'There must be accountability on our National resources' - Akinwumi Adesina
Transcript
00:00:00 Thank you very much, Dr. Abati.
00:00:03 He was, as he said, a former chairman of the editorial board of The Guardian, but I remember
00:00:10 him when we were both together in government, of His Excellency President Goodluck Ebele
00:00:16 Jonathan.
00:00:17 Thank you for all you do, and he's a very brilliant journalist.
00:00:20 Your Excellency President Bula Emechidembu, represented by Mr. Bayo Ononuka, the special
00:00:26 advisor to the President on information and strategy.
00:00:30 Your Excellency Babaji Desamwolu, the executive governor of Lagos State, represented by Barista
00:00:36 Bimbo Salu, Hondayan secretary to the state government.
00:00:41 Your Excellency Ademot Salakow Oyedele, the deputy governor of Ogun State, who has been
00:00:49 harassing my uncle.
00:00:53 We'll talk about that later.
00:00:55 Your Excellency my dear brother, my uncle, Ademot Olusegun Osoba, former governor of
00:01:03 Ogun State and chairman of today's event.
00:01:06 Your Excellency my dear brother Ralph Aregwesola, former governor of Oshun State.
00:01:13 Lady maiden Alex Ibru, chairman and publisher of The Guardian newspapers, always so elegant,
00:01:21 ageless, and just stunningly beautiful.
00:01:28 So good to see you, man.
00:01:31 Professor Wale Omole, of course he was my vice chancellor when I was at the University
00:01:36 of Ife, also ageless, incredibly brilliant, and I think I have to get some genes from
00:01:41 both of you.
00:01:45 And I had somebody, I think the editor, saying he was from University of Ibadan, is that
00:01:52 correct?
00:01:53 Professor Omole, great event.
00:01:54 Great, all right.
00:01:55 Sorry, Mr. Vice Chancellor.
00:01:56 Professor Egbosa Osagie, director general of 99 Institute of International Affairs,
00:02:12 and thank you very much for hosting us today.
00:02:15 Esteemed members of the editorial board of The Guardian newspapers, Toker Ibru, executive
00:02:20 director of The Guardian newspapers, and all of the wonderful family members of the Ibru
00:02:25 family, Martins Olodjian, managing director and editor-in-chief of The Guardian newspapers,
00:02:32 thank you for all you did to get me here.
00:02:34 Dr. Femi Adekoya, the newly minted editor of The Guardian, congratulations on your promotion
00:02:43 from business editor.
00:02:44 I remember I used to read your columns as business editor.
00:02:49 Senior management and staff of The Guardian newspapers, and of course I saw my big auntie
00:02:54 walking as I was just getting in, Mrs. Chief, Mrs. Tokumbo Awolowo Dosumuante, good to see
00:03:00 you, man.
00:03:01 Your Highnesses, distinguished ladies and gentlemen, and good afternoon.
00:03:08 It's such a great honor for me and a pleasure to join you today as we celebrate the 40th
00:03:13 anniversary of what I consider to be Nigeria's premier newspaper, and indeed one of Africa's
00:03:20 finest newspapers, The Guardian.
00:03:25 This milestone not only marks four decades of journalistic excellence, it also symbolizes
00:03:31 the enduring power of the press in shaping societies and fostering an informed citizenry.
00:03:38 The Guardian has done that and more in Nigeria over the past 40 years.
00:03:45 Four decades ago, as a young man finding my way out in the world, I fondly remember picking
00:03:51 up a copy of The Guardian for the very first time in 1983, for the pricely price of 20
00:03:58 kubo at a time.
00:04:00 There was something special about the publication that immediately lit up Nigeria's media scene.
00:04:07 The Guardian was exceptionally well-written and researched.
00:04:11 It brought together some of the finest writers that you can think of, and a Nigerian staff
00:04:15 that was incredible, including Stanley Massebo, Jemi Ogubiyi, Suli Abu, Lade Banola, Olatunji
00:04:28 Dari, Omar Ogun, Odiane Ofemnyan, Edwin Madunagu, and several others.
00:04:37 Their journalistic brilliance and prose made The Guardian the undisputed news publication
00:04:43 of the era.
00:04:45 Ever since, The Guardian has been a steadfast beacon of truth, a guardian of democracy,
00:04:52 and a mirror reflecting the myriad facets of our society.
00:04:57 Its motto, "Conscience nurtured by truth," is apt.
00:05:02 It was then, it is now, and it will be for the years to come.
00:05:11 That's because without truth and without conscience, no foundation, no nation, no society or institution
00:05:20 can stand.
00:05:22 Over the years, this world-class publication has set a benchmark for journalistic excellence.
00:05:27 It has helped to shape public discourse, champion accountability, and serve as a people's watchdog.
00:05:35 In doing so, The Guardian has justifiably earned the respect of Nigerians and readers
00:05:42 all across the world.
00:05:44 Today, as we commemorate this significant anniversary, we laud the newspaper's unwavering
00:05:50 commitment to the principles of free speech, transparency, and the pursuit of truth.
00:05:58 We also salute the pioneer publishing spirit, the late Alex Ebro, the courage of the Ebro
00:06:06 family, and successive publishers, the generations of Guardian journalists, many of you, they
00:06:12 might be here today, who have upheld the principles of editorial independence and freedom of expression,
00:06:21 even during the darkest and the most oppressive years of military rule.
00:06:27 True to its name, The Guardian has remained a guardian of truth.
00:06:33 In this age of globalization and interconnectedness, the role of the media extends beyond national
00:06:40 borders.
00:06:41 I was glad when Lady Medin Ebro was talking about, and also her daughter, when they were
00:06:46 talking about the importance that you attach to issues beyond Nigeria in terms of projecting
00:06:52 the image of Africa.
00:06:55 The Guardian has therefore also been a voice for Africa, as it should, sharing stories
00:07:00 that resonate across the continent and beyond.
00:07:04 Of course, in 2021, I was very humbled when The Guardian, in his collective wisdom, graciously
00:07:12 honored me as the Man of the Year.
00:07:14 It was pretty cool, actually.
00:07:16 And in that edition, I picked it up, and there was a caricature scene of me.
00:07:21 It had an eyes photo, and he had me on the front cover with my bow tie with it, which
00:07:26 I really like.
00:07:27 Thank you for doing that.
00:07:28 And with a caption, Man of the Year, proudly Nigerian and proudly African.
00:07:34 I thank God God made me a Nigerian.
00:07:36 I always will be grateful for that.
00:07:40 Thank you so much for such a great honor.
00:07:42 It is one I will always cherish.
00:07:44 So congratulations, Lady Medin Ebro and the Ebro family and all of you on your 40th anniversary.
00:07:52 Let me now turn to the theme that I've been asked to speak about today.
00:07:56 That is, for the world to respect Africa.
00:08:00 Now, the first thing that I want to underline is that respect is never a given.
00:08:08 It cannot be purchased.
00:08:10 It must be earned.
