Akinwumi Adesina, President of the African Development Bank (AfDB), recently shared his thoughts on various aspects of the Nigerian economy, agriculture, and his personal life in an interview with OYETUNJI ABIOYE.
Regarding the current exchange rate of over N1,500 to a dollar, Adesina stated that the Nigerian economy cannot survive under such conditions. He emphasized the need to expand foreign exchange inflows and shift towards an export-oriented industrial manufacturing stance to address the issue. Adesina also highlighted the importance of solving Nigeria’s power problem, stating that the country should aim for a capacity of 60,000 to 70,000 megawatts to support double-digit economic growth.
When asked about the food crisis in Nigeria, Adesina revealed that the AfDB has approved $134 million for the country to implement an emergency food production plan. The bank is supporting the cultivation of various crops, including wheat, maize, rice, cassava, and soybeans, to boost food supply. Adesina also advised the government to revive the electronic wallet system he implemented as a minister to provide farmers with direct access to seeds and fertilizers.
Adesina, who was recently awarded the Obafemi Awolowo Prize for Leadership, expressed his emotional connection to the award, stating that Awolowo’s welfarist policies had a significant impact on his own life and philosophy. He emphasized the importance of people-centric policies and the need for leaders to lead with their hearts.
The AfDB president also discussed the bank’s efforts to promote gender equality and women’s empowerment through initiatives such as the Affirmative Finance Action for Women in Africa, which aims to mobilize $5 billion for women-owned businesses on the continent.
On a personal note, Adesina shared the story of how he met his wife while studying at the University of Ife (now Obafemi Awolowo University). He credited her intelligence and support for his success. Adesina also expressed his deep commitment to his Nigerian identity, stating that he proudly represents his country in his work at the AfDB.
In conclusion, Akinwumi Adesina’s insights shed light on the challenges facing the Nigerian economy and the potential solutions that can be implemented to address them.