ADVERTISEMENT

AfDB to raise Africa’s industrial GDP to 130% by 2025

Adesina said this in the Bank’s latest publication produced by the Department of Communication and External Relations at the Headquarters and made available to the News Agency of Nigeria (NAN) in Abuja.

The president said structural transformation was needed to ensure sustainable, inclusive and shared growth in Africa.According to him, structural transformation will not be possible without industralisation that facilitate a move from low to high productivity activities.

Adesina said the bank’s goal was to aid Africa move from agriculture to agro-industries from raw natural resource exports to high value semi processed or processed exports.

He said this would curb high unemployment rates and lay the ground work for greater diversification of economies.

ADVERTISEMENT

He said industrilisation must be underpinned by technology progress, reallocation of new investments into high return emerging markets by offering Africa opportunities to leap frog over its development gap.

Adesina said stakeholders, acting on the industrilisation agenda of the continent, estimated that structural transformation required industrial GDP to grow by an average of 11.5 per cent per year corresponding to accumulative growth of 130 per cent by 2025.

He added that GDP per capita growth would have to almost double to four per cent per annum.

According to him, the experience of other industrialising economies seem to indicate that Africa can realistically achieve these objectives by increasing industrial GDP in the next 10 years from 751 billion dollars to 1.72 trillion dollars within the decade.

Adesina said “this will raise continental GDP to 5.62 trillion dollars and Africa GDP per capita to 3.368 by 2025.

ADVERTISEMENT

The president said for this to happen, “There is need for a comprehensive and resolute continental industrial policy that is country adjustable to local contexts that can be aligned with the country’s development goal.’’

He said this would require vision and commitment from political leaders, the bank and other broader development communities called upon to provide support through technical assistance, capacity building, continuous dialogue and advisory services.

Adesina mentioned five key enablers that had been common to almost all countries that had rapidly industrilised their economies.

These enablers include supportive policies, legislation and institutions; conductive economic environments and infrastructure; access to capital; access to market; regional integration and addressable markets.

“In successful industralising countries, these enablers have typically been integrated into a comprehensive industrial policy that has enabled businesses, both large and small, to develop along the value chains of selected high potential industrial sectors.’’

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Third Mainland Bridge reopens in 1 week, formal ceremony later - Minister

Third Mainland Bridge reopens in 1 week, formal ceremony later - Minister

Sanwo-Olu opens 'Sunday market' on Good Friday for Easter shopping

Sanwo-Olu opens 'Sunday market' on Good Friday for Easter shopping

Wike thanks Tinubu for the opportunity to serve

Wike thanks Tinubu for the opportunity to serve

Barrister Bida pens special birthday prayer for President Tinubu, Nigerians

Barrister Bida pens special birthday prayer for President Tinubu, Nigerians

Tinubu’s aide distributes food items to 1,750 persons in FCT, Kwara

Tinubu’s aide distributes food items to 1,750 persons in FCT, Kwara

Court grants senator accused of forging NYSC certificate ₦50m bail

Court grants senator accused of forging NYSC certificate ₦50m bail

BREAKING: Delta monarch declared wanted by military surrenders to police

BREAKING: Delta monarch declared wanted by military surrenders to police

Renowned Canada-based Nigerian playwright, Oguntokun is dead

Renowned Canada-based Nigerian playwright, Oguntokun is dead

Pulse Sports

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

Michelle Alozie: I had to do it because of African referees

Michelle Alozie: I had to do it because of African referees

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

ADVERTISEMENT
ADVERTISEMENT