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Nigeria, others need $484b by 2025 for post-COVID-19 economic recovery – AfDB

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AFRICA needs $484b over the next three years to tackle the socioeconomic impact of the COVID-19 pandemic and boost economic recovery.

  President of African Development Bank (AfDB), Dr. Akinwumi Adesina, stated this during the opening of 35th African Union Summit in Addis Ababa, Ethiopia.

  According to Adesina, Africa needs to build a defence mechanism against external shocks that may repeat impact of COVID-19 on the regional economy.

  “It has been a global economic cyclone. Africa witnessed a decline in GDP growth of 2.1 per cent in 2020, its lowest in 20 years. Africa’s GDP fell by $165b. Over 30 million jobs were lost and over 26 million people fell into extreme poverty. The continent needs up to $1.3b to ensure 60 per cent vaccine production by 2040 and $484 billion to support economic recovery.

Africa needs $600m to $1.3b to meet its goal of attaining 60 per cent vaccine production by 2040. Investing in health is investing in national security. The African Development Bank plans to invest $3bn to support pharmaceutical and vaccines manufacturing capacity for Africa.

 To address the socio-economic impacts of the pandemic and support economic recovery, Africa will need some $484b over the next three years. To eliminate extreme poverty by 2030, the continent will need $414 – $784b per year.  

  Africa will need $7-$15b a year to deal with climate change. The continent will also need between $68-$108 billion per year to fix the infrastructure financing gap,” Adesina said.

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