The African Development Bank (AfDB) has urged Nigeria and its African counterparts to leverage their comparative advantages in order to raise the funds required to fund the continent’s sustainable development goals (SDGs).
In a statement issued on Tuesday, the African Development Bank (AfDB) made the request to the Dark Continent.
According to the statement, the Organisation for Economic Cooperation and Development (OECD) projected that since 2010, Africa’s official development assistance has dropped to its lowest level of $34 billion in 2022.
According to the report, the continent’s access to foreign financial markets has been restricted and has remained costly because to investors’ perceptions of excessive risk.
However, the organisation said the continent was not short of options as it could harness the huge potential of natural capital, including fresh water, forests and extensive mineral deposits to attract investment and accelerate economic growth.
“This is what the Annual Meetings of the AfDB scheduled to take place from May 22 to 26 in Sharm El Sheikh, Egypt, intend to demonstrate,’’ it stated.
According to the statement, about 30 per cent of global mineral reserves is in Africa, including 60 per cent of world cobalt reserves and 90 per cent of platinum-group metals.
It further revealed that the continent contributed substantially to the world’s annual production of six key minerals.
“This includes 80 per cent of platinum, 77 per cent of cobalt, 51 per cent of manganese, 46 per cent of diamonds, 39 per cent of chromium and 22 per cent of gold,” the bank explained.
“Africa holds seven per cent of the world’s natural gas and oil reserves, has more than 60 per cent of undeveloped arable land, and is home to 13 per cent of the world’s population.”
AfDB further stated that 60 per cent of its people are under 25 years of age, the youngest population in the world and that about 75 per cent of African countries have maritime access, offering significant opportunities in the blue economy, which has a global potential of an estimated $1.5 trillion if sustainably managed.
The statement said hundreds of internationally listed junior mining companies over the years had mobilised considerable capital by promoting the value of their exploration or extraction licenses for African deposits on markets.
According to the statement, governments have often failed to harness this natural potential to mobilise resources.
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