Africa has been losing five to 15 per cent of its Gross Domestic Product (GDP) per capita growth to climate change and its related impacts.
The African Development Bank Group (AfDB), says it is implementing infrastructure projects worth $11.5 billion in West Africa.
The AfDB projected the average growth rate of Nigeria’s economy this year through 2023 at 3.2 per cent.
“It will create youths based wealth for the continent,” said Akinwumi Adesina, the president of the AfDB Group.
The facility is expected to reach over 20 million African farmers to deal with the food shortfall.
Mr Adesina said 15 African countries imported more than half of their wheat, and much of their fertilisers and oil from Ukraine and Russia.
The African Development Bank (AfDB) has approved a €70 million worth line of credit to support businesses in the West African Economic and Monetary Union.
The move would add 200 megawatts in generation capacity, create 150 jobs and reduce greenhouse gas emissions.
Sustainable Energy Fund for Africa has extended a $1 million-dollar grant to African countries for the transition to flexible green grids.
The economic expert regretted how all the industries established in the early post independence Nigeria had become moribund.