From Ministry of Agriculture to AfDB Chief,Adesina shines

As Dr Akinwunmi Adeshina takes over the mantle of leadership at the African Development Bank,he seems to have hit the ground running. At his swearing in as the Bank's President yesterday in Cote d'Ívoire, he said unlocking the continent’s economic potential would help in ending its vulnerability to fluctuations in commodity prices. “Though it boasts nearly a billion people, sub-Saharan Africa consumes about as much power as Spain, with less than five percent that number, due to poor generating capacity and limited transmission networks. Adesina, according to the News Agency of Nigeria (NAN), said the International Energy Agency noted that Africa required an additional $450 billion in power sector investment, to halve blackouts and achieve electricity access for all in urban areas by 2040. He said Africa could easily be growing at double-digit GDP rates “if we solve this problem of energy.” The AfDB president said Africa needs to mimic China and other Asian countries’ use of abundant supply of cheap labour to take advantage of globalisation and attract investment. “As wages rise in China and elsewhere in Asia, Africa can offer a competitive edge with its cheaper workforce.