By; PETER NOSAKHARE, Kaduna
President, African Development Bank, Dr Akinwumi Adesina has said that Africa needs $484bn over the next three years to tackle the socioeconomic impact of the COVID-19 pandemic and boost economic recovery.
Adesina said this on Monday at the opening of the 35th African Union Summit in Addis Ababa, Ethiopia. A copy of his speech was published on AfDB’s website on Sunday.
He highlighted the economic impact of the COVID-19 pandemic on Africa.
“It has been a global economic cyclone. Africa witnessed a decline in GDP growth of 2.1 per cent in 2020, its lowest in 20 years. Africa’s GDP fell by $165bn. Over 30 million jobs were lost and over 26 million people fell into extreme poverty,” he said.
According to him, the continent needs up to $1.3bn to ensure 60 per cent vaccine production by 2040 and $484bn to support economic recovery.
Adesina said, “Africa needs $600m to $1.3bn to meet its goal of attaining 60 per cent vaccine production by 2040. Investing in health is investing in national security.
“The African Development Bank plans to invest $3bn to support pharmaceutical and vaccines manufacturing capacity for Africa.
