Africa must consistently maintain a seven per cent growth rate for the next four to five decades to eradicate poverty and reach a high income status.

The African Development Bank (AfDB) Group President,  Dr kinwumi  Adesina,  said this while speaking on the Key Action to Achieving Inclusive Growth and Sustainable Development in Africa at the on-going 2023 AfDB Annual Meetings in Sharm El Sheikh, Egypt.

According to him, the need for accelerating growth to improve the leaving standards and achieve the UN Sustainable Development Goals(SDGs) and the African Union (AU) agenda 2023 is clear.

Adesina  said although achieving this goal might be difficult, it was however not impossible for the continent.

On the AfDB outlook report, he said the average Gross Domestic Product (GDP) growth for the continent slowed from 4.8 per cent in 2021 to 3.8 per cent in 2022.

“And this decline is across the board. 31 out of 54 countries in Africa hosted weaker growth rate in 2022 relative to the previous year.

“However, we anticipate growth increase to four per cent in 2023 and to accelerate further to 4.3 per cent in 2024. Yet we must recognise the fluctuation in growth that has defined our parts,’’ he said.

Adesina recalled that some countries experienced a remarkable growth rate only to fall back during challenging times, stating that we must learn from this to ensure sustained growth and prosperity.

”We acknowledge that our continent had its share of difficulties, growth-stagnation, decline and even catastrophic-growth and these statistics reminds us  of the work that still needs to be done.

“We face an increasingly complex and uncertain world.Health, finance, social-economic and environmental shocks threaten our progress towards the UN SDGs,  AU Agenda 2063 and all development goals high-five priorities.

“The challenges of COVID-19, conflict and climate change exposed the vulnerability of our health system and the fragility of Africa growth pillars.

“Especially our high dependency on commodity exports and external finance including debt, remittances, foreign direct investment and development assistant.’’

The president said as we acknowledge the challenges before us, we must recognise the incredible potential and opportunities that Africa possess.

According to him, this demographic shift offers us the prospect of demographic dividend, a huge labour force to support Africa’s quest for industrialisation and lower production cost.

He said young people are Africa’s greatest assets and should be invested in. We must equip them with the skills and opportunities they need to drive the continent forward.

On implementation of Africa Continental Free Trade Area (AfCFTA), Adesina said it would be a game changer because it could increase trade by 52 per cent.

“It will stimulate intra-Africa trade by up to 7 billion dollars per year and it will reduce import from outside the continent by 10billion dollars.

“Our industrial export will be boosted by up to 45 billion dollars and 21 billion dollars respectively and these figures reflect a brighter future for trade and economic growth ratio among African countries,’’ he said.

He urged economies on the continent to harness the natural resources which Africa was endowed with as it could generate significant returns, drive the youth and foster job creation.

Adesina said the studies served  as a vital road map to guide Africa towards the future where each African nation could achieve an annual GDP growth rate of seven to ten per cent over the next 40 years.

He however said that growth alone was not enough and Africa must address issues of good and prosperous governance, inequality and poverty on the continent.

Adesina said:“We have a responsibility to facilitate green prosperous conformation , diversified growth sources and innovatively champion the need to embrace climate change and support environmental sustainability.

“We must create an Africa that is both economically strengthened , socially equitable and environmentally sustainable.

“Todays event marks a significant milestone in our journey as the study consortiums present their emerging findings to these distinguished audience.

“We eagerly await the final report which will be shared by heads of states and governments .

The AfDB president said as we moved forward our feedback and input were important in helping Africa shape its unique development path.

“One that finds the right balance between a colony, social and environmental dimension why also respecting our diverse environment, institution and aspiration

“Let us move forward together, united in our mission to build the Africa we want. Let us open a new era of shared prosperity and let us transform our continent into a beacon of hope, progress and opportunity for all Africa.

The News Agency of Nigeria(NAN) reports that the AfDB 2023 annual meeting which started on May 22 ends Friday. (NAN)

Vice-President Yemi Osinbajo has accepted to lead the Commonwealth Observer Group (COG) constituted by Secretary-General, Patricia Scotland, to observe the Sierra Leone 2023 general elections.
Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice-President, said this in a statement on Friday in Abuja.

