The president of the African Development Bank (AfDB), Akinwumi Adesina, has said that it will be a world economic miracle when Africa eventually wakes up to its full potential and immense opportunities.
Adesina disclosed this at the Inspiration Conference organized by the Redeem’s Men Fellowship (Lagos region), themed Calvinized For Geometric Growth.
He said;
“They are seeing an Africa that will soon become the size of China and India combined.
“When China woke up, the world changed. When Africa finally wakes up, it will be the biggest economic miracle we have ever seen.”
The AfDB president stated that the surge in summits such as the UK-Africa summit Japan-Africa summit and China-Africa and Russia Africa summit is a recognition of the immense opportunities available in Africa.
He said;
“Last year, 17 countries grew an average of 5%, 20 countries grew at 5% and above.”
“Foreign direct investment (FDI) in Africa last year grew by more than 11% while that of Asia was about 4.5% and FDI for developed countries declined by 23%.
“Nearly 90% of Africa-based companies and 58% of those based in other regions expect their revenues in Africa to grow over the next five years, and most importantly to expand their African footprints in additional countries.
“This is the continent you are living in. The size of consumer businesses will rise by $5.6 trillion in the next five years.
“The size of the food and agricultural market in Africa will rise to $1trillion just in the next ten years.
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“Africa Continental Free Trade Area (AfCFTA) is worth a whopping $3.6 trillion. That is the largest Free Trade Zone in the world since the creation of the World Trade Organisation (WTO).
“Welcome to the new Africa.”