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“To integrate Africa, bring down the walls,” Adesina urges at 2019 AfDB Annual Meetings Open in Malabo
African leaders on Wednesday underscored the urgent need to fast-track the continent’s regional integration process in order to accelerate Africa’s economic transformation.
The call was made at the opening ceremony of the Bank’s 2019 Annual Meetings, in Malabo, Equatorial Guinea, with the theme: “Regional Integration for Africa’s Economic Prosperity.”
“Apart and divided, Africa is weakened. Together and united, Africa will be unstoppable,” the Bank’s President Akinwumi Adesina told delegates at the packed Sipopo Conference Center.
Adesina urged African governments to work toward the elimination of non-tariff barriers. “Pulling down non-tariff barriers alone, will spur trade by at least 53%, and potentially double trade,” he said.
The opening ceremony was presided over by the host nation’s President Teodoro Obiang Nguema Mbasogo. Also in attendance were King Letsie III of Lesotho; President Félix Antoine Tshisekedi of the Democratic Republic of Congo; and Ambrose Mandvulo Dlamini, Prime Minister of eSwatini. High-level government officials from Rwanda, Cameroon, the Central African Republic, and Côte d’Ivoire were also present.
In his opening speech, President Obiang Nguema Mbasogo recalled that Equatorial Guinea, once one of the poorest countries in the world, has since been radically transformed with one of the highest per capita incomes on the continent.
“For me, development is not about per capita income, it is about expanding the opportunities for the people to live a more dignified life,” Obiang Nguema Mbasogo said.
“Equatorial Guinea is open for business. We are committed to regional integration for shared prosperity. We count on the African Development Bank to help us achieve economic diversification and the consolidation of social equality.”
Regional integration is one of the Bank’s strategic High 5 agendas to rapidly advance Africa’s economic transformation.
In the past several years, the African Development Bank has invested over $13 billion in the central African region. “And for every dollar invested, the region has leveraged $36, an incredible rate of return of 36 times,” Adesina noted.
The Bank’s investments include the construction of the Central African fibre optic network that connects the population with faster and less expensive access to the Internet, and is boosting businesses and regional integration.
In his remarks, Equatorial Guinea’s Finance Minister Cesar Mba Abogo said: “Progress is the realisation of utopia. This is a country of utopia in Africa, with independence and the ability to control our own destiny. It seemed impossible at first in the last century but it was done. Now our utopia is regional integration.”
More than 2,000 participants are attending the Annual Meetings, a unique opportunity to share the Bank’s perspectives on the state of Africa’s economy. The meetings also provides updates on the Bank’s work and serves as a platform for the exchange of views on emerging issues shaping the future of the continent.
The Prime Minister of Equatorial Guinea, the president of the Senate, members of governments, the diplomatic corps as well as the African Development Bank’s Governors, Executive Directors, and other dignitaries attended the opening ceremony.
“There’s excitement in the air on Africa’s economic opportunities, and those opportunities are boundless. The newly ratified Africa Continental Free Trade Area will make Africa the largest free trade zone in the world, with a combined GDP of over $3.3 trillion,” Adesina said.
The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.
The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.
Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.
He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.
“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.
Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.
While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.
Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.
He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”
Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.
He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”
Dangote Petroleum Refinery has made headlines by announcing a further reduction in the price of diesel, dropping it from ₦1200 to ₦1000 naira per litre.
The refinery’s decision comes on the heels of its recent supply at a significantly reduced price of ₦1200 per litre, which was introduced three weeks ago, signifying a remarkable 30 per cent decrease from the previous market price of approximately ₦1600 per litre.
This substantial reduction in diesel prices at Dangote Petroleum Refinery is expected to reiterate positively throughout various sectors of the economy, potentially serving as a catalyst in alleviating the persistently high inflation rate in the country.
In a statement last week, Aliko Dangote, Africa’s wealthiest individual and the owner of the refinery, expressed his optimism regarding the potential impact of the price reduction on inflation in Nigeria.
“I believe that we are on the right track. I believe Nigerians have been patient, and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1900,” he remarked.
As anticipation builds around the implications of this move by Dangote Petroleum Refinery, stakeholders and consumers alike remain hopeful for the positive effects it could bring to the Nigerian economy in the coming months.
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