The secretary-general constituted the observer group, a team of distinguished experts upon the invitation from the Electoral Commission for Sierra Leone for the June poll in the West African nation.
As the COG Chair, Osinbajo would be the leader and spokesperson of the group of distinguished experts drawn from around the world, interfacing between the group, the media and the authorities of the host country.
In a statement on Thursday, Scotland expressed gratitude to Osinbajo for accepting the invitation in spite of his busy schedule.
“As a senior statesman from the region, Osinbajo understands in depth, the challenges across West Africa and I am confident he will lead a brilliant team,” Scotland said.
Responding, Osinbajo welcomed the opportunity to lead the election observers in Sierra Leone on June 24.
“I’m highly honoured by the unique opportunity to continue to bring my expertise and experience in contributing to deepening democracy especially in Africa and the Commonwealth by extension,” he said.
According to the Commonwealth Secretariat, Osinbajo will be joined by recognised dignitaries from various fields including politicians, legal, media, gender and election administration professionals from across the Commonwealth to carry out the task in June.
The mandate of the Osinbajo-led Commonwealth Observer Group in Sierra Leone would be to observe the electoral process and provide an independent assessment of whether the election has been conducted in a credible manner.
The group will then report on the conduct of the elections in accordance with the standards to which Sierra Leone has committed itself, including its own laws.
“In line with Commonwealth methodology, the group will consider, among other things, whether conditions exist for credible and inclusive elections, including a fair election environment; whether public media has been impartial; the transparency of the entire process; and whether voters are free to express their will.
“The group, upon completion of its assignment, will submit its recommendations in a report to the Commonwealth secretary-general, who will subsequently share it with the Government of Sierra Leone, the Electoral Commission, political parties and all Commonwealth governments,” the Secretariat said.
The vice-president, on behalf of the Nigerian government, had been at the forefront of championing democratic governments especially in the West African sub-region, under the auspices of the Economic Community of West African States (ECOWAS).
On several occasions, Osinbajo had represented President Muhammadu Buhari and Nigeria at different sessions of the Authority of the ECOWAS Heads of State and Government.(NAN)

Major stakeholders on the African continent have converged in Sharm El Sheikh, Egypt for African Development Bank (AfDB) Group’s Annual Meetings.

The stakeholders include Central Bank Governors, national and international financial institutions, economic, environmental and energy experts among others.

The meetings are a unique opportunity for knowledge dissemination among high-level decision-makers in Africa, officials of bilateral and multilateral development agencies, leading academics and representatives of NGOs, CSOs and the private sector.

The thrust of the meetings was to among other things deliberate on ways of mobilising private sector financing for green growth in Africa.

The meetings comprise the 58th Annual Assembly of the AfDB and the 49th meeting of the African Development Fund (ADF).

According to the bank, the theme of this year’s event highlights climate change as growing threat to lives and livelihoods in Africa.

The bank said that the meetings would also provide a framework for the governors of the Bank Group to share their experiences in mobilising domestic and international private sector financing.

“It will harness the natural capital of Regional Member Countries to bridge the climate financing gap and promote green growth transitions.

“The governors will discuss the challenges Africa faces in attracting private sector financing in low-carbon investments and the practical policies needed to address those challenges and other related risks and barriers.

“The highlights of the Bank Group’s most important annual event include the Presidential Dialogue on the theme: ‘The Changing Global Financial Architecture and the Role of MDBs’.

The meeting would also feature inauguration of the African Economic Outlook 2023 with the theme, ‘Mobilising Private Sector Financing for Climate and Green Growth in Africa’.

It said there would be deliberations on ways of leveraging innovative financing instruments to crowd- in private climate investments in Africa.

“Other thematic knowledge events include, harnessing natural capital to finance climate and green growth in Africa, key actions to achieve inclusive growth and sustainable development in Africa.

The event which began yesterday, will end on May 26. (NAN)