong sense of duty and commitment and a call to serve Africa and our Bank, selflessly, to the very best of my God-given abilities,” he said.

Buhari’s congratulatory message was contained in a statement issued on Tuesday, by his Special Adviser on Media and Publicity, Femi Adesina, titled “President Buhari hails AfDB President, Akinwumi Adesina, on clearance by an independent panel”.

The President, however, urged Dr Adesina to remain steadfast, dedicated and resolute in pursuing his noble goals for the institution, especially with the now expected second term in office, assuring him of the prayers and support of Nigerians.

The statement read, “President Muhammadu Buhari warmly rejoices with President of the African Development Bank, Dr Akinwunmi Adesina, on the clearing of all allegations against him by an anonymous group, and further validation of his competence and integrity to lead the institution.

“President Buhari congratulates AfDB Board of Directors, the Ethics Committee and members of staff for their courage, maturity and patience in following through the process of investigations, and acceptance of Report of Panel of High-Level Independent Experts, which reviewed the Report of Ethics Committee of AfDB, and Dr Adesina’s response.

“The President commends the eminent personalities, consisting of Mary Robinson, Justice Hassan B. Jallow and Leonard F. McCarthy, who handled the review of the report of the Ethics Committee, and their professionalism in rejecting support services, and providing a unanimous report.

“President Buhari believes the conclusion of the review should finally draw a curtain on the allegations that created distractions for the entire institution for a period, and serve as impetus for more diligence in handling responsibilities while fuelling the zeal to deliver on the promises of a greater Africa.

“The President urges Dr Adesina to remain steadfast, dedicated and resolute in pursuing his noble goals for the institution, especially with the now expected second term in office, assuring him of the prayers and support of Nigerians.”

Adesina was cleared of allegations of embezzlement, preferential treatment of Nigerians in senior appointments and promoting people accused or found guilty of fraud and corruption by an ethics committee of the bank, however, the US Treasury Department dismissed it and also wrote a letter urging the AfDB to carry out an independent investigation into the alleged ethics breaches by the bank’s President.

The Minister of Finance, Mrs Zainab Ahmed reacting to this, appealed to the chairman of the Board of Governors of the African Development Bank (AfDB) to dismiss the call for an independent investigation of Adesina.

The letter reads in part “The call for an ‘independent investigation’ of the President is outside of the laid down rules, procedures and governing system of the bank and its articles as it relates to the Code of Conduct on Ethics for the President. As Board of Governors (made up of the finance ministers of member countries), we must uphold the rule of law and respect the governance systems of the bank. If there’s any governance issues that need improvement, these can be considered and amendments proposed for adoption in line with laid down procedures. The Nigerian Government welcomes the conclusion of the Ethics Committee and the decision of the Chair of the Board of Governors. The Ethics Committee, following three months of work to examine the whistleblowers’ allegations made against the President, dismissed each and every one of the allegations of the whistleblowers against the President as unsubstantiated and baseless”

Adesina in his convocation lecture at Bowen University, Iwo titled, “Universities, youth and entrepreneurship in a rapidly changing world said, Nigeria needs to urgently spend a lot more on research to experience growth and development.

He noted that there was the need to support students to become entrepreneurs, adding that grades alone shouldn’t be the focus of universities.

According to him, government should set up financial systems that will support young people and set up youth entrepreneurship investment banks.

“Only those that see the future will invest in the future. The youth are not the future. They are present. Our collective responsibility is to prepare the youth to thrive today to drive the future through entrepreneurship.

“There are seven suggestions on the path to future entrepreneurship. First, all students must be supported to become entrepreneurs. Not only the grade should matter. All must pass the entrepreneurship requirement. That way, universities become knowledge transmitters as well as entrepreneurs developers.

“Second, universities should set up technology business incubator and innovation hubs. Third, the government must set up financial systems that support young people and set up youth entrepreneurship investment banks. Fourth, the private sector should be encouraged to locate research, technology and innovation centres on university campuses.

“We must begin to measure the contribution of the youth to the gross domestic product (GDP) and that can only happen when we support small and medium scale enterprises of the youth. Nigeria needs to set up a national science and innovation fund, devoting 20 percent of its oil earnings to driving the fast techno-enabled growth of Nigeria. Finally, we must believe in the youth”.Adesina was later conferred with honorary doctoral degree of entrepreneurship at the event.