By JUDITH NAMUTOWE –

AFRICA Development Bank (AfDB) president Akinwumi Adesina says Africa needs more infrastructure investment to support industrialisation.
Africa needs roads, railway lines and ports to enhance its competitiveness and open up access to regional and global markets.
Mr Adesina said Africa needed to have good infrastructure if industrialisation is to be achieved.
In a statement, Mr Adesina said the bank had created Africa 50, a new delivery vehicle to help mobilise US$10 billion in infrastructural financing for Africa to address this.
He said Africa needs a stable trajectory for economic growth and prosperity and to achieve that Africa must industrialise.
“But this cannot be done without solving Africa’s energy crisis. Without power, industrialisation is simply a dream. That is why the Bank has made the New Deal for Energy its top priority, because Africa must power itself in order to power its industries,” he said.
Industrialisation also requires that Africa build the necessary skills and entrepreneurship capacity to support industries.
Mr Adesina said that it was imperative to ensure that young people were prepared for the jobs that Africa’s industrialisation would create.
Africa’s young people should not be migrating, at great risk, to Europe as they were needed in its industries, not on the high seas.
“We must also take advantage of science, technology and innovations, to support industrial growth on the continent.
We need transformative partnerships to drive Africa’s industrialisation: partnerships with private sector, Governments, and international financial institutions.
The reality today is that Africa is not industrialising. Indeed, Africa is de-industrialising,” he said.
Africa’s share of global manufacturing exports is a meagre 1.9 per cent, compared to over 16 per cent for East Asia and Latin America.
Africa’s economies may be growing, but they are relying on the export of primary commodities, leaving them vulnerable to swings in global commodity prices.
Mr Adesina noted that it was a bad deal because Africa stays at the bottom of global value chains and by exporting raw commodities, Africa exports its jobs which are critically needed at home.
He said Africa must add value to agricultural products, minerals, metals, oil and gas.
“Africa has over 82 trillion dollars in discovered natural resources. Africa must add value to these resources, so that the wealth will stay on our continent,” Mr Adesina said.
He said the Bank was ready to work closely with the African Union, the United Nations Industrial Development Organisation, and the Economic Commission for Africa to advance Africa’s industrialisation agenda.
“This is why we have called for the establishment of an African Industrialisation Financing Facility, to help turn our dreams into reality for Africa,” he said.