By Modupe Gbadeyanka

President of the African Development Bank Group (AfDB), Mr Akinwumi Adesina, has revealed that in 2017, the average GDP growth in Africa was 3.6 percent, up from 2.2 percent in 2016.

According to him, last year, 18 African countries grew above 5 percent in 2017, and 37 others above 3 percent.

Mr Adesina further disclosed the average GDP growth is projected to accelerate to 4.1 percent in 2018 and 2019.

The AfDB boss rolled out these figures when the bank hosted the annual luncheon of diplomats accredited to Côte d’Ivoire in Abidjan on Tuesday.

During the event, he urged the bank’s member countries to contribute to the 7th General Capital Increase to enable the institution to realise its development objectives.

Welcoming the diplomats on behalf of the Board of Directors, management and staff of the Bank Group, Mr Adesina shared perspectives on the performance of African economies, updated them on the institution’s activities and highlighted emerging economic issues for the Bank and the continent.

“The African Development Bank, your Bank, is reforming, innovating, leading and delivering more for Africa than ever before.

“With the strong support for a General Capital Increase by our Board of Directors, Governors of the Bank, and you, the Ambassadors representing our shareholder countries, Africa will indeed experience a much brighter and impactful future,” he said.

Mr Adesina said the continent remains resilient to global economic headwinds and climate shocks as related by the Bank’s 2018 Africa Economic Outlook published in Abidjan on January 17, 2018.

Bank makes impressive development impacts

In 2017, the Bank achieved impressive development impacts. Its ‘Light up and power Africa’ High 5 reached 4.4 million people with access to electricity.

Its ‘Feed Africa’ goal reached 8.5 million Africans with access to improved agriculture technologies, while its ‘Integrate Africa’ provided 14 million Africans with improved access to transport and the ‘Industrialize Africa’ provided 210,000 small businesses with access to financial services.

Also, the lender’s ‘Improving the quality of life’ High 5 provided 8.3 million Africans with improved access to water and sanitation.

Mr Adesina also shared important landmarks on the bank’s ongoing reforms and achievements over the past two years: achieving its highest annual disbursement ever in its history at $7.67 billion while maintaining its Triple ‘A’ rating by the major global rating agencies; investing $1.39 billion in 31 operations in the energy sector in 23 countries representing a 30 percent increase over 2017; launching its largest bond transaction, with a $2.5 billion 3-year global benchmark, followed by its largest ever 5-year global benchmark for $2 billion; and continues to grow its income, reversing a two-year declining trend; and recording a rise in 2016 in its net operating income to $556.6 million, which shot up to $855 million in 2017, and increased by almost 54 percent over 2016, and 73 percent increase over 2015.

Currently, the Bank is spearheading the development of the Desert-to-Power initiative to harness electricity from the sun all across the Sahel, designed to generate 10,000 MW of power, connect 250 million people to electricity, including providing 75 million people with off-grid systems.

A generous General Capital Increase will enable Bank to do more

The Bank is “reforming, changing, delivering and leading,” through the strong support it receives from it member countries, Mr Adesina said, adding that such support will be most needed during the General Capital Increase to help the Bank do more for Africa.

“At a time that we need to ramp up support to Africa for the SDGs, the Bank needs more resources through a General Capital Increase (GCI). The message could not have been heard louder than when the Ministers and Governors of the Bank from West and Central Africa came to the Bank recently. They unanimously supported the General Capital Increase for the Bank,” he said.

“The support of all shareholders will be crucial for the General Capital Increase of the Bank. The Bank should do more for Africa and we are working extremely hard to revamp the Bank, and put it in a much stronger position, with more highly capable staff and institutional capacity to deliver more … better and faster. Our ability to deliver in the past and now is a good indication that you can depend on us to deliver more in the future.”

Johannesburg to host Africa Investment Forum in November 2018

To mobilize African and global pension funds, sovereign wealth funds and institutional investors, to invest in Africa, the Bank has launched the Africa Investment Forum (AIF) to be held November 7-9 in Johannesburg, South Africa.

The transactional forum is expected to become Africa’s premier investment marketplace, Mr Adesina said, noting that several peer institutions have indicated their interest in participating in what could become Africa’s largest private-sector investment accelerator.

In his response, the Dean of the Diplomatic Corps, Apostolic Nuncio to Côte d’Ivoire, Monsignor Joseph Spitieri, congratulated Mr Adesina on his 58th birthday and commended the Bank for helping pull people out of poverty.

“The success of your strategy encapsulated in the High 5s is testimony to your commitment to help people in Africa and reduce poverty,” the cleric said.

