President, African Development Bank (AfDB), Dr. Akinwumi Adesina, says the bank would invest 12 billion dollars
in the power sector in Africa in four years with the goal of
leveraging on the aviation sector.
He said this while speaking, in Abuja.
Adesina said the aviation sector was very important to the continent
but that it could not operate in the dark.
He said the sector was very important to Africa because it accounted
for about 73 billion dollars in Gross Domestic Product (GDP) and
created about 7 million jobs across the continent.
”Without electricity, you really cannot operate any effective and
efficient airline industry and so this is one of the top priorities of
“We are investing in the power sector 12 billion dollars in the next
four years with the goal of leveraging between 45 to 50 million
dollars in this sector because I firmly believe that Africa cannot
develop in the dark.
“So we must fast track that and when we have electricity, everything
functions, even for the aviation industry and the tourism industry is
actually quite linked to the avaiation industry as well.”
He said the bank had invested over 20 billion dollars on
infrastructure in Africa in the last 10 years, specifically one
billion dollars in the aviation sector.
Adesina said the bank’s investment in the sector covered building new
airports in Ghana, Senegal, Casablanca and building of new
infrastructure in Morocco.
As for Nigeria, he said the government was developing a new aviation
sector investment plan, adding that the government was interested in a
number of areas.
“First is we are looking at how to support more investment in airport
infrastructure; they are also looking at how to create aircraft
maintenance, repair and also overhaul facility.
“But one of the biggest problems in Africa is we do not have any
aircraft leasing facilities and that is one of the things that the
government is looking at.
“We are looking at upgrading some of the navigational infrastructure.
“So as a bank, we are very strong supporters of the government.
“Once the government comes up with its plan and what that really
means in terms of the need, then we can play the role that they are
asking us to play but we do not make decisions for the government.”
AfDB is a multilateral development finance institution aimed at
fighting poverty and improving the living conditions on the African
It does this by promoting the investment of public and private capital
in projects and programmes that are likely to contribute to the economic
and social development of the region. (NAN)