According to a statement from the bank, Adesina made the
call at the International Forum on African Leadership organised by the African
Leadership Magazine.
In his keynote address, the AfDB president called for strong
leadership, a shared sense of collective responsibility and the transparent
management of the continent’s vast natural wealth.
He said the speed of the economic recovery process from the
pandemic would depend on collective responsibility and the financial capacity
of developing countries to address immediate shocks, stabilize their economies
and invest in growing back.
He emphasised that African leaders needed to tap and
optimally harness domestic sources of revenue and resources, which he also
noted were crucial to Africa’s economic recovery.
“Africa must grow by mobilizing domestic resources,
especially by unlocking its over $1tn in pension funds, sovereign wealth funds
and insurance funds to help close the annual infrastructure financing gap
estimated at $64-108bn,” Adesina said.
He also highlighted the need for transparent management of
the continent’s immense natural wealth.
“Africa will build back faster by also harnessing and better
managing the revenue streams from its abundant natural resources, including
minerals, metals, biodiversity, blue economy, forest resources, agriculture,
and oil and gas, to boost domestic savings,” he said.
The President of the Republic of Malawi, Lazarus Chakweras,
said African leaders must be at their creative best to secure critical global
partnerships and to drive the continent’s economic resurgence. He stressed the
role of good governance in building resilient economies, adding that
governments also needed to build trust with their citizens.