Edge's News: Africa Needs $432 Billion To Recover from the Effects of Covid-19 - President of the African Development Bank

The President of the African Development Bank (AfDB), Akinwunmi Adesina, foreseen what he called “slow economic growth” for the continent in 2022 and that Nigeria and other countries in Africa would need at least $432 billion to fully recover from the effects of the COVID-19 pandemic.

President of AFDB Akinwunmi Adesina

Speaking today, May 25 at the Bank’s Annual General Meeting in Abidjan, Ivory Coast, Adesina said that the recovery for Africa will be very costly.

“Africa will need at least $432 billion to address the effects of Covid19 on its economies, plus on the lives of its people, resources that it does not have.”

“The measures taken already by the global community, especially the Debt Service Suspension Initiative, the G20 Common Framework for Debt Treatments, and the issuance of the $650 billion Special Drawing Rights by the @IMFNews, have all helped.”

On the outlook of Africa’s economy, he said that while the Real GDP rebounded strongly in 2021, growing by 6.9 percent in comparison to this year’s outcome, he said the continent would record slow growth of 4.1 percent in 2022.

He listed the crippling effects of the pandemic and the Russia-Ukraine conflict as reasons for the slow economic growth.

The National Bureau of Statistics (NBS) had on May 23, announced a 3.11 percent increase in Nigeria’s Gross Domestic Product (GDP) in the first quarter of this year as against the 0.51 percent recorded in the corresponding period in 2021.

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