Nigeria Sets Agenda For AfDB President Adesina

Nigeria’s Minister of Finance Budget and National Planning, Mrs Zainab Ahmed, has said that the African Development Bank needs to step up its role in helping African countries to combat rising unemployment rate.

She said this on Tuesday during the inauguration of the newly elected AfDB President, Akinwumi Adesina.

Africa has been faced with increase in unemployment and underemployment rates following the outbreak of coronavirus pandemic.

Nigeria officially has an unemployment rate of 27.1 per cent based on latest official data, while South Africa has unemployment rate of 28.18 per cent.

Nigeria’s Finance Minister said the concessional lender needs to step up it’s position in helping African countries curb youth unemployment rate.

She said the AfDB intervention was necessary, because it is clear that government alone cannot create the much needed.

She said Africa’s largest multilateral lender could achieve this through projects in the areas of infrastructure development.

Zainab listed further the use of guarantee instruments to de-risk investments and promote trade, as well as private sector development in order to strengthen Africa’s fight against unemployment.

The minister said, “These are important platforms around which the Bank can help in the creation of jobs in Africa.”

She added that unemployment was one of the most urgent challenges in Africa.

Zainab lauded the quick action of the Bank in providing emergency COVID-19 assistance to Regional Member Countries towards stabilizing their economies

She also tasked the bank to also consider intervention in the area of health infrastructure.

“A strong AfDB would be able to play a catalyzing role in these efforts, both in terms of lending and policy advice,” Zainab said.

She added that stakeholders needed to work together within the next five years to deliver the agenda initiated by Adesina.