Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), firmly believes that Africa must eradicate poverty to gain global respect. Speaking at The Guardian’s 40th-anniversary lecture in Lagos, Adesina emphasized the importance of addressing poverty in the midst of Africa’s abundant resources.
“For Africa to command global respect, we must end poverty,” Adesina stated. He expressed his disappointment in the continent’s persistent poverty, despite its vast resources. “Poverty in a land so rich is not just abnormal; it’s unacceptable,” he added.
Adesina, speaking on the topic “For the World to Respect Africa,” highlighted the need for public accountability in reversing the trend of poverty. He criticized the status quo, where Africa, despite possessing half of the world’s gold and one-third of its minerals, is still grappling with poverty.
Governments across the continent, he argued, bear the responsibility of rapidly elevating their citizens from poverty to prosperity. “Rapid wealth creation, not gradual poverty alleviation, should be our goal,” Adesina emphasized.
Citing South Korea’s remarkable economic transformation, Adesina pointed out that in the 1960s, South Korea had a GDP per capita of just $350. Today, it stands at approximately $33,000. This is the kind of leap Africa needs, Adesina argued, rather than just trying to alleviate poverty.
“We must learn from such examples and strive for similar transformative growth. Africa has the potential to make a similar shift from poverty to prosperity,” he said.
In his speech, Adesina also addressed the management of natural resources, a critical factor in Africa’s economic struggles. He noted that mismanagement and non-transparent, expensive resource-backed loans have contributed to the continent’s stagnation.
“Our natural resources should serve the people, not just the powerful and rich,” Adesina stated. He urged African governments to reject loans backed by natural resources, advocating for more transparent and beneficial financial practices.
Adesina underscored the role of agriculture in Africa’s future, especially in the context of global food security. With 65% of the world’s uncultivated arable land, Africa is pivotal in addressing the world’s food needs.
“The AfDB has invested over $8 billion in agriculture, improving food security for 250 million people,” he shared. Adesina stressed the importance of adding value to raw commodities before export, as a pathway to wealth.
Good governance and the rule of law are also crucial for Africa’s respect, according to Adesina. He highlighted the threats posed by military coups and terrorism, which often stem from poverty, unemployment, and environmental degradation.
“We need to strengthen our security architecture to ensure peace and stability,” Adesina advised.
Noimot Salako-Oyedele, Deputy Governor of Ogun State, praised The Guardian for its role in shaping society. “The Guardian has been a beacon of journalism, championing social justice and holding public figures accountable,” she said.
Lady Maiden Alex-Ibru, Chairman of The Guardian, emphasized the publication’s commitment to intellectual excellence and the rule of law. “These principles have guided us for 40 years,” she stated.
Adesina’s message at The Guardian’s anniversary lecture was clear: Africa must eradicate poverty and manage its resources wisely to earn the respect it deserves on the global stage.
