LONDON: Outlining the resilience of Africa’s economies despite global challenges, African Development Bank President Group Dr Akinwumi Adesina noted that the continent remains the second-fastest-growing region after Asia. He cited the Bank’s African Economic Outlook Report, which shows the continent’s 3.7% economic growth for 2024, increasing to 4.3% in 2025. The report revealed that 15 countries achieved real growth rates of at least 5 percent, and half of the world’s 20 fastest-growing economies are in Africa.
However, he said achieving strong economic prospects and resilience will require overcoming some significant headwinds, including tackling climate change and rising debt, and through critical global financial reforms.
‘As Africa’s economic resilience is bolstered, unlocking its economic prospects requires ensuring structural change of its economies, raising the productivity of agriculture, provision of electricity, accelerating infrastructure investments, supporting faster pace digitalization, unlea
shing economic and job opportunities for women and youth, and driving industrialization through greater mobilization of the private sector,’ he stated.
In a packed auditorium at the renowned Chatham House, Adesina delivered an inspiring address to a diverse audience of diplomats, investors, academics, politicians, and media, emphasising Africa’s untapped potential and abundant opportunities.
In his presentation, ‘Envisioning Africa’s Economic Prospects,’ Adesina said Africa is a continent of tremendous opportunities. It is endowed with and characterized by a young, dynamic and vibrant workforce, massive renewable energy potential, abundant biodiversity resources, rapid regional integration and innovative solutions designed to unlock the continent’s vast natural capital.
He reiterated the Bank’s advocacy for an independent African credit rating agency to counteract misperceptions that lead to underinvestment due to excessive risk premiums. Quoting the United Nations Development Program, Adesina said fairer
credit ratings for African countries could save at least $75 billion annually in debt service payments.
‘The trajectory for Africa will be much stronger as we tackle these challenges, as well as improve security and expand more concessional financing and private sector financing,’ he emphasised.
‘Africa can no longer be ignored. I fully expect Africa to be the pivotal continent in the world, given its economic prospects,’ he said.
He said that the future of energy transition for a world primarily powered by renewable energy will depend on Africa, which accounts for 25 percent of global biodiversity and contributes substantially to providing key minerals. According to African Development Bank estimates, Africa’s natural capital stood at $6.2 trillion in 2018, with mineral and fossil fuel resources alone valued at $290 billion and $1.05 trillion, respectively.
Source: Emirates News Agency