00:08:12 And it is earned based not on rhetoric or requests, but based on action, concrete action,
00:08:20 consistent action over time.
00:08:23 As a leader, my way of making decisions is actually pretty simple.
00:08:28 No econometric analysis going with it.
00:08:31 I simply write down the things that make me ashamed, and I do the opposite.
00:08:38 We must take a critical look around us, the underdevelopment, the poverty, and the mace
00:08:44 of plenty, and the fact that we are far behind other regions of the world, despite our enormous
00:08:50 resources, and determine that enough is enough.
00:08:57 Poverty must not become the comparative advantage of Africa.
00:09:03 Nearly half of the world's gold and one-third of all the minerals are in Africa.
00:09:08 With its vast mineral resources and human resource capacity, Africa should not be where
00:09:14 it is today.
00:09:17 Nigeria and many other African nations were once at the same level of development as some
00:09:23 East Asian countries, notably Malaysia, Indonesia, South Korea, and several others.
00:09:31 We must really ask ourselves, when will we make the shift that South Korea made from
00:09:38 being a country that was one on the low end of the development ladder to a rich, industrialized
00:09:44 nation that it is today?
00:09:48 There was a period during which some East Asian countries like South Korea struggled
00:09:53 to actually obtain World Bank loans.
00:09:55 And I remember this because my friend who was then the president of the World Bank,
00:10:01 Jim Kim, told me about it because he's from South Korea.
00:10:04 It was very difficult for them to actually qualify to have a World Bank loan, and that
00:10:09 was a concessional loan at the time.
00:10:12 Today, South Korea is the seventh largest exporter of goods in the world.
00:10:18 Not only that, its GDP per capita towers at 266 percent of the global average.
00:10:28 We must therefore find solutions to our many challenges in Africa.
00:10:33 While we must deal with the bread and butter development issues, we must think strategically
00:10:38 as we set ourselves upon a path of also becoming worthy nations.
00:10:45 Our countries must become great contributors to global wealth and development financing
00:10:51 for others.
00:10:53 We simply must turn the tide.
00:10:57 Ultimately, we must put ourselves in a position where we also can give.
00:11:04 That is how Africa will earn respect.
00:11:08 Let me start with poverty on the continent.
00:11:13 Africa has some 431 million out of the continent's 1.4 billion people living in extreme poverty,
00:11:21 a number that has increased with an additional 84 million people since the impacts of COVID-19
00:11:27 pandemic in 2020.
00:11:30 South Asia and East Asia and the Pacific had roughly 50 percent and two-thirds of their
00:11:38 population living in extreme poverty in 1990, and they saw a significant decline to 9 percent
00:11:45 and 1 percent respectively by 2019.
00:11:50 Sub-Saharan Africa, which had 50 percent of its population in extreme poverty in 1990,
00:11:57 just like it was in South Asia, only saw a decline to 35 percent by 2019.
00:12:05 It is therefore time for poverty accountability for governments.
00:12:13 Africa will not earn respect globally until we end poverty at scale.
00:12:19 Now for too long and way too long, we have allowed poverty to linger pervasively in the
00:12:25 midst of plenty.
00:12:27 Our nations are resource rich, and yet the majority of our citizens remain poor, in most
00:12:34 cases, dirt poor.
00:12:37 We often tend to accept poverty as normal.
00:12:41 Let me be unequivocally very clear.
00:12:46 Poverty is not normal.
00:12:49 It is abnormal, especially when we have so much resources and when it has been pervasive
00:12:55 for so long.
00:12:56 And that is why I believe Africa should not become a museum of poverty.
00:13:04 To reverse this trend, we must have public accountability on poverty.
00:13:10 Our governments must realize that it is their responsibility to lift all their people out
00:13:16 of poverty and into wealth as fast as possible.
00:13:20 And of course, it is doable.
00:13:23 We have seen clear examples of such progress in other regions of the world, especially
00:13:27 in Asia, over the past three decades.
00:13:31 There is no reason why acute poverty cannot be eradicated in Nigeria and across Africa.
00:13:39 We have to become a continent that grows inclusive and well distributed wealth.
00:13:46 By tackling poverty, I do not mean the so-called poverty alleviation, because that is a term
00:13:54 that I reject in its entirety.
00:13:58 We cannot be comfortable with poverty.
00:14:02 If you are sick from malaria and you visit with your doctor who says, "I will alleviate
00:14:08 your malaria," please get out and look for a better doctor.
00:14:14 I do not believe in poverty alleviation.
00:14:18 If someone moves from $1.30 per day to $1.50 per day, and they move to $1.60 per day, they
00:14:31 are still poor.
00:14:33 They are still extremely poor.
00:14:35 I had a conversation with my good friend, Professor Jeffrey Sachs, when we were on the
00:14:40 Millennium Development Goals, together then with the UN Secretary-General Ban Ki-moon.
00:14:47 And I said, "If we are measuring poverty based on the convenience of the rich, then it looks
00:14:53 as if everything is improving, when in fact it is not improving.
00:14:57 You walk into McDonald's and try to buy a hamburger.
00:15:01 For $1, you can't.
00:15:03 For $1.60, you can't.
00:15:05 And so why are we measuring poverty, that people are out of poverty, just because they
00:15:10 are earning $2 a day?
00:15:13 It cannot buy you a hamburger.
00:15:15 Let's get serious about this particular issue.
00:15:18 We must therefore eliminate poverty and create wealth, and do so fast.
00:15:24 To protest my point, let's look at the following.
00:15:27 South Korea moved the GDP per capita.
00:15:31 That was $350 in 1960s when it got independence, to approximately $33,000 in 2023.
00:15:42 But that's the kind of quantum leap that we need, rather than attempt to be saying we
00:15:46 are dealing with alleviating poverty.
00:15:51 When we rapidly take our people out of poverty, we will begin to earn the respect that we
00:15:57 deserve.
00:15:58 Saudi Arabia has oil, as does Nigeria.
00:16:04 Kuwait has oil, as does Nigeria.
00:16:07 Qatar has abundant gas, as does Nigeria and other countries.
00:16:13 Yet Nigeria is the country with the largest share of its population living below extreme
00:16:19 poverty line in 2023 in Africa.
00:16:23 That is not a gold medal that we should be proud about.
00:16:28 Clearly there is something fundamentally wrong in our management, or rather mismanagement
00:16:33 of our natural resources.
00:16:36 It is also clear that if we continue to mismanage these natural resources, we will remain stuck.
00:16:43 When we look at a pervasive state capture, in several instances of oil and gas, minerals
00:16:50 and metals, it is abundantly clear that there is no transparency, or very little of it,
00:16:57 in and of course on accountability for how we manage these abundant resources.
00:17:03 Consequently, in the midst of plenty, the majority of the people remain poor.
00:17:09 I have urged African governments to stop securing loans backed by their natural resources.
00:17:15 And that's because those natural resource-backed loans are not transparent.
00:17:19 They are expensive.
