The President of the African Development Bank Group, Akinwumi A. Adesina, has lamented the surging rate of insecurity across the continent, particularly in Nigeria.
He said with rising insecurity across the continent, African countries need new financial instruments to protect and secure investments.
He said this in a tweet on Tuesday saying it is the one challenge to Africa’s development.
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He said, “Insecurity is now the number one challenge to Africa’s development. We must ensure security stability in Africa.
“Africa needs new financial instruments to protect and secure investments in countries and regions against rising insecurity.”
Adenina had last year said that he was distressed by the unrest in Nigeria caused by the protest against police brutality.
In Africa’s biggest economy, social unrest and the worsening level of insecurity is making it difficult for foreign investors and local investors to risk huge amounts on infrastructural projects over fear of possible rampage, according to the Lagos Chamber of Commerce and Industry.
Nigeria has lost over N1trn to destruction of properties across the country in less than five months to social unrest, experts have said.
Within 14 days from the start of the #EndSARS protest, Lagos Chamber of Commerce and Industry President, Toki Mabogunje, had disclosed that Nigeria lost more than N700bn in economic value.
After the #EndSARS protest, a total estimate of 205 vital national security assets, corporate facilities and private property were vandalised.