AfDB report says investment in infrastructure most profitable

AfDB report says investment in infrastructure most profitable

AfDB report says investment in infrastructure most profitable

"The bank has positioned itself as the preferred lending partner in Nigeria as it continues to support Nigeria's long-term aspiration to be among the top 20 economies in the world by the year 2020", the Senior Director, Nigeria Country Department of the AfDB, Ebrima Faal said.

He announced the Bank would organise the Africa Investment Forum in Johannesburg later this year to come up with the money.

He announced that the Bank would organise the Africa Investment Forum on November 7-8, 2018 in Johannesburg, South Africa, to mobilise funds for infrastructure development, to bridge an estimated funding gap of $130-$170 billion a year, up from previous estimates of United States $100 billion per year. This leaves a financing gap of as much as between $68 and $108 billion.

Adesina also highlighted the relatively unknown win-win situation that Africa's industrialization can generate within the developed world, citing data from the report, which notes that "increasing the share of manufacturing in GDP in Africa (and other Less Developing Countries) could boost investment in the G20 by about U.S. $485 billion and household consumption by about USA $1.4 trillion".

But key obstacles in infrastructure remain, including energy, water and transport, as well as health, education, security and administrative capacity.

She also advocated a well-capitalised AfDB that would be capable of fulfilling its commitments to member-countries.

"Economic diversification is thus key to solving the continent's problems, especially in the context of a challenging demographic structure, it noted, adding that "a first priority for African governments is to encourage a shift forward labor-absorbing growth paths".

According to the bank, "this outlook is anchored on higher oil prices and production, as well as stronger agricultural performance".

The African Economic Outlook was first published in 2003 and launched mostly in various African capitals outside the Bank's headquarters in May each year.

"They should also focus on the soft side of infrastructure development - on tackling the big policy and regulatory issues, on training the teams assembling the financing packages, and on conducting constant research to keep up with the knowledge frontier". "They thus provide the financial resources to do everything else".

In his foreword in the report, AfDB president Akinwumi Adesina said the continent needed massive investments in infrastructure.

"There is an urgent need for better revenue regimes - including progressive elimination of the vast array of exemptions and leakages that pepper tax systems - to capture the gains from growth and rapid structural change that some countries are experiencing", the ADB said.

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