The African Development Bank (AfDB) has revealed that African countries require $1.3 trillion annually to achieve sustainable development by 2030. This crucial information was shared in a statement published on the AfDB website on Friday.
Coinciding with this announcement, the AfDB declared an investment of $1.44 billion in Nigeria. This investment, disclosed during the Investment Summit 2024 held in Lafia on May 15-16, aims to enhance Nigeria’s infrastructure, focusing on energy, power, transport, water, and sanitation.
Future Development Target
On Friday, the AfDB emphasized Africa’s vast economic potential, highlighting the need for continuous financial support from relevant institutions. The bank urged more inclusive financial aid from stakeholders to help Africa realize its economic potential.
The statement partially reads, “Africa requires $1.3 trillion annually to meet its sustainable development goals by 2030. For this to happen, Adesina argues that Africa needs a more responsive, inclusive, and accountable international financial system to accelerate global development.”
Africa’s Economic Potential
The AfDB noted that while Africa’s GDP is estimated at $2.5 trillion, 2023 data from some financial institutions did not account for the continent’s substantial natural resource wealth, valued at $6.2 trillion. Additionally, the bank mentioned that Africa holds more than half of the world’s uncultivated arable land, 20% of the world’s tropical rainforests, fertile savannahs, woodlands, peatlands, and mangroves.
The statement continued, “Africa possesses vast gold resources and holds 80% of the world’s platinum deposits, 77% of cobalt, 51% of manganese, 46% of diamonds, 40% of nickel, 39% of chromium, and substantial lithium deposits for battery production and the growing electric vehicle market.”
The bank lamented that these natural assets in Africa are severely undervalued and often ignored in GDP calculations.
Additionally
– The AfDB was established 60 years ago to support the continent’s financial transformation.
– Akinwumi Adesina, a Nigerian, currently heads the bank, and Nigeria has been a major beneficiary of its financial services.
– Nairametrics previously reported that the AfDB’s development project funding in Nigeria amounts to approximately $4.4 billion.
– The African Development Bank Group’s stakeholders will hold an Annual Meeting in Nairobi to discuss the bank’s role in Africa’s transformation.
Credit: Nairametrics (Text Excluding Headline)
