Africa’s economy to dip by 3.4% – AfDB President, Adesina

The President of the African Development Bank (AfDB), Dr. Akinwumi Adesina has said Africa’s economy will decline by 3.4 percent this year.

Adesina said this in his remarks after he was conferred with the fellow of the Chartered Institute of Bankers of Nigeria (CIBN) during a virtual investiture on Saturday.

He said, “So many lives have been lost, economies have been devastated, and Africa’s economic growth this year will decline by 3.4%.

“Globally, economies have gone into recession, as global trade, financial flows, investments, tourism and global supply chains have been disrupted. Millions of jobs have been lost. Consumer demand and business investments have declined. With huge fiscal stimulus packages, interest rates are at all-time lows.”

Adesina said he was grateful to Bayo Olugbemi, the President and Chairman of the Council of CIBN.

“It is such a memorable occasion to be recognized as honorary Fellows by such an eminent and revered institution, the Chartered Institute of Bankers of Nigeria.

“I am very proud of each of my co-Honorees for your many years of leadership and distinguished contributions to the banking profession.”

Adesina noted that no one should ever work to be recognized but that when efforts and contributions are recognized, it inspires one to continue to work even harder.

“Today, as we are being honoured, consider us as “security-backed assets”. Our integrity is our honour, and our honour is our security,” he noted.

The AfDB President said this is a tough year for bankers but urged them to be resilient.

He highlighted the efforts of the bank including a $10 billion crisis response facility to provide immediate liquidity for countries to meet urgent financing needs.

The Bank also launched a $3 billion fight COVID19 social bond on global capital markets.

“I am delighted that despite the very challenging times, the African Development Bank maintained its triple-A ratings, with stable outlook, by all major global credit rating agencies, Moody’s, Standard and Poor’s and Fitch Ratings.”