Africa Development Bank (AfDB) has urged African countries to utilise their vast resources to foster socio-economic transformation.
At the AFDB annual meetings in Nairobi, AFDB President Akinwumi Adesina emphasised Africa’s potential, driven by its youthful population and abundant natural resources, particularly in renewable energy and metals essential for electric vehicles.
“How Africa harnesses that for its own economic transformation is going to be very critical but also critical how Africa positions itself globally to play in those value chains,” said the bank’s president.
And Malawi’s Secretary to the Treasury, Betchani Tchereni, said Malawi is just discovering some of the significant resources that could attract investments and development.
He cited the discovery of rare earth, rutile, gold, and ruby among others as resources that would put Malawi at an advantage to position itself on a global stage.
“This is a huge advantage for the country, I believe those who would like to make it big in the world right now, their destination is Malawi,” said Tchereni.
The 2024 AfDB annual meetings aim to address the continent’s pressing economic and developmental challenges.
By Mirriam Kaliza