00:17:21 They make debt resolution very, very difficult.
00:17:24 If that trend continues, it will be a disaster for Africa.
00:17:29 Now some speak about natural resource curse.
00:17:34 They say that if you have natural resources, somehow you are going to be on a trajectory
00:17:39 where you are going to be poor.
00:17:41 I don't think the issue is the natural resources, that is the natural resource curse.
00:17:46 I think it's a curse of leadership.
00:17:47 It's a lack of leadership.
00:17:49 How can it be?
00:17:50 That what's supposed to make you rich makes you poor.
00:17:54 I don't buy this.
00:17:56 The so-called natural resource curse has not applied to Saudi Arabia.
00:18:00 It has not been relevant to Qatar, nor to Norway.
00:18:04 I was there recently on a panel with their minister of international development, talking
00:18:09 about $1.3 trillion of assets under management that they have from their own resources, which
00:18:14 is the same oil that we have.
00:18:17 Now ladies and gentlemen, these are all nations that are rich in natural resources, but I
00:18:20 have served them very well.
00:18:22 Now why should it be different for Africa's natural resource rich countries?
00:18:28 It all comes down to governance, transparency, accountability, and sound management of our
00:18:36 natural resources.
00:18:39 If we manage our natural resources well, Africa has no reason to be poor.
00:18:44 We have $6.2 trillion of natural resources.
00:18:49 So how in the world are we poor?
00:18:52 We simply need to pull up our socks, stamp our corruption, and manage our natural resources
00:18:58 in the interest of our countries and in the interest of our people.
00:19:02 And let me say, the resources of a country does not belong in the pockets of powerful
00:19:09 and rich individuals.
00:19:11 It belongs for the state to be used for the benefit of the people of that country.
00:19:16 There must be accountability on our natural resources.
00:19:22 I wonder sometimes when people go around and say, "Well, I've actually helped.
00:19:26 We put a ball hole in our state, a bullet ball hole, and it's on national television."
00:19:31 The very fact that you're actually installing ball holes is an indication of government
00:19:34 failure, because in 21st century, every single house must be having pipe-borne water.
00:19:40 So there's nothing to be really delightful about in trying to do that.
00:19:44 And we should get away from this feeling of leaders feeling that they are doing public
00:19:48 good.
00:19:49 No.
00:19:50 Leaders must be held accountable for the resources of the people.
00:19:58 Africa will gain respect when it is able to feed itself.
00:20:03 Any nation or region that begs for food is free only in words, but dependent on others
00:20:09 for life.
00:20:10 Feeding 9.5 billion people in the world by 2050 will be a big challenge, giving climate
00:20:18 change and a limited amount of cultivated arable land left in the world in many countries.
00:20:25 Africa will play a critical role in this, and that's because Africa has 65% of the remaining
00:20:31 uncultivated arable land in the world.
00:20:36 And that means that what Africa does with agriculture will determine the future of food
00:20:41 in the world.
00:20:42 Now, but despite this, Africa has not been able to feed itself.
00:20:46 Africa's food import bill hit $85 billion in 2021.
00:20:52 It's expected to surpass $110 billion by 2025, with 283 million Africans going to bed every
00:21:00 day hungry.
00:21:02 Now, we are changing this narrative.
00:21:05 Of course, when you've got a president of the African Development Bank coming with an
00:21:08 agriculture background, what do you expect?
00:21:12 The African Development Bank has invested over $8 billion in agriculture over the past
00:21:17 seven years, which has improved the food security for 250 million people.
00:21:25 When the Russian-Ukraine war broke out and disrupted wheat and maize export, Africa faced
00:21:33 a potential food crisis.
00:21:35 I said, and many of you may remember when I was Minister of Agriculture here, I said
00:21:40 at that time in 2012 when we had a really disastrous flood, Dr. Abati will remember
00:21:48 my statement at the time, I said, "We will not have a food crisis."
00:21:52 And we didn't have a food crisis.
00:21:53 We managed it well.
00:21:54 In fact, we did the nation's first dry season farming program, which produced so much food
00:21:59 like you've never seen before.
00:22:03 And by March of the next year, we had produced so much food that the price of food collapsed.
00:22:08 Inflation went down.
00:22:09 And so, I said the same thing when we had this potential food crisis from Russia-Ukraine
00:22:13 war.
00:22:14 I said, "Africa will not see a food crisis."
00:22:17 But Africa should not go around begging for food or pleading with Russia to give it more
00:22:22 food, but rather get bowls in his hand, put his own seed in those bowls, and plant those
00:22:28 seeds for itself to grow the food with pride for itself.
00:22:33 The African Development Bank rapidly approved $1.5 billion emergency food production facility
00:22:39 for African countries.
00:22:41 Today, this facility is supporting 20 million farmers in 36 countries to produce 38 million
00:22:49 metric tons of food valued at $12 billion.
00:22:53 Now, just for your information, the total amount that we will lose, we stood to lose
00:23:00 from Russia invasion in Ukraine for the imports was 30 million metric tons of food.
00:23:06 And that's 8 million metric tons more than that 30 million metric tons of food that I'm
00:23:12 talking about.
00:23:13 Excellencies, ladies and gentlemen, Africa did not beg.
00:23:18 Africa produced more food.
00:23:20 And Africa gained respect.
00:23:24 Our support to Ethiopia helped it now to achieve self-sufficiency in wheat within just four
00:23:29 years, turning it into a wheat-exporting country.
00:23:32 And we started here in Nigeria already in this dry season.
00:23:36 There's absolutely no reason why Nigeria should not be a net exporter of wheat.
00:23:43 To replicate this global success, the African Development Bank helped to organize this year
00:23:48 in January, myself and President Mark Esau of Senegal, a Feed Africa Summit, which attracted
00:23:54 34 heads of state and government.
00:23:57 Our leaders didn't just simply come there to speak.
00:24:01 They committed to driving self-sufficiency and food sovereignty.
00:24:05 I want to emphasize food sovereignty.
00:24:08 Every time you need food, your neighbor may love you to death.
00:24:13 But it's not your neighbor's responsibility to feed you.
00:24:16 And any responsible father or mother, when it's time for dinner, can't all just say,
00:24:22 "Well, just go to your neighbor's house."
00:24:25 No, we must have pride and be able to feed ourselves.
00:24:30 I'm glad to report that this landmark summit, we've been able to mobilize globally $72 billion
00:24:39 to help Africa achieve these targets.
00:24:42 But even as we do this, we must do more than simply produce more food and agricultural
00:24:50 commodities.
00:24:51 Take, for example, that Africa, which accounts for only 65% of the production of cocoa, only
00:24:59 receives 2% of the total of $120 billion worth of global value of chocolates.
00:25:06 Now, what's the brain surgery, you tell me, in making chocolates?
00:25:12 While African farmers languish in poverty, chocolate processors smile all the way to
00:25:17 the bank.
00:25:19 One is condemned to penury.
