We Will Support Nigeria, Others To Survive Economic Downtown- AfDB

The African Development Bank on Saturday pledges it’s commitment to support Nigeria and other African countries to kick-start economic growth following the devastating effect of the Coronavirus pandemic.

The AfDB President, Dr Akinwunmi Adesina said this on Saturday
at the 2020 Chartered Institute of Bankers of Nigeria Fellowship Investiture where he was awarded an Honorary Fellow of the Institute.

The Coronavirus pandemic had led to the loss of many lives while economies have been devastated.

Africa’s economic growth this year is expected to decline by 3.4 per cent with Nigeria currently struggling to come out of recession.

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 while Consumer demand and business investments have declined.

With huge fiscal stimulus packages, interest rates are at all-time lows.

The AfDB Boss said the current economic downturn calls for concern, adding that ” These are tough times for Bankers.”

However, he said to survive the negative impact of the pandemic, there is need for implementation of economic measures that are bold, and resilient.

He said, “These are tough times for Bankers. Yet, we must be bold, resilient and weather the storm.

“The African Development Bank launched a $10bn crisis response facility to provide immediate liquidity for countries to meet urgent financing needs.

“The Bank also launched a $3bn fight COVID-19 social bond on global capital markets, the largest US dollar denominated social bond ever in world history, which is now listed on the London Stock Exchange, Luxembourg stock exchange and on Nasdaq.

“The African Development Bank also achieved an increase in its capital from $93bn to $208 billion, the largest ever capital increase in the history of the Bank since its establishment in 1964.

“The African Development Bank therefore stands ready to strongly support African countries, financial institutions and the private sector to accelerate Africa’s economic growth.

“Times like this need audacious leadership. Leadership that is able to navigate complexities and restore hope and confidence, to grow back, safer, healthier and with greater resilience.”

While commending the CIBN for the recognition, he said for Nigeria to be prosperous, it deserves the best from those at the helm of affairs

Adesina said, “Leadership from each one of us is needed in these challenging times of the coronavirus pandemic.

“As Honorary Fellows, we promise to continue to be beacons of hope, carrying with dignity the green and gold emblems of the Chartered Institute of Bankers of Nigeria.”