African Development Bank (AfDB), for African nations to experience sustainable growth by 2030, they will require an annual budget of $1.3 trillion.
Its comment, which was posted on the AfDB website on Friday, provided support for this.
The announcement of the AfDB’s $1.44 billion investment in Nigeria coincides with the release of the statement.
The investment is intended to strengthen Nigeria’s infrastructure for transportation, water and sanitation, energy and power, and sanitation.
The AfDB announced the plan during the Investment Summit 2024, which took place in Lafia on May 15 and 16
Read Also: AfDB Invests $1.44 Billion To Support Infrastructure Development In Nigeria
AfDB revealed on Friday that Africa is loaded with immense economic potential requiring sustained financial investments by relevant institutions.
It seized the moment to call for more inclusive financial assistance from relevant stakeholders to enable Africa to attain its economic potential.
The statement partly reads, “Africa needs $1.3 trillion annually to meet its sustainable development needs by the end of this decade in 2030.
“For this to happen, Dr Adesina argues that Africa needs a more responsive, inclusive and accountable international financial system to support the acceleration of global development.”
Read Also: AfDB to To Commit $1bn Loan To Nigeria’s Power Sector Reforms
The bank explained that Africa’s Gross Domestic Product (GDP) is estimated at $2.5 trillion but data from some financial institutions in 2023 did not take into account the continent’s significant wealth in natural resource capital which is estimated at $6.2 trillion.
Besides, the bank added that more than half the world’s uncultivated arable land resides in Africa, along with 20% of the world’s tropical rain forests, its fertile savannahs, woodlands, peat lands and mangroves.
It stressed that beneath the surface lies Africa’s vast mineral wealth.
“In addition to substantial resources of gold, Africa has 80% of the world’s platinum deposits, 77% of cobalt, 51% of manganese, 46% of diamonds, 40 % of nickel, 39% of chromium and substantial deposits of lithium to manufacture batteries and tap into the growing market for electric vehicles,” the statement added.
