By Longtong Ibrahim
Kaduna (Nigeria) – Vice President of Nigeria, Yemi Osinbajo has called on Africans to make a re-think on some of the time-worn economic ideas and myths that have held its people and policy makers bound to only a few economic options.
A statement by the Senior Special Assistant to the Vice President on media and publicity, Laolu Akande, said the Vice President stated this at the inauguration of the new African Development Bank (AFDB) President, Akinwunmi Adesina in Abidjan, Ivory Cost.
Osinbajo who represented Nigerian President, Muhamadu Buhari tasked Africans to develop uncommon creativity, innovation and change in charting the pathway for future growth and development of countries in the continent; noting that western economies particularly the United States of America toed this path to emerge from its recent economic meltdown in 2008.
He added that, “in 2008 western economies faced with what Ben Bernanke (then Chairman of the US Reserve Bank) described as the “deepest financial crisis since the Great Depression” abandoned conventional free-market thinking and embraced State bankrolled stimulus plans to forestall the imminent collapse of their economies.”
Osinbajo pointed out that, the action the US took then proved once and for all that the monster called the economy cannot be allowed to prowl the streets with its free-wheeling, free market struts without the leash of a trainer.
He also opined that, African countries need a new strategy in the face of the daunting challenges; questioning, “Do African economies not require a different paradigm?”
“How can trickle down paradigms work when half our populations are extremely poor? Do we not need some attention to social investment?
The Vice president further posited that, “Conditional Cash Transfers to the poorest segments, universal primary healthcare schemes, school feeding programs, can energise local economies and create important multipliers in the economy.”
While expressing optimism on the African Development Bank given its recent achievements under the immediate past President, Donald Kaberuka who served for 10 years, he said, it can greatly assist Africa in addressing some of its socio-economic problems; urging the new leadership of Adesina, to redouble its efforts in addressing the needs of these fragile areas, through institutional support, emergency assistance, and bold pro-poor interventions in health, education and agriculture.
He further advise Adesina, “to focus on how economic policy can produce economic empowerment for women, and all categories of our people who have become disempowered and whose voices are seldom reflected in the rhetoric of policy.”
The new President, Akinwumi Adesina in his remarks unfolded a 5-point agenda which he said would be given utmost priority in the next five years of his tenure.
They include; Light Up and Power Africa; Feed Africa; Integrate Africa; Industrialise Africa; and improving quality of life for the people of Africa.
Adesina also emphasised his commitment towards confronting the numerous challenges faced by the continent and said, “Unlocking the potentials of Africa for Africans will be our goal at AfDB.”
Those present at the event include, the President of Cote D’Ivoire, Allasane Quattara and his Prime Minister, Daniel Kaplan Duncan; from Nigeria includes; the Governor of Kano State, Dr. Umar Ganduje; the Governor of Taraba State, Darius Ishaku; the Governor of Sokoto State, Aminu Waziri Tambuwal; former Governor of Ekiti State, Dr Kayode Fayemi; Governor of Central Bank, Godwin Emefiele; former Minister of Finance, Mrs Ngozi Okonjo-Iweala, and Nigeria’s Ambassador to Cote D’Ivoire, Mrs Ifeoma J. Akabogu Chinwuba among others.
Akinwunmi Adesina, is Nigeria’s immediate past Minister of Agriculture. He is the 8th President of the AfDB and the first Nigerian to occupy the office since the creation of the Bank in 1963.
