The African Development Bank (AfDB) has said Nigeria and other countries in Africa would need at least $432 billion to fully recover from the effects of the COVID-19 pandemic.
The AfDB President, Akinwunmi Adesina, disclosed this at the Bank’s Annual General Meeting in Abidjan, Ivory Coast,
“The recovery for Africa will be very costly. Africa will need at least $432 billion to address the effects of Covid19 on its economies + 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.”
He also said the continent will experience slow economic growth in 2022
On the outlook of Africa’s economy, he said 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.
Olusola Bello
