Dr. Adewumi Adesina, president of the African Development Bank (AfDB), has urged Africans to take control of their future in the face of global shocks, tariffs-induced trade disruptions, and geopolitical tensions.
Speaking at the 28th Annual Conference on Global Economic Analysis in Kigali, Rwanda, Adesina said:
“Africa must chart its future, relying not on the benevolence of others, but on its determination. The era of aid or free money is gone. African countries must now learn to develop by the discipline of investments.”
The international conference, co-hosted by the United Nations Economic Commission for Africa and Purdue University’s Global Economic Analysis Project, brought together leading economists to discuss global economic challenges.
Adesina highlighted that recent tariffs introduced by the United States would negatively impact African economies by increasing inflation, weakening local currencies, reducing export revenues, and constraining nations already grappling with shrinking aid flows.
He emphasized the need for Africa to move beyond exporting raw materials, urging a radical shift toward value addition for the continent to advance at scale and speed economically.
Despite being home to 1.4 billion people, Africa’s share of world trade is just 2.5%. Adesina called for full implementation of the African Continental Free Trade Area (AfCFTA), projecting that its $3.4 trillion combined market could boost intra-continental trade by 50%, lift 50 million Africans out of poverty, and create 14 million jobs.
He also expressed support for the creation of an African Credit Risk Agency to counter biases from major international agencies that often lead to higher borrowing costs for African countries.
