IMF’s $27 Billion Grant For Africa Will Help Boost Reserves

Akinwumi Adesina, President of the African Development Bank, has stated that the International Monetary Fund’s $650 billion Special Drawing Rights grant, which includes $27 billion for African countries, will help to improve poor countries’ reserves. On Thursday, he announced this in a closed-door meeting with German Chancellor Angela Merkel and chiefs of international development organizations. “The recent IMF release of $650 billion in SDRs, with $27 billion going to Africa, will go a long way in helping to boost reserves for developing countries,” Adesina said in a statement titled “International community must act to avert a two-speed global economic recovery […]



Nigeria Needs Immediate Economic Diversification – African Development Bank

Nigeria, Africa’s largest economy, requires urgent economic diversification to step away from a single source of income (oil and minerals) and toward multiple sources of income, according to the African Development Bank. Prof. Oyelaran-Oyeyinka Oyebanji, Senior Special Adviser on Industrialisation at the African Development Bank (AfDB), said this on Monday at the 22nd Founder’s Day Lecture of the Igbinedion University, Edo’s first private university. What the African Development Bank said about diversification “In order to achieve long-term recovery and development, Nigeria requires immediate economic diversification. Nothing illustrates the dangers of over-reliance on a single or limited range of resources more[…]