00:25:21 The others create wealth.
00:25:24 The same can be said for cotton, tea, coffee, cashew, and other raw commodities that Africa
00:25:31 exports at a significant loss in terms of revenue and jobs.
00:25:35 Now, let me be very clear on two issues.
00:25:40 The export of raw commodities is the door to poverty.
00:25:48 The export of value-added products is a highway to wealth.
00:25:56 To gain respect, Africa must turn itself into a global powerhouse in food and agriculture.
00:26:02 That's why the African Development Bank and its partners have provided $1.6 billion for
00:26:08 the development of what we call Special Agro-Industrial Processing Zones.
00:26:12 In fact, right here in Nigeria, we have put in place the same program in eight states
00:26:18 that are now being funded by the bank, Islamic Development Bank, and also International Fund
00:26:22 for Agricultural Development, with more than almost $620 million devoted to Nigeria.
00:26:30 And I received requests now to do this in 25 more zones in Nigeria.
00:26:38 Just to break down the technicality of this, what exactly do they mean?
00:26:44 You go to rural areas today, there are zones of economic misery.
00:26:48 They are not in there.
00:26:52 Infrastructure is concentrated in the urban areas.
00:26:54 And yet we say the majority of our people are in rural areas.
00:26:58 The only way we are going to be able to get them out of poverty is if we turn the main
00:27:02 business in which their lives depend into a real wealth-creating sector.
00:27:08 And that cannot happen unless we have consolidated infrastructure and logistics that's going
00:27:13 to make agriculture not only productive, efficient, competitive, money-making business, that will
00:27:18 drive all those people out of poverty into wealth.
00:27:23 So these new zones are zones where we are going to put in roads, water, irrigation,
00:27:28 storage, infrastructure, processing facilities, so that food and ag companies can locate there
00:27:34 and bring new life there.
00:27:35 If you are a minister of finance, listen to me, what I'm saying today.
00:27:42 Africa must go beyond the fiscal transfers of resources to rural areas.
00:27:47 Africa must expand the fiscal space in its rural areas by turning those areas from zones
00:27:52 of economic misery into zones of economic prosperity.
00:27:56 And that can only happen through this kind of structural transformation.
00:28:02 And I was delighted that at the Africa Investment Forum, which we had two weeks ago, that we
00:28:07 launched a $3 billion alliance for special agricultural processing zones that will continue
00:28:14 to do this in several countries.
00:28:18 Africa's countries, African countries, must turn the sweat of their farmers into wealth.
00:28:28 Africa will gain respect when it takes advantage of its vast natural resources to develop its
00:28:33 economies and transform the lives of its people.
00:28:37 What applies to agriculture also applies to Africa's minerals, oil, gas, and metals, such
00:28:44 as copper, cobalt, manganese, graphite, and lithium.
00:28:49 Africa accounts for 70% of the global reserves of platinum, 52% of cobalt, 48% of manganese.
00:28:58 If you take the DRCA alone, Democratic Republic of Congo, it accounts for 70% of the global
00:29:04 supply of cobalt.
00:29:06 But listen to this.
00:29:09 Manganese accounts for the highest percentage of refining of these strategic minerals.
00:29:15 Cobalt, 73%.
00:29:18 Nickel, 68%.
00:29:21 Lithium, 59%.
00:29:23 Copper, 40%.
00:29:25 So as the world transitions into renewable energy sources, Africa has the largest source
00:29:30 of renewable energy in the world.
00:29:33 Our renewable energy revolution will depend on these critical minerals for the manufacturing
00:29:39 of wind turbines, solar panels, battery energy storage systems, and electric vehicles.
00:29:47 There is so much money to be made because the size of the electric vehicles market is
00:29:55 estimated to rise from $7 trillion today and between now and 2030.
00:30:02 If you combine that with the battery energy storage system, it will be $8 trillion and
00:30:07 that will rise to $57 trillion by 2050.
00:30:12 That's going to be a 500% increase in demand for cobalt, graphite, and lithium by 2025.
00:30:21 Therefore, Africa must strategically position itself in this rapidly growing global battery
00:30:28 storage and electric vehicle value chain.
00:30:32 We did a study we supported from the bank to look at the manufacturing of lithium-ion
00:30:37 pre-cursor batteries in the Democratic Republic of Congo.
00:30:40 And we tried to compare that with China and Poland.
00:30:44 And we found that if you are producing that in the Democratic Republic of Congo, it would
00:30:50 be three times cheaper than manufacturing in China, United States, or in Poland.
00:30:57 And therefore, Africa must develop these value chains in order to process, add value, and
00:31:03 become well integrated into global supply chains.
00:31:07 Of course, we must not forget there are real geopolitical issues and interests that drive
00:31:13 international engagements on these critical metals.
00:31:18 But Africa should strategically position itself to build its own industrial manufacturing
00:31:23 capacities with infrastructure, with skills, with knowledge, competencies, and investment
00:31:30 partnerships.
00:31:32 Africa's green metals must become Africa's green wealth.
00:31:39 Africa will gain respect when it becomes an important player in global manufacturing.
00:31:45 Today, Africa accounts for just 3% of the global manufacturing.
00:31:51 Investing is the fastest way to wealth.
00:31:54 And here, once again, permit me to focus on my home country, Nigeria especially.
00:32:01 Nigeria must unleash an industrial revolution on this continent.
00:32:06 The day Nigeria wakes up and becomes a Lion King like you had in the Lion King movie,
00:32:14 everything will change for its people and everything will change for all of Africa.
00:32:24 Malaysia and Vietnam have used aggressive horizontal and vertical diversification of
00:32:30 industrial production to move from low value to high value market products.
00:32:36 The result is reflected in their wealth status.
00:32:40 Nigeria's export value per capita is $7,100.
00:32:47 For Vietnam, $3,100.
00:32:51 For Nigeria, $160.
00:32:58 So while Malaysia and Vietnam have long moved into global manufacturing growth, they are
00:33:03 creating explosive wealth and jobs for themselves.
00:33:07 Nigeria, meanwhile, has remained in a survival mode.
00:33:13 Sadly, Nigeria is still unable to replace its imports of petroleum products, thus by
00:33:20 being one of the largest exporters of crude oil in the world.
00:33:25 For now, Nigeria is developing way too slowly and far below its potential.
00:33:30 I am very hopeful that the current administration, under His Excellency President Bola Abed Ntunombo,
00:33:35 and I have followed a lot of the statements being made by the government, I am quite hopeful
00:33:41 that it will help to revive Nigeria's manufacturing sector.
00:33:44 And I'm glad that the Special Representative, the President, is here.
00:33:48 It's very, very important.
00:33:51 Industrial manufacturing is the way we are going to pull ourselves out of this morass
00:33:56 of poverty that should never be in this country.
00:34:02 Now, everything that I have said so far about Africa coming into its own and reaching its
00:34:10 full potential is undermined by a very strong manufacturing base.
