AfDB’s director-general for West Africa, Lamin Barrow, says the banks’ cumulative financing approval in Nigeria is $10.9 billion.
“Nigeria cannot import its way out of food insecurity,” Mr Adesina said.
Mr Adesina faulted superficial political empowerment programmes and called for substantial investments in youth businesses.
Due to climate change, AfDB says Africa loses between $7 billion and $15 billion annually.
The president of the African Development Bank (AfDB), Akinwumi Adesina, says there is great potential and opportunity in Africa.
Africa needs to close a financing gap of about $402.2 billion annually by 2030 to fast-track its structural transformation.
Akinwumi Adesina, AfDB president, says an increase in GDP must translate to job creation for youths to ensure growth on the continent.
The African Development Bank said the continent’s $824 billion debt burden and opaque resource-backed loans hindered its potential.
Mr El-Rufai Jr engaged Mr Sani in an intense spar of words following the latter’s outburst that he “sadly inherited” multibillion-naira debt from his predecessor.
“These are the reasons I say Africa should put an end to natural resource-backed loans,” Mr Adesina said.
