The AfDB has set $1.3 trillion target for the development of the continent of Africa.
This was contained in a statement published on the official website of the financial institution on Friday.
The statement is coming amid AFDM announcement of my investment of $1.44 billion to Nigeria. The investment was disclosed at the investment submit 2024, between May 15 and 16 in Lafia aiming to develop energy, power, transport and water in Nigeria.
AFDB revealed on Friday that Africa is loaded with immense economy potential requiring sustain Financial investment by relevant institution. It seized the moment to call for more inclusive financial assistance from relevant stakeholders to enable African to attain its economic potentials.
“African need $1.3 trillion annually to meet its sustainable development need by the end of decade in 2023.for tis to happen, Dr Adesina argue that Africa needs more responsive, inclusive and accountable financial system to support acceleration of Global development.
The bank explained that Africa’s Gross Domestic Product is estimated at $2.5 trillion but data from the financial institutions in 2023 did not take into account the continents significant’s wealth in natural resource capital which is estimated at $6.2 trillion.
“In addition to substantial resources of Gold, Africa has 80% of the worlds platinum deposits, 77% of cobalt, 51% of manganese, 46% of diamonds, 40% of nickel, 39% of chromium, and substantial deposit of lithium to manufacture batteries and tap into the growing market for electric vehicle.
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