Business

AfDB: Africa faces annual $127.2bn GDP shortfall in 2030

The African Development Bank (AfDB) says the African continent faces an annual GDP shortfall that could exceed $127.2 billion by 2030.

The AfDB stated on Friday that the GDP shortfall would occur if current trends in climate finance flow into Africa continued.

“Africa may lose as much as 12 per cent of GDP by 2100.

“In comparison, projected losses for the United States of America and other industrialised countries represent less than 1 per cent of GDP,” it said.

AfDB added that the bank would organise a pre-annual meeting press conference in Abidjan, Cote d’Ivoire, on April 20 to herald its 2023 annual meeting at Sharm El Sheikh, Egypt.

“The theme of the 2023 Annual Meeting is: ‘Mobilising Private Sector Financing for Climate and Green Growth in Africa’.

“The meeting provides a framework for the bank’s Group Governors to share their experiences, galvanising domestic and international private financing.

“It also provides a framework for harnessing natural capital to bridge the climate financing gap and promote the transition to green growth in Africa,” the bank stated.

The annual meetings of the AfDB comprise statutory meetings of its governors (finance ministers or Central Bank governors, representing the 81 member countries) and knowledge events.

Attendants will include Heads of State, representatives of bilateral and multilateral development agencies, leading academics and non-governmental organisations, civil society, and the private sector.

The Star

Segun Ojo

Recent Posts

N10m extortion: IGP vows punishment for corrupt police officers

The Inspector-General of Police (IGP), Kayode Egbetokun, has condemned alleged extortions by some police officers…

2 hours ago

Kaduna govt earmarks N93bn to boost water supply

The Kaduna State Government has announced plans to spend N93 billion over four years for…

6 hours ago

Trump picks campaign manager as White House chief of staff

United States President-elect Donald Trump, on Thursday, November 7, 2024, announced that one of his…

6 hours ago

EPL fixtures: Chelsea host Arsenal as Liverpool face Aston Villa

Chelsea will aim to deepen Arsenal's misery in their Premier League clash at Stamford Bridge…

6 hours ago

NAICOM gives insurers December 31 deadline to clear outstanding claims

The National Insurance Commission (NAICOM) has given insurance companies a December 31, 2024, deadline to…

9 hours ago

Makinde: Nigerians looking up to PDP, we’ll fix party to fix Nigeria

Oyo State Governor Seyi Makinde says the opposition Peoples Democratic Party (PDP) will do everything…

9 hours ago

This website uses cookies.