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Browsing: Dr. Akinwumi Adesina
- AfDB asks policymakers to put in place an orderly and predictable way of dealing with Africa’s $824Bn debt pile.
- According to AfDB, Africa’s ballooning external debt reached $824 billion in 2021.
- AfDB president says there is urgent need for increased concessional financing, particularly for low-income countries.
Africa’s immense economic potential is being undermined by non-transparent resource-backed loans that complicate debt resolution and compromise countries’ future growth, African Development Bank (AfDB) President Dr Akinwumi Adesina has said.
Adesina at the Semafor Africa Summit taking place on the sidelines of the International Monetary Fund and World Bank 2024 Spring Meetings, highlighted the challenges posed by Africa’s ballooning external debt, which reached $824 billion in 2021, with countries dedicating 65 per cent of their GDP to servicing these obligations.
He said the continent would pay $74 billion in debt service payments this year alone, a sharp increase from $17 billion in 2010. “I …
- AfDB estimates that the size of global digital wealth will skyrocket from $217 billion in 2022 to over $1 trillion by 2031.
- The Investments in Digital and Creative Enterprises programme launched in Abuja ushering in a new era for the continent.
- Nigeria accounts for almost 30% of Africa’s funded ventures, with at least 180 startups.
The African Development Bank (AfDB) has launched The Investment in Digital and Creative Enterprises (I-DICE) program in Abuja. This marks one of the latest initiatives to boost Africa’s digital transformation which the AfDB estimates will generate $712 billion by 2050 in Africa and $1 trillion in global value by 2030.
This program comes at a defining moment as Africa expands its exports of digital and creative services beyond the continent spurring the rise of new unicorn startups.
The I-DICE is an initiative that partners with the Federal Government of Nigeria. It aims to promote entrepreneurship …
