African Development Bank To Focus On Power Generation
Posted by admin | 9 years ago | 1,777 times
The African Development Bank President, Akinwunmi Adesian has said that the AfDB is geared towards tackling power shortage in order to unlock its continent’s economic potentials and put an end to its vulnerability to fluctuations of commodity prices.
Akinwunmi disclosed this during his inauguration as the 8th President of the continental body in Abidjan.
He blamed the lack of reliable power grids as a major obstacle to industrializing the continent’s economies to make a transition from commodities producers to a manufacturing hub.
Quoting the International Energy Agency, Adesina said, Africa requires an additional $450 billion to halve blackouts and achieve electricity access for all in 2040.
Vice President Yemi Osinbanjo who led the Federal Government delegation, urged African leaders to discard economic idea and myths holding them bound to limited options and called on them to embrace creativity and change towards charting the pathway for growth and development in the country.
Also present at the inauguration were CBN Governor, Godwin Emefiele, Governors Abdullahi Ganduje of Kano, Darius Ishaku of Taraba, Aminu Tambuwal of Sokoto, Former Fianance Minister Ngozi Okonjo Iweala, Business Mogul, Aliko Dangote and the Managing Director of UBA, Philip Oduoza.
Dr. Adesina Was the Immediate Past Minister of Agriculture, became the 8thpresident of the AfDB and the first Nigerian to occupy the office since its creation in 1963.
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