October 18, 2021


documenting the nigerian story…

African economies may remain in danger – AfDB

The African Development Bank (AfDB) has warned that the economies of countries in Africa will continue to remain in jeopardy until the challenge of COVID-19 vaccination is sorted out.

The president of the bank, Dr Akinwumi Adesina, gave the warning on Saturday while addressing the Economic Community of West African States’ (ECOWAS) Authority of Heads of State and Government in Accra, Ghana.

Adesina underscored the need for Africa to create a safeguard against future outbreaks and take the challenge to start the production of its own vaccines for various ailments, including COVID-19.

The AfDB boss, who gave perspective to the financial risk the menace of ‘unconquered’ COVID-19 pandemic poses to the continent; especially the West African sub-region, stressed the need for leaders of the continent to immediately commence strengthening the health sector.

He said the AfDB would ramp up support for Africa to produce vaccines. He added that the bank would commit $3billion to the development of the pharmaceutical industry on the continent.

Adesina, who raised the alarm over the alarming debt challenge of the African continent, called attention to the situation in the West African sub-region.

As part of measures to address the crisis of debts, he said low-income West African countries would need as much as $245billion to fix.