“We wish the Bank success in its endeavours to improve the lot of the most deprived people in Africa,” he added.

https://www.businesspost.ng/2018/02/08/18-african-countries-grew-gdp-5-2017-afdb/

Firtus commentus,

This humble intelligent man �

Keep up d good work

nice one

sadly, Nigeria is not among the 5%. . . thanks to this failed administration

This is one reason why Africa has remain backward.

GDP is deceptive in using it as a yardstick for growth and development.

Developed nations realized this earlier and are using standard of living and economic development which throws more light on the rate of unemployment and other indicators of ecomomic growth instead of GDP in determining their rate of growth and development.

But here in Africa, we use only GDP.

Nigeria, the worst country on earth. Thanks to Buwari

How does this info sustain ordinary man in Ajegunle?

We would have grown also if the 5%ters were carried along by FG

Buhari has destroted a once bolstered economy

Jcjd

We would have grown also if the 5%ters were carried along by FG

With people like President Buhari, things are surely going to be improving

Buhari's CV:
The tragedy of a Comical Drama played too far;

 All salary arrears paid up
 All contractual debts paid up
 All Pension arrears paid up
 All known treasury leakages sealed up
 All known treasury thieves being investigated and prosecuted
 A recession overcome within one year
 The foreign reserve growing
 Inflation reducing
 The Capital market rated highest globally
 The ease of doing business rated high
 Greatly reduced food import bills
 Greatly increased Internal Revenue Generation drive
 Revamped and more effective tax regime
 More efficient and more responsible Civil Service
 All Federal roads being reconstructed across the Country
 Fast rails being constructed between the state capitals
 Gas pipeline being laid from South to Abuja, Kaduna and Kano
 13 Modular Refineries being built in ND
 Private Financing for our three Refineries being negotiated
 Private Refineries to collocate with the existing Refineries being concluded
 Influx of foreign companies increasing
 Increased investments by domestic investors
 The Electricity Generating capacity at 7000 MW
 Transmission Capacity at 7000 MW
 Distribution capacity being restructured to inject more capital and expertise
 The economy of Nigeria being Restructured from oil based to Agric, Solid Mineral and Manufacture based
 Ranching for meat and dairy industry due to kickoff
 Boko Haram now a distant ding in the orchestra of general quietude
 IPOB now a mute idea ready for discussions at the right for a
 NDA reduced from a movement to Madam’s military wing for retaining her loot.
 Herdsmen/Farmers conflict due to be permanently resolved
 Military vehicles sourced from a Nigeria car manufacturer for the first time
These are not propositions; all these and more will be on the Curriculum Vitae of PMB in the 2019 Presidential Elections. And he did not achieve these by fluke, he was deliberate; the economy he inherited was dire. The country was running on one cylinder and the engine had just coughed its last, the engine was dead and the ”plane” was adrift. What would anyone do with a Country which just had her only source of income cut down to less than one quarter? Inevitably, the economy dived into a recession with nothing to kick start it; there were no savings of any kind. Worse, Nigerians were so used to eating imported food that they did not want to substitute with our home grown food, especially rice. So, when the accursed were busy clapping for themselves for successfully ruining the Country they so much loathed, PMB and his team set out to perform magic; they pulled up their cuffs and went to work, slowly but deliberately. They were booed, they were jeered and they were misquoted, lied against and tempted. Today, the score card scares the nay sayers. They desperately seek for thick black smoke to screen off this beautiful sight from people; they seek for a cacophone to mire this beautiful music from the masses. Today, it’s either Herdsmen killings, the next day it’s kidnappers while before then, it used to be Boko Haram, IPOB or NDA.
They may have wondered why the people are so disinterested in their distractions; they are so lost in their own thoughts to be able to realize that PMB’s achievements are shared by the people they wish to distract. They are active participants in the PMB Nigeria Project. They are the direct beneficiaries of the outcome. They know what has been done, what remains to be done and why. It is difficult for anyone to get their attention with false tales, false alarms and false predictions. It is difficult to take the people away from PMB. OBJ seems to be the last card of the comical game, and I wonder what he is doing in there; why would he want to throw away the myth of his political invincibility on the altar of theatrical show of shame. He is liable to be stripped naked and that is not a nice lesson to be learnt at his age. Some elders in the North learnt to steer clear of Buhari’s phenomenon far too late to save their honors.
PMB will add this enormous CV to his enormous personal integrity; that is not something any politician in Nigeria can boast of. Some politicians can be credited with some achievements, but apart from PMB, none of them will pass elementary test of personal integrity. Buhari is set to have both at levels of Ahmedu Bello and co. Nobody can take away his Verified and Validated integrity, but obviously, some jokers think they can stop him from attaining his achievements. Perhaps they don’t how late they are; or perhaps they do but think they can still dent him. The town criers are scattered all over the towns and villages, like the mythical EGBERE, making highly confusing statements. “Buhari has achieved nothing” they say, so the solution is for him not to contest again. When asked whether that claim is not an advantage for them to win the election, they tell us that they don’t want to “disgrace” him from power. Some of us have been thinking about the comic tragedy being played by our politicians; repeat some of their silly narratives to a baby and see how the baby will start to cry.

