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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.
Engr Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has disclosed that the nation’s oil and gas reserves have risen to 37.50 billion barrels as of January 1, 2024.
This marks an increase from the 37.046 billion barrels recorded in May 2022.
Komolafe emphasised the implementation of robust policies aimed at enhancing and optimising oil and gas operations across the country.
Notably, gas reserves stand at 102.59 trillion cubic feet (TCF), with non-associated gas reserves reaching 106.67 TCF, culminating in a total of 209.26 TCF of gas reserves.
Addressing concerns during a press conference held in Abuja on Monday regarding crude supply regulation and enforcement, Komolafe underscored the importance of prioritising feedstock supply to local refineries while addressing grievances from oil producers and the Dangote Refinery within specified timelines.
This announcement follows recent reports of a decline in Nigeria’s crude oil production during February and March 2024.
According to data from the April 2024 Monthly Oil Market Report of the Organization of Petroleum Exporting Countries (OPEC), Nigeria’s crude oil production (excluding condensates) experienced its second consecutive monthly decrease, dropping to 1.231 million barrels per day in March from 1.322 million barrels per day in February.
OPEC attributed this decline, amounting to a reduction of 91,000 barrels per day, to factors communicated directly from Nigeria.
The Chairman, House of Representatives Committee on Federal Road Maintenance Agency (FERMA), Engr. Aderemi Oseni has commiserated with the senator representing Oyo North Senatorial District, Senator Abdulfatai Buhari over the loss of his mother, Alhaja Buhari.
The matriarch, who passed away on Monday, April 8, has left a void in the family that Oseni described as irreparable.
In a condolence message released on Wednesday by his media aide, Idowu Ayodele, in Ibadan, and made available to newsmen, the lawmaker expressed his deep sympathy, praying for Alhaja Buhari to find eternal rest in the arms of God.
Oseni, who also represents Ibarapa East/Ido Federal Constituency, urged Senator Buhari and his family to find solace in the legacy of achievements left behind by their late matriarch.
He emphasised the importance of cherishing the memories of her life and the successes attained by her children.
The statement read, “Distinguished Senator Buhari, I was deeply saddened to hear about the passing of Mama, Alhaja Buhari. Please accept my heartfelt condolences and deepest sympathy during this difficult time.
“Alhaja was a pillar of strength and a source of love and guidance for your family and community. Her legacy of kindness, wisdom, and resilience will continue to live on in the hearts of all who knew her.
“May you and your family find comfort and solace in the cherished memories you shared with her, and may the love and support of friends and well-wishers provide you with strength and courage in the days ahead.
“Please know that my thoughts and prayers are with you and your family as you navigate through this time of grief”, Oseni continued.
As Muslims globally observe Eid-el-Fitr, signifying the conclusion of the Ramadan fast, the lawmaker representing Ibarapa East/Ido Federal Constituency of Oyo State and Chairman of the House of Representatives Committee on Federal Road Maintenance Agency (FERMA), Engr. Aderemi Oseni has called upon Nigerians to prioritise nation-building efforts during this festive period.
Oseni, in a statement on Tuesday by his media aide, Idowu Ayodele, emphasised the importance of collective action and unity in advancing the nation’s development agenda.
He highlighted the significance of Eid-el-Fitr as a time for reflection, gratitude, and community solidarity.
“As we celebrate Eid-el-Fitr, let us not forget the critical task of nation-building that lies before us. Nigeria’s progress depends on our ability to work together, transcend divisions, and build a cohesive society,” the lawmaker stated.
The APC chieftain urged Nigerians to set aside differences and focus on common goals that promote peace, unity, and socio-economic prosperity.
Emphasising the need for inclusivity, Oseni encouraged citizens to actively participate in initiatives aimed at fostering national cohesion and development.
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