00:34:15 To get there, we must implement the right policies, make the right investments, get
00:34:22 our infrastructure in order, improve logistics and financing frameworks.
00:34:27 We must make sure that this is driven by a highly skilled and competent youthful workforce.
00:34:34 Ladies and gentlemen, Excellencies, Africa will gain respect when its voice is heard
00:34:40 and respected as the world grapples with the greatest threat to human existence, that is
00:34:45 climate change.
00:34:48 Next week, the whole of the world will descend in the United Arab Emirates for COP28, the
00:34:56 annual meeting of the conference of parties of the United Nations Framework Convention
00:35:01 on Climate Change.
00:35:02 In fact, as soon as I finish this lecture, I'll be on my way to the airport to be on
00:35:07 my way to that event.
00:35:08 I came specifically just to honor you here on my way up there.
00:35:14 So I can add my voice to Africa's call.
00:35:17 Climate change is devastating many parts of Africa.
00:35:21 Root and diversification across the Sahel, the certification across the Sahel.
00:35:26 And in the whole of Africa, cyclones in Mozambique, Zimbabwe, Malawi and Madagascar have had devastating
00:35:34 effects.
00:35:36 Africa which accounts for only 3% of global emissions now bears the disproportionate consequence
00:35:43 of it.
00:35:44 Nine out of the 10 most vulnerable countries of climate change are in Africa.
00:35:50 Africa loses $7 to $15 billion a year to climate change.
00:35:54 And if that continues, it's going to reach roughly almost $50 billion a year by 2030.
00:36:02 Now there's always a debate about the growth trajectory of nations.
00:36:09 Now while the developed countries grew very well, they created massive wealth, they did
00:36:14 so with huge amount of externalities globally which they did not internalize.
00:36:18 Their living standards went way up but at the cost of the environment because they simply
00:36:25 used up 85% of the global carbon budget, was used up by the developed countries.
00:36:33 Africa's emissions are dwarfed by the emissions of other continents.
00:36:38 Let me put that in perspective for you.
00:36:40 If you're an American or an Australian, the amount of carbon that they actually emit per
00:36:48 month is the same as an African emits for the whole year.
00:36:57 And in many places, the amount of electricity used by a refrigerator in America or in other
00:37:04 developed countries is more than an African will use for the whole of the year.
00:37:10 But when we look at the global financing for climate change, I believe it is shortchanging
00:37:15 -- Senator, how are you?
00:37:18 -- is shortchanging Africa, providing only $29 billion out of the $653 billion in climate
00:37:26 financing globally.
00:37:29 To give voice to Africa's needs, the African Development Bank launched $25 billion Africa
00:37:37 adaptation acceleration program to deliver greater financing for Africa to adapt to climate
00:37:43 change.
00:37:44 In fact, as I'm going to UAE, we'll be launching a $1 billion climate risk insurance facility
00:37:53 for adaptation that will allow us to ensure African countries against extreme weather
00:38:00 patterns, be it droughts, be it floods, be it cyclones, so that we don't have to constantly
00:38:06 go to the vicissitudes of these things when they happen.
00:38:10 Excellencies, ladies and gentlemen, Africa will gain respect when it can provide universal
00:38:18 electricity access to all of its people and drop the garb of being known as the dark continent.
00:38:26 Africa, after all, has the largest renewable potential in the world, including solar, hydro,
00:38:34 wind, and geothermal.
00:38:37 The problem, of course, is we have 600 million Africans today that have no access to electricity.
00:38:43 And we have 900 million Africans that cannot even afford decent cooking.
00:38:51 We lose today 300,000 women every year.
00:38:56 And what are they trying to do?
00:38:57 Simply cook a decent meal for their families.
00:39:01 300,000 kids on their back lose their lives just because of secondary smoke they get from
00:39:08 this particular situation.
00:39:11 This cannot continue.
00:39:12 And so I think we need to really look at this and say the global energy transition must
00:39:19 recognize the realities of Africa.
00:39:24 There's been a lot of underinvestment in Africa in energy.
00:39:27 We get only 3% of the $3 trillion that have gone into renewable energy global investments,
00:39:34 only 3% over the last two decades.
00:39:38 And therefore, when it comes to renewable energy, Africa accounts for only 3% of the
00:39:43 jobs being created by that globally.
00:39:46 In my view, that is unfair, that is unjust, and that is unacceptable.
00:39:53 And that's why when I became president, when I was elected president first time in 2015,
00:39:59 I launched what is called New Deal on Energy for Africa to push so that we can get universal
00:40:06 access to electricity.
00:40:07 It's a hard work.
00:40:08 But I'm glad to let you know that since that time, the average access, average across Africa,
00:40:14 has moved from 32% to 57%.
00:40:21 Now there are some countries that are making remarkable progress.
00:40:25 Ethiopia, Kenya, and if you go, for example, Morocco.
00:40:31 In Morocco, the African Development Bank supported Morocco.
00:40:34 Today in Morocco, they have 98% of all their rural areas have 100% electrification rate.
00:40:44 The African Development Bank, therefore, is at the forefront of unlocking Africa's renewable
00:40:48 energy potential.
00:40:51 We helped to finance in Morocco what's called Nouwazazate.
00:40:55 That's the largest concentrated solar power plant in the world.
00:40:59 If you go to Kenya, you see the Lake Tukana project there.
00:41:04 That's the largest wind power mill, power station in Africa.
00:41:09 Right here in Nigeria, we've invested $210 million to develop the transmission lines.
00:41:15 We are going to be supporting the state of Jigawa to develop 1,000 megawatts of solar
00:41:20 power, which will be very big for this country.
00:41:27 The governor of Lagos State, you're here.
00:41:30 Governor Sawolu and I had a discussion in which the bank committed to supporting Lagos
00:41:34 State to have the first public-private partnership transmission line in this country.
00:41:41 That's going to be right here in Lagos State.
00:41:46 We are doing more than that.
00:41:49 I did my master's thesis and PhD thesis when I was in the United States, living in Maradi
00:41:56 in the Niger Republic.
00:41:58 When all these issues, Senator, was happening in the north and all that, Maradi is like
00:42:04 my home base.
00:42:07 But I know that they don't have electricity there.
00:42:10 And that's why the bank launched a $20 billion investment program to develop 10,000 megawatts
00:42:18 of electricity all across the Sahel countries, including northern Nigeria, by the way.
00:42:24 That will provide electricity for 250 million people.
00:42:28 And when done, it will be the largest solar zone in the world.
00:42:35 We started in Bukina Faso.
00:42:37 We started in Chad.
00:42:39 We started in Mali.
00:42:40 And we'll continue as soon as things allow us to do so.
00:42:45 Now, let me ask you just a question here about what you know about energy.
00:42:51 Anybody know anything called Inga?
00:42:53 Have you ever heard of it?
00:42:56 Okay.
00:42:58 You haven't heard about Inga.
00:43:00 Okay.
00:43:01 You should.
