The African Development Bank (AfDB) through its Vice-President for Economic Governance and Knowledge Management, Prof. Kevin Urama, has urged African countries to adopt homegrown development strategies to tackle its economic challenges.
Speaking in an interview with the News Agency of Nigeria(NAN), Prof.Urama, said poverty levels remain high across Africa despite the presence of international investments.
He appealed to African leaders to focus on local solutions to create sustainable growth and also identify inflation, currency volatility, debt sustainability, and food and energy insecurity as the major issues affecting the continent’s economy.
He also stressed that companies can benefit from Africa’s natural resources by creating more industries that will lift millions out of poverty.
He said, “Africa must focus on what it can do internally to address its challenges and create sustainable growth.
“For instance, establishing a precursor factory for lithium-ion batteries in the Republic of Congo is three times cheaper than doing the same in the United States, given that the raw materials are located in Africa. This not only reduces logistics costs but also helps cut down on carbon emissions.
“By building industries here, companies can save on transport costs while benefiting from Africa’s abundant natural resources and untapped economic potential.
“It is time for Africa to rethink its development approach. We must focus on our own resources and capabilities to build sustainable economies that lift millions out of poverty and ensure a prosperous future for the continent.”
It would be recalled that the Economic Commission for Africa (ECA) and the United Nations Development Programme (UNDP), focused on strategies to improve Africa’s economic future at the African Economic Conference (AEC) hosted by AFDB.
