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HomeBusinessEconomy: AfDB’s President, Adesina Calls For Audacious Leadership

Economy: AfDB’s President, Adesina Calls For Audacious Leadership

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By Babajide Okeowo

In the light of the economic realities which has seen Nigeria slipped into recession, The President of African Development Bank, AfDB, Dr. Akinwumi Adesina has said called for audacious leadership if Nigeria is to survive the economic devastation brought about by the COVID 19 Pandemic.

Adesina made this call on Saturday at the 2020 Chartered Institute of Bankers of Nigeria (CIBN) Fellowship Investiture where he was inducted an Honorary Fellow of CIBN alongside others.

“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.

That is the kind of leadership I see among the Honorary Fellows and awardees and the Chartered Institute of Bankers of Nigeria.” He said for Nigeria to be at its best, it deserves the best from all of us.

Now, let us arise and collectively support Nigeria to recover and build back, stronger, better, with greater economic resilience. Let’s join hands and deliver greater prosperity and hope for Nigeria” he said.

He lamented that the COVID 19 pandemic has wrought devastation on global economies while disclosing that Africa’s economy is set to decline by 3.4 percent.

“So many lives have been lost. Economies have been devastated. Africa’s economic growth this year will decline by 3.4%.

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. Consumer demand and business investments have declined. With huge fiscal stimulus packages, interest rates are at all-time lows” he lamented.

He added that the AfDB was ready to strongly support African countries, financial institutions, and the private sector to accelerate Africa’s economic growth.

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

The Bank also launched a $3 billion 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” he added.

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