Petroleum Africa
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Wednesday, September 2, 2015
The AfDB’s new president, Akinwumi Adesina, said that the lending institution will focus on tackling the continent’s chronic power shortages in the coming years. A focus on power will enable Africa to unlock its economic potential and end its vulnerability to fluctuations in commodity prices, Adesina said.
“Africa could easily be growing at double-digit GDP rates if we solve this problem of energy,” said Adesina. “Energy poverty on the continent has to be solved as a matter of urgency, as a matter of scale. This is going to be my most important priority,” he told Reuters in an interview.
The AfDB president also said that the continent needed to industrialize to add value so it was not subjected to the volatility of global prices for commodities.
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