Team Blitz India
ABUJA: Africa possesses £6.5 trillion worth of natural resources, 65 per cent of the world’s uncultivated arable land, and is home to a vibrant youth population, highlighted Dr Akinwumi Adesina, President of the African Development Bank Group at a lecture commemorating the 40th anniversary of Nigeria’s leading independent newspaper, The Guardian, on November 28.
Adesina emphasised the urgent need to address the challenges to development and encouraged citizens to hold governments accountable for poverty.
Manage resources well
He said that given its rich resources, the continent should not be facing its current challenges. He urged resource-rich nations to enhance good governance, transparency, accountability, and sound management policies to bring about positive change.
During the lecture, Adesina highlighted Africa’s immense natural wealth, stating, “If we manage our natural resources well, Africa has no reason to be poor. We have £6.2 trillion in natural resources.” He called for a concerted effort to eliminate corruption and manage resources in the best interest of the continent and its people.
Drawing a parallel with South Korea’s remarkable economic transformation, Adesina pointed out that Africa needs a similar quantum leap. He cited South Korea’s rise in GDP per capita from £350 in the 1960s to approximately £33,000 by 2023 as a model for Africa to emulate. He questioned when Africa would make a similar shift from a developing region to a prosperous, industrialised continent.
Addressing the audience, which included ministers, senior government officials, former state governors, business leaders, academics, and media representatives, Adesina emphasised the need for Africa to implement the right policies, investments, infrastructure, logistics, and financing. He stressed the importance of driving these initiatives with a highly skilled, dynamic, and youthful workforce.
