AFRICA’s economies remain stable and resilient to the economic headwinds which most countries are experiencing and it is expected to perform even better by the end of 2016 with a projected growth rate of 4.4 percent, African Development Bank (AfDB) president Akinwumi Adesina has projected.
Dr. Adesina said at the opening press briefing of the on-going AfDB 2016 annual general meeting that Africa economic growth was projected to grow at 4.4 percent this year.
He stressed that African countries were projected to perform even better this year as compared to 2015.
“Africa is quite resilient, the economy today is growing at about 4 percent and our projection shows that it will grow by 4.4 percent this year. If you look at economy, growth rate globally is about 3 percent. Europe is growing at 1.9 percent. African economies are stable and remained performing well and that is why it will perform even better as we go ahead,” Dr Adesina said.
He also 2016 AfDB meeting in Lusaka would discuss the way forward on reducing the food imports Africa was importing from other regions which was about US$35 billion yearly.
Dr. Adesina explained that Africa would by 2025 be importing a total of US$110 billion of food if the current situation of food imports was not halted with accelerated agriculture production on the Continent.
He said there was need for Africa to save its resources by getting on top of the value chain and produce enough food for the region.
“Africa spends US$35 billion importing food. If we do not change that situation, it will become to US$110 billion by 2025 and we have to make sure that Africa saves its money and produces enough food and gets on the top of values chain, which we will be talking about here at the meeting,” he said.
He further said Africa needed to enhance its industrialisation which had remained undeveloped for the past 30 years and only accounted for 1.9 percent of total value of global manufacturing.
Meanwhile, De Adesina said the AfDB would be launching a ‘jobs for Africa initiative programme’ at the conference to mitigate the job crisis faced by youths in the region.
He explained that the initiative would empower youths in the region with skills needed in most companies.