Africa’s Gross Domestic Product (GDP) has declined by $165 billion in 2020, President of the African Development Bank (AfDB), Dr. Akinwunmi Adesina has said.
He said over 30 million jobs were lost, while 26 million persons fell into extreme poverty within the period.
Adesina disclosed this in a speech, titled “Mobilizing Financing for Africa’s Accelerated Economic Recovery, Development and Integration,” delivered at the 35th Ordinary Session of the Assembly of the African Union in Addis Ababa, Ethiopia attended by President Muhammadu Buhari.
He, however, lauded the efforts of African leaders in tackling the COVID-19 pandemic which affected many economies of the world.
He warned against outsourcing Africa’s security to foreigners as he stressed the need for Africa to protect African lives by building healthcare infrastructure and vaccine manufacturing.
The AfDB boss said, “It has been a global economic cyclone. Africa witnessed a decline in GDP growth of 2.1% in 2020, its lowest in twenty years. Africa’s GDP fell by $165 billion. Over 30 million jobs were lost and over 26 million people fell into extreme poverty.
“I wish to commend the leadership efforts of the African Union, and our Heads of State and Government, for the critical roles you have played in dealing with the pandemic and the socio-economic challenges in its wake. Today, thanks to these efforts 11% of the population has been fully vaccinated, and another 16% has been partially vaccinated.
“However, while developed countries have moved to booster shots, Africa is still struggling with basic shots.
“Your Excellencies, we must learn from this experience. Africa can no longer outsource the security of the lives of its 1.4 billion people to the benevolence of others. We must secure African lives!
“It is time your Excellencies, to build Africa’s healthcare defense system. This must be based on three strategic priorities. First, building Africa’s quality healthcare infrastructure. Second, building Africa’s pharmaceutical industry and third, building Africa’s vaccine manufacturing capacity.”
