The African Development Bank Believes Afrika's Future Depends On Industrialization And Entrepreneurship

The African Development Bank Group (AfDB) has said that it believes that Afrika's future lies with industrialization and entrepreneurship. This view was echoed by participants at the "52nd Annual Meeting of the AfDB" held in Ahmedabad, India.

The meeting also marked the release of the African Economic Outlook 2017 (AEO)
report.

2017 African Economic Outlook
Download the African Economic Outlook 2017 report.

“Entrepreneurship is the engine and spirit that drives private sector and growth,” said Angela Lusigi, Policy Advisor at the United Nations Development Programme (UNDP) in Africa.

Lusigi also highlighted how important it was that the education system acccross the continent moves away from theory to inculcate practical skills, support apprenticeship and boost industry.

The 16th edition of the AEO which focuses on “Entrepreneurship and Industrialisation in Africa” provides in-depth analysis of the role of entrepreneurs in Afrika's industrialisation process. It also suggests practical steps that Afrikan governments can take to carry out effective industrialisation strategies.

According to the AEO Afrika's real GDP growth slowed down to 2.2% in 2016, mainly due to the continued fall in commodity prices and weak global economic growth. East Afrika was the fastest-growing region at 5.3% real GDP growth, followed by North Afrika at 3%. Growth in other regions was poor, ranging from a low of 0.4% in West Africa, dragged down by the recession in Nigeria, to 1.1% in Southern Afrika, with South Africa, the region's largest economy, posting only 0.3% growth.

“What do we do with the youth and how to develop their capacity to unlock their entrepreneurship? How does Africa take advantage of its diversity?” questioned Akinwumi Adesina, President of AfDB as he noted that Afrika has the fastest-growing economies in the world as well as the youngest population.

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