Financing infrastructure, poverty reduction, job creation, health and education provision are among the top priorities of the new AfDB boss.
When Akinwumi Adesina, 55 - currently serving as Nigeria’s Minister of Agriculture and Rural Development takes offices on September 1, 2015, as the 8th President of the African Development Bank, AfDB, he will face the herculean task of remodeling Africa’s financing scheme to redress socio-economic challenges. The new AfDB boss, elected on May 28, 2015 in Abidjan, Côte d’Ivoire is on a hot seat, with experts describing him as one who is expected to “have fire in his belly,” given the setbacks faced by economies of the continent.
Infrastructure
Conflict and fragility remain major constraints to Africa’s development. This, according to experts, is primary. Addressing the challenge means expanding regional infrastructure to build the resilience of fragile States. But how is this achievable? Akinwumi Adesina seems to have an idea. “I have laid out my priorities for doing that,” he told the General Assembly after picking up the top job. The bank under Akinwumi Adesina has been urged to embrace the infrastructure for regional integration policy rather than the local level infrastructure school of thought. In so doing, the need for the mobilisation of more funding is imperative. But experts say it should not end there. The AfDB needs to follow African economies to make sure that funded projects are effectively executed. The need to closely supervise work, should therefore be part of the new missions of the AfDB, under Akinwumi Adesina, who says, “it is critical to have smarter infrastructure to have increased productivity and competitiveness for Africa.” The bank is one of Africa’s biggest lending institutions, rivaling the World Bank in financing infrastructure projects to improve electricity, transport and water services. In 2013, the bank approved almost 3.16 billion US Dollars (about FCFA 1, 886 billion) in loans and grants to infrastructure projects on the continent, according to its annual report.
Poverty Eradication, Job Creation
The soaring population growth across Africa is undermining poverty eradication efforts. The challenge of the AfDB now is to see how it can improve efficiency in order to help increase growth, reduce poverty as it strives to achieve inclusive and sustainable development on the continent. If Africa is to benefit from a demographic dividend rather than succumb to its shock, investment must be channeled towards social and infrastructure needs and consolidating growth in low-income economies.
Akinwumi Adesina is looking at the private sector as its recourse, as the bank seeks to salvage the sickening issue of job creation. He says the private sector is the engine of growth and wealth creation. “A big thing for us in Africa is an inclusive model. But also jobs for Africa’s youth, jobs for Africa’s women, reviving Africa’s rural areas for inclusive growth and, finally, to have regional integration for shared prosperity.”
The future of Africa’s development is therefore on the hands of Nigerian-born Akinwumi Adesina, who describes himself as the son of the farmer who “came out of poverty,” and is ready to be focused in working to build economies of the continent through responsible management during his tenure.
