{"id":8493,"date":"2016-09-22T18:02:04","date_gmt":"2016-09-22T17:02:04","guid":{"rendered":"http:\/\/nationalwire.com.ng\/?p=8493"},"modified":"2016-09-22T22:26:21","modified_gmt":"2016-09-22T21:26:21","slug":"afdb-says-african-economies-through-the-worst-of-downturn-economies-are-resilient-growth-seen-accelerating-adesina","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/afdb-says-african-economies-through-the-worst-of-downturn-economies-are-resilient-growth-seen-accelerating-adesina\/","title":{"rendered":"AfDB says African economies through the worst of downturn .Economies are resilient, growth seen accelerating: Adesina"},"content":{"rendered":"

 <\/p>\n

\"AFDB<\/a>
AFDB PRESIDENT, ADESINA<\/figcaption><\/figure>\n

AfDB says African economies through the worst of downturn<\/strong><\/p>\n

.Economies are resilient, growth seen accelerating: Adesina<\/strong>
\nAfrican economies are probably through the worst of their downturns and growth should accelerate next year, driven by investments in infrastructure and attempts to diversify from commodities, according to the African Development Bank.<\/p>\n

The continent\u2019s growth rate may be around 3.5 percent this year, rising to 3.7 percent in 2017 and 4.2 percent in 2018, Akinwumi Adesina, the AfDB\u2019s president, said in an interview in New York on Tuesday.<\/p>\n

According to Bloomberg report monitored by Nationalwire.com.ng News Online, \u201cWe have a situation of economic headwinds,\u201d he said. \u201cBut African economies are quite resilient. We have 19 countries growing at 3 to 5 percent and 21 countries growing at over 5 percent. Africa isn\u2019t falling apart. The \u2018Africa Rising\u2019 story isn\u2019t over.\u201d
\nAfrica gross domestic product expanded 3.6 percent in 2015, the slowest pace since 2011, according to the AfDB. OPEC members Nigeria and Angola, among the region\u2019s three biggest economies, have been knocked by lower oil prices, with Nigeria heading for its first full-year recession since 1991. South Africa is barely growing, thanks in part to weak prices of raw materials such as platinum and gold.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

Nations such as Ethiopia, Kenya and Ivory Coast, each of which is growing more than 5 percent, can teach others on the continent lessons, Adesina said.
\n\u201cIn all those countries, political stability has played a key role,\u201d he said. \u201cMost have significant amounts of foreign direct investment coming in. They have very strong macroeconomic stability. They\u2019ve also given significant incentives to the private sector and are investing heavily in infrastructure. These are things other countries have to do.\u201d<\/p>\n

Adesina said that Nigeria, where he was agriculture minister until taking up the top position at the AfDB last year, should focus more on its non-oil industries.<\/p>\n

\u201cMining has huge potential in Nigeria,\u201d he said. \u201cIt\u2019s a resource that needs to be tapped. Nigeria probably doesn\u2019t need to spend its way out of the crisis. It needs to incentivize critical sectors to have a more balanced revenue base. That\u2019s where the focus has to be.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

  AfDB says African economies through the worst of downturn .Economies are resilient, growth seen accelerating: Adesina African economies are probably through the worst of their downturns and growth should accelerate next year, driven by investments in infrastructure and attempts to diversify from commodities, according to the African Development Bank. The continent\u2019s growth rate may …<\/p>\n","protected":false},"author":11,"featured_media":8496,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[178,682,924,573,486],"coauthors":[2392,2393],"class_list":["post-8493","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-adesina","tag-afdb","tag-ifc","tag-imf","tag-world-bank"],"yoast_head":"\nAfDB says African economies through the worst of downturn .Economies are resilient, growth seen accelerating: Adesina - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/afdb-says-african-economies-through-the-worst-of-downturn-economies-are-resilient-growth-seen-accelerating-adesina\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AfDB says African economies through the worst of downturn .Economies are resilient, growth seen accelerating: Adesina - National Wire\" \/>\n<meta property=\"og:description\" content=\"  AfDB says African economies through the worst of downturn .Economies are resilient, growth seen accelerating: Adesina African economies are probably through the worst of their downturns and growth should accelerate next year, driven by investments in infrastructure and attempts to diversify from commodities, according to the African Development Bank. 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