Akinwumi Adesina, the outgoing president of the African Development Bank, has stated that, in 2025, Africa accounted for 12 out of the 20 fastest-growing economies in the world.
Mr Adesina disclosed this in a paper presented at the 2025 Standard Chartered Bank Africa Summit recently held in Lagos.
Mr Akinwumi said Africa’s economic growth is projected to rise from 3.3 per cent in 2024 to 3.9 per cent in 2025 and to 4.0 per cent in 2026. He added that, defying all odds, 21 African countries are expected to exceed 5 per cent growth in 2025, with some even exceeding 7 per cent.
Regrettably, the renowned economist noted that the GDP growth rate on a per capita basis in the continent still falls significantly short of what is needed to achieve quantum leaps in inclusive growth and prosperity for its 1.4 billion people.
He said the gap informed the AfDB’s decision to launch its High 5 strategic programs 10 years ago.
Speaking on what informed the growth, Adesina identified rapid population growth across the continent.
He said Africa, with the world’s largest youth population, spurred increased consumption of goods and services.
The AfDB President added that Africa is critical for feeding the world, as 65 per cent of the uncultivated arable land left to feed the world is located on the continent.
According to him, what Africa does with its agriculture will determine the future of food in the world.
“The size of the food and agriculture market in Africa is estimated to rise to $1 trillion by 2030. Vast opportunities exist for agribusinesses and Agri-tech companies to apply digital tools to raise productivity and incomes,” he said.
Mr Akinwumi equally underscored the importance of expanding access to digital services.
He cited the example of a collaborative effort between the AfDB and Mastercard, which aims to provide digital access to information and markets for 300 million farmers.
(NAN)