In a powerful speech at the 14th Convocation of the National Open University of Nigeria (NOUN) in Abuja, Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), called for a significant shift in Africa’s growth strategy, emphasizing that the era of relying on aid and external financial handouts is over.
Adesina, who was the Special Guest Lecturer, addressed the theme “Advancing Africa’s Positioning within Global Development and Geopolitical Dynamics” and highlighted the urgent need for African countries to adopt investment-driven growth models. “Aid is no longer a viable source of sustainable development,” he declared, stressing that nations must focus on resource mobilization and adopt more disciplined investment practices.
The AfDB President urged African leaders to foster better management of the continent’s vast natural resources, including fair pricing of assets, transparent royalty payments, and stricter accountability to curb corruption and inefficiencies. Adesina stressed the importance of expanding domestic resource mobilization, which must extend beyond simple tax hikes to a broader focus on improving governance.
Addressing the impact of global tariffs, Adesina warned that 47 out of 54 African countries have been subjected to higher tariffs, resulting in reduced export revenues and a weakened local currency. He forecast that inflation would increase, and the cost of debt servicing would rise, as foreign exchange earnings and expected revenues declined. While cautioning against a tariff war with the U.S., Adesina called for a recalibration of trade and investment relations between the U.S. and Africa to bolster the continent’s economic standing.
On the topic of energy transition, Adesina pointed to Africa’s critical role in supplying minerals essential for global energy needs, such as cobalt, bauxite, and graphite. He urged African nations to shift from exporting raw minerals to processing them locally, capturing higher value and benefiting more significantly from the global supply chain.
Prof. Attahiru Jega, Chairman of the Occasion and Pro-Chancellor of Usumanu Danfodiyo University, Sokoto, praised Adesina’s thought-provoking lecture. He emphasized the need for visionary and selfless leaders who can chart an independent course for Africa, addressing the continent’s fundamental needs while navigating the complexities of global geopolitics.
As Africa confronts both external and internal challenges, Adesina’s call to prioritize investment discipline and value-added resource management may offer a blueprint for the continent’s future in the evolving global economy.
