The African Development Bank (AfDB) says the size of business and consumer expenditures in Africa will rise to $5.6 trillion in five years.
This is contained in a speech delivered by AfDB President, Akinwumi Adesina, at African Leadership Persons of the Year Investiture Ceremonies and Awards Gala night at Johannesburg, South Africa, on Saturday and was made available to the News Agency of Nigeria (NAN) yesterday.
Mr Adesina explained that the size of the food and agriculture business alone would reach one trillion dollars in just ten years.
According to him, with the African Continental Free Trade Area, the size of the economies will be 3.3 trillion dollars.
He said the Africa of the 21st century was keenly aware of its place in the world and determined to be a global investment haven.
He added that the Africa of the 21st century was open for trade and savvy investors knew that if they were not in Africa, they were not in business.
“Over the past four years, we have helped 18 million people obtain access to electricity, 141 million people to agricultural technologies for food security, 13 million people to finance through private sector investee companies.
“And 101 million people to improved transport services and 60 million people to improved water and sanitation.
“People such as cocoa farmer Antoine Mani Tonye from Cameroon who has seen healthy yields from the moment he began planting a locally adapted seed variety.
“People such as millet seller Robiro Kadokah from Togo whose business has been thriving since the opening of a new highway in his area.
“And people such as IT-specialist Jeanne Yamfashije from Rwanda who helps girls in her country excel in science, technology, engineering and math.
“I truly believe there’s never been a more exciting time to be an African. Opportunities abound all around. African economies are growing well.
“In 2019, 17 countries grew at 3.5 per cent and 20 countries grew at five per cent and above” he stated.
Mr Adesina disclosed that simple reason was that he focused on solutions, not problems because his principle for development was also by coming up with ideas for the Bank’s High 5 strategy to light up and power Africa.
He said the high five was initiated to feed Africa, to industrialise Africa, to integrate Africa, and to improve the quality of life of the people of Africa.