The President of Africa Development Bank (AfDB), Dr. Akinwunmi Adesina, has declared that Africa’s economic growth will drop by 3.4% before January 2021, as a result of the challenges of the Covid-19 pandemic.
Adesina disclosed this at the Fellowship investiture of the Chartered Institute of Bankers of Nigeria (CIBN), held on Saturday, December 6, 2020, where he and others were inducted Honorary Fellows of the Institute.
He said: 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.”
Adesina, however, called on all to arise and collectively support Nigeria to recover and build back a stronger and resilient economy that would deliver greater prosperity and hope for all Nigerians.