00:43:03 Because Inga is the largest source of hydropower that Africa has, 44,000 megawatts potential
00:43:11 in the Democratic Republic of Congo.
00:43:14 But ever since I was in university, I've been hearing about Inga.
00:43:19 So I went over there to see President Chisekedi.
00:43:22 And they took me to the site of Inga.
00:43:26 And I asked them, "Why is this vast potential not being used?"
00:43:31 And they gave me all kinds of reasons.
00:43:33 And I go to the community where Inga was based.
00:43:35 So I asked the population, "Can you tell me what the name Inga means?"
00:43:40 You know what they told me?
00:43:41 They said, "The name Inga means yes."
00:43:44 Yes.
00:43:45 Y-E-S.
00:43:46 So on my way out, they gave me the golden book to sign.
00:43:51 And I put that.
00:43:53 The African Development Bank says yes.
00:44:01 Because with 44,000 megawatts of solar, we can actually -- they can be exporting power
00:44:07 to Nigeria, to South Africa, to all of that.
00:44:10 Why are we suffering in the middle of so much wealth?
00:44:15 Yes, 100 percent electricity is the only thing that is acceptable and is the thing that we
00:44:22 must achieve as a continent.
00:44:25 Your Excellencies, ladies and gentlemen, Africa will gain respect when it can secure the health
00:44:31 of its own people.
00:44:33 When COVID struck, Africa was caught unprepared due to several decades of underinvestment
00:44:40 in health and the development of the pharmaceutical industry.
00:44:43 You know, I should tell you, when I was a student in the University of Ife, you know,
00:44:53 my professor who taught me biochemistry is sitting right in front of you here.
00:44:57 Prof, can you stand up, please?
00:45:03 (Applause.)
00:45:04 Yeah.
00:45:05 (Applause.)
00:45:06 Professor Omole taught me biochemistry.
00:45:11 Never met a man more brilliant.
00:45:13 He used to show up with no notes.
00:45:16 And all those benzene rings and stuff like that, he grew them right into our brain.
00:45:21 And I can never forget that his passion for biochemistry stays with me till today.
00:45:26 You are a great man.
00:45:28 Thank you, sir.
00:45:29 Thank you, sir.
00:45:32 But today, Africa produces 20 to 30 percent of its pharmaceutical products, 1 percent
00:45:39 of its vaccines.
00:45:41 And so when this issue of COVID started, it was for me very heart-wrenching to see African
00:45:47 leaders going all over the world trying to find basic things -- medicines, gloves, sanitizers,
00:45:58 and masks.
00:46:00 We were at the bottom of the value chain.
00:46:02 And I said to my staff out here, never again.
00:46:08 To reverse that situation, the African Development Bank put up a $10 billion emergency facility.
00:46:15 That facility allowed our countries to quickly recover from the impacts of the COVID-19 and
00:46:21 allowed them to have access to all of those sanitizers and masks and the oxygen, all the
00:46:27 things that they needed.
00:46:29 Now, how in the world did we come to a place where we externalized the health of our population,
00:46:39 where we then became dependent for 1.4 billion people's health on the benevolence of others?
00:46:46 Now, what if others are not so benevolent?
00:46:50 Now what will happen?
00:46:52 And therefore, we must manufacture more of our medications.
00:46:58 When I was growing up in Nigeria, we used to have something called BOD products.
00:47:04 We used to have all these good pharmaceutical companies here.
00:47:08 But they are gone now.
00:47:09 In fact, to manufacture these vaccines, you now need technologies and processes that are
00:47:14 protected by intellectual property rights under the World Trade Organization.
00:47:19 So you cannot actually have access to that.
00:47:21 And so we decided as a bank to change that in three ways.
00:47:27 First, we started investing $3 billion to revamp all the pharmaceutical plants in Africa,
00:47:37 including in Nigeria.
00:47:43 We also have committed $3 billion to revamping the health care infrastructure in Africa.
00:47:51 You know, if you get primary health care right, 85% of all of the problems are solved.
00:47:58 But 50% of them have no access to electricity.
00:48:01 Only 30% of them have access to water and sanitation.
00:48:05 And so we decided that we'll invest $3 billion in revamping all this infrastructure for all
00:48:10 our primary, secondary, and tertiary health care facilities.
00:48:14 But when it comes to the issue of vaccines, if you look at what has happened since COVID,
00:48:22 a number of companies, global pharma companies, have come to Africa to set up manufacturing
00:48:29 companies, which is good.
00:48:31 However, they are fill and finish companies.
00:48:35 In other words, you fill it, you package it, and then you sell it.
00:48:39 It's like selling Coca-Cola.
00:48:40 Right?
00:48:41 Well, Coca-Cola, you may like drinking it like I do.
00:48:45 At least I used to.
00:48:47 That was when my wife started telling me I was gaining weight.
00:48:52 But you cannot change the formulation, because Africa's own epidemiological profile is very
00:48:59 different.
00:49:00 And therefore, we must have the scientific capacity, the innovative capacity, to be able
00:49:06 to manufacture vaccines and pharmaceutical drugs that deals with our own epidemiological
00:49:11 profile.
00:49:12 And I was in Belgium when all African heads of state were there with all European heads
00:49:21 of state.
00:49:23 At the end of the meeting, Mr. Charles Michel, who is the president of the European Union
00:49:28 Council, said, "Is there anybody that has a burning issue on their mind?"
00:49:35 Of course, my job, my duty, my calling, my responsibility is to be a vuvuzela for Africa's
00:49:43 needs.
00:49:44 [APPLAUSE]
00:49:45 When I put out my hand, I said, "Your Excellency, I've got something on my mind."
00:49:52 What I have on my mind is, how are we going to make sure that African companies, from
00:49:58 pharmaceutical companies, can have access to the active pharmaceutical ingredients that
00:50:03 they need, to the antigens that they need to manufacture vaccines?
00:50:08 How in the world are we going to be able to do that?
00:50:11 I can see Lady Ibra is trying to help me with my sweating.
00:50:21 It's not the bow tie, the bow tie is cool.
00:50:30 So we decided, and I said, "Let's create what's called the Africa Pharmaceutical Technology
00:50:35 Foundation that will intermediate between our local companies and the global pharma
00:50:41 companies in access to intellectual property rights-protected technologies and processes
00:50:47 for making pharmaceutical drugs and vaccines."
00:50:50 I am glad to let you know that our foundation is now up and running.
00:50:57 The office will be opened in Kigali next month, on the 18th of December.
00:51:05 I was able to get His Excellency President Kagame to chair the council of our foundation.
00:51:11 And a very good friend of mine, Chancellor Merkel, the former chancellor of Germany,
00:51:17 I went to see her because she's been really a great supporter of Africa.
00:51:22 And she said, "Look, Akin, I've retired and I'm not seeing anybody else.
00:51:27 I'm writing my memoirs.
00:51:29 But you, I will see."
00:51:30 And I went over there and she accepted to be the co-chair of that Africa Pharmaceutical
00:51:40 Technology Foundation.