Dikko Abubakar

Nice anyway. ...


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Africa n her slow progression.
Nigeria n her stagnant + recessive movement

Angelawhite:
Nigeria, the worst country on earth. Thanks to Buwari

BigBizzy:
sadly, Nigesia is not among the 5%. . . thanks to this failed administration

okosodo:
Buhari has destroted a once bolstered economy

BigBizzy:
sadly, Nigesia is not among the 5%. . . thanks to this failed administration

Olodo Jonathan sycophants! Jonathan met Nigeria's GDP growth at 7.68% in 2010 & plunged it to 2.36% in May 2015 just before he left office! Is that an improvement?

Promismike:
This is one reason why Africa has remain backward.

GDP is deceptive in using it as a yardstick for growth and development.

Developed nations realized this earlier and are using standard of living which throws more light on the rate of unemployment and other indicators of ecomomic growth instead of GDP in determining their rate of growth and development.

But here in Africa, we use only GDP.

Tnk u my brother u just spoke my mind.. ....but many people are ignorant of dx, this is just one of d numerous way d colonial criminals are using to make us backward instead of aspiring for us to be like dem

Promismike:
This is one reason why Africa has remain backward.

GDP is deceptive in using it as a yardstick for growth and development.

Developed nations realized this earlier and are using standard of living and economic development which throws more light on the rate of unemployment and other indicators of ecomomic growth instead of GDP in determining their rate of growth and development.

But here in Africa, we use only GDP.

You are right with all the economic terms & all my brother; but did Nigeria even see the GDP pick like the other countries? No thanks to the brain-dead-parasitic-moforic stalk illiteate analogue thieving dullard.

Moukandjo:

Olodo Jonathan sycophants! Jonathan met Nigeria's GDP growth at 7.68% in 2010 & plunged it to 2.36% in May 2015 just before he left office! Is that an improvement?

Only fools think every critic of Buhari is a pro Jonathan. This is about Buhari and not about Abacha, Jonathan or Obasabjo. Buwari is a failure QED

Moukandjo:

Olodo Jonathan sycophants! Jonathan met Nigeria's GDP growth at 7.68% in 2010 & plunged it to 2.36% in May 2015 just before he left office! Is that an improvement?

LIAR!

Jonathan was made Ag President in Q1 2010. So, the GDP growth he inherited was 2009's growth which was 6.9%. In 2010, it hit 7.84%. And in 2014, it was 6.31%. 2015 was the year Buhari entered and it was 2.65%.

Stats direct from World Bank -- https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?end=2016&locations=NG&start=2008.

-Lord

Okay naah

GavelSlam:


You want to run New York marathon before even knowing how to crawl.

Nobody has held us back.

As a People, we keep making the wrong decision, save for Rwanda, which has learnt the hard way and is primed for success in the near future.

Continue looking at everything through tribal lens, continue supporting blatant acts of corruption because the perpetrator is your kinsman.

Continue to import ordinary socks and underwear.

As things are difficult, Davido and wizkid are thriving because they are creating and exporting.

The uninventive Nigerian youth has began to swallow division from pulpit to podium and sadly, he must suffer for his ignorance.

Baba forget curuption, forget bad leadership dx westernal don't want us to strive noting we will do, they will always make sure we are dependent on them. Do u want to tell me all d African leaders are curupt. Abi what will so to IMF asking a nation to devalour her currency before borrowing dem money nd other shit agreements bf u can be borrow a dim. African leaders who failed to dance to their tone will not last talk of Kwame Nkrumah of Ghana,Patrice Mulumba of Congo to mention a few. Most of d coup happening or that have happened in African do u tnk it's d citizen work. My brother make a research on dependency theory nd u will get hint of my point

Angelawhite:
Nigeria, the worst country on earth. Thanks to Buwari

The problem of Nigeria is lack of commonsense among citizens, refusal to adopt family planning and population control.
If most Nigerians marry 1 wife and have 1 or 2 children (instead of half dozen), bad government or not the quality of life will be different.