AfDB calls for faster industrialisation of African economies

At the forefront of promoting smart industrial policies and mobilising infrastructure development funding for Africa, the African Development Bank on Africa Industrialisation Day 2020, urges the continent to accelerate industrialisation for the transformation of African economies.

The bank counts Industrialising Africa as one of its High-5 key strategic aims, critical for the transformation of African economies.

“Industrialisation, where we add value to what we competitively produce and then export, and also trade among ourselves within a market of 1.3bn people, should be prioritised and delivered,” said AfDB’s Vice President, Private Sector, Infrastructure and Industrialisation, Solomon Quaynor, in a message marking Africa Industrialisation Day.

Quaynor stressed that the COVID-19 pandemic had sharpened the need to accelerate industrialisation and urged a greater role for the private sector, including as a partner to the public sector.

“Resilience is key, and that means no matter the external shocks in the future, we should rebuild so that our people, particularly youth and women who head our households, have jobs and better incomes,” he said.

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