00:51:44 And that's because we lose $2.6 trillion to low productivity and health in Africa.
00:51:49 Trillion dollars, $2.6 trillion.
00:51:53 So a healthier Africa will definitely be a much richer Africa.
00:51:59 Your Excellencies, ladies and gentlemen, Africa will earn respect when it deepens good governance
00:52:06 and the rule of law.
00:52:11 You can clap better than that.
00:52:18 For now, the erosion of the democratic space in several African countries is disturbing.
00:52:23 The Mo Ibrahim Governance Index declined in 2022 and 2023.
00:52:29 The return and the rise in the number of military coups in parts of Africa, especially the Sahel,
00:52:36 poses a potent and imminent danger to revising the continent's stability, growth, and development.
00:52:43 Now fixing this, because I live there, I walked in Niger, Mali, Burkina Faso, Chad, everywhere
00:52:50 for many, many years.
00:52:51 I know those places like the back of my hand.
00:52:54 Requires a clear understanding that the Sahel region has continued to suffer for decades
00:53:00 from climate change, desertification, and extreme poverty.
00:53:05 And more recently, from terrorism.
00:53:07 Terrorists, ladies and gentlemen, don't just appear.
00:53:10 They don't just appear.
00:53:12 The tribe where three factors or drivers exist, extreme poverty, high youth unemployment,
00:53:20 and climate and environmental degradation, what I call the disaster triangle.
00:53:26 Anywhere you find this disaster triangle, be it in the Horn of Africa, be it in the
00:53:30 Sahel, terrorists, or in Northern Nigeria, terrorists take over this place.
00:53:36 Today, many of our countries are spending upward of 85% of their budgets on security.
00:53:44 What's left for development?
00:53:46 And therefore, we must urgently and comprehensively tackle this challenge to prevent reversals
00:53:52 of gains in development.
00:53:55 This calls for strengthening of the overall security architecture.
00:54:00 You know, let me just explain it so I don't get too technical.
00:54:05 When countries don't have money to support themselves in a fiscal space that's very tight,
00:54:11 they need new instruments.
00:54:14 And I remember saying as a president of a multilateral development bank, our job is
00:54:18 to finance development.
00:54:20 But here's the challenge.
00:54:22 Today, 85% of Africans are living in or close to a country that is in conflict.
00:54:31 And therefore, when I talk about we are financing development, we must be able to change our
00:54:36 perspective to link security to investment, to growth, and development.
00:54:45 It's an ecosystem that we must have new instruments that allow us to do that.
00:54:50 And that's why I made the case to African heads of state that we will help to develop
00:54:56 what is called security index investment bonds.
00:55:00 These are new financial instruments that will allow African countries to access significant
00:55:05 amount of resources on the global capital market to do four things for them.
00:55:10 First, strengthen your security defense architecture.
00:55:13 I'm not saying guns.
00:55:14 We don't sponsor guns.
00:55:15 We don't do bullets.
00:55:18 No.
00:55:19 But just your security capacity.
00:55:22 Second, rebuild areas that have damaged infrastructure.
00:55:27 Third, build social infrastructure.
00:55:31 Water, education, health, schools.
00:55:34 And the reason why this is important is because when terrorists come to a place and they look
00:55:39 like ungoverned spaces and forgotten spaces, they thrive in those environments.
00:55:46 And finally, you go to Saudi Arabia and try to attack their oil fields.
00:55:52 You can't.
00:55:53 You go to Qatar and try to attack their gas fields.
00:55:56 You can't.
00:55:59 When the African Development Bank put together during the Africa Investment Forum a transaction
00:56:05 worth $24 billion for Mozambique, Liquefied Natural Gas, the largest foreign direct investment
00:56:12 in Africa, shortly after that, terrorists took over Cabo Delgado of $24 billion investment.
00:56:20 No, that can't happen in Saudi Arabia.
00:56:22 That can't happen in Qatar.
00:56:23 That can't happen anywhere.
00:56:24 So the point I'm making is these new instruments will allow our countries to secure the zones
00:56:31 in which they have strategic investments.
00:56:34 That is very, very important.
00:56:37 Coming right back at home.
00:56:40 Two weeks ago, I met with the seven governors from the northwest of Nigeria.
00:56:43 They came to see me in Abidjan.
00:56:44 We discussed the challenges in northern Nigeria, northwest Nigeria.
00:56:51 Today with terrorism, poverty, unemployment, and degradation, it's heartbreaking to see
00:56:58 what's going on there.
00:56:59 And I told them that, look, we as African Development Bank salute the joint effort they
00:57:06 are having, and we will strongly support them in agriculture, we support them in infrastructure,
00:57:10 we support them on energy, and we support them to also deal with the issue of the pastoralist
00:57:16 and farmer conflict that have actually dealt with many of the challenges we have today
00:57:20 in Nigeria.
00:57:22 Let me say that I hear often that we must have African solutions to African problems.
00:57:34 It is loud and it is correct, but it will only be respected when Africa's problems are
00:57:41 financed by Africa's resources.
00:57:46 Political sovereignty must be backed by economic and financial sovereignty.
00:57:55 Africa will earn more respect when it can mobilize financing for its own development.
00:58:00 Today you see high debt levels.
00:58:04 Several countries rush to the capital markets to source cheaper loans to develop their economies,
00:58:10 especially to invest in critical infrastructure.
00:58:15 The number of countries that went to Eurobonds went from 2 to 21 between 2007 and 2022.
00:58:22 They issued $140 billion of Eurobonds.
00:58:26 Many of them went to China to get a lot more, but it's pay time now, and it's very difficult
00:58:31 for many African countries.
00:58:33 Right here in Nigeria, 98% of the government revenue is spent to service debt.
00:58:41 Africa must find a better and more sustainable way to finance its development.
00:58:46 We can do that if we manage our natural resources well.
00:58:49 That's because the value of our natural resources is $6.2 trillion.
00:58:56 We have no business not being able to finance our own development.
00:59:01 Africa should not be a poor continent.
00:59:05 It's high time for Africa, therefore, to truly assert its aspiration and move up from being
00:59:10 a low-income, highly indebted set of nations and become a donor to less privileged nations.
00:59:18 Global respect comes when nations do not overly depend on others.
00:59:23 What do you see?
00:59:24 You see country A, Africa's summit.
00:59:29 Country B, with Africa's summit.
00:59:32 Country C, with Africa's summit.
00:59:35 Why?
00:59:36 Africa is a continent.
00:59:37 It should be the other way, where Africa brings those countries here to have a summit with
00:59:42 Africa here.
00:59:43 Not that we are traveling around the world at the beckon of a single person.
00:59:49 That should not be.
00:59:50 You don't get respect that way.
00:59:53 Africa, if we can dream it, we can achieve it.
01:00:01 Africa will earn respect, ladies and gentlemen, when its youth can be taken care of by Africa
01:00:06 and we can unleash the potential of our young people.
01:00:08 Let me tell you a story.
01:00:10 Just before I was elected president, I mean a week after I was elected president of the
01:00:14 bank, I went to a place called Goree Island in Senegal.
01:00:20 Goree Island is a place where you have a door, a big door, they call it the door of no return.
01:00:26 That's where they took all the slaves.
01:00:29 And I stood over there in this place of the door of no return, and my mind was working
01:00:35 about visions of those that they took out of this place.
01:00:42 And when I got back to my car, I began to reflect because I had a week to resume work.
01:00:47 And I said to myself, thought to myself, those people they took out of these places were
01:00:54 taken away against their volition.
01:00:59 Today, young generations, Africa's best and brightest, strongest, are taking rickety boats
01:01:09 with their own volition, heading into the Mediterranean Sea, many dying over there.
01:01:18 This shouldn't be.
01:01:19 We have a population of 477 million people.
01:01:22 In the ages of 15 and 35, we must harness that asset.
01:01:29 We must.
01:01:32 I picked up the paper, New York Times, that talks about the fact that the world is becoming
01:01:37 more African.
01:01:39 That's because the demography is changing.
01:01:41 Most of it are going to be a lot of our young people.
01:01:44 But I want to say that as we try to create more jobs for our people, for our young people,
01:01:51 we have to realize that they are very talented.
01:01:54 They don't need handouts.
01:01:56 They need investment.
01:01:58 I go around African countries.
01:02:00 Many tell me, Mr. President, we have a youth empowerment program.
01:02:05 We have another youth empowerment program.
01:02:07 But unfortunately, I've never had a young person walk up to me to say I've been empowered.
01:02:13 So I assume that those that are doing it are probably empowering themselves.
01:02:17 And so I don't believe in all this youth empowerment business.
01:02:23 Don't get me wrong.
01:02:24 I'm not saying the youth shouldn't be.
01:02:25 Lift it up.
01:02:26 No, that's not what I'm saying.
01:02:28 The youth don't need dole outs.
01:02:30 They don't need handouts.
01:02:31 They need strategic investment in their skills, their knowledge, their entrepreneurship capacity,
01:02:36 in their businesses.
01:02:38 We must create youth-based wealth.
01:02:40 That's all we've got to do as a continent.
01:02:45 And that is why at the African Development Bank, we're launching what's called Youth
01:02:50 Entrepreneurship Investment Banks.
01:02:55 Youth Entrepreneurship Investment Banks are new financial institutions that will do nothing
01:03:02 but finance the businesses, the ideas, the enterprises of young people.
01:03:08 They are going to be first-rate banks because they will finance those businesses in the
01:03:13 life cycle of their businesses.
01:03:16 These young people are going to dominate the world.
01:03:19 Look at Nollywood.
01:03:20 In fact, when I used to work at Rockefeller Foundation in the '90s, I was in Zimbabwe.
01:03:27 And I entered my office.
01:03:30 My staff was Julie, my secretary.
01:03:33 And as I entered, it was about 1999, I think, and she said, "Good morning, sir."
01:03:37 And I said, "Good morning."
01:03:40 She said, "Shh."
01:03:43 So I said, "What was that?"
01:03:45 She said, "Shh."
01:03:48 I said, "What happened?"
01:03:50 She said, "Sir, that's what they do in Nollywood."
01:03:55 I said, at that time, I didn't even realize that Nollywood had become something exported
01:03:59 like that.
01:04:00 I said, "Okay, Nollywood is good, but not that part of it."
01:04:04 So we, in Nigeria, we launched something called IDICE, Digital Information and Creative Enterprises,
01:04:11 $614 million that will allow the creation of 6 million jobs in Nigeria, digital and
01:04:17 creative enterprises, that will add $6.4 billion to Nigeria's economy.
01:04:24 As I close, let me say that there is no doubt in my mind that a future for Africa is bright.
01:04:32 And investors know it.
01:04:35 Two weeks ago, we had the Africa Investment Forum in the city of Marrakech in Morocco.
01:04:40 We had about a thousand people, investors from around the world that were there.
01:04:44 We raised $34.8 billion of investment for Africa in less than 72 hours.
01:04:53 And since we started it in five years ago, four years ago, actually, 2018, so five years
01:05:01 ago right now, we have helped to mobilize $177 billion of investment interest to Africa.
01:05:09 That just tells you that Africa is bankable.
01:05:12 Right here in Nigeria, look at what Dangote is doing.
01:05:15 Phenomenal.
01:05:16 I think we should clap for Dangote.
01:05:19 I like people that have confidence in their own countries.
01:05:25 We put in $400 million to support that.
01:05:29 We put in another $400 million to support Indorama that is doing fertilizers in Nigeria.
01:05:35 We put well over $200 million to support BUA, who is doing cement in the northwest of Nigeria.
01:05:43 And in Nigeria, to date, the African Development Bank has put in $10 billion.
01:05:55 And please do tell President Ndunubu that the African Development Bank strongly would
01:06:03 back Nigeria and the reforms of Nigeria because in those reforms lies our pathway out of the
01:06:11 morass we are in today.
01:06:16 So we see huge opportunities in Nigeria, and we believe in Nigeria.
01:06:22 Ladies and gentlemen, excellencies, I am optimistic about Nigeria.
01:06:26 I've always said this.
01:06:29 God does not make mistakes.
01:06:31 I was born as a Nigerian.
01:06:34 I'll leave as a Nigerian.
01:06:37 I'll die as a Nigerian.
01:06:40 And on the resurrection day, I'll ask God for permission to let me hold a green, white,
01:06:45 green flag in my hand.
01:06:52 I'm optimistic about Africa, and I believe in Africa.
01:06:55 The African Development Bank itself, which is your bank, it's a great honor for me to
01:06:59 be the first Nigerian ever to be president of the African Development Bank since 1964.
01:07:06 And I thank God that last year the African Development Bank was ranked as the best multilateral
01:07:15 financial institution in the world.
01:07:19 And this year the African Development Bank was ranked as the most transparent financial
01:07:26 institution in the world.
01:07:29 That's the testimony of how you get respect and how you get recognition.
01:07:35 All comes from doing the right things.
01:07:40 So we now stand, your excellencies, ladies and gentlemen, at an intersection point in
01:07:44 world history.
01:07:46 Let's bring Africa's prosperous future into the present.
01:07:51 A more prosperous Africa will be a more respected Africa, an Africa that unleashes its full
01:07:58 potential, an Africa like a lighthouse at the harbor that will attract all ships to
01:08:07 it, an Africa that cannot be ignored, an Africa that develops with pride, an Africa that has
01:08:15 set itself globally, an Africa that's a beacon of hope for all of its people.
01:08:24 Together let's be guardians of that hope for Africa.
01:08:30 Together we can make it happen.
01:08:33 Thank you very much and God bless you all.
01:08:34 (Applause.)
01:08:37 (Applause.)
01:08:39 [BLANK_AUDIO]